北京信安世纪科技股份有限公司 投资者关系管理制度 第一章 总则 第一条 为促进和完善北京信安世纪科技股份有限公司 （以下简称"公司"） 治理结构，规范公司投资者关系管理工作，依据《中华人民共和国公司法》、 《中华人民共和国证券法》、《上市公司投资者关系管理工作指引》、《上海证 券交易所科创板股票上市规则》、《北京信安世纪科技股份有限公司章程》的有 关要求，并结合公司的实际情况，特制定本制度。 第二条 投资者关系管理是指公司通过信息披露与交流，加强与投资者和潜 在投资者（以下统称"投资者"）之间的沟通和交流，增进投资者对公司的了解 和认同度，以实现公司、股东及其他相关利益者合法权益最大化的一项战略性管 理行为。 第二章 投资者关系管理的基本原则与目的 （一） 通过充分的信息披露加强与投资者的沟通，促进投资者了解、认同、 接受和支持公司的发展战略和经营理念，以实现公司价值最大化和 股东利益最大化； （二） 建立一个稳定和优质的投资者关系管理平台，树立良好的市场形象， 为公司创造良好的资本市场融资环境，获得长期的市场支持； （三） 促进公司诚信自律、规范运作，增加公司信息披露透明度，改善公 司治理结构； （四） 形 ...

北京信安世纪科技股份有限公司 第三条 公司内控制度包括以下层面的安排： （一）公司层面。 （二）公司下属部门及附属公司层面。 （三）公司各业务环节层面。 第四条 公司建立和实施内控制度时，应考虑以下基本要素： 内部控制制度 第一章 总则 第一条 为提高北京信安世纪科技股份有限公司（以下简称"公司"）风险 管理水平，提高公司经营的效果与效率，确保公司行为合法合规，依据《中华人 民共和国公司法》、《中华人民共和国证券法》等法律法规及规范性文件，参照 《上海证券交易所科创板股票上市规则》和《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》的规定，制定本制度。 第二条 公司董事会对公司内控制度的建立健全、有效实施及其检查监督负 责，董事会及其全体成员应保证内部控制相关信息披露内容的真实、准确、完整。 审计委员会负责监督公司内部控制制度的建立与执行，对发现的重大内部控 制缺陷，可责令公司进行整改。 第二章 内部控制的框架 （七）信息沟通，指产生服务于规划、执行、监督等管理活动的信息并适时 向使用者提供的过程。 （一）目标设定，指董事会和管理层根据公司的风险偏好设定战略目标。 （八）检查监督，指公司自行 ...

北京信安世纪科技股份有限公司 独立董事专门会议工作细则 第一章 总则 第一条 为充分发挥北京信安世纪科技股份有限公司（以下简称"公司"） 独立董事在公司治理中的作用，根据《中华人民共和国公司法》、《上市公司独 立董事管理办法》、《北京信安世纪科技股份有限公司章程》（以下简称"《公 司章程》"）、《北京信安世纪科技股份有限公司独立董事工作制度》等有关规 定，结合公司实际情况，特制定本制度。 第二条 独立董事专门会议是指全部由公司独立董事参加的会议。 第三条 董事会秘书负责协助独立董事专门会议的召开，公司应当保证独立 董事专门会议的召开，并提供所必需的工作条件。 第二章 职责权限 第四条 下列事项应当经公司独立董事专门会议讨论审议，并经全体独立董 事过半数同意后，提交董事会审议： （一）应当披露的关联交易； （二）公司及相关方变更或者豁免承诺的方案； （三）被收购上市公司董事会针对收购所作出的决策及采取的措施； （四）法律、法规、中国证监会规定和《公司章程》规定的其他事项。 第五条 独立董事行使以下特别职权前应当经公司独立董事专门会议审议， 并经全体独立董事过半数同意： （一）独立聘请中介机构，对公司具体事项进行 ...

北京信安世纪科技股份有限公司 关联交易管理制度 第一章 总则 第一条 为进一步加强北京信安世纪科技股份有限公司（以下简称"公 司"）关联交易管理，明确管理职责和分工，维护公司股东和债权人的合法利益， 特别是中小投资者的合法利益，保证公司与关联人之间订立的关联交易合同符合 公平、公正、公开的原则，根据《中华人民共和国公司法》、《上市公司治理准则》、 《上海证券交易所科创板股票上市规则》、《北京信安世纪科技股份有限公司章 程》（以下简称"《公司章程》"）等有关规定，特制订本制度。 第二条 公司在确认和处理有关关联关系和关联交易时，应遵守下列基本原 则： (一) 尽量避免或减少与关联人之间的关联交易； (二) 对于必须发生之关联交易，应当如实披露； (三) 确定关联交易价格时，应遵循公平、公正、公开和诚实信用原则； (四) 关联董事在董事会审议与其相关的交易事项时，应当回避表决；关联 股东在股东会审议与其相关的交易事项时，应当回避表决； (五) 公司董事会应当根据客观标准判断该关联交易是否对公司有利，必要 时应当聘请专业评估师或独立财务顾问。 第三条 公司在处理与关联人之间的关联交易时，不得损害公司、全体股东 特别 ...

北京信安世纪科技股份有限公司 章 程 2025年8月 | 第一章 总则 | | --- | | 第二章 经营宗旨和范围… | | 第三章 股份 … | | 第一节 公司股份 . | | 第二节 股份增减和回购 . | | 第 三节 股份转让 … | | 第四章 股东和股东会 . | | 第一节 股东 … | | 第二节 控股股东和实际控制人 | | 第三节 股东会的一般规定 . | | 第 四节 股东会的召集 … | | 第五节 股东会的提案与通知 | | 第五节 股东会的召开 . | | 第六节 股东会的表决和决议 … | | 第五章 董事会 . | | 第一节 董事 … | | 第二节 董事会 ………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 22 | | 第三节 独立董事 . | | 第四节 董事会专门委员会 | | 第六章 高级管理人员…………………………………………………………………………………………………………………………… ...

第二章 内幕信息的含义及其范围 北京信安世纪科技股份有限公司 内幕信息知情人登记备案制度 第一章总则 第一条 为规范北京信安世纪科技股份有限公司（以下简称"公司"）的内幕 信息管理行为，加强内幕信息保密工作，维护信息披露公平原则，保护广大投资 者的合法权益，根据《中华人民共和国公司法》、《中华人民共和国证券法》（以 下简称"《证券法》"）、《上市公司信息披露管理办法》、《上海证券交易所 科创板股票上市规则》、《北京信安世纪科技股份有限公司章程》（以下简称"《公 司章程》"）等有关规定，结合公司实际情况，特制定本制度。 第二条 公司董事会办公室是公司信息披露管理、投资者关系管理、内幕信息 备案的日常办事机构，负责执行董事会关于内幕信息决策的执行，协助董事长、 董事会秘书或信息披露负责人处理涉及内幕信息及内幕信息知情人相关事宜。董 事会应当保证内幕信息知情人档案真实、准确和完整，审计委员会应当对内幕信 息知情人登记备案制度实施情况进行监督。 第三条 公司董事、高级管理人员和公司各部门、分公司、子公司都应做好内 幕信息的保密工作，不得向外界泄露、报道、传送有关公司内幕信息及信息披露 的内容。特殊情况下，对外报送未公 ...

北京信安世纪科技股份有限公司 股东会议事规则 | | | 第一章 总则 第一条 为完善北京信安世纪科技股份有限公司（以下简称"公司"）法人 治理结构，明确股东会的职责权限，确保公司股东会依法规范地召开，提高股东 会议事效率，保证公司决策行为的民主、科学，根据《中华人民共和国公司法》 （以下简称"《公司法》"）、《中华人民共和国证券法》、《上市公司治理准 则》和《上海证券交易所科创板股票上市规则》等相关法律、法规和《北京信安 世纪科技股份有限公司章程》（以下简称"《公司章程》"）有关条款的规定， 制定本规则。 第二条 公司应当严格按照法律、行政法规、《公司章程》及本规则的相关 规定召开股东会，保证股东能够依法行使权利。 公司董事会应当切实履行职责，认真、按时组织股东会。公司全体董事应当 勤勉尽责，确保股东会正常召开和依法行使职权。 第三条 股东会应当在《公司法》和《公司章程》规定的范围内行使职权。 第四条 公司召开股东会，应当聘请律师对以下问题出具法律意见书并公告： （一） 会议的召集、召开程序是否符合法律、行政法规、《公司章程》； （二） 出席会议人员的资格、召集人资格是否合法有效； 1 （三） 审议批准公司 ...

