证券代码：688207 证券简称：格灵深瞳 公告编号：2025-052 北京格灵深瞳信息技术股份有限公司 关于开立募集资金现金管理产品专用结算账户 的公告 北京格灵深瞳信息技 术股份有限公司 根据《上市公司募集资金监管规则》《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》等相关规定，上述账户将专用于暂时闲置募集资 金现金管理的结算，不会存放非募集资金或作其他用途，公司将在现金管理产品 到期且无下一步使用或购买计划时及时注销对应账户。 二、风险控制措施 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》等有关规定及《北京格灵深瞳信息技术股份有限公司章程》《北京格灵 深瞳信息技术股份有限公司募集资金使用管理制度》等公司规章制度办理相关现 金管理业务。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 北京格灵深瞳信息技术股份有限公司（以下简称"公司"或"本公司"）于 议通过了《关于调整使用闲置募集资金和自有资金进行现金管理额度和期限的议 案》，同意公司在不影响募集资金投资项目建设正常进行 ...

格隆汇8月22日丨格灵深瞳(688207.SH)公布2025年半年度报告，报告期实现营业收入4247.28万元，同比 下降17.22%；归属于上市公司股东的净利润-7985.37万元；基本每股收益-0.31元。 ...

Core Insights - The company, Geling Deep Vision, is advancing its AI industry ecosystem collaboration and deepening partnerships in the Xinchuang field, responding to the national "Artificial Intelligence +" initiative [1][2] - The company has established collaborations with leading tech firms such as Huawei, Baidu, Feiteng, Haiguang, and Guanghuan Cloud to enhance the domestic computing foundation and improve supply chain resilience [1] Group 1 - The company signed a strategic agreement with Baidu Smart Cloud to jointly build an integrated computing network, combining Baidu's computing advantages with Geling Deep Vision's terminal hardware design capabilities [1] - The collaboration focuses on deep integration of large models and industry scenarios to construct a domestic AI computing foundation [1] - Partnerships with Guanghuan New Network and Guanghuan Cloud aim to merge computing infrastructure with industry application advantages, accelerating the large-scale deployment of AI applications [1] Group 2 - Geling Deep Vision has become a member of the Haiguang Industry Ecosystem Cooperation Organization, known as the "Light and Harmony Organization," which is part of the National Advanced Computing Industry Innovation Center [1] - The organization is dedicated to establishing a robust domestic computing technology supply chain and industrial chain [1] - The company is building a multi-layered, tightly coupled ecological cooperation network to enhance its full-link capabilities from underlying hardware to AI technology implementation [2]

北京格灵深瞳信息技术股份有限公司 为践行"以投资者为本"的上市公司发展理念，推动上市公司持续优化经营、 规范治理，增强投资者回报、提升投资获得感，保护投资者尤其是中小投资者的 合法权益，北京格灵深瞳信息技术股份有限公司（以下简称"公司"）结合经营 发展情况，于 2025 年 4 月制定了 2025 年度"提质增效重回报"行动方案（以下 简称"行动方案"）。自行动方案发布以来，公司积极开展和落实相关工作，现 对 2025 年上半年的执行情况进行总结，具体情况如下： 一、聚焦主营业务，提升经营质量 公司以"让 AI 造福人类，让世界更安全更宜居更健康"为愿景，专注于将先 进的计算机视觉、多模态大模型、大数据分析和机器人等技术与应用场景深度融 合，基于国产化芯片，提供面向智慧金融、城市管理、政务及特种、智慧教育等 领域的人工智能产品、智能终端计算设备及解决方案。 2025 年是公司改革的关键之年，在稳健转型的过程中，公司围绕多模态大 模型持续对重点领域进行研发投入，巩固在技术层面的领先优势，同时坚定推进 "2+2"战略，在智慧金融、城市管理两大战略赛道，以及政务及特种、智慧教育 两大创新领域开展符合国产信创标准的行 ...

证券代码：688207 证券简称：格灵深瞳 公告编号：2025-050 | 序号 | 项目名称 | 项目投资总额 | 拟投入募集资金 | | --- | --- | --- | --- | | 1 | 人工智能算法平台升级项目 | 34,479.85 | 34,475.00 | | 2 | 人工智能创新应用研发项目 | 15,526.32 | 15,525.00 | | 3 | 营销服务体系升级建设项目 | 20,000.00 | 20,000.00 | | 4 | 补充流动资金 | 30,000.00 | 30,000.00 | | | 合计 | 100,006.17 | 100,000.00 | 注：此次募集资金净额167,009.02万元，其中超募资金金额为67,009.02万元。 北京格灵深瞳信息技术股份有限公司 2025 年半年度募集资金存放与实际使用情况的 专项报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司募 集资金监管规则》《上海证券交易所 ...

北京格灵深瞳信息技术股份有限公司 关于开立募集资金现金管理产品专用结算账户 的公告 证券代码：688207 证券简称：格灵深瞳 公告编号：2025-052 二、风险控制措施 1、公司将严格按照《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》等有关规定及《北京格灵深瞳信息技术股份有限公司章程》《北京格灵 深瞳信息技术股份有限公司募集资金使用管理制度》等公司规章制度办理相关现 金管理业务。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 北京格灵深瞳信息技术股份有限公司（以下简称"公司"或"本公司"）于 2024 年 8 月 23 日召开第二届董事会第五次会议、第二届监事会第五次会议，审 议通过了《关于调整使用闲置募集资金和自有资金进行现金管理额度和期限的议 案》，同意公司在不影响募集资金投资项目建设正常进行的情况下，调整使用闲 置募集资金进行现金管理的额度和期限，调整后使用额度不超过人民币 6 亿元 （含本数）的闲置募集资金进行现金管理，该议案已经 ...

公司证券事务代表联系方式如下： 电话：010-62950512 电子邮箱：ir@deepglint.com 联系地址：北京市海淀区东升科技园北街6号院中关村科学城•东升科技园10 号楼8层。 特此公告。 证券代码：688207 证券简称：格灵深瞳 公告编号：2025-051 北京格灵深瞳信息技术股份有限公司 关于聘任公司证券事务代表的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 北京格灵深瞳信息技术股份有限公司（以下简称"公司"或"本公司"）于 2025年8月22日召开第二届董事会第十四次会议，审议通过了《关于聘任公司证 券事务代表的议案》，同意聘任刘玉萍女士（简历详见附件）担任公司证券事务 代表，协助公司董事会秘书开展相关工作，任职期限自本次董事会审议通过之日 起至公司第二届董事会任期届满之日止。 刘玉萍女士已取得上海证券交易所颁发的科创板上市公司董事会秘书任职 培训证明，具备担任证券事务代表所必需的专业知识、工作经验以及相关素质， 能够胜任相关岗位职责的要求，其任职资格符合《中华人民共和国公司法》《上 海证券交 ...

证券代码：688207 证券简称：格灵深瞳 公告编号：2025-049 出席会议的监事对各项议案进行了认真审议并做出了如下决议： （一）审议通过《关于公司 2025 年半年度报告及摘要的议案》 具体内容详见公司同日在上海证券交易所网站（www.sse.com.cn）上披露的 《北京格灵深瞳信息技术股份有限公司 2025 年半年度报告》及《北京格灵深瞳 信息技术股份有限公司 2025 年半年度报告摘要》。 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、监事会会议召开情况 北京格灵深瞳信息技术股份有限公司（以下简称"公司"）第二届监事会第 十三次会议（以下简称"本次会议"）于2025年8月22日在公司会议室召开。本 次会议通知已提前以邮件方式发送。本次会议由监事会主席王雨濛先生主持，应 出席监事3名，实际出席监事3名。会议的召集和召开程序符合有关法律、行政法 规、部门规章、规范性文件和公司章程的规定，会议决议合法、有效。 二、监事会会议审议情况 表决结果：同意 3 票，反对 0 票，弃权 0 票。 北京格灵深瞳信息技术股 ...

