首次公开发行部分战略配售限售股上市流通的核查意见 国信证券股份有限公司 关于永信至诚科技集团股份有限公司 国信证券股份有限公司（以下简称"国信证券"或"保荐机构"）作为永信 至诚科技集团股份有限公司（以下简称"公司"或"永信至诚"）首次公开发行 股票并在科创板上市的保荐机构。根据《中华人民共和国公司法》《中华人民共 和国证券法》《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票 上市规则》等有关规定，对公司首次公开发行部分限售股上市流通的事项进行了 核查，核查情况如下： 一、本次上市流通的限售股类型 根据中国证券监督管理委员会（以下简称"中国证监会"）于 2022 年 8 月 23 日签发的《关于同意北京永信至诚科技股份有限公司首次公开发行股票注册 的批复》（证监许可〔2022〕1916 号），公司首次向社会公开发行人民币普通 股（A 股）股票 11,707,826 股，并于 2022 年 10 月 19 日在上海证券交易所科创 板上市。公司发行后总股本为 46,831,303 股，其中有限售条件流通股 37,299,995 股，无限售条件流通股 9,531,308 股。 本次上市流通的限售股为公司首 ...

证券代码：688244 证券简称：永信至诚 公告编号：2024-059 一、本次上市流通的限售股类型 中国证券监督管理委员会于 2022 年 8 月 23 日出具《关于同意北京永信至诚 科技股份有限公司首次公开发行股票注册的批复》（证监许可〔2022〕1916 号）， 同意永信至诚科技集团股份有限公司（以下简称"公司"或"永信至诚"）首次公 开发行股票的注册申请。公司首次向社会公众公开发行人民币普通股（A 股）股票 11,707,826 股，并于 2022 年 10 月 19 日在上海证券交易所科创板上市，发行完成 后总股本为 46,831,303 股，其中有限售条件流通股 37,299,995 股，无限售条件流 通股 9,531,308 股。具体详见公司于 2022 年 10 月 18 日在上海证券交易所网站 （www.sse.com.cn）上披露的《北京永信至诚科技股份有限公司首次公开发行股票 科创板上市公告书》。 本次上市流通的限售股为公司首次公开发行的部分战略配售限售股，股份数 量为 1,282,239 股，占公司股本总数的 1.25%，对应限售股股东数量为 1 名，锁定 期为自公司股票上市之日起 2 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 34 RMB, compared to the current price of 24.05 RMB [1] Core Views - The company is a leader in the network range field and a pioneer in digital security testing and evaluation, leveraging its core technology to provide comprehensive solutions across various security scenarios [1] - The company's revenue has shown consistent growth over the past four years, with digital security testing and evaluation contributing 25.52% of total revenue in 2023 and 37.53% in the first half of 2024, becoming a new growth driver [1] - The network range market is expanding, and the digital security testing and evaluation sector is creating incremental growth opportunities, supported by the implementation of cybersecurity laws and regulations [1] - The company's network range technology is leading, and its "Digital Wind Tunnel" product has gained a first-mover advantage in the digital security testing and evaluation sector [1] Financial Projections - The company is expected to achieve revenues of 486 million RMB, 694 million RMB, and 977 million RMB in 2024, 2025, and 2026, respectively, with net profits attributable to the parent company of 70 million RMB, 105 million RMB, and 158 million RMB [1][2] - The company's revenue growth rates for 2024-2026 are projected at 22.7%, 43.0%, and 40.6%, respectively, with net profit growth rates of 124.0%, 51.1%, and 50.3% [2] Industry Analysis - The Chinese cybersecurity market is expected to grow to 20.2 billion USD by 2028, with a five-year compound annual growth rate (CAGR) of 10.7% [1][6] - The network range market in China is in its early stages, with significant growth potential, projected to reach 3.1 billion RMB by 2023, with a CAGR of 56.41% from 2019 [1] - The global cybersecurity market is expected to grow from 215 billion USD in 2023 to 373.29 billion USD in 