北京信安世纪科技股份有限公司 募集资金管理制度 第一章 总 则 第一条 为规范公司募集资金管理，提高募集资金使用效率，根据《中华 人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券 法》（以下简称"《证券法》"）、《首次公开发行股票注册管理办法》、 《科创板上市公司持续监管办法（试行）》、《上海证券交易所科创板股票上 市规则》等相关法律、法规、相关规范性文件以及《北京信安世纪科技股份有 限公司章程》（以下简称"《公司章程》"）的规定，结合公司实际情况，特 制定本制度。 第二条 本制度所称募集资金是指公司通过公开以及非公开发行证券的方 式向投资者募集资金，但不包括公司实施股权激励计划募集的资金。 第三条 公司募集资金应当按照本制度的规定进行存储、使用和管理，做 到资金使用的规范、公开和透明。 第四条 公司控股股东、实际控制人不得直接或者间接占用或者挪用公司 募集资金，不得利用公司募集资金获取不正当利益。 公司发现控股股东、实际控制人及其他关联人占用募集资金的，应当及时 要求归还，并披露占用发生的原因、对公司的影响、清偿整改方案及整改进展 情况。 募集资金原则上限定用于公司在发行方案等发行申请文件 ...

[Important Notice](index=2&type=section&id=Important%20Notice) This report confirms the truthfulness and completeness of the semi-annual report by the board and senior management, highlights major risks and forward-looking statement uncertainties, and declares no profit distribution or irregular financial activities - The board of directors and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content and assume individual and joint legal liabilities[3](index=3&type=chunk) - The company has thoroughly detailed various operational risks in this report; please refer to "Risk Factors" in Section III "Management Discussion and Analysis"[3](index=3&type=chunk) - This semi-annual report is unaudited[4](index=4&type=chunk) - Forward-looking statements regarding future plans and development strategies in this report are subject to uncertainties and do not constitute a substantive commitment to investors[5](index=5&type=chunk) - There is no profit distribution plan or capital reserve to share capital increase plan approved by the board of directors for this reporting period[5](index=5&type=chunk) - There is no non-operating occupation of funds by controlling shareholders or other related parties[6](index=6&type=chunk) - There are no external guarantees provided in violation of prescribed decision-making procedures[7](index=7&type=chunk) [Section I Definitions](index=4&type=section&id=Section%20I%20Definitions) This section defines common terms used in the report, including company names, subsidiaries, information security technical terms like privacy protection and zero trust, and abbreviations for laws and organizations, ensuring clear understanding - “Issuer/Xinan Century/Company/The Company” refers to Beijing Xinan Century Technology Co., Ltd[11](index=11&type=chunk) - Lists multiple subsidiary names, including Wuhan Xinan Luojia Technology Co., Ltd., Shenzhen Xinan Century Technology Co., Ltd., Shanghai Xinxuan Information Technology Co., Ltd., Chengdu Xinan Century Technology Co., Ltd., and Beijing Huayao Technology Co., Ltd[11](index=11&type=chunk) - Defines core business domain terms such as information security, identity security, communication security, data security, mobile security, cloud security, and platform security[11](index=11&type=chunk) - Introduces emerging technology concepts like post-quantum cryptography (new generation of cryptographic algorithms resistant to quantum computer attacks), zero trust (a security framework of "never trust, always verify"), and privacy-preserving computation (a collection of technologies for data analysis while protecting data from disclosure)[12](index=12&type=chunk) - The reporting period refers to January-June 2025[13](index=13&type=chunk) [Section II Company Profile and Key Financial Indicators](index=7&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section outlines the company's basic information, contact details, disclosure channels, and stock overview, presenting key accounting data and financial indicators for H1 2025, showing a **6.70% revenue increase** and a net profit of **RMB 10.37 million** for shareholders - The company's Chinese name is Beijing Xinan Century Technology Co., Ltd., stock abbreviation Xinan Century, stock code **688201**, listed on the STAR Market of the Shanghai Stock Exchange[15](index=15&type=chunk)[18](index=18&type=chunk) - Key Accounting Data and Financial Indicators for H1 2025 | Indicator | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | **RMB 198.10 million** | RMB 185.65 million | **6.70** | | Total Profit | **RMB 11.12 million** | -RMB 41.94 million | - | | Net Profit Attributable to Shareholders of Listed Company | **RMB 10.37 million** | -RMB 33.47 million | - | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | **RMB 7.45 million** | -RMB 34.61 million | - | | Net Cash Flow from Operating Activities | **-RMB 18.67 million** | -RMB 69.77 million | - | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | **RMB 1,295.98 million** | RMB 1,284.51 million | **0.89** | | Total Assets (Period-end) | **RMB 1,503.13 million** | RMB 1,514.70 million | **-0.76** | | Basic Earnings Per Share (RMB/share) | **0.0327** | -0.1559 | - | | Diluted Earnings Per Share (RMB/share) | **0.0327** | -0.1559 | - | | Basic Earnings Per Share (Excluding Non-Recurring Gains/Losses) (RMB/share) | **0.0235** | -0.1613 | - | | Weighted Average Return on Net Assets (%) | **0.80** | -2.46 | - | | Weighted Average Return on Net Assets (Excluding Non-Recurring Gains/Losses) (%) | **0.58** | -2.54 | - | | R&D Investment as % of Operating Revenue | **37.55** | 48.38 | Decrease of **10.83 percentage points** | - Total non-recurring gains and losses amounted to **RMB 2.92 million**, primarily comprising government grants of **RMB 2.81 million** and fair value changes in financial assets of **RMB 0.52 million**[21](index=21&type=chunk)[22](index=22&type=chunk) - Net profit after deducting share-based payment impact was **RMB 13.07 million**, compared to **-RMB 26.75 million** in the prior year period[24](index=24&type=chunk) [Section III Management Discussion and Analysis](index=11&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section details the company's industry, main business, operating model, market position, operating results, and core competitiveness, showing a **6.70% revenue increase**, a return to profitability, and continued R&D investment in new products and strategic initiatives [I. Description of Industry and Main Business During the Reporting Period](index=11&type=section&id=I.%20Description%20of%20Industry%20and%20Main%20Business%20During%20the%20Reporting%20Period) This section describes the company's industry, software and information technology services, specifically the commercial cryptography sub-sector, including policy drivers, technological advancements, and market growth, detailing its four core business categories: cryptographic security, network security, data governance, and classified security, along with maintenance services for proprietary products [(I) Industry Development Overview](index=11&type=section&id=(I)%20Industry%20Development%20Overview) This section outlines the development of the commercial cryptography sub-sector within the software and information technology services industry, emphasizing national policy improvements, the emergence of new technologies like zero trust and post-quantum cryptography, and increased market demand driven by digitalization, all contributing to healthy industry growth - The company operates in the “I65 Software and Information Technology Services Industry,” specifically the commercial cryptography sub-sector of the cybersecurity industry[27](index=27&type=chunk) - National regulations such as the Cybersecurity Law, Data Security Law, and Commercial Cryptography Management Regulations provide top-level design and clear compliance guidance for the cybersecurity market, especially commercial cryptography[27](index=27&type=chunk) - The development of new technologies like zero trust, privacy-preserving computation, data security, and post-quantum cryptography drives security technology innovation, moving the cybersecurity industry into a dynamic active defense phase[27](index=27&type=chunk) - According to IDC forecasts, China's cybersecurity market size is expected to grow from **USD 11 billion** in 2023 to **USD 17.1 billion** in 2028, with a five-year compound annual growth rate of **9.2%**[28](index=28&type=chunk) - Information and data security software is projected to be the largest sub-market in security software, with a five-year compound annual growth rate of **15.5%**[28](index=28&type=chunk) - Government, financial services, and telecommunications remain the top three sectors for cybersecurity spending, with **26.0%**, **17.3%**, and **14.0%** of spending in 2024, respectively[29](index=29&type=chunk) [(II) Main Business and Products](index=12&type=section&id=(II)%20Main%20Business%20and%20Products) This section details the company's core business, centered on cryptographic technology, offering four main product categories: cryptographic security, network security, data governance, and classified security, along with related services. Cryptographic security products include digital certificate authentication and privacy-preserving computation platforms; network security products provide application security gateways; data governance products cover data security posture awareness and data de-identification; and classified security products offer cross-network isolation and terminal security control solutions - The company focuses on cryptographic technology, supported by network security technology, to address information security issues such as identity