[Definitions](index=4&type=section&id=Section%201%20Definitions) This section defines key terms used throughout the report, including the reporting period and company names - The reporting period refers to January 1, 2025, to June 30, 2025[14](index=14&type=chunk) - The company's abbreviation is "DeepGlint", and its full name is "Beijing DeepGlint Information Technology Co, Ltd"[13](index=13&type=chunk) - Artificial Intelligence (AI) is a technical science that studies and develops theories, methods, technologies, and application systems to simulate, extend, and expand human intelligence[13](index=13&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=Section%202%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides the company's basic information, contact details, and key financial data for the reporting period [Company Basic Information](index=6&type=section&id=I.%20Company%20Basic%20Information) The company is Beijing DeepGlint Information Technology Co, Ltd, headquartered in Beijing, China Company Basic Information | Indicator | Content | | :--- | :--- | | Chinese Name | 北京格灵深瞳信息技术股份有限公司 | | Chinese Abbreviation | 格灵深瞳 | | Legal Representative | Zhao Yong | | Registered Address | 1A025, 1st Floor, No 1 Wangjing East Road, Chaoyang District, Beijing | | Office Address | 8th Floor, Building 10, Zhongguancun Science City Dongsheng Science Park, No 6 North Street, Dongsheng Science Park, Haidian District, Beijing | | Company Website | www.deepglint.com | | Email | ir@deepglint.com | - The change in the company's main office address was disclosed on the Shanghai Stock Exchange website on April 23, 2025[16](index=16&type=chunk) [Contact Persons and Methods](index=6&type=section&id=II.%20Contact%20Persons%20and%20Methods) The company's Board Secretary is Wu Meng and the Securities Affairs Representative is Liu Yuping Contact Methods | Position | Name | Contact Address | Phone | Email | | :--- | :--- | :--- | :--- | :--- | | Board Secretary (Domestic Information Disclosure Representative) | Wu Meng | 8th Floor, Building 10, Zhongguancun Science City Dongsheng Science Park, No 6 North Street, Dongsheng Science Park, Haidian District, Beijing | 010-62950512 | ir@deepglint.com | | Securities Affairs Representative | Liu Yuping | 8th Floor, Building 10, Zhongguancun Science City Dongsheng Science Park, No 6 North Street, Dongsheng Science Park, Haidian District, Beijing | 010-62950512 | ir@deepglint.com | [Information Disclosure and Changes in Document Location](index=6&type=section&id=III.%20Information%20Disclosure%20and%20Changes%20in%20Document%20Location) The company discloses information through designated newspapers and the Shanghai Stock Exchange website - The company's designated information disclosure newspapers are "Shanghai Securities News", "Securities Times", and "Securities Daily"[18](index=18&type=chunk) - The website for publishing the semi-annual report is www.sse.com.cn[18](index=18&type=chunk) - The company's semi-annual report is kept at the Board of Directors' office[18](index=18&type=chunk) [Company Stock/Depositary Receipts Profile](index=6&type=section&id=IV.%20Company%20Stock/Depositary%20Receipts%20Profile) The company's A-shares are listed on the Sci-Tech Innovation Board of the Shanghai Stock Exchange Company Stock Profile | Stock Type | Stock Exchange and Board | Stock Abbreviation | Stock Code | Previous Stock Abbreviation | | :--- | :--- | :--- | :--- | :--- | | A-share | Shanghai Stock Exchange Sci-Tech Innovation Board | 格灵深瞳 | 688207 | N/A | - The company does not have any depositary receipts[20](index=20&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=I.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) The company's revenue decreased due to budget constraints in the smart finance sector, while net profit declined slightly Key Accounting Data | Indicator | Current Period (Jan-Jun) | Prior Year Period | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 42,472,830.34 CNY | 51,309,820.66 CNY | -17.22 | | Total Profit | -81,195,170.29 CNY | -77,739,467.88 CNY | - | | Net Profit Attributable to Shareholders | -79,853,725.67 CNY | -77,923,906.15 CNY | - | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | -85,582,911.93 CNY | -81,537,571.52 CNY | - | | Net Cash Flow from Operating Activities | -103,120,294.90 CNY | -87,404,908.21 CNY | - | | Net Assets Attributable to Shareholders (End of Period/End of Prior Year) | 1,954,071,328.51 CNY | 2,036,129,040.93 CNY | -4.03 | | Total Assets (End of Period/End of Prior Year) | 2,126,262,695.41 CNY | 2,317,640,088.10 CNY | -8.26 | Key Financial Indicators | Key Financial Indicator | Current Period (Jan-Jun) | Prior Year Period | Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/Share) | -0.31 | -0.30 | - | | Diluted Earnings Per Share (CNY/Share) | -0.31 | -0.30 | - | | Basic EPS (Excluding Non-recurring Items) (CNY/Share) | -0.33 | -0.31 | - | | Weighted Average Return on Equity (%) | -4.00 | -3.47 | Decreased by 0.53 percentage points | | Weighted Average ROE (Excluding Non-recurring Items) (%) | -4.29 | -3.63 | Decreased by 0.66 percentage points | | R&D Investment as a Percentage of Operating Revenue (%) | 160.21 | 182.75 | Decreased by 22.54 percentage points | - **Operating revenue decreased year-over-year**, primarily due to budget tightening among clients in the smart finance sector amid macroeconomic factors, although revenue from other sectors grew[22](index=22&type=chunk) - **Net profit attributable to shareholders and net profit excluding non-recurring items both saw a slight year-over-year decline**, mainly due to the combined effect of reduced revenue and increased administrative expenses from talent structure optimization[22](index=22&type=chunk) - **The ratio of R&D investment to operating revenue decreased**, mainly due to the company's continuous optimization of R&D project efficiency and a reduction in R&D personnel expenses[22](index=22&type=chunk) - **Net cash flow from operating activities decreased year-over-year**, primarily due to an increase in payments for procurement[23](index=23&type=chunk) [Differences in Accounting Data under Domestic and Foreign Accounting Standards](index=7&type=section&id=II.%20Differences%20in%20Accounting%20Data%20under%20Domestic%20and%20Foreign%20Accounting%20Standards) The company reports no differences in accounting data under domestic and foreign accounting standards - The company has no differences in accounting data under domestic and foreign accounting standards[24](index=24&type=chunk) [Non-recurring Profit and Loss Items and Amounts](index=8&type=section&id=III.%20Non-recurring%20Profit%20and%20Loss%20Items%20and%20Amounts) Non-recurring profit and loss totaled 5.73 million CNY, mainly from asset disposals and government subsidies Non-recurring Profit and Loss Items and Amounts | Non-recurring Profit and Loss Item | Amount (CNY) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | 1,392,902.41 | | Government Subsidies Included in Current Profit or Loss | 59,433.96 | | Fair Value Changes and Disposal Gains/Losses from Financial Assets and Liabilities Held by Non-financial Enterprises | 4,149,552.23 | | Other Non-operating Income and Expenses | 150,317.49 | | Less: Income Tax Impact | -7,910.11 | | Minority Interest Impact (After Tax) | 30,929.94 | | Total | 5,729,186.26 | [Net Profit After Deducting Share-based Payments](index=8&type=section&id=IV.%20Disclosure%20of%20Net%20Profit%20After%20Deducting%20Share-based%20Payments%20for%20Companies%20with%20Equity%20Incentive%20or%20Employee%20Stock%20Ownership%20Plans) Net profit after deducting share-based payments was -77.81 million CNY, a slight decrease from the prior year Net Profit After Deducting Share-based Payments | Key Accounting Data | Current Period (Jan-Jun) | Prior Year Period | Change (%) | | :--- | :--- | :--- | :--- | | Net Profit After Deducting Share-based Payments | -77,813,684.87 CNY | -75,365,015.99 CNY | N/A | [Management Discussion and Analysis](index=9&type=section&id=Section%203%20Management%20Discussion%20and%20Analysis) This section discusses the company's industry, business operations, core competitiveness, and risk factors [Industry and Main Business Overview](index=9&type=section&id=I.