2028, with a CAGR of 11.7% [34] Company Strengths - The company has a strong technical foundation in network range technology, having won the Beijing Science and Technology Award in 2019 and the National Science and Technology Progress Award in 2023 [1][47] - The company has launched the "Digital Wind Tunnel" product system, which has become a new growth driver, contributing 1.01 billion RMB in revenue in 2023 [1][6] - The company has a stable equity structure, with the chairman and vice chairman holding a combined 50.94% of the shares, ensuring strong control and decision-making [16] Market Opportunities - The increasing complexity of cybersecurity threats, such as ransomware and advanced persistent threats (APTs), creates significant opportunities for the company's digital security testing and evaluation services [40] - The company is well-positioned to benefit from the transition from "formal compliance" to "substantive compliance" in the cybersecurity industry, driven by stricter regulations and the need for more robust security measures [1][6] Financial Performance - The company's revenue has grown steadily from 163 million RMB in 2019 to 396 million RMB in 2023, with digital security testing and evaluation contributing 1.01 billion RMB in 2023 [20][22] - The company's gross margin was 55.09% in 2023, with digital security testing and evaluation achieving a gross margin of 57.21% [24] - The company has increased its R&D investment, with R&D expenses growing by 21.89% in the first half of 2024 [26] Strategic Focus - The company is focusing on the "300×300" strategic goal, aiming to provide comprehensive digital transformation security solutions to key industries, ensuring sustainable growth [53] - The company is increasing its R&D efforts in areas such as AI, digital security testing and evaluation, and data security, with R&D expenses reaching 84 million RMB in 2023 [54][56]

证券代码：688244 证券简称：永信至诚 永信至诚科技集团股份有限公司 投资者关系活动记录表 编号：2024-009 | --- | --- | --- | |----------------|------------------------------|-----------------------------------------------------------------| | | | £特定对象调研 □分析师会议 | | 投 资 者 关 系 | □媒体采访 R | 业绩说明会 | | 活动类别 | □ 新闻发布会 □路演活动 | | | | £ 现场参观 □其他 | | | 参 与 单 位 名 | | | | 称及 人 员 姓 | 线上参与永信至诚 | 2024 年半年度业绩说明会的投资者 | | 名 | | | | 时间 | 2024 年 9 月 26 日 | 9:00-10:00 | | 地点 | roadshow.sseinfo.com/ | 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http:// ） | | 上 市 公 司 接 | 董事长：蔡晶晶 | | | ...

证券代码：688244 证券简称：永信至诚 公告编号：2024-058 永信至诚科技集团股份有限公司 关于召开2024年半年度业绩说明会的公告 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。 重要内容提示： 会议召开时间：2024 年 9 月 26 日（星期四）上午 9:00-10:00 会议召开地点： 上海证券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 9 月 19 日（星期四）至 9 月 25 日（星期三）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司投资者关系邮 箱（yxzc@integritytech.com.cn）进行提问。公司将在说明会上对投资者普遍关注 的问题进行回答。 永信至诚科技集团股份有限公司（以下简称"公司"）已于 2024 年 8 月 27 日发布公司 2024 年半年度报告，为便于广大投资者更全面深入地了解公司 2024 年半年度经营成果、财 ...