security, data security, and communication security[30](index=30&type=chunk) - The company's products are categorized into cryptographic security, network security, data governance, and classified security, also providing maintenance services for its proprietary products[31](index=31&type=chunk) - Cryptographic security products include NetCert Digital Certificate Authentication System, NetAuth Unified Identity Authentication Management System, NetPEC Privacy-Preserving Computation Platform, and CCypher-HSM Cloud Server Cryptographic Module, all certified for commercial cryptography and adapted to domestic innovation environments[32](index=32&type=chunk)[33](index=33&type=chunk)[34](index=34&type=chunk) - Network security products offer NSAE Application Security Gateway, APV Application Delivery System, AG Secure Access Gateway, and ASF Dynamic Application Protection System, aiming to create secure and high-performance dedicated communication spaces[35](index=35&type=chunk)[36](index=36&type=chunk) - The Dsec Data Governance product series utilizes sensitive data identification and protocol parsing technologies to achieve data classification and grading, access control, risk identification, data de-identification, data encryption, and data auditing, including DSecDSA Data Security Posture Awareness Platform and DSecDMS-SDM Static Data De-identification System[37](index=37&type=chunk)[38](index=38&type=chunk)[39](index=39&type=chunk) - Classified security products provide full lifecycle management for classified media, including "Keyun" CD Security Isolation and Unidirectional Information Import System, "Keyun" Network Security Isolation and Information Exchange System, "Keyun" Centralized Control System, and "Keyun" Data Archiving Blu-ray Array[40](index=40&type=chunk)[41](index=41&type=chunk)[42](index=42&type=chunk)[43](index=43&type=chunk)[44](index=44&type=chunk) [(III) Main Operating Models](index=23&type=section&id=(III)%20Main%20Operating%20Models) This section describes the company's operating models for information security product R&D, production, sales, and services, including a "frontier technology-driven + business demand-driven" dual-line innovation R&D model, an independent supply chain for hardware, strict quality control in soft-hard integrated machine production, a "vertical industry depth, horizontal regional expansion" matrix sales approach, and professional teams providing standardized and premium security services - The company's main business involves the R&D, production, and sales of information security products, offering security products and solutions, and proprietary product services[46](index=46&type=chunk) - The R&D model adheres to a "frontier technology-driven innovation + business demand-driven innovation" dual-line mechanism, following CMMI L5, TSM, and ISO 9001 standards for full product lifecycle management[47](index=47&type=chunk) - The procurement model primarily involves various hardware equipment and accessories for soft-hard integrated machine products, establishing an independent and complete supply chain system, with procurement plans mainly inventory-alert driven, supplemented by order-driven approaches[48](index=48&type=chunk) - The production model involves installing proprietary software onto hardware devices, implementing full-process quality management, and strictly controlling processes with digital systems to ensure product quality[49](index=49&type=chunk) - The marketing model adopts a "vertical industry depth, horizontal regional expansion" matrix sales approach, establishing a nationwide marketing network[50](index=50&type=chunk) - The solution and delivery model provides standardized and premium security services through product solution centers and service delivery centers established in Beijing headquarters and major regions nationwide[51](index=51&type=chunk)[52](index=52&type=chunk) [(IV) Market Position](index=24&type=section&id=(IV)%20Market%20Position) This section highlights the company's significant market position as a leading security product and solution provider in finance, government, enterprise, and military sectors, recognized for its strong R&D capabilities, deep industry solutions, and overall strength, including CMMI-Level5 certification, numerous patents, and participation in national standard setting - The company is a leading security product and solution provider, serving important sectors such as finance, government, enterprises, and military[53](index=53&type=chunk) - The company has obtained CMMI-Level5 certification, the highest level for software maturity models, and "TSM Trusted R&D Operations Security Capability Maturity Assessment—Enhanced Level"[53](index=53&type=chunk) - During the reporting period, the company obtained **14 software copyrights** and **4 invention patents**, accumulating **341 software copyrights** and **221 patent authorizations** (including **213 invention patents**)[53](index=53&type=chunk) - Company Product Categories in Industry Landscape Maps | Industry Landscape Map | Company Product Categories | Publisher | | :--- | :--- | :--- | | "Digital Security Escort Technology Capability Landscape Map (Third Edition)" | **15 major categories, 79 sub-categories** | China Academy of Information and Communications Technology | | "2025 Financial Quantum Security Migration and Collaborative Ecosystem Landscape Map" | **9 major categories** | Gold Card Institute | | "2025 Cybersecurity Industry Map" | **6 major categories, 26 sub-fields** | Hacking Research Institute | | "China Cybersecurity Industry Landscape Map (12th Edition)" | **7 major fields, 13 sub-fields** | Anquanniu | - The company received the Anquanniu "2025 Data Circulation Security Technology Application Guide" Excellent Case Award for its "Financial Holding Group Data Security Circulation and Joint Application Solution" and the Hacking Research Institute's "2025 China Cybersecurity Financial Industry Excellent Solution" Award for its "Privacy-Preserving Computation Solution"[53](index=53&type=chunk) - The company was selected among the **2025 China Data Security Top 50** and **2025 New Quality China Digital Security Top 100** by Data Security Consulting, also earning the title of "Leader in Comprehensive Fields"[54](index=54&type=chunk) - The company leads or participates in the development of **33 national and industry technical standards** and contributed to the compilation of "Security Control Technologies and Applications in Low-Altitude Intelligent Network Environments (2025 Edition)," "Post-Quantum Cryptography Security Capability Building Technical Guide (2025 Edition)," and "2025 Data Circulation Security Technology Application Guide"[55](index=55&type=chunk) [II. Discussion and Analysis of Operating Performance](index=25&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operating%20Performance) During the reporting period, the company achieved **RMB 198.10 million** in operating revenue, a **6.70% year-on-year increase**, and successfully returned to profitability by deepening traditional advantageous industries and expanding into emerging sectors, while continuously focusing on cryptographic and network security research, launching two new products, and actively promoting domestic innovation and post-quantum cryptography R&D - In H1 2025, the company achieved operating revenue of **RMB 198.10 million**, a **6.70% year-on-year increase**[56](index=56&type=chunk) - Net profit attributable to owners of the parent company was **RMB 10.37 million**, and net profit attributable to the parent company after deducting non-recurring gains and losses was **RMB 7.45 million**, achieving a turnaround from loss to profit[56](index=56&type=chunk) - H1 2025 Revenue by Industry | Industry | Revenue (million RMB) | YoY Growth (%) | Main Reasons | | :--- | :--- | :--- | :--- | | Government Sector | **70.19** | **22.23** | Increased demand from military, medical, and aviation sectors | | Enterprise Sector | **47.58** | **3.72** | Increased procurement demand from information technology software and business services clients | | Financial Sector | **80.33** | **-2.46** | Procurement recovered somewhat, with a significant reduction in decline | - During the reporting period, the company launched two new products: Dynamic Application Protection System (ASF-Dynamic Protection) and Cryptographic Application Supervision Platform (CASP)[57](index=57&type=chunk) - Nearly **25 domestic innovation products** passed industry product certifications during the reporting period, with company products adapted to various domestic operating systems and database software[57](index=57&type=chunk) - The company led or participated in the compilation of **3 national standards**, including "Information Security Technology Zero Trust Reference Architecture," and **30 industry standards**, including "Blockchain Consensus Mechanism Little Elephant Technical Specification"[58](index=58&type=chunk) - The company actively promotes research, migration, and industry implementation of post-quantum cryptographic algorithms, with multiple core products supporting post-quantum cryptographic algorithms, and is deeply involved in the compilation of the "Post-Quantum Cryptography Security Capability Building Technical Guide (2025 Edition)"[58](index=58&type=chunk) [III. Analysis of Core Competitiveness During the Reporting Period](index=26&type=section&id=III.