%20Overview%20of%20the%20Company's%20Industry%20and%20Main%20Business%20During%20the%20Reporting%20Period) The company operates in the AI sector, providing computer vision and multi-modal large model solutions for various industries [Company's Industry](index=9&type=section&id=(I)%20Company's%20Industry) The company is classified within the "Software and Information Technology Services" industry, specifically in the "Artificial Intelligence" sector, which is a strategic national priority - **Industry Classification**: The company belongs to the "Software and Information Technology Services" (I65) industry and the "Artificial Intelligence" sub-sector of the "New Generation Information Technology Industry"[30](index=30&type=chunk) - **Policy Support**: China highly prioritizes the AI industry, with policies from the "New Generation Artificial Intelligence Development Plan" to the "AI+" initiative promoting the widespread application of large AI models across various sectors[31](index=31&type=chunk) [Company's Main Business](index=9&type=section&id=(II)%20Company's%20Main%20Business) The company integrates advanced technologies like computer vision and multi-modal large models to provide AI products and solutions for key sectors - **Company Vision**: To make AI benefit humanity and create a safer, more livable, and healthier world[32](index=32&type=chunk) - **Core Technologies**: The company has mastered core technologies including multi-modal large models, 3D stereo vision, automated traffic scene perception, large-scale cross-camera tracking, and robot perception and control[32](index=32&type=chunk) - **Smart Finance**: Deployed in over 10,000 branches of the Agricultural Bank of China and launched the new "Financial Super-Agent" platform to enhance operational efficiency[32](index=32&type=chunk) - **Urban Management**: Piloted a new generation of intelligent video big data systems and delivered vehicle-road collaboration perception MEC products[33](index=33&type=chunk) - **Smart Education**: Upgraded its campus smart sports product line, expanding its coverage and providing a complete closed-loop solution[33](index=33&type=chunk) - **Government and Special Sectors**: Released a large model all-in-one machine and AIPC products based on domestic hardware platforms[33](index=33&type=chunk) [Main Business Models](index=10&type=section&id=(III)%20Main%20Business%20Models) The company's business model combines solution sales with customized services, supported by a collaborative R&D system and a matrix sales structure - **Profit Model**: Revenue is primarily generated from selling application-oriented solutions and AI hardware/software products, which can be standardized or customized[34](index=34&type=chunk) - **R&D Model**: A collaborative R&D system across the parent company and subsidiaries uses a mix of waterfall and agile development to efficiently respond to market needs[35](index=35&type=chunk)[38](index=38&type=chunk) - **Procurement Model**: The company does not directly manufacture hardware but procures standard components or outsources production using supplied raw materials, leveraging partners' quality control[39](index=39&type=chunk)[40](index=40&type=chunk) - **Sales Model**: A matrix sales system combining direct sales and channel partners is used to expand market share, with a continuous focus on strengthening the market team[41](index=41&type=chunk)[42](index=42&type=chunk) [Discussion and Analysis of Operations](index=12&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) The company advanced its "2+2" strategy, focusing on multi-modal large models and achieving revenue growth in non-financial sectors despite market headwinds - **Strategic Transformation**: 2025 is a key year for reform, with continued R&D investment in multi-modal large models and the promotion of the "2+2" strategy (two strategic tracks: smart finance, urban management; two innovative areas: government/special sectors, smart education)[43](index=43&type=chunk) - **Business Diversification**: While the smart finance sector faced budget cuts, **comprehensive revenue from other areas like urban management and smart education grew**, indicating progress in business diversification[43](index=43&type=chunk) [Multi-modal Large Model R&D and Technical Advantages](index=12&type=section&id=(I)%20Strengthening%20Multi-modal%20Large%20Model%20R&D%20to%20Consolidate%20Technical%20Leadership) The company is investing heavily in multi-modal large model R&D, achieving state-of-the-art results and securing acceptances at top international conferences - **R&D Investment**: The company initiated a "Multi-modal Large Model Technology and Application R&D Project" in 2024, with a planned investment of **368 million CNY over three years**[44](index=44&type=chunk) - **Visual Large Model**: Released the Glint-MVT visual large model series, with **Glint-MVT v1.5 (RICE) outperforming CLIP and SigLIP2** in academic benchmarks[45](index=45&type=chunk) - **Multi-modal Embedding Model**: Three research papers on multi-modal embedding models, including methods like RealSyn, UniME, and DeGLA, were accepted into ACM MM2025[45](index=45&type=chunk) - **Other Vision AI Research**: Five papers on topics such as 3D face reconstruction, document geometric correction, and robust 3D reconstruction were accepted into ICCV2025[45](index=45&type=chunk) [Collaborative Product Matrix and Integrated Hardware-Software Delivery](index=13&type=section&id=(II)%20Building%20a%20Collaborative%20Product%20Matrix%20and%20an%20Integrated%20Hardware-Software%20Delivery%20System) The company is creating a collaborative product matrix by integrating core AI technologies with hardware capabilities to deliver comprehensive solutions across key sectors - **Product System Upgrade**: The company integrates core AI technologies with industry applications and leverages subsidiary Gokea's hardware R&D capabilities to build a collaborative product matrix[46](index=46&type=chunk) - **Smart Finance**: Launched the "Jinzhuan Super-Agent Platform" to empower banks with intelligent upgrades in scenarios like contract review and smart marketing[46](index=46&type=chunk) - **Urban Management**: Introduced a low-code platform and AI point-of-interest tagging and maintenance products[47](index=47&type=chunk) - **Smart Education**: Offers a comprehensive smart sports solution covering all campus scenarios with enhanced computing power and easier deployment[47](index=47&type=chunk) - **Government and Special Sectors**: Released the "Government and Enterprise Digital Employee Large Model All-in-One Machine" and the "Moren Z1 AIPC" based on domestic platforms, ensuring full compliance with the Xinchuang ecosystem[47](index=47&type=chunk) [Deepening Focus on Key Segments and Business Diversification](index=13&type=section&id=(III)%20Deepening%20Focus%20on%20Key%20Segments%20to%20Build%20a%20Diversified%20Business%20Structure) The company is diversifying its business and reducing customer concentration, with revenue from clients other than Agricultural Bank of China growing significantly - **Business Diversification**: The company is focusing on smart finance, urban management, government/special sectors, and smart education to broaden revenue streams and reduce customer concentration[48](index=48&type=chunk) - **Customer Structure Optimization**: In the first half of 2025, **revenue from clients other than the Agricultural Bank of China accounted for over 90% of the total**, with the revenue amount increasing by over 40% year-over-year[48](index=48&type=chunk) - **Market Expansion Initiatives**: The company is expanding its market presence by strengthening regional sales teams, growing its partner network, and increasing technology investment in key sectors[48](index=48&type=chunk)[49](index=49&type=chunk) [Organizational Structure Optimization and Talent Incentives](index=14&type=section&id=(IV)%20Deepening%20Organizational%20Structure%20Optimization,%20Improving%20Incentive%20Mechanisms,%20and%20Strengthening%20Talent-driven%20and%20Management%20Empowerment) The company implemented organizational changes, including rebuilding its sales team and launching a new equity incentive plan to enhance competitiveness - **Organizational Change**: Since Q4 2024, the company has undertaken organizational restructuring and improved incentive mechanisms to enhance vitality and core competitiveness[50](index=50&type=chunk) - **Sales Capability Enhancement**: The sales system was completely rebuilt, with **nearly 30 new professional sales staff hired** and the creation of an expert-level pre-sales solution team[50](index=50&type=chunk) - **Equity Incentive**: The "2025 Restricted Stock and Stock Appreciation Rights Incentive Plan" was implemented in H1 2025 to attract and retain key talent, covering senior management and core technical/business personnel[50](index=50&type=chunk) [Core Competitiveness Analysis](index=14&type=section&id=III.