证券代码：688244 证券简称：永信至诚 永信至诚科技集团股份有限公司 投资者关系活动记录表 编号：2024-008 | --- | --- | --- | |----------------|-----------------------|-------------------------------------| | | R | 特定对象调研 □分析师会议 | | 投 资 者 关 系 | □媒体采访 £业绩说明会 | | | 活动类别 | □新闻发布会 □路演活动 | | | | £现场参观 □其他 | | | 参 与 单 位 名 | | | | 称及 人 员 姓 | 本次线上会议共计 | 32 家机构，详细信息请参阅文末附表。 | | 名 | | | | 时间 | 2024 年 8 月 26 日 | 16:00-17:00 | | 地点 | 进门财经线上会议 | | | | 董事长：蔡晶晶 | | | 上 市 公 司 接 | 总经理：陈俊 | | | 待人员姓名 | 财务总监：刘明霞 | | | | 董事会秘书：张恒 | | | --- | --- | |----------------|------ ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's performance met expectations, with significant growth in the "Digital Wind Tunnel" business [1][3] - The company is a leader in the network attack simulation and talent development sectors, maintaining a strong position in the market [2] - The company has launched three new AI security model products, enhancing the integration of AI technology with its core business [4] Financial Summary - In Q2, the company achieved operating revenue of 71 million yuan, a year-on-year increase of 22.07%, and a net profit attributable to shareholders of 1.5 million yuan, up 114.53% year-on-year [1] - For the first half of the year, the company's gross profit margin was 55.09%, a decrease of 4.99 percentage points year-on-year, while the sales expense ratio and management expense ratio decreased by 17.14 and 3.9 percentage points, respectively [1] - The company forecasts operating revenue of 517 million yuan for 2024, with a year-on-year growth of 30.5% [5] - The projected net profit attributable to shareholders for 2024 is 66 million yuan, reflecting a significant recovery from a loss of 31 million yuan in 2023 [5] Business Development - The "Digital Wind Tunnel" testing and evaluation business generated revenue of 37.59 million yuan in the first half of the year, with expectations for continued high growth throughout the year [3] - The company is focusing on a "300×300" strategic goal, providing comprehensive digital transformation security solutions and technical support to key clients [3]

证券代码：688244 证券简称：永信至诚 公告编号：2024-056 永信至诚科技集团股份有限公司 2024 年半年度募集资金存放与实际使用情况专项报告 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《上市公司监管指引第2号——上市公司募集资金管理和使用的监管要 求》《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》《永 信至诚科技集团股份有限公司募集资金管理制度》（以下简称"《募集资金管理 制度》"）等有关规定，永信至诚科技集团股份有限公司（以下简称"公司"）2024 年半年度募集资金存放与实际使用情况的专项报告如下： 一、募集资金基本情况 （一）实际募集资金金额和资金到账时间 根据中国证券监督管理委员会《关于同意北京永信至诚科技股份有限公司首 次公开发行股票注册的批复》（证监许可〔2022〕1916 号），公司由主承销商国 信证券股份有限公司采用余额包销方式，向社会公众公开发行人民币普通股（A 股）股票 11,707,826 股，发行价为每股人民币 49.19 元，共计募集资金 575,907,96 ...

国信证券股份有限公司 关于永信至诚科技集团股份有限公司 2024年半年度持续督导跟踪报告 根据《证券发行上市保荐业务管理办法》《上海证券交易所上市公司自律监 管指引第11号——持续督导（2023年8月修订）》《上海证券交易所科创板股票 上市规则（2024年4月修订）》等有关法律、法规的规定，国信证券股份有限公 司（以下简称"国信证券"或"保荐机构"）作为永信至诚科技集团股份有限公 司（以下简称"永信至诚"或"公司"）持续督导工作的保荐机构，负责永信至 诚首次公开发行股票并在科创板上市后的持续督导工作，并出具2024年半年度持 续督导跟踪报告书。 | 序 号 | 工作内容 | 持续督导情况 | | --- | --- | --- | | | 保荐人或财务顾问应当建立健全并有效执行持续 | 保荐机构已建立健全并有效执行了 | | 1 | 督导工作制度，并针对具体的持续督导工作制定相 | 持续督导制度，并制定了相应的工作 | | | 应的工作计划。 | 计划 | | | 保荐人和财务顾问应当根据中国证监会相关规定， 在持续督导工作开始前，与上市公司或相关当事人 | 保荐机构已与永信至诚签订《持续督 | | 2 | ...

