杭州鸿泉物联网技术股份有限公司 内幕信息及知情人管理制度 第一章 总则 第一条 为规范杭州鸿泉物联网技术股份有限公司（以下称公司）内幕信息 管理行为，加强内幕信息保密工作，维护公司信息披露的公开、公平、公正原则， 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司信息披露 管理办法》中国证监会《上市公司监管指引第 5 号——上市公司内幕信息知情人 登记管理制度》《上海证券交易所科创板股票上市规则》等有关法律法规、《公 司章程》等有关规定，结合公司实际情况，制定本制度。 第二条 公司董事会应当按照相关规则要求及时登记和报送内幕信息知情人 档案，并保证内幕信息知情人档案真实、准确和完整，董事长为主要责任人。董 事会秘书负责办理公司内幕信息知情人的登记入档和报送事宜。董事长与董事会 秘书应当对内幕信息知情人档案的真实、准确和完整签署书面确认意见。 第三条 证券事务部是公司的信息披露机构，统一负责证券监管机构、证券 交易所、证券公司等机构及新闻媒体、股东的接待、咨询工作。 第四条 本制度适用于公司下属各部门、分支机构、控股子公司及公司能够 对其实施重大影响的参股公司。 第二章 内幕信息及其范围 第五条 本 ...

杭州鸿泉物联网技术股份有限公司 信息披露管理制度 （2025 年 8 月） 第一章 总 则 第一条 为规范杭州鸿泉物联网技术股份有限公司（以下简称公司）的信息 披露行为，加强公司信息披露事务管理，保护公司投资者的合法权益，根据《中 华人民共和国公司法》（以下简称《公司法》）、《中华人民共和国证券法》（以下 简称《证券法》）、《上市公司信息披露管理办法》（以下简称《信息披露管理办法》）、 《上海上海证券交易所科创板股票上市规则》（以下简称《上市规则》）等法律、 法规、规范性文件以及《杭州鸿泉物联网技术股份有限公司章程》（以下简称《公 司章程》）的有关规定，特制定本制度。 第二条 本制度所称"信息"是指所有对公司证券及其衍生品种交易价格可 能产生重大影响而投资者尚未得知的重大信息，以及相关法律、法规、规章、规 范性文件及证券监管部门要求披露的其他信息。 本制度所称"披露"是指在规定的时间内，在上海上海证券交易所（以下简 称上海证券交易所）的网站和符合中国证监会规定条件的媒体上，以规定的方式 向社会公众公布前述信息，并按规定报送证券监管部门和上海证券交易所。 第三条 本制度所称"信息披露义务人"是指上市公司及其董事 ...

第二条 公司和其他信息披露义务人暂缓、豁免披露临时报告，在定期报告、 临时报告中豁免披露中国证券监督管理委员会（以下简称中国证监会）和上海证 券交易所规定或者要求披露的内容，适用本制度。 第一章 总 则 第一条 为规范杭州鸿泉物联网技术股份有限公司（以下简称公司）信息披 露暂缓与豁免行为，促进公司依法合规履行信息披露义务，保护投资者的合法权 益，根据《中华人民共和国证券法》《上海证券交易所股票上市规则》《上市公 司信息披露管理办法》《上市公司信息披露暂缓与豁免管理规定》等法律、法规 及《杭州鸿泉物联网技术股份有限公司章程》（以下简称《公司章程》）的相关 规定，制定本制度。投资决策管理的原则：决策科学民主化、行为规范程序化、 投入产业效益化。 信息披露暂缓与豁免管理制度 （2025 年 8 月） 杭州鸿泉物联网技术股份有限公司 第三条 公司和其他信息披露义务人应当真实、准确、完整、及时、公平地 披露信息，不得滥用暂缓或者豁免披露规避信息披露义务、误导投资者，不得实 施内幕交易、操纵市场等违法行为。 第二章 暂缓、豁免披露信息的范围 第四条 公司和其他信息披露义务人有确实充分的证据证明拟披露的信息 涉及国家秘密或 ...

杭州鸿泉物联网技术股份有限公司 董事会秘书工作制度 （2025 年 8 月） 第一章 总 则 第一条 为进一步规范杭州鸿泉物联网技术股份有限公司（以下简称公司） 董事会秘书的工作职责和程序，促使董事会秘书更好地履行职责，根据《中华人 民共和国公司法》（以下简称《公司法》）、《中华人民共和国证券法》（以下简称 《证券法》）等相关法律、法规、规章和《杭州鸿泉物联网技术股份有限公司章 程》（以下简称《公司章程》）的规定，制定本工作制度。 第二条 公司设立董事会秘书一名，董事会秘书为公司的高级管理人员，对 公司和董事会负责。 第三条 董事会秘书对公司负有诚信和勤勉义务，不得利用职权为自己或他 人谋取利益。 第四条 公司董事会在聘任董事会秘书的同时，根据需要可以委任一名证券 事务代表，协助董事会秘书履行职责。 第五条 公司董事会秘书和证券事务代表均应遵守本工作制度的规定。 （二）具有良好的职业道德和个人品德，良好的沟通技巧和灵活的处事能力； （三）通过证券交易所组织的董事会秘书资格考试，并取得证券交易所颁发 的董事会秘书资格证书。 第七条 有下列情形之一的人士不得担任公司董事会秘书： （一）存在《公司法》规定不得担任董 ...