%20Analysis%20of%20Core%20Competitiveness%20During%20the%20Reporting%20Period) The company's core competitiveness lies in its advanced R&D in computer vision, rapid commercialization capabilities, and a highly skilled technical team [(I) Core Competitiveness Analysis](index=14&type=section&id=(I)%20Core%20Competitiveness%20Analysis) The company's strengths include a leading R&D system, a proprietary AI platform, rapid commercialization, and a strong talent pool - **Technological R&D Advantage**: The company has established a leading R&D system in computer vision, mastering six key technology areas including multi-modal large models and 3D stereo vision[52](index=52&type=chunk) - **Underlying AI Technology Platform—DeepGlint Brain**: This core platform, encompassing data and training modules, empowers product development and significantly improves the efficiency of algorithm R&D[53](index=53&type=chunk) - **Full-Stack Self-Developed Core Algorithms**: The self-developed **Glint-MVT visual large model** and **Glint-ME multi-modal embedding model** have achieved top rankings in academic benchmarks, while its facial recognition technology reached 99.1% accuracy on the MegaFace dataset[55](index=55&type=chunk)[56](index=56&type=chunk)[57](index=57&type=chunk) - **Rapid Commercialization and Market Reputation**: Products are widely applied in smart finance (covering thousands of Agricultural Bank of China branches), urban management, smart education, and government sectors[58](index=58&type=chunk)[59](index=59&type=chunk)[60](index=60&type=chunk) - **Technology Innovation Mechanism and Reserves**: The company maintains innovation through established R&D management, talent retention, and IP protection mechanisms, with **R&D investment reaching 68.04 million CNY**, or 160.21% of operating revenue, in the reporting period[61](index=61&type=chunk) - **Team Advantage and Talent Pool**: As of the reporting period end, **R&D personnel totaled 227, accounting for 60.53% of employees**, led by a core technical team with extensive academic and R&D experience[63](index=63&type=chunk) [(II) Events During the Reporting Period That Seriously Affected the Company's Core Competitiveness, Impact Analysis, and Countermeasures](index=17&type=section&id=(II)%20Events%20During%20the%20Reporting%20Period%20That%20Seriously%20Affected%20the%20Company's%20Core%20Competitiveness,%20Impact%20Analysis,%20and%20Countermeasures) No events occurred during the reporting period that had a severe impact on the company's core competitiveness - **No Significant Impact Events**: No events occurred during the reporting period that seriously affected the company's core competitiveness[64](index=64&type=chunk) [(III) Core Technologies and R&D Progress](index=17&type=section&id=(III)%20Core%20Technologies%20and%20R&D%20Progress) The company advanced its core technologies, particularly in multi-modal large models, supported by its "DeepGlint Brain" platform and significant R&D investment - **Core Technology Platform**: The DeepGlint Brain platform drives the company's core technologies, supporting the training of multi-modal large models with tens of billions of parameters and improving algorithm accuracy and production efficiency[64](index=64&type=chunk)[66](index=66&type=chunk) - **Multi-modal Large Model Technology**: The company developed the Glint-MVT visual large model series, and its **UniME multi-modal embedding model ranked first on the MMEB academic benchmark**[67](index=67&type=chunk)[68](index=68&type=chunk) - **3D Stereo Vision Technology**: The company has mastered multi-sensor calibration, motion posture analysis, and 3D reconstruction, with its point cloud registration technology achieving first place on several academic datasets[69](index=69&type=chunk)[70](index=70&type=chunk)[71](index=71&type=chunk)[72](index=72&type=chunk) - **Automated Traffic Scene Perception and Event Recognition Technology**: Possesses leading vehicle recognition technology with an accuracy rate of over 99%[73](index=73&type=chunk) - **Large-Scale Cross-Camera Tracking Technology**: The self-developed facial recognition algorithm achieved **99.1% accuracy on the MegaFace dataset** and over 98% first-hit rate in Ministry of Public Security tests[74](index=74&type=chunk)[75](index=75&type=chunk)[76](index=76&type=chunk) - **Robot Perception and Control Technology**: The company is advancing embodied intelligence R&D, applying it to industrial inspection robots and developing a robot base model based on its self-developed multi-modal large model[77](index=77&type=chunk)[78](index=78&type=chunk)[79](index=79&type=chunk) - **Video Action Analysis Technology**: Developed the V-SWIFT video pre-training framework for applications in smart finance, smart sports, and industrial inspection[80](index=80&type=chunk)[81](index=81&type=chunk) - **Information Security and Reliability Technology**: Subsidiary Gokea has obtained patents for anti-leakage circuits and electromagnetic shielding, developing ruggedized devices based on domestic chips[82](index=82&type=chunk) Intellectual Property Status | IP Type | New Applications This Period | New Grants This Period | Cumulative Applications | Cumulative Grants | | :--- | :--- | :--- | :--- | :--- | | Invention Patent | 1 | 2 | 138 | 55 | | Utility Model Patent | 8 | 0 | 59 | 41 | | Design Patent | 3 | 4 | 26 | 20 | | Software Copyright | 14 | 8 | 199 | 192 | | Other | 0 | 0 | 3 | 3 | | Total | 26 | 14 | 425 | 311 | R&D Investment | Indicator | Current Period (CNY) | Prior Year Period (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 68,044,903.17 | 93,768,088.20 | -27.43 | | Total R&D Investment | 68,044,903.17 | 93,768,088.20 | -27.43 | | R&D Investment as a Percentage of Operating Revenue (%) | 160.21 | 182.75 | Decreased by 22.54 percentage points | - **Reason for significant change in total R&D investment**: The decrease in R&D investment as a percentage of revenue is mainly due to improved R&D project efficiency and a year-over-year reduction in R&D personnel expenses[86](index=86&type=chunk) Ongoing R&D Projects (Partial) | No | Project Name | Total Investment (10k CNY) | Current Period Investment (10k CNY) | Cumulative Investment (10k CNY) | Progress/Stage | Target | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 1 | Multi-modal Large Model Technology and Application R&D Project | 36,831.73 | 4,080.46 | 10,521.11 | Development | Develop industry-leading multi-modal large models to support downstream applications like RAG, Agent, and embodied intelligence | | 2 | Jinzhuan Product Line Base R&D Project | 339.67 | 266.89 | 266.89 | Delivered, ongoing upgrades | Enhance the competitiveness of financial products and meet growing customer demand for large model capabilities | | 3 | All-in-One Machine Main Control Board R&D Project | 454.00 | 100.46 | 433.21 | Certified, small-batch production | Design a self-reliant, high-reliability, high-performance main control board using domestically sourced components | | 4 | Encrypted Tablet R&D Project | 930.00 | 60.84 | 444.19 | Prototype promotion, awaiting mass production | Ensure stable and reliable communication capabilities in complex electromagnetic and harsh geographical environments | | 5 | E-government Tablet R&D Project | 620.00 | 47.12 | 229.84 | Finalized, awaiting mass production | Develop a lightweight and portable device to improve the efficiency of government personnel | | 6 | Artificial Intelligence Computer R&D Project | 200.00 | 98.33 | 123.34 | Prototype promotion, awaiting mass production | Develop a fully domestic AI computer with a multi-core heterogeneous architecture (CPU+GPU+NPU) for local AI inference | | 7 | Ruggedized Tablet Terminal Project | 420.00 | 84.48 | 84.48 | R&D phase | Standard GPS+Glonass, optional GPS+Beidou for precise positioning, and optional 2D barcode scanning engine | | 8 | Smart Energy Farm | 5,058.00 | 432.07 | 1,509.69 | Development | Develop efficient microalgae cultivation technology using AI and controllable photosynthesis for stable, high-yield production | | 9 | Zhanlang Intelligent Video Big Data System | 587.66 | 437.82 | 437.82 | Version 1.0 completed, ongoing upgrades | Enhance video data understanding and decision-making capabilities by building and deploying a multi-modal knowledge graph | | 10 | Xiaoteng Smart Sports Platform | 900.67 | 681.25 | 681.25 | Version 4.0 released, ongoing upgrades | Provide a complete closed-loop smart sports product for campus scenarios including playgrounds, testing rooms, and exams | | 11 | Hyper-converged All-in-One Machine | 655.08 | 300.41 | 300.41 | Version 1.0 released, ongoing upgrades | An AI-native service platform for trusted ecosystems, integrating large models, agents, and intelligent computing | | 12 | Agent R&D | 300.00 | - | - | Project initiated | Build a Super-Agent development platform with capabilities in model management, knowledge bases, and autonomous agent tasks | | 13 | Radar-Vision Fusion | 434.00 | 190.48 | 263.85 | Development, first 3D object detection model released | Fuse data from multiple video streams and radars at intersections using end-to-end cross-modal feature fusion algorithms | R&D Personnel | Indicator | Current Period | Prior Year Period | | :--- | :--- | :--- | | Number of R&D Personnel (persons) | 227 | 318 | | R&D Personnel as a Percentage of Total Employees (%) | 60.53 | 70.19 | | Total R&D Personnel Compensation (10k CNY) | 4,061.68 | 5,992.11 | | Average R&D Personnel Compensation (10k CNY) | 17.89 | 18.97 | | **Education Level** | | | | Doctoral Degree (persons) | 4 | - | | Master's Degree (persons) | 54 | - | | Bachelor's Degree and Below (persons) | 169 | - | | **Age Structure** | | | | Under 30 (persons) | 69 | - | | 30-40 (persons) | 126 | - | | 40-50 (persons) | 32 | - | [Risk Factors](index=28&type=section&id=IV.