[Definitions](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) [Company Profile and Key Financial Indicators](index=6&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) [Company Overview](index=6&type=section&id=%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) Yongxin Zhicheng Technology Group Co., Ltd. (stock code: 688244) is listed on the STAR Market of the Shanghai Stock Exchange, with Cai Jingjing as its legal representative Company Information | Item | Content | | :--- | :--- | | **Company Chinese Name** | 永信至诚科技集团股份有限公司 | | **Stock Abbreviation** | 永信至诚 | | **Stock Code** | 688244 | | **Listing Exchange** | Shanghai Stock Exchange STAR Market | [Key Accounting Data and Financial Indicators](index=7&type=section&id=%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) During the reporting period, the company achieved operating revenue of **RMB 100.16 million**, a **18.48% year-on-year increase**, with net loss attributable to shareholders narrowing by **31.05%** to **RMB -18.47 million**, while net cash outflow from operating activities expanded by **41.62%** to **RMB -67.89 million** Key Accounting Data (January-June 2024) | Indicator | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | **Operating Revenue (RMB)** | 100.16 million RMB | 84.54 million RMB | 18.48% | | **Net Profit Attributable to Shareholders (RMB)** | -18.47 million RMB | -26.78 million RMB | Not applicable (loss narrowed by 31.05%) | | **Net Profit Attributable to Shareholders (Excluding Non-recurring Items) (RMB)** | -23.58 million RMB | -34.24 million RMB | Not applicable (loss narrowed by 31.14%) | | **Net Cash Flow from Operating Activities (RMB)** | -67.89 million RMB | -47.94 million RMB | Not applicable (net outflow expanded by 41.62%) | | **Basic Earnings Per Share (RMB/share)** | -0.18 RMB/share | -0.26 RMB/share | Not applicable | | **Weighted Average Return on Net Assets (%)** | -1.78% | -2.58% | increased by 0.80 percentage points | | **R&D Investment as % of Operating Revenue (%)** | 46.42% | 45.12% | increased by 1.30 percentage points | - The narrowing of net loss was primarily due to increased revenue and reduced expenses in the current period[14](index=14&type=chunk) - The expanded net cash outflow from operating activities was mainly due to increased cash payments for goods, services, and employee salaries in the current period[15](index=15&type=chunk) Non-recurring Gains and Losses | Item | Amount (RMB) | | :--- | :--- | | Government grants recognized in current profit/loss | 0.44 million RMB | | Gains/losses from entrusted investments or asset management | 4.98 million RMB | | Other non-operating income and expenses | -0.19 million RMB | | **Total** | **5.11 million RMB** | [Management Discussion and Analysis](index=9&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) [Principal Business, Operating Model, and Industry Position](index=9&type=section&id=%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) The company is a leader in digital security testing and evaluation and cyber range fields, with core businesses including digital wind tunnel testing, cyber range and operations, and security protection and control; it adopts a 'standardized R&D + targeted secondary R&D' model and a direct sales approach, maintaining market leadership in testing, cyber range, and talent development amid dual drivers of ransomware and new security demands like AI security - The company's core products and services include: - **Digital Wind Tunnel Testing and Evaluation**: Providing infrastructure for systematic risk verification and security effectiveness measurement in digital transformation - **Cyber Range and Operations**: Used for security system validation, talent training, and practical exercises, holding the leading market share - **Security Protection and Control**: Including honeypot systems and situational awareness platforms[18](index=18&type=chunk)[20](index=20&type=chunk) - Industry trends indicate persistent ransomware attacks, while new productive forces represented by artificial intelligence create an urgent demand for novel security protections, such as routine testing and evaluation of large models[28](index=28&type=chunk)[29](index=29&type=chunk)[30](index=30&type=chunk) - The company holds a leading industry position, ranking first in market share for cyber ranges (IDC data), with its 'Digital Wind Tunnel' product system pioneering and leading the testing and evaluation track, and maintaining the top market share in talent development for seven consecutive years[31](index=31&type=chunk)[32](index=32&type=chunk) [Core Technologies