%20Analysis%20of%20Core%20Competitiveness%20During%20the%20Reporting%20Period) This section analyzes the company's six core competencies: R&D foresight, product development, solution and delivery, customer resources, talent, and management, which collectively strengthen its leading position in the information security industry through continuous innovation, a robust R&D system, a nationwide service network, a high-quality customer base, experienced talent, and a scientific management system [(I) Core Competitiveness Analysis](index=26&type=section&id=(I)%20Core%20Competitiveness%20Analysis) This section outlines the company's six core competencies in information security, including R&D foresight centered on the Information Security Research Institute, product development driven by a dual-line innovation mechanism, a nationwide solution and delivery network, high-quality customer resources in finance and government, an experienced talent team, and a scientific and efficient management system, all supporting the company's high-quality development - The company adheres to the development strategy of "technology as the foundation, innovation as the path to growth," with the Information Security Research Institute as the core, continuously conducting multi-faceted fundamental, forward-looking, and innovative research in cybersecurity technology[59](index=59&type=chunk) - The company maintains a dual-line innovation mechanism of "frontier technology-driven innovation" and "business demand-driven innovation," continuously launching new products and solutions[59](index=59&type=chunk) - The company has established marketing and service organizations in **seven major regions and twenty-seven provinces and cities nationwide**, forming a comprehensive service network that provides professional standardized security services[59](index=59&type=chunk) - The company has long cultivated the information security industry, accumulating a large number of high-quality customer resources in finance, government, operators, and military sectors, forming long-term, stable cooperative relationships[61](index=61&type=chunk) - Over **50%** of the company's R&D and technical personnel have **over 10 years of industry experience**, enabling them to develop products that meet technological development requirements and address customer pain points[61](index=61&type=chunk) - By learning from advanced international and domestic management system concepts, the company has established a scientific management system, demonstrating advantages in efficient operation and standardized management[61](index=61&type=chunk) [(II) Events Seriously Affecting Core Competitiveness, Impact Analysis, and Countermeasures During the Reporting Period](index=27&type=section&id=(II)%20Events%20Seriously%20Affecting%20Core%20Competitiveness%2C%20Impact%20Analysis%2C%20and%20Countermeasures%20During%20the%20Reporting%20Period) No events occurred during the reporting period that seriously affected the company's core competitiveness - No events occurred during the reporting period that seriously affected the company's core competitiveness[62](index=62&type=chunk) [(III) Core Technologies and R&D Progress](index=27&type=section&id=(III)%20Core%20Technologies%20and%20R%26D%20Progress) This section details the company's advanced core technologies in the cryptography industry, including **22 independently developed technologies** such as network key secure derivation and collaborative signature, AI-based user behavior analysis, and post-quantum cryptography application. During the reporting period, the company increased R&D investment, obtained multiple invention patents and software copyrights, capitalized eligible R&D projects, and disclosed ongoing project progress and objectives - The company possesses relatively strong technological and R&D advantages in the cryptography industry, with **22 independently developed core technologies**, including network key secure derivation and collaborative signature technology, AI-based user behavior analysis and authentication technology, post-quantum cryptography application technology, and classified media identification and classification technology[62](index=62&type=chunk)[64](index=64&type=chunk)[65](index=65&type=chunk) - During the reporting period, the company applied for **10 invention patents** and obtained **3 invention patents**; applied for **9 software copyrights** and obtained **14 software copyrights**[66](index=66&type=chunk) - Intellectual Property List During the Reporting Period | | New Applications This Period (units) | New Acquisitions This Period (units) | Cumulative Applications (units) | Cumulative Acquisitions (units) | | :--- | :--- | :--- | :--- | :--- | | Invention Patents | **10** | **3** | **307** | **213** | | Utility Model Patents | **0** | **-5** | **8** | **2** | | Design Patents | **0** | **-7** | **14** | **6** | | Software Copyrights | **9** | **14** | **345** | **341** | | Others | **2** | **-4** | **155** | **90** | | Total | **21** | **1** | **829** | **652** | - R&D Investment Overview | Indicator | Current Period (RMB) | Prior Year Period (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | **40,532,167.14** | 89,820,537.32 | **-54.87** | | Capitalized R&D Investment | **33,854,361.56** | 0 | **100.00** | | Total R&D Investment | **74,386,528.70** | 89,820,537.32 | **-17.18** | | R&D Investment as % of Operating Revenue | **37.55** | 48.38 | Decrease of **10.83 percentage points** | | Capitalization Ratio of R&D Investment (%) | **45.51** | 0 | Increase of **45.51 percentage points** | - During this reporting period, eligible R&D projects were capitalized, which is reasonable as these projects underwent thorough evaluation, possess sufficient technical and financial resources, and are expected to complete product development and achieve stable sales in the future[68](index=68&type=chunk) - Ongoing R&D Projects (Partial) | No. | Project Name | Estimated Total Investment (million RMB) | Amount Invested This Period (million RMB) | Progress or Interim Results | Target Objectives | | :--- | :--- | :--- | :--- | :--- | :--- | | 1 | Commercial Cryptography Product Upgrade Project | **40.00** | **6.14** | Completed iteration of some cryptographic product versions, adapted to domestic operating systems, databases, and middleware in the new national testing list | Enhance robustness and security of existing cryptographic products, optimize functions and performance, and adapt to more cryptographic application scenarios | | 2 | Data Security Technology Research and Development Project | **24.00** | **3.91** | Completed risk analysis for data in circulation protection and reduction of data leakage, completed research on integrated data security technologies and privacy-preserving computation technologies | Achieve data security protection in more scenarios, expand and upgrade existing data security products, and adapt and improve performance on domestic platforms | | 3 | Network Security Product Intelligent Upgrade Project | **150.00** | **24.35** | Updated CPU scheduling algorithms for network security products, achieved precise traffic identification and efficient offloading, researched high-speed forwarding frameworks | Enhance the intelligence of existing network security products and the efficiency and flexibility of their architecture, improve overall throughput and other performance indicators under domestic innovation platforms | | 4 | Post-Quantum Cryptography Algorithm Product Development Project | **45.00** | **6.88** | Completed iteration of foreign algorithm implementation and product application versions, currently conducting verification and performance improvement based on domestic post-quantum algorithms | Develop post-quantum domestic algorithm cryptographic products and an agile scheduling management platform for post-quantum migration | | 5 | Emerging Field Key Management System Application Integration Development Project | **36.00** | **5.51** | Provides specialized, platform-based, and service-oriented cryptographic management services for emerging industries such as connected vehicles and drones | Achieve new key management system upgrades, dynamic identification, flexible deployment methods, and support for multiple business scenarios | | 6 | Cloud Tenant Cryptographic Security Protection Product Development | **40.00** | **5.72** | Currently completed development and iteration of some products for security protection technologies under domestic cloud computing technology stacks | Combine existing cloud cryptographic service platforms and cryptographic application mirror products with virtualization, microservices, cloud-native, and other technologies to enhance elastic scalability, tenant isolation, and service capabilities | | 7 | Keyun Security Isolation and Unidirectional Information Import System | **25.00** | **2.40** | Completed 10 Gigabit equipment performance enhancement, adopted PF_RING architecture, achieving innovative design of ring buffer + zero-copy + custom driver | Completed development of desktop unidirectional