%20Risk%20Factors) The company faces risks from economic headwinds, intense industry competition, high customer concentration, and geopolitical factors - **Risk of Performance Decline or Loss**: Revenue decreased by **17.22%** year-over-year, and net losses continued, mainly due to macroeconomic pressures and budget cuts in the smart finance sector, with a risk of sustained losses if market conditions worsen[95](index=95&type=chunk) - **Core Competitiveness Risks**: The company faces risks from rapid technological changes in the AI industry, potential talent loss, and intellectual property infringement[96](index=96&type=chunk)[97](index=97&type=chunk)[98](index=98&type=chunk) - **Operational Risks**: High customer concentration, with a key framework agreement with the Agricultural Bank of China expiring in September 2025, poses a renewal risk, and new product commercialization may fall short of expectations[99](index=99&type=chunk)[100](index=100&type=chunk) - **Financial Risks**: Declining revenue and profits create a risk of difficulty in collecting accounts receivable, while seasonal revenue fluctuations, with a high concentration in the fourth quarter, impact liquidity[101](index=101&type=chunk) - **Industry Risks**: The AI industry is characterized by rapid technological iteration and fierce competition, and the special sectors market has high entry barriers and strong competitors[102](index=102&type=chunk) - **Macro-environmental Risks**: Being on the US Department of Commerce's "Entity List" may adversely affect future international academic exchanges and overseas business expansion[103](index=103&type=chunk)[104](index=104&type=chunk) [Main Operations During the Reporting Period](index=31&type=section&id=VI.%20Main%20Operations%20During%20the%20Reporting%20Period) Revenue declined due to budget cuts in the smart finance sector, while administrative expenses rose sharply due to personnel optimization Analysis of Changes in Financial Statement Items | Item | Current Period (CNY) | Prior Year Period (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 42,472,830.34 | 51,309,820.66 | -17.22 | | Operating Costs | 18,501,063.47 | 18,718,292.87 | -1.16 | | Selling Expenses | 17,062,686.06 | 16,767,139.74 | 1.76 | | Administrative Expenses | 35,883,449.15 | 23,178,559.79 | 54.81 | | Finance Expenses | -10,079,630.02 | -16,033,002.24 | N/A | | R&D Expenses | 68,044,903.17 | 93,768,088.20 | -27.43 | | Net Cash Flow from Operating Activities | -103,120,294.9 | -87,404,908.21 | N/A | | Net Cash Flow from Investing Activities | 68,292,091.65 | -542,640,930.48 | N/A | | Net Cash Flow from Financing Activities | -23,166,712.98 | -6,989,497.22 | N/A | [(I) Main Business Analysis](index=31&type=section&id=(I)%20Main%20Business%20Analysis) Revenue decreased due to budget constraints in the smart finance sector, while administrative expenses rose due to severance costs from personnel optimization - **Reason for change in operating revenue**: Primarily due to budget tightening among clients in the smart finance sector, though revenue from other sectors grew[106](index=106&type=chunk) - **Reason for change in administrative expenses**: Primarily due to an increase in severance benefits from personnel structure optimization[106](index=106&type=chunk) - **Reason for change in R&D expenses**: Primarily due to improved R&D project efficiency and a year-over-year decrease in R&D personnel costs[106](index=106&type=chunk) - **Reason for change in net cash flow from operating activities**: Primarily due to an increase in payments for procurement compared to the prior year[106](index=106&type=chunk) [(III) Analysis of Assets and Liabilities](index=31&type=section&id=(III)%20Analysis%20of%20Assets%20and%20Liabilities) The company's balance sheet saw significant changes, including a large increase in trading financial assets and decreases in right-of-use assets and lease liabilities Changes in Asset and Liability Status | Item | Current Period-End (CNY) | % of Total Assets | Prior Year-End (CNY) | % of Total Assets | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 545,235,710.86 | 25.64 | 336,213,194.32 | 14.51 | 62.17 | Increase in outstanding structured deposit wealth management products | | Receivables Financing | - | - | 279,592.50 | 0.01 | -100.00 | Decrease in notes receivable | | Non-current Assets Due within One Year | 10,102,836.07 | 0.48 | 100,999,166.67 | 4.36 | -90.00 | Maturity of large-denomination certificates of deposit | | Construction in Progress | 1,626,336.84 | 0.08 | 230,547.17 | 0.01 | 605.42 | R&D equipment for projects under construction not yet accepted | | Right-of-use Assets | 20,765,180.94 | 0.98 | 57,804,266.89 | 2.49 | -64.08 | Reduction in office space | | Long-term Deferred Expenses | 3,086,377.14 | 0.15 | 10,146,031.04 | 0.44 | -69.58 | One-time expensing of deferred costs due to office space reduction | | Short-term Borrowings | 7,508,055.56 | 0.35 | 20,023,833.34 | 0.86 | -62.50 | Repayment of bank loans | | Notes Payable | 292,000.00 | 0.01 | 1,892,993.90 | 0.08 | -84.57 | Maturity of notes payable | | Accounts Payable | 38,068,347.61 | 1.79 | 56,730,164.64 | 2.45 | -32.90 | Payment of matured accounts payable | | Contract Liabilities | 7,896,750.83 | 0.37 | 12,813,616.37 | 0.55 | -38.37 | Recognition of revenue from advances upon product delivery | | Employee Benefits Payable | 14,008,817.92 | 0.66 | 43,392,226.83 | 1.87 | -67.72 | Payment of prior year's accrued year-end bonuses | | Non-current Liabilities Due within One Year | 5,305,218.39 | 0.25 | 14,709,657.71 | 0.63 | -63.93 | Reduction in lease payments due within one year due to office space reduction | | Other Current Liabilities | 5,475,115.03 | 0.26 | 837,194.00 | 0.04 | 553.98 | Endorsed and transferred commercial acceptance bills | | Lease Liabilities | 16,060,802.20 | 0.76 | 47,920,611.22 | 2.07 | -66.48 | Reduction in office space | Major Restricted Assets | Item | Book Value (CNY) | Reason for Restriction | | :--- | :--- | :--- | | Cash and Cash Equivalents | 3,854,483.31 | Performance bonds, bank time deposits, and certificate of deposit interest | | Non-current Assets Due within One Year | 102,836.07 | Bank certificate of deposit interest | | Other Non-current Assets | 4,192,035.42 | Bank certificate of deposit interest | [(IV) Investment Status Analysis](index=33&type=section&id=(IV)%20Investment%20Status%20Analysis) The company's financial assets measured at fair value totaled 825.90 million CNY, primarily in structured deposits and equity investments Financial Assets Measured at Fair Value | Asset Class | Opening Balance (CNY) | Fair Value Change (CNY) | Purchases (CNY) | Sales/Redemptions (CNY) | Closing Balance (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | | Other Equity Investments | 256,293,455.20 | -256,033.78 | - | - | 256,037,421.42 | | Trading Financial Assets | 336,213,194.32 | 1,532,849.75 | 1,250,990,000.00 | 1,043,500,333.21 | 545,235,710.86 | | Other Non-current Financial Assets | 24,841,081.34 | -210,595.37 | - | - | 24,630,485.97 | | Total | 617,347,730.86 | 1,322,254.38 | 1,250,990,000.00 | 1,043,500,333.21 | 825,903,618.25 | Private Equity Fund Investments | Fund Name | Investment Purpose | Planned Investment (10k CNY) | Invested Amount (10k CNY) | Profit Impact (10k CNY) | Cumulative Profit Impact (10k CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | | Anhui Liding Jingli Equity Investment Partnership (LP) | To seek strategic cooperation and investment opportunities in intelligent manufacturing, advanced manufacturing, and information technology to empower the main business | 5,000 | 2,500 | -21.06 | -36.95 | [(VI) Analysis of Major Subsidiaries and Investees](index=35&type=section&id=(VI)%20Analysis%20of%20Major%20Subsidiaries%20and%20Investees) The company's main subsidiaries are engaged in product R&D and sales, with Shenzhen Gokea having the largest asset base Financial Data of Major Subsidiaries | Company Name | Type | Main Business | Registered Capital (10k CNY) | Total Assets (10k CNY) | Net Assets (10k CNY) | Operating Revenue (10k CNY) | Operating Profit (10k CNY) | Net Profit (10k CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | DeepGlint (Beijing) Technology Development Co, Ltd | Subsidiary | Product R&D and Sales | 11,510.00 | 4,745.01 | 2,608.62 | 179.80 | -1,378.11 | -1,437.25 | | Shenzhen Gokea Technology Co, Ltd | Subsidiary | Product R&D and Sales | 4,489.39 | 13,367.37 | 8,914.45 | 1,504.01 | -61.73 | -52.91 | | Beijing Kaiyun Zhilian Technology Co, Ltd | Subsidiary | Product R&D and Sales | 1,000.00 | 1,204.04 | 548.24 | 633.86 | 18.03 | 17.49 | [Corporate Governance, Environment, and Society](index=36&type=section&id=Section%204%20Corporate%20Governance,%20Environment,%20and%20Society) This section details changes in key personnel, profit distribution plans, and equity incentive programs [Changes in Directors, Supervisors, Senior Management, and Core Technical Personnel](index=36&type=section&id=I.%20Changes%20in%20Directors,%20Supervisors,%20Senior%20Management,%20and%20Core%20Technical%20Personnel) The company experienced several changes in its management and technical teams, including resignations and new appointments - Mr Zhou Rui resigned as Deputy General Manager and Core Technical Personnel for personal reasons[120](index=120&type=chunk) - Mr Yan Zizhen was newly recognized as Core Technical Personnel and appointed as Deputy General Manager, along with Mr Luo Kai and Mr Feng Ziyong[120](index=120&type=chunk)[121](index=121&type=chunk) - Ms Wu Chunmei and Ms Zhang Xing resigned as supervisors; Ms Liu Lushan and Mr Wang Yumeng were elected as their replacements[120](index=120&type=chunk)[122](index=122&type=chunk) - Mr Wang Zheng resigned as Board Secretary for personal reasons, and Mr Wu Meng was appointed to the role[123](index=123&type=chunk) - The criteria for core technical personnel include educational background, years of experience, key R&D roles, and significant contributions to the company's products and technology[124](index=124&type=chunk)[125](index=125&type=chunk) [Profit Distribution or Capitalization of Capital Reserve Plan](index=37&type=section&id=II.