证券代码：688288 证券简称：鸿泉物联 公告编号：2025-036 杭州鸿泉物联网技术股份有限公司 关于制定《市值管理制度》的公告 杭州鸿泉物联网技术股份有限公司 董事会 2025年8月28日 经杭州鸿泉物联网技术股份有限公司（下称公司）于2025年8月27日召开第 三届董事会第十次会议，审议通过了《关于审议制定及修订公司部分制度的议 案》，其中包含公司新制定的《市值管理制度》。现将有关情况公告如下： 为进一步加强公司市值管理工作，规范公司市值管理行为，切实推动公司投 资价值提升，增强投资者回报，维护公司、投资者及其他利益相关者的合法权益， 积极响应《国务院关于加强监管防范风险推动资本市场高质量发展的若干意见》 中关于鼓励上市公司建立市值管理制度的号召，根据《中华人民共和国公司法》 《中华人民共和国证券法》《国务院关于加强监管防范风险推动资本市场高质量 发展的若干意见》《上市公司信息披露管理办法》《上市公司监管指引第10号— —市值管理》《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》等法律法规、规范性文件和《杭州鸿泉物联网技术股份有限公司章程》，结 合公司实际情况，制定了《杭州鸿泉物联网 ...

杭州鸿泉物联网技术股份有限公司 （2025 年 8 月） 第三条 董事和高级管理人员可以通过上海证券交易所的证券交易卖出，也 可以通过协议转让及法律、法规允许的其他方式减持股份。董事和高级管理人员 减持股份，应当遵守法律、行政法规等规范性文件、上海证券交易所其他业务规 则以及本制度规定。对持股比例、持股期限、减持方式、减持价格等作出承诺的， 应当严格履行所做出的承诺。 第四条 公司董事和高级管理人员应当保证本人申报数据的及时、真实、准 确、完整。 董事和高级管理人员所持本公司股份及其变动管理制度 第五条 公司董事会秘书负责管理公司董事和高级管理人员的身份及所持 公司股份的数据和信息，统一为董事和高级管理人员办理个人信息的网上申报， 并定期检查董事和高级管理人员买卖本公司股票的披露情况。 第六条 因司法强制执行、执行股权质押协议、赠与、可交换公司债券换股、 股票收益互换等方式取得股份的减持，适用本制度。 第一章 总则 第一条 为进一步明确杭州鸿泉物联网技术股份有限公司（以下简称公司） 董事和高级管理人员所持本公司股份及其变动的办理程序，根据《公司法》《证 券法》《上市公司董事和高级管理人员所持本公司股份及其变动 ...

杭州鸿泉物联网技术股份有限公司 重大信息内部报告制度 （2025 年 8 月） 第一章 总 则 第一条 为规范杭州鸿泉物联网技术股份有限公司（以下简称公司）的重大 信息内部报告工作，保证公司内部重大信息的快速传递、归集和有效管理，及时、 准确、全面、完整地披露信息，维护投资者的合法权益，根据《中华人民共和国 公司法》、《中华人民共和国证券法》、《上海证券交易所科创板股票上市规则》 等法律、规章的要求，结合本公司的实际情况，制定本制度。 第二条 公司重大信息内部报告制度是指当出现、发生或即将发生本制度第 二章所规定的可能对本公司股票及其衍生品种的交易价格产生较大影响的情形 或事件时，按照本制度规定负有报告义务的公司重大信息内部报告责任人，应在 第一时间将相关信息向公司董事长、董事会秘书和证券事务部报告的制度。证券 事务部是公司信息披露的管理部门，在董事会秘书的领导下具体负责公司信息披 露管理工作。 第三条 本制度所称"重大信息内部报告责任人"包括： （一） 公司董事、高级管理人员、各下属部门负责人； （二） 公司子公司董事、高级管理人员及其负责人； （三） 公司派驻参股公司的董事和高级管理人员； （四） 公司控 ...

杭州鸿泉物联网技术股份有限公司 总经理工作细则 （2025 年 8 月） 第一章 总则 第一条 为进一步提高杭州鸿泉物联网技术股份有限公司（以下简称公司） 总经理、副总经理及其他高级管理人员的管理水平和管理效率，进一步规范公司 总经理、副总经理及其他高级管理人员的议事方式和决策程序，保证总经理、副 总经理及其他高级管理人员能够合法有效地履行其职责，根据《中华人民共和国 公司法》（以下简称《公司法》）《中华人民共和国证券法》等有关法律法规以 及《杭州鸿泉物联网技术股份有限公司章程》（以下简称公司章程），制定本细 则（以下简称本细则）。 第二条 公司设总经理 1 名，副总经理若干名，均由董事会聘任或者解聘。 第三条 总经理对董事会负责，根据董事会的授权，按所确定的职责分工， 主持公司的日常经营管理工作，并接受董事会的监督和指导。 第四条 公司总经理任免均应履行法定程序。公司应与总经理签订聘任合同， 以明确彼此间的权利义务关系。 第二章 总经理的任职资格和任免程序 第五条 总经理应当具备执行职务的职业道德水准和业务水平。 第六条 有下列情形之一的，不得担任公司总经理： （一）无民事行为能力或者限制民事行为能力； （ ...