and R&D Progress](index=14&type=section&id=%E6%A0%B8%E5%BF%83%E6%8A%80%E6%9C%AF%E4%B8%8E%E7%A0%94%E5%8F%91%E8%BF%9B%E5%B1%95) The company's core technology system is built around four key areas: cyberspace parallel simulation, cyber offensive and defensive confrontation, multi-cycle digital wind tunnel testing, and adversarial generative multi-dimensional large model security testing; during the reporting period, three AI large model-based vertical products were launched, R&D investment increased by **21.89%**, accounting for **46.42%** of revenue, and R&D personnel grew to **257**, representing **51.71%** of total staff - The company's four core technology clusters include: 1. **Cyberspace Parallel Simulation Technology**: Building highly realistic business environments to support comprehensive security services like testing and exercises 2. **Cyberspace Offensive and Defensive Confrontation Technology**: Covering practical techniques such as malware detection, vulnerability exploitation, and traffic detection 3. **Multi-cycle Digital Wind Tunnel Testing and Evaluation Technology**: Achieving automated, systematic security verification for the entire lifecycle of digital systems 4. **Adversarial Generative Multi-dimensional Large Model Security Testing and Evaluation Technology**: Utilizing AI to automatically generate adversarial samples for security assessment of large models[33](index=33&type=chunk)[35](index=35&type=chunk)[37](index=37&type=chunk) - During the reporting period, three security vertical large model products were launched: 'Chunqiu' Cyber Range Construction Large Model, 'Chunqiu' Security Competition Large Model, and 'Chunqiu' Talent Assessment Large Model, promoting deep integration of AI technology with the principal business[42](index=42&type=chunk) R&D Investment Status | Item | Current Period Amount | Prior Period Amount | Change (%) | | :--- | :--- | :--- | :--- | | **Expensed R&D Investment (RMB)** | 46.50 million RMB | 38.15 million RMB | 21.89% | | **Total R&D Investment (RMB)** | 46.50 million RMB | 38.15 million RMB | 21.89% | | **Total R&D Investment as % of Operating Revenue (%)** | 46.42% | 45.12% | increased by 1.30 percentage points | R&D Personnel Status | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | **Company R&D Personnel Count (people)** | 257 people | 231 people | | **R&D Personnel as % of Total Company Staff (%)** | 51.71% | 46.57% | [Analysis of Core Competitiveness during the Reporting Period](index=32&type=section&id=%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competitiveness stems from five advantages: technology, team, product first-mover, ecosystem synergy, and neutral positioning; it possesses proprietary R&D in parallel simulation and cyber offensive/defensive technologies, a highly skilled team with **51.71%** R&D staff, first-mover advantages in cyber range and 'Digital Wind Tunnel' products, and a talent ecosystem built through industry-academia collaboration and the i春秋 community, with its neutral third-party status fostering client trust - **Technological Advantage**: Possesses four core technologies: parallel simulation, cyber offensive and defensive, Chunqiu Cloud private cloud, and multi-cycle digital wind tunnel testing and evaluation[62](index=62&type=chunk)[63](index=63&type=chunk)[64](index=64&type=chunk) - **Team Advantage**: Core team members are industry experts, R&D personnel account for **51.71%** of the company's total staff, and they have led or participated in the formulation of multiple national and industry standards[65](index=65&type=chunk)[66](index=66&type=chunk) - **Product First-Mover Advantage**: Since launching cyber range products in 2015, the company has accumulated rich industry scenarios and user base; in 2022, it released the 'Digital Wind Tunnel' product system, leading the digital security testing and evaluation track[67](index=67&type=chunk) - **Synergy Advantage**: Built a talent ecosystem through industry-academia-research collaboration and the i春秋 community (over **800,000** registered learners), promoting technological iteration and business development[68](index=68&type=chunk)[69](index=69&type=chunk) - **Neutral Ecosystem Advantage**: As an independent third-party testing and evaluation service provider, it offers objective and professional services to clients, fostering trust[70](index=70&type=chunk) [Discussion and Analysis of Operating Performance](index=35&type=section&id=%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) In H1 2024, the company achieved **RMB 100.16 million** in revenue, up **18.48%** year-on-year, with net loss