devices, enriched cross-network application scenarios, and obtained national secrecy bureau product certification | | 8 | Keyun Centralized Printing System | **25.00** | **3.02** | Completed the National Secrecy Bureau's "Unveiling and Leading" project, including competitive development of self-service recycling cabinets and enhanced CD burning, with the recycling cabinet ranking first in function and performance evaluation | Completed development of classified marking, self-supervision platform, and other products, passed secrecy bureau product certification, and expanded solution coverage in classified fields | | 9 | Keyun Data Archiving System | **12.00** | **1.05** | Completed integration with different file systems and business systems, forming solutions in hospitals and banks; completed compliance checks for archived data | Utilize large model capabilities to enhance analysis and utilization of archived data, creating value from long-term stored data | - R&D Personnel Overview | Indicator | Current Period | Prior Year Period | | :--- | :--- | :--- | | Number of Company R&D Personnel (persons) | **434** | 448 | | R&D Personnel as % of Total Company Personnel | **46.17** | 46.80 | | Total R&D Personnel Compensation (million RMB) | **60.41** | 71.98 | | Average R&D Personnel Compensation (million RMB) | **0.1392** | 0.1607 | | **Education Level** | | | | PhD | **2** | | | Master's | **49** | | | Bachelor's | **332** | | | Junior College and Below | **51** | | | **Age Structure** | | | | Under 30 years old | **225** | | | 30-40 years old (excluding 40) | **162** | | | 40-50 years old (excluding 50) | **43** | | | 50-60 years old (excluding 60) | **4** | | | 60 years old and above | **0** | | [IV. Risk Factors](index=34&type=section&id=IV.%20Risk%20Factors) This section identifies four main categories of risks faced by the company: core competitiveness risks (product iteration, talent loss), operational risks (poor management, decision errors), financial risks (cash flow, goodwill impairment), and industry risks (external environment changes), emphasizing potential impacts from macroeconomic shifts - Core competitiveness risks include the risk of product iteration failing to adapt to market development needs and the risk of core technical personnel loss and technology leakage[76](index=76&type=chunk)[77](index=77&type=chunk) - Operational risks primarily stem from imperfect company management structure, internal controls, organizational models, or decision-making errors, which could adversely affect operations and sustained profitability[78](index=78&type=chunk) - Financial risks include the seasonal characteristics of sales revenue and collections, which may increase working capital turnover pressure, and the potential for goodwill impairment if future operations do not meet expectations after acquisitions[79](index=79&type=chunk) - Industry risks refer to significant changes in external factors such as the global information security landscape, national policies, and new technology development directions, which could lead to the information security industry's development falling short of expectations[80](index=80&type=chunk) - Macroeconomic environment risks include changes in international political and economic situations or national tax or support policies that could impact the company's development[81](index=81&type=chunk) [V. Key Operating Performance During the Reporting Period](index=35&type=section&id=V.%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) This section summarizes the company's key operating results for the reporting period, including a **6.70% increase in operating revenue** and a return to profitability, analyzing changes in financial statement items such as increased operating costs, decreased selling and administrative expenses due to structural optimization, and a significant reduction in R&D expenses due to capitalization, along with an analysis of asset and liability changes - The company achieved operating revenue of **RMB 198.10 million**, a **6.70% year-on-year increase**; net profit attributable to shareholders of the listed company was **RMB 10.37 million**, a **130.97% year-on-year increase**, achieving a turnaround from loss to profit[82](index=82&type=chunk) - Financial Statement Item Change Analysis | Item | Current Period (RMB) | Prior Year Period (RMB) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | **198,096,780.19** | 185,653,960.67 | **6.70** | Increased demand for security products from government and enterprises | | Operating Cost | **64,701,028.30** | 53,753,290.61 | **20.37** | Operating revenue growth, slight decrease in gross margin for military sector | | Selling Expenses | **52,516,395.88** | 56,637,880.53 | **-7.28** | Structural optimization completed in 2024, reduction in employee numbers | | Administrative Expenses | **25,387,657.92** | 32,742,609.15 | **-22.46** | Structural optimization completed in 2024, reduction in employee numbers | | R&D Expenses | **40,532,167.14** | 89,820,537.32 | **-54.87** | Reduction in R&D employee numbers; some R&D projects met capitalization conditions | | Net Cash Flow from Operating Activities | **-18,669,628.93** | -69,774,970.98 | - | Slight year-on-year increase in sales collections, decrease in procurement expenditures, year-on-year decrease in employee compensation | | Net Cash Flow from Investing Activities | **-28,556,231.42** | -7,329,313.05 | - | Due to capitalization expenditures for R&D expenses in this period | | Net Cash Flow from Financing Activities | **-2,645,594.29** | -12,427,338.91 | - | Company repurchased shares in the prior year period, no such expenditure this year | - Asset and Liability Status Change Analysis | Item Name | Period-end Amount (RMB) | Prior Year-end Amount (RMB) | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | **68,239,199.91** | 117,867,081.52 | **-42.10** | Seasonal sales collections led to higher monetary funds at prior year-end | | Notes Receivable | **4,798,291.60** | 7,053,022.70 | **-31.97** | Bills received at prior year-end were accepted in this reporting period | | Development Expenditures | **33,854,361.56** | 0 | **100.00** | R&D expenses began to be capitalized in this reporting period | | Employee Compensation Payable | **33,627,036.49** | 47,874,337.84 | **-29.76** | Structural adjustment completed in 2024, reduction in employee numbers | | Taxes Payable | **15,107,209.26** | 26,450,086.20 | **-42.88** | Accrued but unpaid VAT and income tax at current period-end were less than at prior year-end | - As of the end of the reporting period, the company's main restricted assets included other monetary funds of **RMB 1,894,114.47** (performance bond), bank deposits of **RMB 1,003,200.00** (litigation freeze), and bank deposits of **RMB 1,926,672.52** (during information change period), totaling **RMB 4,823,986.99**[89](index=89&type=chunk) - Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (RMB) | Fair Value Change Gain/Loss This Period (RMB) | Purchases This Period (RMB) | Sales/Redemptions This Period (RMB) | Ending Balance (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | | Others | **38,394,827.59** | **282,535.64** | **61,000,000.00** | **59,894,380.17** | **39,782,983.06** | | Total | **38,394,827.59** | **282,535.64** | **61,000,000.00** | **59,894,380.17** | **39,782,983.06** | - Key Holding and Invested Companies (Partial) | Company Name | Company Type | Main Business | Registered Capital (million RMB) | Operating Revenue (million RMB) | Net Profit (million RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | | Wuhan Xinan Luojia Technology Co., Ltd. | Subsidiary | Cryptographic product R&D, sales in Central China | **30.00** | **15.78** | **-1.08** | | Shenzhen Xinan Century Technology Co., Ltd. | Subsidiary | Sales, technical support in South China | **10.00** | **9.97** | **-0.96** | | Shanghai Xinxuan Information Technology Co., Ltd. | Subsidiary | Sales, technical support in East China | **10.00** | **15.33** | **-1.44** | | Chengdu Xinan Century Technology Co., Ltd. | Subsidiary | Sales, technical support in Southwest China | **10.00** | **6.55** | **-0.90** | | Beijing Huayao Technology Co., Ltd. | Subsidiary | Network security product R&D, business expansion | **40.76** | **22.78** | **0.00** | | Xi'an Haoxin Technology Co., Ltd. | Subsidiary | Platform product R&D, sales in Northwest China | **10.00** | **2.37** | **-4.84** | | Beijing Pushidai Technology Co., Ltd. | Subsidiary | Classified security product R&D and production, military sales | **13.30** | **54.44** | **8.76** | - During the reporting period, Shenyang Xinan Century Technology Co., Ltd. was newly established, and Chongqing Xinan Century Technology Co., Ltd. was deregistered, both without significant impact[93](index=93&type=chunk) [VI. Other Disclosures](index=40&type=section&id=VI.