（记者 王晓波） 每经AI快讯，鸿泉物联8月27日晚间发布半年度业绩报告称，2025年上半年营业收入约3.34亿元，同比 增加37.21%；归属于上市公司股东的净利润约3344万元；基本每股收益0.33元。2024年同期营业收入约 2.44亿元；归属于上市公司股东的净利润亏损约1822万元；基本每股收益亏损0.2元。 每经头条（nbdtoutiao）——能给主人"打电话"的宠物智能手机也来了！宠物产业3000亿元市场大爆 发，行业上市公司"涨"声一片 ...

[Section I Definitions](index=4&type=section&id=Section%20I%20Definitions) This section provides definitions of common terms used in the report, ensuring clarity and understanding of the content [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This chapter defines common terms used in the report, including company names, subsidiaries, reporting periods, and key partners - The full name of the company is Hangzhou Hopechart IoT Technology Co., Ltd., abbreviated as Hopechart IoT[10](index=10&type=chunk) - The reporting period refers to the first half of 2025[10](index=10&type=chunk) - Several listed company subsidiaries are listed, including Zhejiang Hopechart Electronic Technology Co., Ltd. and Shanghai Chengsheng Technology Co., Ltd[10](index=10&type=chunk) [Section II Company Profile and Key Financial Indicators](index=5&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information, contact details, stock information, and key financial performance indicators [I. Company Basic Information](index=5&type=section&id=I.%20Company%20Basic%20Information) This section outlines the company's basic information, including its Chinese name, abbreviation, legal representative, and registered address - The company's Chinese name is Hangzhou Hopechart IoT Technology Co., Ltd., abbreviated as Hopechart IoT[12](index=12&type=chunk) - The legal representative is He Junqiang, and the company's registered address is No. 35 Qizhi Street, Xixing Street, Binjiang District, Hangzhou[12](index=12&type=chunk) [II. Contact Person and Information](index=5&type=section&id=II.%20Contact%20Person%20and%20Information) This section provides the name and contact details of the company's Board Secretary for investor inquiries and communication - The Board Secretary (domestic representative for information disclosure) is Zhang Xujian[13](index=13&type=chunk) - The contact number is 0571-89775590, and the email address is ir@hopechart.com[13](index=13&type=chunk) [III. Information Disclosure and Document Availability Changes](index=5&type=section&id=III.%20Information%20Disclosure%20and%20Document%20Availability%20Changes) This section details the company's designated newspaper and website for information disclosure, ensuring timely access to public information - The company's designated newspaper for information disclosure is "Shanghai Securities News," and the website for half-year reports is www.sse.com.cn[14](index=14&type=chunk) [IV. Company Stock/Depositary Receipt Overview](index=5&type=section&id=IV.%20Company%20Stock%2FDepositary%20Receipt%20Overview) This section describes the company's stock listing, including its type, exchange, board, ticker symbol, and confirms no depositary receipts - The company's stock is A-shares, listed on the STAR Market of the Shanghai Stock Exchange, with the stock abbreviation Hopechart IoT and stock code 688288[15](index=15&type=chunk) - The company has no depositary receipts[16](index=16&type=chunk) [VI. Key Accounting Data and Financial Indicators](index=6&type=section&id=VI.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section presents the company's key accounting data and financial indicators for H1 2025, showing significant revenue growth and a return to profitability 2025 Half-Year Key Accounting Data | Indicator | Current Reporting Period (Jan-Jun) (yuan) | Prior Year Period (yuan) | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 334,151,631.11 | 243,540,930.55 | 37.21% | | Total Profit | 33,550,839.76 | -19,015,639.42 | / | | Net Profit Attributable to Shareholders of Listed Company | 33,440,138.91 | -18,216,148.67 | / | | Net Cash Flow from Operating Activities | 311,519.27 | -67,035,312.13 | / | | Net Assets Attributable to Shareholders of Listed Company (End of Period) | 764,577,699.27 | 726,211,389.14 | 5.28% | | Total Assets (End of Period) | 1,148,216,830.23 | 1,065,561,195.71 | 7.76% | 2025 Half-Year Key Financial Indicators | Indicator | Current Reporting Period (Jan-Jun) | Prior Year Period | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.33 | -0.20 | / | | Diluted Earnings Per Share (yuan/share) | 0.33 | -0.20 | / | | Basic EPS after Non-Recurring Gains and Losses (yuan/share) | 0.27 | -0.23 | / | | Weighted Average Return on Net Assets (%) | 4.49% | -2.50% | / | | Weighted Average Return on Net Assets after Non-Recurring Gains and Losses (%) | 3.61% | -2.80% | / | | R&D Investment as % of Operating Revenue (%) | 18.71% | 30.34% | Decreased by 11.63 percentage points | - Operating revenue increased by **37.21%** year-on-year, primarily due to stable growth in commercial vehicle business and expanded scale in passenger and two-wheeler vehicle businesses[18](index=18&type=chunk) - Net profit attributable to shareholders of the listed company significantly increased year-on-year, turning losses into profits, mainly due to increased operating revenue and controlled expenses[19](index=19&type=chunk) - R&D investment as a percentage of operating revenue decreased by **11.63 percentage points** year-on-year, mainly due to increased operating revenue and controlled R&D expenses[19](index=19&type=chunk) [VIII. Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=VIII.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This section itemizes non-recurring gains and losses for the reporting period, totaling **6.56 million yuan**, primarily from financial asset fair value changes and government grants 2025 Half-Year Non-Recurring Gains and Losses Items | Non-Recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets | -60,732.08 | | Government grants recognized in current profit or loss | 1,556,211.02 | | Gains or losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and disposal of financial assets and liabilities | 2,893,689.48 | | Gains or losses from entrusted investments or asset management | 679,166.59 | | Reversal of impairment provisions for accounts receivable subject to separate impairment testing | 1,024,500.79 | | Other non-operating income and expenses apart from the above | 531,781.19 | | Less: Income tax impact | - | | Impact on minority interests (after tax) | 65,647.03 | | Total | 6,558,969.96 | [IX. Net Profit Excluding Share-Based Payment Impact (for companies with equity incentives/employee stock plans)](index=8&type=section&id=IX.%20Net%20Profit%20Excluding%20Share-Based%20Payment%20Impact%20%28for%20companies%20with%20equity%20incentives%2Femployee%20stock%20plans%29) This section discloses the net profit after deducting the impact of share-based payments, showing **37.68 million yuan** for the current period Net Profit Excluding Share-Based Payment Impact | Indicator | Current Reporting Period (Jan-Jun) (yuan) | Prior Year Period (yuan) | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Net profit excluding share-based payment impact | 37,677,010.97 | -14,822,842.80 | / | [Section III Management Discussion and Analysis](index=8&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section provides an in-depth discussion of the company's industry, main business, operational performance, core competencies, and risk factors [I. Industry and Main Business Overview During the Reporting Period](index=8&type=section&id=I.%20Industry%20and%20Main%20Business%20Overview%20During%20the%20Reporting%20Period) This section details the company's industry classification, core businesses, products, and operating models, positioning it as an intelligent connected vehicle solution provider [(I) Industry Overview](index=8&type=section&id=%28I%29%20Industry%20Overview) The company is classified under "Computer, Communication and Other Electronic Equipment Manufacturing," focusing on intelligent vehicle equipment - The company utilizes big data, artificial intelligence, and 5G technologies to research, develop, produce, and sell intelligent connected vehicle equipment and big data cloud platforms[26](index=26&type=chunk) [(II) Main Business, Products, or Services](index=8&type=section&id=%28II%29%20Main%20Business%2C%20Products%2C%20or%20Services) The company offers comprehensive solutions including intelligent connected devices, smart cockpits, controllers, and software platform development - Intelligent connected products include driving recorders, T-BOX, OBD, eCall, sensors, and ADAS advanced driver-assistance systems[30](index=30&type=chunk)[31](index=31&type=chunk)[32](index=32&type=chunk) - Smart cockpit products primarily include vehicle infotainment systems (central control screens) and instrument clusters, aiming to enhance driving experience and information display[32](index=32&type=chunk)[36](index=36&type=chunk) - Controller products cover body control systems, thermal management controllers, and body domain controllers, aligning with the evolution of automotive electronic and electrical architectures[36](index=36&type=chunk)[37](index=37&type=chunk) - Software platform development includes government supervision platforms and OEM vehicle networking platforms, demonstrating strong stickiness and synergy[37](index=37&type=chunk)[38](index=38&type=chunk) [(III) Main Business Model](index=10&type=section&id=%28III%29%20Main%20Business%20Model) The company's business model involves selling equipment, accessories, and software development services, primarily through autonomous R&D and "production-to-order" manufacturing - The company primarily generates revenue and profit by providing equipment terminals, accessory sales, and software platform development services to OEMs, government clients, and transportation companies[39](index=39&type=chunk) - The R&D system is divided into an R&D center (product development and iteration) and a research institute (exploring cutting-edge technologies and pre-research), implementing an IPD system[41](index=41&type=chunk)[42](index=42&type=chunk) - Procurement operates under a supply chain management model, promoting informatization of material procurement and just-in-time procurement, with a comprehensive supplier management system[42](index=42&type=chunk)[43](index=43&type=chunk) - Production primarily adopts a "production-to-order" model, utilizing an ERP system to improve efficiency and fully implementing the "6S Management Rules"[44](index=44&type=chunk)[45](index=45&type=chunk) - The sales model is divided into pre-installation business (direct sales to OEMs, stable supply, strong customer stickiness) and aftermarket business (targeting the existing commercial vehicle market), with pre-installation business being dominant in the reporting