narrowing by **31.05%** to **RMB -18.47 million**, and Q2 turning profitable; the 'Digital Wind Tunnel' product system gained market recognition, generating **RMB 37.59 million** in revenue, while the company advanced in AI large model testing and expanded into the Hong Kong market, also launching a new equity incentive plan with ambitious growth targets - The 'Digital Wind Tunnel' product system achieved operating revenue of **RMB 37.59 million**, and cyber range series products achieved operating revenue of **RMB 52.54 million**, maintaining a growth trend[72](index=72&type=chunk)[73](index=73&type=chunk) - The company actively deploys AI security, with its AI large model security testing 'Digital Wind Tunnel' integrated with over **30** mainstream AI large model APIs, and has released relevant security testing reports[74](index=74&type=chunk) - The company uses Hong Kong as a platform to expand global business, having signed strategic cooperation agreements with organizations like Hong Kong Cyberport and established the 'Hong Kong Digital Wind Tunnel Testing Center'[75](index=75&type=chunk) - The company launched its 2024 equity incentive plan, setting high-growth performance targets requiring operating revenue of no less than **RMB 436 million**, **RMB 750 million**, and **RMB 1.45 billion** for 2024-2026, respectively[77](index=77&type=chunk) Income Statement Item Variation Analysis | Account | YoY Change (%) | Primary Reason | | :--- | :--- | :--- | | **Operating Revenue** | 18.48% | Increased recognition of 'Digital Wind Tunnel' products and growth in cyber range business | | **Operating Cost** | 33.28% | Due to increased revenue | | **Selling Expenses** | -26.30% | Decreased marketing expenses and share-based payments | | **R&D Expenses** | 21.89% | Increased R&D personnel leading to higher compensation | Balance Sheet Item Variation Analysis | Item | Change from Year-End (%) | Primary Reason | | :--- | :--- | :--- | | **Cash and Cash Equivalents** | -33.10% | Operating outflows, dividend payments, share repurchases, and wealth management product purchases | | **Inventories** | 81.58% | Increased inventory preparation and contract performance costs | | **Other Current Assets** | 98.91% | Increased purchases of wealth management products | | **Taxes Payable** | -87.85% | Due to payment of prior year's taxes | [Risk Factors](index=37&type=section&id=%E9%A3%8E%E9%99%A9%E5%9B%A0%E7%B4%A0) The company faces key risks including performance decline or loss, core competitiveness (technology iteration, key personnel loss), operational (sales seasonality, market competition), financial (tax incentives, accounts receivable), and industry/macroeconomic environment risks - The company's main clients are budget-based entities such as government agencies and central state-owned enterprises, leading to significant revenue seasonality, particularly in the second half and Q4[79](index=79&type=chunk) - As business scale expands, accounts receivable show an upward trend, and adverse changes in major clients' creditworthiness could lead to bad debt risks[79](index=79&type=chunk) - The company benefits from high-tech enterprise income tax incentives and R&D expense super deduction policies; future changes in policies or the company's own qualifications could adversely affect performance[79](index=79&type=chunk) [Corporate Governance](index=43&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86) [Corporate Governance Status](index=43&type=section&id=%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E6%83%85%E5%86%B5) During the reporting period, the company held three shareholder meetings, passing all proposals, experienced changes in some directors, supervisors, senior management, and core technical personnel, and terminated the 2023 restricted stock incentive plan, launching and completing the initial grant of a new 2024 plan approved by the general meeting of shareholders - During the reporting period, three shareholder meetings were held, approving proposals such as the termination of the 2023 equity incentive plan, the 2023 annual report and profit distribution plan, and the election of supervisors[92](index=92&type=chunk)[93](index=93&type=chunk) - Li Wei, Deputy General Manager and core technical personnel, resigned due to personal reasons; changes occurred in the board of supervisors, with Yao Lei and Zhang Xuefeng resigning, and Ren Jinkai and Li Yang newly elected[94](index=94&type=chunk)[95](index=95&type=chunk) - The company terminated its 2023 restricted stock incentive plan and, in July-August 2024, launched, approved, and granted a new 2024 restricted