%20Other%20Disclosures) No other significant matters were disclosed in this section - No other disclosure matters[93](index=93&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=41&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section primarily discloses corporate governance information, including changes in directors, senior management, and core technical personnel, as well as semi-annual profit distribution or capital reserve to share capital increase plans. During the reporting period, the company had no profit distribution or capital increase plans, nor any progress on equity incentives, employee stock ownership plans, or other employee incentive measures - Changes in the company's directors, senior management, and core technical personnel: None[95](index=95&type=chunk) - Semi-annual proposed profit distribution plan, capital reserve to share capital increase plan: No, the number of bonus shares, dividends, and capital increase shares per 10 shares is **0**[95](index=95&type=chunk) - Relevant equity incentive matters have been disclosed in temporary announcements, with no subsequent progress or changes in implementation[96](index=96&type=chunk) - The company is not included in the list of enterprises required to disclose environmental information by law[96](index=96&type=chunk) - No specific details on consolidating and expanding poverty alleviation achievements, rural revitalization, or other related work[96](index=96&type=chunk) [Section V Significant Matters](index=42&type=section&id=Section%20V%20Significant%20Matters) This section details the fulfillment of various commitments by the company and its related parties during or continuing into the reporting period, including those related to major asset restructuring, initial public offering, refinancing, and equity incentives, also explaining the overall progress of raised funds utilization. During the reporting period, all company commitments were strictly fulfilled, with an overall raised funds investment progress of **100.57%** - All commitments made by the company's actual controllers, shareholders, related parties, acquirers, and the company itself, during or continuing into the reporting period, were strictly fulfilled[98](index=98&type=chunk) - Commitment types include: ensuring information truthfulness, administrative penalties/litigation/arbitration and integrity status, legal establishment and valid existence with subject qualifications, measures to fill immediate returns, guaranteeing the truthfulness, accuracy, and completeness of report content, maintaining the independence of the listed company, avoiding horizontal competition, resolving related party transactions, share lock-up, performance compensation guarantee measures, clear asset ownership, regulating non-operating fund occupation, amending Pushidai Technology's articles of association, not being a private equity fund, valid existence and subject qualifications, unpaid capital contributions, bearing losses from leased property defects, paid-in capital contribution obligations, stabilizing share price, share repurchase due to fraudulent issuance, measures to fill diluted immediate returns, subscription intentions and reductions for convertible bonds issued to unspecified objects, not affecting or interfering with review and registration procedures, not providing loans to incentive recipients, equity incentive recipients guaranteeing information truthfulness, voluntary lock-up, etc[98](index=98&type=chunk)[99](index=99&type=chunk)[100](index=100&type=chunk)[101](index=101&type=chunk)[102](index=102&type=chunk)[103](index=103&type=chunk)[104](index=104&type=chunk)[105](index=105&type=chunk)[106](index=106&type=chunk)[107](index=107&type=chunk)[108](index=108&type=chunk)[109](index=109&type=chunk)[110](index=110&type=chunk)[111](index=111&type=chunk)[112](index=112&type=chunk)[113](index=113&type=chunk)[114](index=114&type=chunk)[115](index=115&type=chunk)[116](index=116&type=chunk)[117](index=117&type=chunk)[118](index=118&type=chunk)[119](index=119&type=chunk)[120](index=120&type=chunk)[121](index=121&type=chunk)[122](index=122&type=chunk)[123](index=123&type=chunk)[124](index=124&type=chunk)[125](index=125&type=chunk)[126](index=126&type=chunk)[127](index=127&type=chunk)[128](index=128&type=chunk)[129](index=129&type=chunk)[130](index=130&type=chunk)[131](index=131&type=chunk)[132](index=132&type=chunk)[133](index=133&type=chunk)[134](index=134&type=chunk)[135](index=135&type=chunk)[136](index=136&type=chunk)[137](index=137&type=chunk)[138](index=138&type=chunk)[139](index=139&type=chunk)[140](index=140&type=chunk)[141](index=141&type=chunk)[142](index=142&type=chunk)[143](index=143&type=chunk)[144](index=144&type=chunk)[145](index=145&type=chunk)[146](index=146&type=chunk)[147](index=147&type=chunk)[148](index=148&type=chunk)[149](index=149&type=chunk) - No non-operating occupation of funds by controlling shareholders or other related parties during the reporting period[150](index=150&type=chunk) - No irregular guarantees during the reporting period[150](index=150&type=chunk) - Overall Use of Raised Funds | Source of Raised Funds | Date of Receipt | Total Raised Funds (million RMB) | Net Raised Funds (million RMB) | Cumulative Investment of Raised Funds as of Period-end (million RMB) | Overall Investment Progress of Raised Funds (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Initial Public Offering of Shares | April 15, 2021 | **623.49** | **561.76** | **564.98** | **100.57** | - Detailed Use of Raised Investment Projects | Project Name | Planned Investment of Raised Funds (million RMB) | Cumulative Investment of Raised Funds as of Period-end (million RMB) | Investment Progress (%) | Benefits Achieved This Year (million RMB) | | :--- | :--- | :--- | :--- | :--- | | Information Security Product Upgrade Project | **240.27** | **241.12** | **100.35** | **18.23** | | Next-Generation Security Product R&D Project | **99.85** | **103.41** | **103.57** | **3.45** | | Technology R&D Project for Emerging Fields | **103.29** | **101.57** | **98.34** | **0** | | Integrated Operations Service Center Construction Project | **118.36** | **118.88** | **100.44** | **0** | | Total | **561.76** | **564.98** | / | **21.68** | - The feasibility of raised fund investment projects has not undergone significant changes[157](index=157&type=chunk) - No changes or terminations of raised investment projects, no temporary use of idle raised funds to supplement working capital, and no cash management of idle raised funds during the reporting period[158](index=158&type=chunk) - No significant litigation or arbitration matters during the reporting period[150](index=150&type=chunk) [Section VI Share Changes and Shareholder Information](index=70&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section discloses the company's share capital changes and shareholder information during the reporting period, with no changes in total ordinary shares or capital structure. As of the end of the reporting period, the company had **14,576 ordinary shareholders**, with Li Wei, Wang Yixin, and Ding Chun acting in concert, holding a combined **41.70%** of shares among the top ten shareholders - During the reporting period, there were no changes in the company's total ordinary shares or share capital structure[160](index=160&type=chunk) - As of the end of the reporting period, the total number of ordinary shareholders was **14,576**[161](index=161&type=chunk) - Top Ten Shareholders' Shareholdings as of Period-end | Shareholder Name | Shares Held at Period-end (shares) | Percentage (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Li Wei | **75,857,933** | **23.92** | Domestic Natural Person | | Wang Yixin | **28,203,590** | **8.89** | Domestic Natural Person | | Ding Chun | **28,203,590** | **8.89** | Domestic Natural Person | | Ningbo Hengshishun'an Enterprise Management Partnership (Limited Partnership) | **15,829,214** | **4.99** | Other | | Mao Handong | **10,704,864** | **3.38** | Domestic Natural Person | | Caitong Innovation Investment Co., Ltd. | **4,553,330** | **1.44** | State-owned Legal Person | | Miao Jiajia | **3,142,941** | **0.99** | Domestic Natural Person | | Bank of China Co., Ltd. - Huashang Selected Return Mixed Securities Investment Fund | **2,289,295** | **0.72** | Other | | Beijing Xinan Century Technology Co., Ltd. Repurchase Special Securities Account | **2,195,000** | **0.69** | Other | | Ningbo Tongshun Information Technology Consulting Partnership (Limited Partnership) | **1,669,411** | **0.53** | Other | - Li Wei, Ding Chun, and Wang Yixin are parties acting in concert[165](index=165&type=chunk) - Top Ten Shareholders with Restricted Shares and Restriction Conditions | No. | Shareholder with Restricted Shares Name | Number of Restricted Shares Held (shares) | Tradable Date | Restriction Conditions | | :--- | :--- | :--- | :--- | :--- | | 1 | Mao Handong | **10,704,864** | 2026-06-20 | Audit report issued and compensation obligations fulfilled (if any) after performance compensation period ends | | 2 | Miao Jiajia | **3,142,941** | 2026-06-20 | Audit report issued and compensation obligations fulfilled (if any) after performance compensation period ends | | 3 | Beijing Pushizongheng Enterprise Management Consulting Partnership (Limited Partnership) | **420,680** | 2026-06-20 | Audit report issued and compensation obligations fulfilled (if any) after performance compensation period ends | | 4 | Beijing Pushiren Enterprise Management Consulting Partnership (Limited Partnership) | **354,578** | 2026-06-20 | Audit report issued and compensation obligations fulfilled (if any) after performance compensation period ends | - Director and core technical personnel Zhang Qingyong held **117,616 restricted shares** at period-end, and core technical personnel Hu Jin held **95,712 restricted shares** at period-end[169](index=169&type=chunk) [Section VII Bond-Related Information](index=74&type=section&id=Section%20VII%20Bond-Related%20Information) This section states that the company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments, nor any convertible corporate bonds - The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[172](index=172&type=chunk) - The company has no convertible corporate bonds[172](index=172&type=chunk) [Section VIII Financial Report](index=75&type=section&id=Section%20VIII%20Financial%20Report) This section contains the company's unaudited financial statements, including consolidated and parent company balance sheets, income statements, and cash flow statements, along with detailed notes to the financial statements. During the reporting period, the company maintained a stable financial position, significantly improved operating cash flow, and saw R&D capitalization impact its asset structure [I. Audit Report](index=75&type=section&id=I.