%20Profit%20Distribution%20or%20Capitalization%20of%20Capital%20Reserve%20Plan) The company has no profit distribution or capitalization of capital reserve plan for the first half of the year - The company's proposed profit distribution or capitalization of capital reserve plan for this semi-annual period is "None"[126](index=126&type=chunk) [Equity Incentive and Employee Incentive Plans](index=37&type=section&id=III.%20Company's%20Equity%20Incentive%20Plans,%20Employee%20Stock%20Ownership%20Plans,%20or%20Other%20Employee%20Incentive%20Measures%20and%20Their%20Impact) The company implemented the "2025 Restricted Stock and Stock Appreciation Rights Incentive Plan" to attract and retain key talent - The Board of Directors approved the "<2025 Restricted Stock and Stock Appreciation Rights Incentive Plan (Draft)>" and its summary, which was subsequently approved by the shareholders' meeting[127](index=127&type=chunk)[128](index=128&type=chunk) - The company implemented the "2025 Restricted Stock and Stock Appreciation Rights Incentive Plan" in the first half of 2025, covering senior management and core technical/business personnel[50](index=50&type=chunk) - On June 13, 2025, the company completed the initial grant of restricted stock and stock appreciation rights to the incentive plan participants[128](index=128&type=chunk) [Environmental Information Disclosure](index=38&type=section&id=IV.%20Environmental%20Information%20of%20Listed%20Companies%20and%20Their%20Main%20Subsidiaries%20Included%20in%20the%20List%20of%20Enterprises%20for%20Mandatory%20Environmental%20Information%20Disclosure) The company is not on the list of enterprises required to disclose environmental information - The company is not included in the list of enterprises for mandatory environmental information disclosure[129](index=129&type=chunk) [Poverty Alleviation and Rural Revitalization](index=38&type=section&id=V.%20Specific%20Work%20on%20Consolidating%20and%20Expanding%20the%20Achievements%20of%20Poverty%20Alleviation%20and%20Rural%20Revitalization) The company has not disclosed specific activities related to poverty alleviation or rural revitalization - The company has not disclosed specific information on its work related to consolidating poverty alleviation achievements or rural revitalization[129](index=129&type=chunk) [Significant Matters](index=39&type=section&id=Section%205%20Significant%20Matters) This section covers the fulfillment of commitments, use of raised funds, and other significant corporate events [Fulfillment of Commitments](index=39&type=section&id=I.%20Fulfillment%20of%20Commitments) All commitments made by the company, its controlling shareholders, and related parties were strictly fulfilled during the reporting period - **Share Lock-up Commitments**: The actual controller Zhao Yong and major shareholders including Shentong Zhishu have strictly adhered to their share lock-up commitments, with some lock-up periods automatically extended by 6 months due to stock price conditions[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) - **Commitment to Resolve Non-competition**: Related parties, including Shentong Zhishu and Zhao Yong, have committed not to engage in businesses that compete with the company[142](index=142&type=chunk)[143](index=143&type=chunk) - **Commitment to Regulate Related-party Transactions**: Related parties have committed to minimizing or avoiding related-party transactions with DeepGlint, ensuring any necessary transactions are conducted on fair and arm's-length terms[143](index=143&type=chunk) - **Commitment to Profit Distribution Policy**: The company, Zhao Yong, and all directors, supervisors, and senior management have committed to executing the profit distribution policy[143](index=143&type=chunk) - **Commitment to Stabilize Stock Price**: The company, its major shareholders, and management have committed to taking measures to stabilize the stock price[143](index=143&type=chunk)[144](index=144&type=chunk) - **Equity Incentive Related Commitments**: The company committed not to provide financial assistance for the incentive plan, and participants committed to returning any gains if they are found to be ineligible due to disclosure inaccuracies[144](index=144&type=chunk)[145](index=145&type=chunk) [Non-operational Use of Funds by Controlling Shareholders and Related Parties](index=53&type=section&id=II.%20Non-operational%20Use%20of%20Funds%20by%20Controlling%20Shareholders%20and%20Other%20Related%20Parties%20During%20the%20Reporting%20Period) There was no non-operational use of company funds by controlling shareholders or other related parties - During the reporting period, there was no non-operational use of company funds by controlling shareholders or other related parties[146](index=146&type=chunk) [Irregular Guarantees](index=53&type=section&id=III.%20Irregular%20Guarantees) The company did not provide any guarantees that violated prescribed decision-making procedures - During the reporting period, the company did not provide any external guarantees in violation of prescribed decision-making procedures[146](index=146&type=chunk) [Semi-annual Report Audit Status](index=54&type=section&id=IV.%20Semi-annual%20Report%20Audit%20Status) This semi-annual report has not been audited - This semi-annual report has not been audited[9](index=9&type=chunk) [Major Litigation and Arbitration Matters](index=54&type=section&id=VII.%20Major%20Litigation%20and%20Arbitration%20Matters) The company had no major litigation or arbitration matters during the reporting period - The company had no major litigation or arbitration matters during this reporting period[147](index=147&type=chunk) [Statement on Integrity Status](index=54&type=section&id=IX.%20Statement%20on%20the%20Integrity%20Status%20of%20the%20Company,%20Its%20Controlling%20Shareholder,%20and%20Actual%20Controller%20During%20the%20Reporting%20Period) The company and its controlling shareholder maintained a good integrity status during the reporting period - During the reporting period, the company, its controlling shareholder, and actual controller had a good integrity status, with no unfulfilled court judgments or significant overdue debts[147](index=147&type=chunk) [Progress on the Use of Raised Funds](index=56&type=section&id=XII.%20Progress%20on%20the%20Use%20of%20Raised%20Funds) The company has utilized 65.69% of the net proceeds from its IPO, with funds reallocated to a new multi-modal large model R&D project Overall Use of Raised Funds | Source | Total Funds Raised (10k CNY) | Net Funds Raised (10k CNY) | Committed Investment (10k CNY) | Excess Funds (10k CNY) | Cumulative Investment (10k CNY) | Cumulative Investment Progress (%) | Investment This Year (10k CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Initial Public Offering | 182,622.31 | 167,009.02 | 100,000.00 | 67,009.02 | 109,701.67 | 65.69 | 7,686.75 | - **Project Change**: The company terminated the "Marketing Service System Upgrade Project" and reallocated its remaining **127.88 million CNY** to the new "Multi-modal Large Model Technology and Application R&D Project"[154](index=154&type=chunk) Detailed Use of Excess Funds | Use | Nature | Planned Investment (10k CNY) | Cumulative Investment (10k CNY) | Cumulative Progress (%) | | :--- | :--- | :--- | :--- | :--- | | Permanent Supplement to Working Capital | Working Capital/Debt Repayment | 40,200.00 | 40,200.00 | 100 | | Undesignated Excess Funds | Other | 26,809.02 | 0 | 0 | | Total | / | 67,009.02 | 40,200.00 | / | - **Cash Management of Idle Funds**: The company approved the use of up to **700 million CNY** of idle raised funds and up to **1.1 billion CNY** of its own funds for cash management through bank wealth management products[159](index=159&type=chunk)[161](index=161&type=chunk)[162](index=162&type=chunk) - **Change of Project Location**: The implementation location for the "Multi-modal Large Model Technology and Application R&D Project" was changed[164](index=164&type=chunk) [Changes in Share Capital and Shareholders](index=62&type=section&id=Section%206%20Changes%20in%20Share%20Capital%20and%20Shareholders) This section details changes in the company's share capital structure and provides an overview of its major shareholders [Changes in Share Capital](index=62&type=section&id=I.