stock incentive plan, with **2.73 million shares** initially granted to **24** incentive recipients[96](index=96&type=chunk)[97](index=97&type=chunk) [Environmental and Social Responsibility](index=46&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E7%8E%AF%E5%A2%83%E4%B8%8E%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB) [Environmental Protection Status](index=46&type=section&id=%E7%8E%AF%E5%A2%83%E4%BF%9D%E6%8A%A4%E6%83%85%E5%86%B5) The company is not classified as a key polluting entity by environmental authorities, has not established specific environmental protection mechanisms, incurred zero environmental protection expenditures, and implemented no specific carbon reduction measures during the reporting period - The company has not established environmental protection mechanisms, and environmental protection expenditures were **RMB 0** during the reporting period[98](index=98&type=chunk) [Significant Matters](index=47&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) [Fulfillment of Commitments](index=47&type=section&id=%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) During the reporting period, the company's actual controllers, shareholders, directors, supervisors, and senior management strictly fulfilled all commitments made during the initial public offering, including share lock-up, stock price stabilization, regulated related-party transactions, and avoidance of horizontal competition, with no breaches observed - The company's controlling shareholder and actual controller, Cai Jingjing, and his concerted action party, Chen Jun, committed not to transfer pre-IPO shares for **36 months** from the listing date[99](index=99&type=chunk)[100](index=100&type=chunk) - The company, controlling shareholders, directors, and senior management made specific commitments to stabilize the stock price; if the company's stock price falls below net asset value per share for **20** consecutive trading days, measures such as company buybacks, controlling shareholder increases, and director/supervisor/senior management increases will be initiated sequentially[110](index=110&type=chunk)[111](index=111&type=chunk) [Explanation of Progress in Use of Raised Funds](index=65&type=section&id=%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E4%BD%BF%E7%94%A8%E8%BF%9B%E5%B1%95%E8%AF%B4%E6%98%8E) The company's net proceeds from its initial public offering amounted to **RMB 506.05 million**, with cumulative investment reaching **RMB 299.83 million** by the end of the reporting period, representing a **59.25%** progress rate; funds were primarily allocated to R&D projects such as cyber ranges, security service platforms, and security control and honeypots, with some idle funds temporarily used to supplement working capital and for cash management to enhance efficiency Overall Use of Raised Funds | Item | Amount (RMB) | | :--- | :--- | | **Net Proceeds from Offering** | 506.05 million RMB | | **Cumulative Investment as of Reporting Period End** | 299.83 million RMB | | **Amount Invested in Current Year** | 52.35 million RMB | | **Cumulative Investment Progress** | 59.25% | - The company used up to **RMB 100 million** of idle raised funds to temporarily supplement working capital; as of the end of the reporting period, the balance of supplemented working capital was **RMB 90 million**[137](index=137&type=chunk) - The company used part of the raised funds to increase capital in its wholly-owned subsidiary Wuyi Jiayu by **RMB 5 million** to implement a fundraising project[139](index=139&type=chunk) [Share Changes and Shareholder Information](index=68&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) [Share Changes](index=68&type=section&id=%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company implemented its 2023 equity distribution plan, converting capital reserves into shares at a rate of **4.8 shares for every 10 shares**, increasing the total share capital from **69.31 million shares** to **102.23 million shares** - The company implemented a capital reserve to share capital increase, with **4.8 shares** transferred for every **10 shares**, increasing total share capital to **102,234,195 shares**[142](index=142&type=chunk)[143](index=143&type=chunk) [Shareholder Information](index=69&type=section&id=%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of the end of the reporting period, the company had **1,970** common shareholders; the top two shareholders, controlling shareholder and actual controller Cai Jingjing and Chen Jun, collectively held over **50%** of shares, with Qi'an Venture Capital as the third largest shareholder