%20Audit%20Report) This semi-annual report is unaudited - This semi-annual report is unaudited[4](index=4&type=chunk) [II. Financial Statements](index=75&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 H1 2025, showing a return to profitability but continued cash flow pressure, with R&D capitalization impacting asset structure - Key Consolidated Balance Sheet Data (June 30, 2025) | Item | Amount (RMB) | | :--- | :--- | | Total Assets | **1,503,132,459.55** | | Total Liabilities | **179,351,274.55** | | Total Equity Attributable to Owners of the Parent Company | **1,295,976,405.72** | - Key Consolidated Income Statement Data (Jan-Jun 2025) | Item | Amount (RMB) | | :--- | :--- | | Total Operating Revenue | **198,096,780.19** | | Total Profit | **11,116,636.60** | | Net Profit Attributable to Owners of the Parent Company | **10,367,719.94** | | Basic Earnings Per Share (RMB/share) | **0.0327** | - Key Consolidated Cash Flow Statement Data (Jan-Jun 2025) | Item | Amount (RMB) | | :--- | :--- | | Net Cash Flow from Operating Activities | **-18,669,628.93** | | Net Cash Flow from Investing Activities | **-28,556,231.42** | | Net Cash Flow from Financing Activities | **-2,645,594.29** | | Net Increase in Cash and Cash Equivalents | **-49,872,976.97** | - Key Parent Company Income Statement Data (Jan-Jun 2025) | Item | Amount (RMB) | | :--- | :--- | | Operating Revenue | **121,636,960.56** | | Net Profit | **16,623,329.82** | [III. Company Overview](index=96&type=section&id=III.%20Company%20Overview) This section outlines Beijing Xinan Century Technology Co., Ltd.'s establishment, share capital changes, and main operations, detailing its evolution since 2001 through multiple capital increases and acquisitions to a registered capital of **RMB 317.15 million**, focusing on developing and selling information security products and solutions to address identity, transmission, and data security issues in network environments - Beijing Xinan Century Technology Co., Ltd. was registered and established on August 31, 2001, at the Haidian Branch of the Beijing Administration for Industry and Commerce[207](index=207&type=chunk) - On March 23, 2021, the company's registered capital changed to **RMB 93,127,756.00** following its initial public offering[207](index=207&type=chunk) - On May 10, 2023, the company acquired **80.00%** equity of Beijing Pushidai Technology Co., Ltd. by issuing **6,675,978 shares**, changing its registered capital to **RMB 144,505,056.00**[209](index=209&type=chunk) - After multiple capital reserve to share capital increases and equity incentive capital injections, the company's registered capital changed to **RMB 317,153,816.00** on May 16, 2024[211](index=211&type=chunk) - The company's main business activities involve the development and sales of application security products, services, and solutions centered on information security, aiming to resolve identity security, transmission security, and data security issues in network environments[211](index=211&type=chunk) [IV. Basis of Financial Statement Preparation](index=97&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) This section states that the company's financial statements are prepared on a going concern basis, and an assessment of its ability to continue as a going concern for the next 12 months found no issues, thus deeming the going concern basis reasonable - The company's financial statements are prepared on a going concern basis[212](index=212&type=chunk) - The company assessed its ability to continue as a going concern for the 12 months from the end of the reporting period, finding no matters affecting its going concern ability, thus deeming the preparation of financial statements on a going concern basis reasonable[213](index=213&type=chunk) [V. Significant Accounting Policies and Estimates](index=97&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's compliance with accounting standards, accounting period, operating cycle, functional currency, materiality criteria, and various significant accounting policies and estimates, including business combinations, consolidated financial statements, financial instruments, inventories, contract assets, long-term equity investments, fixed assets, intangible assets, long-term deferred expenses, contract liabilities, employee compensation, provisions, share-based payments, revenue, contract costs, government grants, deferred income tax assets/liabilities, and leases - The financial statements prepared by the company comply with the requirements of enterprise accounting standards, truthfully and completely reflecting the company's financial position, operating results, changes in shareholders' equity, and cash flows[215](index=215&type=chunk) - The company's accounting year runs from January 1 to December 31 of the Gregorian calendar, with a normal operating cycle of one year[216](index=216&type=chunk)[217](index=217&type=chunk) - Materiality criteria: Significant individually impaired receivables are those with a single amount greater than **RMB 5 million**; significant associates or joint ventures are those where the carrying amount of long-term equity investments reaches **1%** or more of total consolidated assets, or equity method investment income accounts for **5%** or more of consolidated net profit[219](index=219&type=chunk)[220](index=220&type=chunk) - Financial assets are measured at fair value upon initial recognition, with subsequent measurement depending on their classification: at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss[265](index=265&type=chunk) - Inventories are accounted for using the first-in, first-out method for issuance, specific identification method for materials purchased for specific projects, and specific identification method for finished goods issuance; a full impairment provision is made for raw materials and finished goods with an inventory age of **3 years or more** (inclusive)[311](index=311&type=chunk)[319](index=319&type=chunk) - Development stage expenditures can only be recognized as intangible assets if they simultaneously meet conditions such as technical feasibility, intention to use or sell, ability to generate economic benefits, availability of sufficient technical/financial resources, and reliable measurement of expenditures[347](index=347&type=chunk) - Revenue recognition: Revenue is recognized when the customer obtains control of the related goods, distinguishing between product sales revenue (recognized upon customer receipt for products not requiring installation/debugging, or upon acceptance for those that do) and technical service revenue (consulting services recognized upon acceptance, system operation and maintenance services recognized based on performance progress, and software development services recognized upon acceptance report)[379](index=379&type=chunk)[385](index=385&type=chunk)[386](index=386&type=chunk)[387](index=387&type=chunk) - Government grants: Asset-related grants are recognized as deferred income and amortized into profit or loss over the useful life of the related asset; income-related grants are directly recognized in profit or loss or as deferred income and amortized into profit or loss over periods[396](index=396&type=chunk)[397](index=397&type=chunk) - Lease accounting treatment: As a lessee, simplified treatment is applied to short-term leases and leases of low-value assets, while other leases recognize right-of-use assets and lease liabilities; as a lessor, leases that substantially transfer all risks and rewards of ownership of the leased asset are classified as finance leases, and all others as operating leases[416](index=416&type=chunk)[422](index=422&type=chunk) [VI. Taxation](index=138&type=section&id=VI.