period[45](index=45&type=chunk)[46](index=46&type=chunk)[47](index=47&type=chunk) - The company's industry is "Computer, Communication and Other Electronic Equipment Manufacturing" (C39), specifically "Intelligent Vehicle Equipment Manufacturing" (C3962)[26](index=26&type=chunk) - The company's main businesses include intelligent connected products, smart cockpit products, controller products, and software platform development[27](index=27&type=chunk) - The company primarily adopts a "production-to-order" manufacturing model and a sales model combining pre-installation and aftermarket, with pre-installation business being dominant in the reporting period[44](index=44&type=chunk)[45](index=45&type=chunk)[47](index=47&type=chunk) [II. Discussion and Analysis of Operations](index=12&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) In H1 2025, the company achieved **334.15 million yuan** in revenue, a **37.21% increase**, and returned to profitability, driven by market recovery and business expansion - In the first half of 2025, the company achieved operating revenue of **334.15 million yuan**, a year-on-year increase of **37.21%**; net profit attributable to shareholders of the listed company was **33.44 million yuan**, turning losses into profits[48](index=48&type=chunk) 2025 Half-Year Business Revenue Classification | Product Type | Revenue (billion yuan) | Year-on-Year Growth Rate | | :--- | :--- | :--- | | Intelligent Connected Products | 0.18 | 15.37% | | Smart Cockpit Products | 0.0633255 | 156.93% | | Controller Products | 0.0446116 | 63.94% | | Software Platform Development Business | - | Faster growth | - The company completed the development of eCall and NG eCall products and obtained the EU eCall certification for emergency call systems[53](index=53&type=chunk) - The company optimized its R&D team organizational structure, streamlined management levels, strengthened cooperation with universities to attract talent, and also controlled R&D expenses[54](index=54&type=chunk) - The company changed the use of its repurchased shares for cancellation, actively rewarding investors[54](index=54&type=chunk) - Looking ahead to the second half of the year, the company will focus on heavy-duty truck "National IV" trade-in, new energy commercial vehicles, and global export markets, while also promoting overseas exports of passenger vehicle connected terminals and mass production of controller projects[55](index=55&type=chunk) [III. Analysis of Core Competencies During the Reporting Period](index=14&type=section&id=III.%20Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) The company's core competencies include strong R&D, a talented team, diverse product lines, robust supply chain, and established market leadership [(I) Core Competency Analysis](index=14&type=section&id=%28I%29%20Core%20Competency%20Analysis) The company's core strengths lie in technology, talent, customer base, diversified product portfolio, supply chain, market pioneering, and quality - The company holds **68 invention patents**, with a total of **428 patents** and software copyrights, and R&D personnel account for **55.62%** of the total workforce[57](index=57&type=chunk) - The company has established long-term stable cooperative relationships with multiple brand commercial vehicle, passenger vehicle, and two-wheeler OEMs, holding a high market share[59](index=59&type=chunk) - The company actively deploys in intelligent connected, smart cockpit, and controller fields, continuously enriching its product lines and extending to high-end domain control products[60](index=60&type=chunk) - The company has a first-mover advantage in the commercial vehicle intelligent connected field and is gradually establishing a first-mover advantage in passenger vehicle controllers and two-wheeler intelligent businesses[63](index=63&type=chunk) [(III) Core Technologies and R&D Progress](index=15&type=section&id=%28III%29%20Core%20Technologies%20and%20R%26D%20Progress) The company's core technologies span intelligent driving, AI assistance, and data platforms, with **62.53 million yuan** in R&D investment and 9 ongoing projects - The company's core technologies include identification of undesirable driving behaviors, edge-cloud collaborative computing, commercial vehicle blind spot/driver monitoring, 360° surround view, and intelligent perception and active intervention for special operation vehicles[66](index=66&type=chunk)[67](index=67&type=chunk)[68](index=68&type=chunk) - The company possesses HQEC2 cloud platform technology and smart city big data management platform technology, supporting large-scale vehicle access and real-time streaming data processing[68](index=68&type=chunk)[69](index=69&type=chunk) - In hardware engineering, the company has technologies for stable vehicle power supply, vibration protection, electromagnetic compatibility, and environmental adaptability[69](index=69&type=chunk)[70](index=70&type=chunk) 2025 Half-Year R&D Investment | Indicator | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 62,531,701.80 | 73,885,280.34 | -15.37% | | Total R&D Investment | 62,531,701.80 | 73,885,280.34 | -15.37% | | Total R&D Investment as % of Operating Revenue (%) | 18.71% | 30.34% | Decreased by 11.63 percentage points | 2025 Half-Year R&D Personnel | Indicator | Current Period Number | Prior Year Period Number | | :--- | :--- | :--- | | Number of Company R&D Personnel (persons) | 371 | 391 | | R&D Personnel as % of Total Company Personnel (%) | 55.62 | 63.47 | | Total R&D Personnel Compensation (million yuan) | 48.4376 | 56.8488 | | Average R&D Personnel Compensation (million yuan) | 0.1306 | 0.1454 | - During the reporting period, the company obtained **1 invention patent** and **1 utility model patent**, accumulating a total of **68 invention patents**, **75 utility model patents**, and **259 software copyrights**[72](index=72&type=chunk)[73](index=73&type=chunk) - The company has 9 ongoing R&D projects, including commercial vehicle predictive maintenance systems, 360-degree panoramic surround view and perception fusion systems, and multi-source fusion high-precision positioning systems based on single Beidou, with a total investment of **179.76 million yuan**[78](index=78&type=chunk)[80](index=80&type=chunk) - The company holds **68 invention patents**, with a total of **428 patents** and software copyrights, and has **371 R&D personnel**, accounting for **55.62%** of the total workforce[57](index=57&type=chunk) - The company has established long-term cooperative relationships with numerous high-quality OEMs and Tier1 customers, including Shaanxi Automobile, BAIC Foton, China National Heavy Duty Truck, GAC Group, and CFMOTO[59](index=59&type=chunk) - The company has a diversified product portfolio in intelligent connected, smart cockpit, and controller fields, extending to high-end domain control products[60](index=60&type=chunk) - The company has a first-mover advantage in the commercial vehicle intelligent connected field and is gradually establishing a first-mover advantage in passenger vehicle controllers and two-wheeler intelligent businesses[63](index=63&type=chunk) - The company has passed CMMI3, ISO9001, IATF16949, and other system certifications, and possesses a CNAS accredited laboratory, with product quality leading in the industry[65](index=65&type=chunk) [IV. Risk Factors](index=21&type=section&id=IV.%20Risk%20Factors) The company faces multiple risks from technological upgrades, talent retention, customer concentration, supply chain volatility, market fluctuations, policy changes, and accounts receivable - The company faces risks of technological upgrades and iterations due to rapid technological evolution and the continuous emergence of new products and business models, requiring continuous R&D investment and innovation[83](index=83&type=chunk) - The intelligent connected vehicle industry is technology-intensive, and the company faces the risk of R&D personnel turnover[83](index=83&type=chunk)[84](index=84&type=chunk) - Sales to the top five customers account for approximately **67.98%** of current sales, indicating a risk of over-reliance on major customers[85](index=85&type=chunk) - Raw material costs constitute a significant proportion of the main business costs, and the company faces risks of tight raw material supply and substantial price increases due to geopolitical influences[85](index=85&type=chunk) - Commercial vehicles still account for a relatively high proportion of the company's main business revenue, and fluctuations in commercial vehicle production and sales will significantly impact the company's performance[86](index=86&type=chunk) - Policy changes, such as the "National IV" heavy-duty truck trade-in and national standards for in-vehicle emergency call systems, will impact the company's business development[87](index=87&type=chunk) - As of the end of the reporting period, the company's accounts receivable amounted to **348 million yuan**, accounting for **30.31%** of total assets, posing a risk of overdue accounts receivable[87](index=87&type=chunk) [V. Key Operating Performance During the Reporting Period](index=23&type=section&id=V.%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) The company reported **334.15 million yuan** in revenue, a **37.21% increase**, and **33.44 million yuan** in net profit, with significant changes across key financial items - During the reporting period, the company achieved operating revenue of **334.15 million yuan**, a year-on-year increase of **37.21%**; net profit attributable to shareholders of the listed company was **33.44 million yuan**, turning losses into profits[88](index=88&type=chunk) 2025 Half-Year Financial Statement Item Variation Analysis | Item | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 334,151,631.11 | 243,540,930.55 | 37.21 | | Operating Cost | 208,535,193.04 | 156,824,928.97 | 32.97 | | Selling Expenses | 13,716,611.27 | 13,301,762.88 | 3.12 | | Administrative Expenses | 21,579,556.09 | 17,724,943.36 | 21.75 | | Financial Expenses | 132,467.85 | 2,029,224.94 | -93.47 | | R&D Expenses | 62,531,701.80 | 73,885,280.34 | -15.37 | | Net Cash Flow from Operating Activities | 311,519.27 | -67,035,312.13 | / | - The increase in operating revenue was mainly due to stable growth in commercial vehicle business and expanded scale in passenger and two-wheeler vehicle businesses[90](index=90&type=chunk) - Financial expenses decreased by **93.47%** year-on-year, primarily due to intellectual property interest subsidies received[90](index=90&type=chunk) - Net cash flow from operating activities significantly increased year-on-year, mainly due to increased cash received from sales of goods and provision of services[90](index=90&type=chunk) 2025 Half-Year Asset and Liability Status