%20Changes%20in%20Share%20Capital) During the reporting period, 10,013,520 restricted shares were released, increasing the number of unrestricted shares Share Capital Change Table | | Pre-change Quantity (shares) | Pre-change Ratio (%) | Change (+,-) (shares) | Post-change Quantity (shares) | Post-change Ratio (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 80,310,361 | 31.01 | -10,013,520 | 70,296,841 | 27.14 | | 2. State-owned Legal Person Holdings | 6,800,916 | 2.63 | -6,800,916 | 0 | 0 | | 3. Other Domestic Holdings | 73,509,445 | 28.38 | -3,212,604 | 70,296,841 | 27.14 | | II. Unrestricted Circulating Shares | 178,662,786 | 68.99 | 10,013,520 | 188,676,306 | 72.86 | | 1. RMB Ordinary Shares | 178,662,786 | 68.99 | 10,013,520 | 188,676,306 | 72.86 | | III. Total Shares | 258,973,147 | 100.00 | 0 | 258,973,147 | 100.00 | - During the reporting period, **10,013,520 restricted shares** from the initial public offering were released from lock-up and began trading on March 17, 2025[169](index=169&type=chunk) Changes in Restricted Shares | Shareholder Name | Initial Restricted Shares | Restricted Shares Released | Restricted Shares Added | Final Restricted Shares | Reason for Restriction | Release Date | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shenzhen HTI Group Co, Ltd | 6,800,916 | 6,800,916 | 0 | 0 | IPO lock-up and bonus issue lock-up | 2025-03-17 | | Lingtong Zhihao | 3,212,604 | 3,212,604 | 0 | 0 | IPO lock-up and bonus issue lock-up | 2025-03-17 | | Total | 10,013,520 | 10,013,520 | 0 | 0 | / | / | [Shareholders](index=63&type=section&id=II.%20Shareholders) As of the period end, the company had 15,553 shareholders, with Tianjin Shentong Zhishu Technology Center being the largest - Total number of ordinary shareholders at the end of the reporting period: **15,553**[172](index=172&type=chunk) Top Ten Shareholders | Shareholder Name | Change in Period (shares) | Period-End Holdings (shares) | Percentage (%) | Restricted Shares | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | :--- | | Tianjin Shentong Zhishu Technology Center (LP) | 0 | 43,765,884 | 16.90 | 43,765,884 | Other | | Tianjin Lingtong Zhongzhi Technology Center (LP) | 0 | 13,331,285 | 5.15 | 13,331,285 | Other | | Shenzhen HTI Group Co, Ltd | 0 | 6,800,916 | 2.63 | 0 | State-owned Legal Person | | Zhao Jianping | -1,600,000 | 6,600,000 | 2.55 | 0 | Domestic Individual | | Tianjin Lingtong Laike Technology Center (LP) | 0 | 5,294,552 | 2.04 | 5,294,552 | Other | | Tianjin Lingtong Zhiyuan Technology Center (LP) | 0 | 4,894,859 | 1.89 | 4,894,859 | Other | | Zhao Ji | 300,000 | 4,600,000 | 1.78 | 0 | Domestic Individual | | Xia Haihong | 832,229 | 4,303,880 | 1.66 | 0 | Foreign Individual | | Beijing DeepGlint Information Technology Co, Ltd Repurchase Account | 290,000 | 3,348,326 | 1.29 | 0 | Other | | Tianjin Lingtong Shuyuan Technology Center (LP) | 0 | 3,010,261 | 1.16 | 3,010,261 | Other | - The company's actual controller, Zhao Yong, is the actual controller of Tianjin Shentong Zhishu Technology Center (LP) and serves as the executive partner for several other top-ten shareholder entities[176](index=176&type=chunk) - As of the period end, the company's repurchase account held **3,348,326 shares**, representing 1.29% of the total share capital[176](index=176&type=chunk) [Directors, Supervisors, Senior Management, and Core Technical Personnel](index=66&type=section&id=III.%20Directors,%20Supervisors,%20Senior%20Management,%20and%20Core%20Technical%20Personnel) The company granted restricted stock and stock appreciation rights to key management and technical personnel as part of its incentive plan Second-class Restricted Stock Grants | Name | Position | Initial Granted Shares (10k) | New Grants in Period (10k) | Final Granted Shares (10k) | | :--- | :--- | :--- | :--- | :--- | | Wu Yizhou | General Manager | 0 | 125.00 | 125.00 | | Zhang Qiang | Deputy General Manager | 0 | 40.00 | 40.00 | | Feng Ziyong | Deputy GM, Core Technical Personnel | 0 | 20.00 | 20.00 | | Yan Zizhen | Deputy GM, Core Technical Personnel | 0 | 20.00 | 20.00 | | Wu Meng | CFO, Board Secretary | 0 | 40.00 | 40.00 | | Total | / | 0 | 245.00 | 245.00 | Stock Appreciation Rights Grants | Name | Position | Initial Granted Rights (10k) | New Grants in Period (10k) | Final Granted Rights (10k) | | :--- | :--- | :--- | :--- | :--- | | Wu Yizhou | General Manager | 0 | 80.00 | 80.00 | | Zhang Qiang | Deputy General Manager | 0 | 20.00 | 20.00 | | Feng Ziyong | Deputy GM, Core Technical Personnel | 0 | 10.00 | 10.00 | | Yan Zizhen | Deputy GM, Core Technical Personnel | 0 | 10.00 | 10.00 | | Wu Meng | CFO, Board Secretary | 0 | 20.00 | 20.00 | | Total | / | 0 | 140.00 | 140.00 | - The validity period for the initial grant of the 2025 incentive plan is a maximum of 36 months from the grant date of June 12, 2025[181](index=181&type=chunk) [Change in Controlling Shareholder or Actual Controller](index=67&type=section&id=IV.%20Change%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) There was no change in the company's controlling shareholder or actual controller during the reporting period - During the reporting period, there was no change in the company's controlling shareholder or actual controller[182](index=182&type=chunk) [Bond-related Matters](index=68&type=section&id=Section%207%20Bond-related%20Matters) This section confirms the absence of corporate bonds or other debt financing instruments during the reporting period [Corporate Bonds and Non-financial Enterprise Debt Financing Instruments](index=68&type=section&id=I.%20Corporate%20Bonds%20(including%20Enterprise%20Bonds)%20and%20Non-financial%20Enterprise%20Debt%20Financing%20Instruments) The company had no corporate bonds or non-financial enterprise debt financing instruments during this period - The company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments during this reporting period[184](index=184&type=chunk) [Convertible Corporate Bonds](index=68&type=section&id=II.%20Convertible%20Corporate%20Bonds) The company had no convertible corporate bonds during this period - The company had no convertible corporate bonds during this reporting period[184](index=184&type=chunk) [Financial Report](index=69&type=section&id=Section%208%20Financial%20Report) This section presents the unaudited financial statements and related notes for the first half of 2025 [Audit Report](index=69&type=section&id=I.%20Audit%20Report) This semi-annual report has not been audited - This semi-annual report has not been audited[186](index=186&type=chunk) [Financial Statements](index=69&type=section&id=II.%20Financial%20Statements) This section provides the consolidated and parent company financial statements for the six months ended June 30, 2025 Consolidated Balance Sheet (Summary) | Item | June 30, 2025 (CNY) | December 31, 2024 (CNY) | | :--- | :--- | :--- | | Total Current Assets | 1,552,476,967.84 | 1,739,842,218.95 | | Total Non-current Assets | 573,785,727.57 | 577,797,869.15 | | Total Assets | 2,126,262,695.41 | 2,317,640,088.10 | | Total Current Liabilities | 85,036,993.38 | 158,488,590.90 | | Total Non-current Liabilities | 28,557,962.20 | 63,439,875.01 | | Total Liabilities | 113,594,955.58 | 221,928,465.91 | | Total Equity Attributable to Parent Company | 1,954,071,328.51 | 2,036,129,040.93 | | Minority Interest | 58,596,411.32 | 59,582,581.26 | | Total Equity | 2,012,667,739.83 | 2,095,711,622.19 | | Total Liabilities and Equity | 2,126,262,695.41 | 2,317,640,088.10 | Consolidated Income Statement (Summary) | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | I. Total Operating Revenue | 42,472,830.34 | 51,309,820.66 | | II. Total Operating Costs | 129,471,414.42 | 136,523,736.39 | | III. Operating Profit (Loss) | -80,983,558.70 | -77,452,640.51 | | IV. Total Profit (Loss) | -81,195,170.29 | -77,739,467.88 | | V. Net Profit (Loss) | -80,839,895.61 | -77,808,535.33 | | Net Profit Attributable to Parent Company Shareholders | -79,853,725.67 | -77,923,906.15 | | Minority Interest Loss/Gain | -986,169.94 | 115,370.82 | | VII. Total Comprehensive Income | -81,095,929.39 | -77,598,484.41 | | Comprehensive Income Attributable to Parent Company Owners | -80,109,759.45 | -77,713,855.23 | | VIII. Earnings Per Share: Basic EPS (CNY/share) | -0.31 | -0.30 | Consolidated Cash Flow Statement (Summary) | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -103,120,294.90 | -87,404,908.21 | | Net Cash Flow from Investing Activities | 68,292,091.65 | -542,640,930.48 | | Net Cash Flow from Financing Activities | -23,166,712.98 | -6,989,497.22 | | Net Increase in Cash and Cash Equivalents | -57,994,916.23 | -637,035,335.91 | [Company Basic Information](index=92&type=section&id=III.%20Company%20Basic%20Information) The company, established through a corporate restructuring, focuses on the R&D and application of AI technologies across various sectors - The company was established through the overall restructuring of Beijing DeepGlint Information Technology Co, Ltd and became a joint-stock company on October 24, 2020[221](index=221&type=chunk) - As of June 30, 2025, the company's total share capital was 258.97 million CNY[222](index=222&type=chunk) - The company's main business is the R&D and application of AI, providing AI products and solutions for sectors like smart finance, urban management, and smart education[223](index=223&type=chunk) [Basis of Preparation for Financial Statements](index=92&type=section&id=IV.