at **11.68%** - As of the end of the reporting period, the company had a total of **1,970** common shareholders[144](index=144&type=chunk) Top Ten Shareholders' Shareholding | Shareholder Name | Shares Held (shares) | Proportion (%) | | :--- | :--- | :--- | | Cai Jingjing | 35,631,237 shares | 34.85% | | Chen Jun | 16,447,713 shares | 16.09% | | Beijing Qi'an Venture Capital Partnership (Limited Partnership) | 11,937,680 shares | 11.68% | | Bosera Military Industry Theme Stock Investment Fund | 4,597,148 shares | 4.50% | | Beijing Xindongli Equity Investment Fund (Limited Partnership) | 2,374,923 shares | 2.32% | [Preferred Share Information](index=74&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E4%BC%98%E5%85%88%E8%82%A1%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) [Preferred Share Status](index=74&type=section&id=%E4%BC%98%E5%85%88%E8%82%A1%E6%83%85%E5%86%B5) The company has no preferred share-related information - During the reporting period, the company had no preferred shares[151](index=151&type=chunk) [Bond Information](index=75&type=section&id=%E7%AC%AC%E4%B9%9D%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) [Bond Status](index=75&type=section&id=%E5%80%BA%E5%88%B8%E6%83%85%E5%86%B5) The company has no corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds - During the reporting period, the company had no bond-related information[152](index=152&type=chunk) [Financial Report](index=76&type=section&id=%E7%AC%AC%E5%8D%81%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) [Financial Statements](index=76&type=section&id=%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) As of June 30, 2024, the company's total assets were **RMB 1.13 billion**, with net assets attributable to shareholders at **RMB 999.33 million**; H1 2024 operating revenue reached **RMB 100.16 million**, net loss attributable to shareholders was **RMB -18.47 million**, and net cash outflow from operating activities was **RMB -67.89 million** Key Data from Consolidated Balance Sheet | Item | June 30, 2024 (RMB) | December 31, 2023 (RMB) | | :--- | :--- | :--- | | **Total Assets** | 1.13 billion RMB | 1.25 billion RMB | | **Total Liabilities** | 135.29 million RMB | 180.62 million RMB | | **Equity Attributable to Parent Company Owners** | 999.33 million RMB | 1.07 billion RMB | Key Data from Consolidated Income Statement | Item | Jan-Jun 2024 (RMB) | Jan-Jun 2023 (RMB) | | :--- | :--- | :--- | | **Operating Revenue** | 100.16 million RMB | 84.54 million RMB | | **Operating Cost** | 44.98 million RMB | 33.75 million RMB | | **Net Profit** | -19.05 million RMB | -27.25 million RMB | | **Net Profit Attributable to Parent Company Shareholders** | -18.47 million RMB | -26.78 million RMB | Key Data from Consolidated Cash Flow Statement | Item | Jan-Jun 2024 (RMB) | Jan-Jun 2023 (RMB) | | :--- | :--- | :--- | | **Net Cash Flow from Operating Activities** | -67.89 million RMB | -47.94 million RMB | | **Net Cash Flow from Investing Activities** | -80.05 million RMB | 36.32 million RMB | | **Net Cash Flow from Financing Activities** | -46.10 million RMB | -16.58 million RMB | | **Net Increase in Cash and Cash Equivalents** | -194.19 million RMB | -28.20 million RMB | [Notes to Financial Statements](index=95&type=section&id=%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%99%84%E6%B3%A8) Notes to the financial statements detail the company's accounting policies, estimates, and specific items in the consolidated financial statements; operating revenue is primarily categorized into digital wind tunnel testing, cyber range and operations, and security protection and control; accounts receivable are mainly within one year, though some long-aged items exist; the company benefits from high-tech enterprise and software enterprise VAT refund policies - Company revenue recognition policy: revenue from product sales is recognized upon completion of product installation and debugging and receipt of client final acceptance report; revenue from service-type businesses is recognized proportionally over the service period[231](index=231&type=chunk) - The company enjoys a **15%** corporate income tax preferential rate as a high-tech enterprise, and a VAT refund policy for software products where the actual tax burden exceeds **3%**[243](index=243&type=chunk)[244](index=244&type=chunk) Aging Structure of Accounts Receivable (Period-End) | Aging | Book Balance (RMB) | | :--- | :--- | | Within 1 year | 221.82 million RMB | | 1 to 2 years | 62.05 million RMB | | 2 to 3 years | 44.25 million RMB | | Over 3 years | 24.12 million RMB | | **Total** | **352.25 million RMB** |