Variation | Project Name | Current Period End Amount (yuan) | Current Period End as % of Total Assets | Prior Year End Amount (yuan) | Prior Year End as % of Total Assets | Change from Prior Year End (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 78,329,177.75 | 6.82 | 110,150,516.94 | 10.34% | -28.89 | | Notes Receivable | 113,872,444.89 | 9.92 | 77,379,764.12 | 7.26% | 47.16 | | Accounts Receivable | 348,057,438.09 | 30.31 | 279,824,902.24 | 26.26% | 24.38 | | Inventories | 102,166,065.90 | 8.90 | 73,566,404.16 | 6.90% | 38.88 | | Notes Payable | 0.00 | 0.00 | 4,456,776.65 | 0.42% | -100.00 | | Advances from Customers | 2,410,709.81 | 0.21 | 681,516.37 | 0.06% | 253.73 | | Other Current Liabilities | 63,639,143.79 | 5.54 | 14,697,915.19 | 1.38% | 332.98 | - Monetary funds decreased by **28.89%**, mainly due to the purchase of large-denomination certificates of deposit and debt repayment[92](index=92&type=chunk) - Notes payable decreased by **100%**, mainly due to a reduction in newly issued bank acceptance bills and a change in payment methods[94](index=94&type=chunk) - Other current liabilities increased by **332.98%**, mainly because notes receivable did not meet the derecognition conditions, leading to an increase in notes receivable and other current liabilities[94](index=94&type=chunk)[95](index=95&type=chunk) [(VII) Investment Status Analysis](index=26&type=section&id=%28VII%29%20Investment%20Status%20Analysis) This section details the company's financial assets measured at fair value, totaling **194.55 million yuan**, and the financial performance of its major subsidiaries Changes in Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (yuan) | Fair Value Change Gains/Losses for the Period (yuan) | Amount Purchased for the Period (yuan) | Amount Sold/Redeemed for the Period (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Others (Trading financial assets, notes receivable financing, equity instrument investments, and other debt investments) | 216,593,940.65 | 2,109,860.61 | 580,300,000.00 | 569,627,044.99 | 194,548,158.37 | Financial Information of Major Holding and Participating Companies | Company Name | Company Type | Main Business | Registered Capital (yuan) | Total Assets (yuan) | Net Assets (yuan) | Operating Revenue (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hopechart Electronic | Subsidiary | Production of intelligent connected, smart cockpit, controller, and other vehicle terminal products | 80,000,000.00 | 251,218,591.12 | 58,951,502.17 | 204,253,997.47 | -2,148,310.65 | | Chengsheng Technology | Subsidiary | Smart city, smart city government management platform | 10,000,000.00 | 45,499,093.10 | 29,158,146.05 | 18,647,790.60 | 4,622,376.93 | | Beijing Yubo | Subsidiary | R&D of various controller products | 2,010,000.00 | 1,717,056.44 | -13,240,547.75 | 9,224,988.65 | 672,735.13 | | Dingdong Zhitu | Subsidiary | Aftermarket intelligent products, platform development, and other IoT application businesses | 8,333,300.00 | 9,745,368.79 | 3,186,538.49 | 5,454,781.07 | 591,350.71 | | Xianshu Intelligent | Subsidiary | Software development or operation and maintenance | 5,000,000.00 | 12,593,023.51 | 9,308,886.40 | 12,344,899.31 | 3,895,815.97 | [Section IV Corporate Governance, Environment, and Society](index=29&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section covers aspects of the company's governance, environmental practices, and social responsibilities, including profit distribution plans [II. Profit Distribution or Capital Reserve Conversion Plan](index=29&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company's board resolved not to propose any profit distribution or capital reserve conversion plan for the current half-year period - The company's proposed half-year profit distribution plan and capital reserve conversion plan are "No," with 0 shares for bonus shares, dividends, and conversion per 10 shares[101](index=101&type=chunk) [Section V Significant Matters](index=30&type=section&id=Section%20V%20Significant%20Matters) This section addresses significant corporate events, including the fulfillment of commitments, material litigation, and related party transactions [I. Fulfillment of Commitments](index=30&type=section&id=I.%20Fulfillment%20of%20Commitments) This section details the fulfillment of various commitments by the company, its controlling shareholder, and management, all of which were strictly adhered to - Controlling shareholder and actual controller He Junqiang committed not to transfer shares within 36 months from the date of the company's stock listing, and to transfer no more than **25%** of his total holdings annually while serving as a director or senior executive[104](index=104&type=chunk) - The company, its controlling shareholder, actual controller, directors, and senior executives all committed to initiating share price stabilization measures under specific conditions, prioritizing share repurchase by the company[108](index=108&type=chunk) - The company and relevant parties committed that the prospectus contains no false records, misleading statements, or major omissions, and will bear corresponding repurchase and compensation liabilities[108](index=108&type=chunk)[109](index=109&type=chunk)[111](index=111&type=chunk)[112](index=112&type=chunk) - Controlling shareholder and actual controller He Junqiang committed not to engage in businesses or activities that compete with the company and to minimize related party transactions with the issuer[113](index=113&type=chunk) - All commitments were timely and strictly fulfilled during the reporting period, with no unfulfilled commitments[104](index=104&type=chunk)[105](index=105&type=chunk)[106](index=106&type=chunk)[107](index=107&type=chunk)[108](index=108&type=chunk)[109](index=109&type=chunk)[110](index=110&type=chunk)[111](index=111&type=chunk)[112](index=112&type=chunk)[113](index=113&type=chunk)[114](index=114&type=chunk) [VII. Material Litigation and Arbitration Matters](index=41&type=section&id=VII.