%20Basis%20of%20Preparation%20for%20Financial%20Statements) The financial statements are prepared on a going concern basis, as no material uncertainties were identified - The company's financial statements are prepared on a going concern basis[224](index=224&type=chunk) - An assessment of the company's going concern ability for the next 12 months from the reporting date revealed no material uncertainties[225](index=225&type=chunk) [Significant Accounting Policies and Estimates](index=92&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section outlines the key accounting policies and estimates applied in preparing the financial statements - The financial statements comply with enterprise accounting standards, providing a true and fair view of the company's financial position and performance[228](index=228&type=chunk) - The company's fiscal year is the calendar year, its normal operating cycle is one year, and its functional currency is the RMB[229](index=229&type=chunk)[230](index=230&type=chunk)[231](index=231&type=chunk) - Financial instruments are classified and measured based on business models and contractual cash flow characteristics, with expected credit losses measured for receivables over their entire lifetime[247](index=247&type=chunk)[248](index=248&type=chunk)[252](index=252&type=chunk)[253](index=253&type=chunk)[254](index=254&type=chunk)[255](index=255&type=chunk)[256](index=256&type=chunk)[257](index=257&type=chunk) - Inventory is valued using the weighted average method and measured at the lower of cost or net realizable value[274](index=274&type=chunk)[275](index=275&type=chunk)[276](index=276&type=chunk)[277](index=277&type=chunk)[278](index=278&type=chunk)[280](index=280&type=chunk) - Fixed assets are depreciated using the straight-line method over their useful lives, with a residual value rate of 5%[288](index=288&type=chunk)[289](index=289&type=chunk) - Intangible assets are amortized using the straight-line method over their estimated useful lives, and R&D expenditures are capitalized when specific criteria are met[294](index=294&type=chunk)[295](index=295&type=chunk)[296](index=296&type=chunk)[297](index=297&type=chunk)[298](index=298&type=chunk)[299](index=299&type=chunk) - Revenue is recognized when control of goods or services is transferred to the customer, either over time or at a point in time[319](index=319&type=chunk)[320](index=320&type=chunk)[321](index=321&type=chunk)[322](index=322&type=chunk)[328](index=328&type=chunk)[329](index=329&type=chunk) - Share-based payments are measured at fair value and recognized as expenses, with a corresponding increase in equity or liabilities depending on the settlement method[312](index=312&type=chunk)[315](index=315&type=chunk)[316](index=316&type=chunk) - Significant accounting judgments and estimates include goodwill impairment, which requires estimating the value in use of cash-generating units[357](index=357&type=chunk) [Taxes](index=119&type=section&id=VI.%20Taxes) The company and its subsidiaries are subject to various taxes and benefit from preferential tax policies for high-tech enterprises Major Taxes and Tax Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Taxable Revenue | 6%, 13% | | Urban Maintenance and Construction Tax | Payable Turnover Tax | 7%, 5% | | Corporate Income Tax | Taxable Income | 15%, 25% | | Education Surcharge | Payable Turnover Tax | 3% | | Local Education Surcharge | Payable Turnover Tax | 2% | Corporate Income Tax Rates for Different Entities | Entity Name | Income Tax Rate (%) | | :--- | :--- | | Beijing DeepGlint Information Technology Co, Ltd | 15 | | Tongmen Technology (Beijing) Co, Ltd | 25 | | DeepGlint (Beijing) Intelligent Technology Co, Ltd | 25 | | Beijing Kaiyun Zhilian Technology Co, Ltd | 25 | | Fujian DeepGlint Information Technology Co, Ltd | 25 | | Hefei DeepGlint Information Technology Co, Ltd | 25 | | Xiangyang Kaiyun Zhilian Technology Co, Ltd | 25 | | DeepGlint (Beijing) Technology Development Co, Ltd | 15 | | Shenzhen Gokea Technology Co, Ltd | 15 | | Jiangsu DeepGlint Information Technology Co, Ltd | 25 | | Nanjing Lingtong Intelligent Technology Co, Ltd | 25 | - **Tax Incentives**: The company and its subsidiaries DeepGlint Technology and Gokea are certified high-tech enterprises and are subject to a preferential corporate income tax rate of **15%** from 2023 to 2026[360](index=360&type=chunk) - **VAT Refund**: The company and its subsidiaries receive a refund for VAT paid on self-developed software products that exceeds a 3% effective tax burden[361](index=361&type=chunk) - **Small and Micro Enterprise Tax Reductions**: Several subsidiaries qualify as small and micro enterprises and enjoy a 50% reduction in various local taxes and surcharges[361](index=361&type=chunk) - **Advanced Manufacturing VAT Deduction**: Subsidiary Gokea qualifies as an advanced manufacturing enterprise and enjoys an additional 5% VAT input tax credit[363](index=363&type=chunk) [Notes to Consolidated Financial Statement Items](index=121&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes on key items in the consolidated financial statements, explaining significant changes Cash and Cash Equivalents | Item | Period-End Balance (CNY) | Opening Balance (CNY) | | :--- | :--- | :--- | | Cash on Hand | 7,400.00 | 2,000.00 | | Bank Deposits | 813,070,673.47 | 1,099,791,756.30 | | Other Monetary Funds | 1.16 | 1,502,567.42 | | Total | 813,078,074.63 | 1,101,296,323.72 | - Restricted funds within bank deposits, including interest on time deposits and certificates of deposit, amount to **3,854,482.69 CNY** and are not treated as cash and cash equivalents in the cash flow statement[365](index=365&type=chunk) Trading Financial Assets | Item | Period-End Balance (CNY) | Opening Balance (CNY) | | :--- | :--- | :--- | | Structured Deposits | 495,235,710.86 | 336,202,861.11 | | Bank Wealth Management Products | - | 10,333.21 | | Securities Account Wealth Management Products | 50,000,000.00 | - | | Total | 545,235,710.86 | 336,213,194.32 | Notes Receivable | Item | Period-End Balance (CNY) | Opening Balance (CNY) | | :--- | :--- | :--- | | Commercial Acceptance Bills | 10,633,232.20 | 9,546,997.50 | | Total | 10,633,232.20 | 9,546,997.50 | Accounts Receivable | Aging | Period-End Book Balance (CNY) | Opening Book Balance (CNY) | | :--- | :--- | :--- | | Within 1 year | 56,406,059.10 | 88,030,032.51 | | 1 to 2 years | 40,179,973.89 | 34,823,662.15 | | 2 to 3 years | 37,725,474.03 | 38,541,844.69 | | Over 3 years | 10,433,278.90 | 6,747,239.37 | | Total | 144,740,185.92 | 168,142,778.72 | Contract Assets | Item | Period-End Book Value (CNY) | Opening Book Value (CNY) | | :--- | :--- | :--- | | Retention Money | 1,442,749.99 | 1,153,374.41 | | Total | 1,442,749.99 | 1,153,374.41 | Inventory | Item | Period-End Book Value (CNY) | Opening Book Value (CNY) | | :--- | :--- | :--- | | Raw Materials | 3,062,338.36 | 4,040,313.28 | | Work in Progress | 1,462,398.98 | 977,808.71 | | Finished Goods | 13,739,015.10 | 14,411,196.30 | | Goods in Transit | 9,558,327.32 | 5,779,426.31 | | Consigned Goods | 1,933,888.70 | 117,674.55 | | Contract Fulfillment Costs | 2,559,625.62 | 2,075,430.51 | | Total | 32,315,594.08 | 27,401,849.66 | Non-current Assets Due within One Year | Item | Period-End Balance (CNY) | Opening Balance (CNY) | | :--- | :--- | :--- | | Bank CDs and Interest Due within One Year | 10,102,836.07 | 100,999,166.67 | | Total | 10,102,836.07 | 100,999,166.67 | Other Non-current Assets | Item | Period-End Book Value (CNY) | Opening Book Value (CNY) | | :--- | :--- | :--- | | Contract Assets | 4,160,466.04 | 4,423,095.57 | | Prepaid Lease Payments and Deposits | 3,649,397.12 | 4,643,041.02 | | Bank CDs and Interest | 195,826,327.09 | 151,919,236.12 | | Prepayments for Long-term Assets | 244,237.75 | 244,237.75 | | Total | 203,880,428.00 | 161,229,610.46 | Short-term Borrowings | Item | Period-End Balance (CNY) | Opening Balance (CNY) | | :--- | :--- | :--- | | Unsecured Loans | 7,508,055.56 | 20,023,833.34 | | Total | 7,508,055.56 | 20,023,833.34 | Accounts Payable | Item | Period-End Balance (CNY) | Opening Balance (CNY) | | :--- | :--- | :--- | | Payable for Goods | 22,062,847.88 | 36,551,093.53 | | Payable for Labor and Services | 15,802,549.73 | 19,609,284.89 | | Payable for Equipment | 202,950.00 | 569,786.22 | | Total | 38,068,347.61 | 56,730,164.64 | Contract Liabilities | Item | Period-End Balance (CNY) | Opening Balance (CNY) | | :--- | :--- | :--- | | Advances from Customers | 7,896,750.83 | 12,813,616.37 | | Total | 7,896,750.83 | 12,813,616.37 | Employee Benefits Payable | Item | Opening Balance (CNY) | Increase (CNY) | Decrease (CNY) | Period-End Balance (CNY) | | :--- |

Core Viewpoint - The company has upgraded its "Jueying" and "Chitu" series hardware and "Xiaoteng" smart sports solutions, leveraging AI visual technology to redefine physical education, training, and assessment in schools, with a focus on large-scale promotion [1] Group 1: Product Development - The upgraded "Jueying" and "Chitu" series hardware are standardized products designed for smart sports applications [1] - The smart sports products cover various scenarios, including national student physical fitness tests, specialized training in sports like running and ball games, as well as skill assessments in martial arts and gymnastics [1] Group 2: Market Expansion - The company plans to further expand the application scenarios of its smart sports products and collaborate with channel partners to promote these products in the education sector through diversified sales strategies [1] - Currently, the smart sports solutions support certain regions for football projects in physical education examinations [1]