%20Taxation) This section discloses the company's and its subsidiaries' main tax types and rates, including VAT, corporate income tax, and property tax, detailing tax incentives such as VAT immediate refund for software products and preferential corporate income tax rates for high-tech enterprises or small low-profit enterprises - Main Tax Types and Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Taxable Sales Amount | **1%**, **3%**, **6%**, **9%**, **13%** | | Corporate Income Tax | Taxable Income | **15%** | | Property Tax | Taxable Residual Value of Property | **1.2%** | | Urban Maintenance and Construction Tax | Actual Paid Turnover Tax Amount | **5%**, **7%** | | Education Surcharge | Actual Paid Turnover Tax Amount | **3%** | | Local Education Surcharge | Actual Paid Turnover Tax Amount | **2%** | - Taxable Entities with Different Corporate Income Tax Rates | Taxable Entity Name | Income Tax Rate (%) | | :--- | :--- | | Wuhan Xinan Luojia Technology Co., Ltd. | **20** | | Shenzhen Xinan Century Technology Co., Ltd. | **20** | | Shanghai Xinxuan Information Technology Co., Ltd. | **20** | | Chengdu Xinan Century Technology Co., Ltd. | **20** | | Xi'an Haoxin Technology Co., Ltd. | **20** | | Beijing Xinan Hengtai Technology Co., Ltd. | **20** | | Zhengzhou Haoxin Technology Co., Ltd. | **20** | | Pushidai (Nanjing) Intelligent Technology Co., Ltd. | **12.5** | | Changsha Pushidai Xinan Technology Co., Ltd. | **20** | - The company and its subsidiaries Wuhan Xinan, Shanghai Xinxuan, Shenzhen Xinan, Chengdu Xinan, Huayao Technology, Pushidai Technology, and Nanjing Pushidai enjoy the VAT immediate refund policy for software products where the actual tax burden exceeds **3%**[428](index=428&type=chunk) - The company, Huayao Technology, and Pushidai Technology are recognized as high-tech enterprises, applying a **15%** corporate income tax rate during the reporting period[429](index=429&type=chunk) - Wuhan Xinan, Shenzhen Xinan, Shanghai Xinxuan, Chengdu Xinan, Xi'an Haoxin, Xinan Hengtai, Zhengzhou Haoxin, Changsha Pushidai, and Shenyang Xinan meet the criteria for small low-profit enterprises, enjoying a corporate income tax rate of **20%** reduced by **25%**, resulting in an actual preferential tax rate of **5%**[430](index=430&type=chunk)[431](index=431&type=chunk) - Nanjing Pushidai simultaneously qualifies for preferential corporate income tax treatment as a software production enterprise and an integrated circuit production enterprise, allowing it to choose the policy of collecting corporate income tax at **25%** of the statutory rate, reduced by half[430](index=430&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=140&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes for consolidated financial statement items, including assets, liabilities, equity, revenue, and expenses, with period-end and beginning balances, current period changes, and explanations, focusing on monetary funds, notes and accounts receivable, inventories, fixed assets, intangible assets, goodwill, employee compensation payable, taxes payable, contract liabilities, deferred income tax assets/liabilities, operating revenue and costs, R&D expenses, other income, investment income, credit impairment losses, and asset impairment losses - Monetary Funds | Item | Period-end Balance (RMB) | Beginning Balance (RMB) | | :--- | :--- | :--- | | Cash on Hand | **8,943.69** | 9,043.69 | | Bank Deposits | **66,257,486.79** | 115,436,451.82 | | Other Monetary Funds | **1,972,769.43** | 2,421,586.01 | | Total | **68,239,199.91** | 117,867,081.52 | - Monetary funds at period-end decreased by **42.10%** compared to the beginning of the period, primarily due to seasonal sales collections resulting in higher monetary funds at the prior year-end[87](index=87&type=chunk)[140](index=140&type=chunk) - Trading Financial Assets | Item | Period-end Balance (RMB) | Beginning Balance (RMB) | | :--- | :--- | :--- | | Financial Assets Measured at Fair Value Through Profit or Loss | **39,782,983.06** | 38,394,827.59 | | Including: Bank Wealth Management Products - Investment Cost | **39,305,620.00** | 38,200,000.17 | | Bank Wealth Management Products - Fair Value Change Gain/Loss | **477,363.06** | 194,827.42 | | Total | **39,782,983.06** | 38,394,827.59 | - Notes Receivable by Category | Item | Period-end Balance (RMB) | Beginning Balance (RMB) | | :--- | :--- | :--- | | Bank Acceptance Bills | **1,026,948.77** | 3,343,891.05 | | Commercial Acceptance Bills | **3,771,342.83** | 3,709,131.65 | | Total | **4,798,291.60** | 7,053,022.70 | - Notes receivable at period-end decreased by **31.97%** compared to the beginning of the period, primarily because bills received at the prior year-end were accepted in this reporting period[87](index=87&type=chunk)[141](index=141&type=chunk) - Accounts Receivable by Age | Age | Period-end Book Balance (RMB) | Beginning Book Balance (RMB) | | :--- | :--- | :--- | | Within 1 year (inclusive) | **295,358,740.31** | 269,080,173.79 | | 1 to 2 years | **87,307,355.83** | 88,482,574.98 | | 2 to 3 years | **69,280,328.24** | 68,684,713.01 | | 3 to 4 years | **21,524,362.61** | 25,877,075.90 | | 4 to 5 years | **6,423,015.88** | 5,856,898.81 | | Over 5 years | **15,655,315.77** | 15,516,058.44 | | Total | **495,549,118.64** | 473,497,494.93 | - Inventory Classification | Item | Period-end Book Value (RMB) | Beginning Book Value (RMB) | | :--- | :--- | :--- | | Raw Materials | **17,621,713.12** | 22,294,496.08 | | Work in Progress | **1,449,853.04** | 867,604.63 | | Finished Goods | **62,409,857.95** | 65,107,178.22 | | Goods in Transit | **27,607,067.22** | 23,710,802.02 | | Project Costs | **6,497,929.61** | 3,282,198.20 | | Consigned Processing Materials | **2,167,999.64** | 1,167,895.09 | | Total | **117,754,420.58** | 116,430,174.24 | - Fixed Assets | Item | Period-end Book Value (RMB) | Beginning Book Value (RMB) | | :--- | :--- | :--- | | Buildings and Structures | **414,277,118.93** | 420,480,512.48 | | Machinery and Equipment | **80,603.45** | 85,344.83 | | Production Equipment | **97,566.40** | 103,539.85 | | Transportation Vehicles | **349,325.01** | 367,873.23 | | Electronic Equipment | **31,280,241.00** | 37,667,146.28 | | Office Furniture | **946,959.68** | 1,133,582.32 | | Total | **447,031,814.47** | 459,837,998.99 | - The book value of the company's Xisanqi Science and Technology Park T2 office building is **RMB 370,824,649.46**, for which property certificates have not yet been processed, with relevant departments currently reviewing the application[163](index=163&type=chunk) - Goodwill Original Book Value | Name of Investee or Goodwill-Generating Event | Beginning Balance (RMB) | Period-end Balance (RMB) | | :--- | :--- | :--- | | Huayao Technology | **58,606,813.53** | 58,606,813.53 | | Xinan Luojia | **23,207,615.06** | 23,207,615.06 | | Shenzhou Rongxin (NetAuth Business-Related Asset Group) | **1,197,058.06** | 1,197,058.06 | | Pushidai Technology | **189,873,906.55** | 189,873,906.55 | | Total | **272,885,393.20** | 272,885,393.20 | - Employee Compensation Payable | Item | Beginning Balance (RMB) | Increase This Period (RMB) | Decrease This Period (RMB) | Period-end Balance (RMB) | | :--- | :--- | :--- | :--- | :--- | | I. Short-term Compensation | **44,860,728.26** | 113,380,359.29 | 126,421,142.92 | **31,819,944.63** | | II. Post-employment Benefits - Defined Contribution Plans | **1,796,615.03** | 14,941,117.88 | 14,977,915.05 | **1,759,817.86** | | III. Termination Benefits | **1,216,994.55** | 852,504.00 | 2,022,224.55 | **47,274.00** | | Total | **47,874,337.84** | 129,173,981.17 | 143,421,282.52 | **33,627,036.49** | - Employee compensation payable at period-end decreased by **29.76%** compared to the beginning of the period, primarily due to structural adjustments completed in 2024 and a reduction in employee numbers[87](index=87&type=chunk)[172](index=172&type=chunk) - Taxes Payable | Item | Period-end Balance (RMB) | Beginning Balance (RMB) | | :--- | :--- | :--- | | Value-Added Tax | **2,281,415.07** | 6,174,871.12 | | Corporate Income Tax | **0** | 6,316,663.74 | | Individual Income Tax | **126,748.60** | 462,007.31 | | Urban Maintenance and Construction Tax | **406,644.79** | 853,342.82 | | Education Surcharge | **299,845.75** | 640,532.60 | | Stamp Duty | **48,529.98** | 61,381.39 | | Deed Tax | **11,885,951.73** | 11,885,951.73 | | Property Tax | **33,653.70** | 30,915.85 | | Urban Land Use Tax | **2,749.70** | 2,749.70 | | Disability Security Fund | **21,669.94** | 21,669.94 | | Total | **15,107,209.26** | 26,450,086.20 | - Taxes payable at period-end decreased by **42.88%** compared to the beginning of the period, primarily because accrued but unpaid VAT and income tax at the current period-end were less than at the prior year-end[87](index=87&type=chunk)[173](index=173&type=chunk) - Operating Revenue and Operating Costs | Item | Current Period Revenue (RMB) | Current Period Cost (RMB) | Prior Period Revenue (RMB) | Prior Period Cost (RMB) | | :--- | :--- | :--- | :--- | :--- | | Main Business | **197,612,226.05** | **64,567,858.08** |

二、制定本规划的基本原则 本规划的制定遵循《中华人民共和国公司法》等法律法规、规范性文件和《公 司章程》的规定，在重视对股东的合理投资回报并兼顾公司可持续发展的基础上， 保证利润分配政策的连续性和稳定性。 三、公司未来三年的具体股东分红回报规划 （一）利润分配的形式 北京信安世纪科技股份有限公司 未来三年（2024 年-2026 年）股东分红回报规划 为充分维护北京信安世纪科技股份有限公司（以下简称"公司"）股东依法 享有的资产收益等权利，重视股东的合理投资回报，增强利润分配决策的透明度 和可操作性，建立起对投资者持续、稳定、科学的回报规划与机制，并保证股利 分配政策的连续性和稳定性，综合考虑公司发展战略规划、公司实际情况和发展 目标、社会资金成本以及外部融资环境等因素，根据《中华人民共和国公司法》 《关于进一步落实上市公司现金分红有关事项的通知》《上市公司监管指引第 3 号——上市公司现金分红》等相关法律、法规和规范性文件及《北京信安世纪科 技股份有限公司章程》等有关规定，公司制定未来三年（2024-2026 年）的股东 分红回报规划（以下简称"本规划"）。具体内容如下： 一、制定本规划所考虑的因素 公司着 ...