%20Material%20Litigation%20and%20Arbitration%20Matters) The company had no material litigation or arbitration matters during the reporting period - The company had no material litigation or arbitration matters during the reporting period[116](index=116&type=chunk) [X. Material Related Party Transactions](index=41&type=section&id=X.%20Material%20Related%20Party%20Transactions) The company anticipates **23 million yuan** in related party transactions with QF Technology and ZJXL Information Technology and their affiliates in 2025 - The company expects to have related party transactions totaling **23 million yuan** in 2025 with Beijing QF Technology Co., Ltd. and its controlled companies, and Beijing ZJXL Information Technology Co., Ltd. and its controlled companies[116](index=116&type=chunk) [Section VI Share Changes and Shareholder Information](index=43&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section outlines changes in the company's share capital and provides an overview of its shareholder structure, including major shareholders [I. Share Capital Changes](index=43&type=section&id=I.%20Share%20Capital%20Changes) The company's total share capital increased from **100.64 million** to **101.04 million shares** due to the vesting of 400,000 restricted shares Share Capital Changes Table | Category | Number Before Change (shares) | Proportion Before Change (%) | Increase/Decrease in This Change (shares) | Number After Change (shares) | Proportion After Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Unrestricted Shares | 100,643,920 | 100% | 400,000 | 101,043,920 | 100% | | Total Shares | 100,643,920 | 100% | 400,000 | 101,043,920 | 100% | - On June 26, 2025, the company completed the share registration for the second vesting period of the 2022 Restricted Stock Incentive Plan for Class A incentive recipients, with **400,000 shares** vested and listed for trading on July 2, 2025[125](index=125&type=chunk) [II. Shareholder Information](index=44&type=section&id=II.%20Shareholder%20Information) As of the reporting period end, the company had 6,003 common shareholders, with He Junqiang holding **35.06%** and QF Technology holding **14.12%** - As of the end of the reporting period, the total number of common shareholders was **6,003**[125](index=125&type=chunk) Top Ten Shareholders' Shareholding as of the End of the Reporting Period | Shareholder Name | Shares Held at Period End (shares) | Proportion (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | He Junqiang | 35,429,100 | 35.06% | Domestic Natural Person | | Beijing QF Technology Co., Ltd. | 14,272,369 | 14.12% | Domestic Non-State-Owned Legal Person | | Anji Hong'er Enterprise Management Consulting Partnership (Limited Partnership) | 4,123,026 | 4.08% | Other | | Zhao Shengxian | 2,300,000 | 2.28% | Domestic Natural Person | | Anji Hongji Enterprise Management Consulting Partnership (Limited Partnership) | 1,728,588 | 1.71% | Other | | Hangzhou Hopechart IoT Technology Co., Ltd. Repurchase Special Securities Account | 1,230,216 | 1.22% | Other | | Shanghai Yucheng Sen Enterprise Management Partnership (Limited Partnership) | 1,054,758 | 1.04% | Other | | Anji Hongxian Enterprise Management Consulting Partnership (Limited Partnership) | 957,099 | 0.95% | Other | | Wang Guangkun | 662,899 | 0.66% | Domestic Natural Person | | Xu Fusheng | 614,543 | 0.61% | Domestic Natural Person | - He Junqiang is the controlling shareholder and actual controller of the company, and also the executive partner of Anji Hong'er, Anji Hongji, and Anji Hongxian[128](index=128&type=chunk) [Section VII Bond-Related Information](index=48&type=section&id=Section%20VII%20Bond-Related%20Information) This section confirms that the company has no corporate bonds or non-financial enterprise debt financing instruments [I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=48&type=section&id=I.%20Corporate%20Bonds%20%28Including%20Enterprise%20Bonds%29%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) The company had no corporate bonds or non-financial enterprise debt financing instruments during the reporting period - The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[132](index=132&type=chunk) [II. Convertible Corporate Bonds](index=48&type=section&id=II.%20Convertible%20Corporate%20Bonds) The company had no convertible corporate bonds during the reporting period - The company has no convertible corporate bonds[132](index=132&type=chunk) [Section VIII Financial Report](index=49&type=section&id=Section%20VIII%20Financial%20Report) This section presents the company's unaudited financial statements, including balance sheets, income statements, cash flow statements, and notes [I. Audit Report](index=49&type=section&id=I.%20Audit%20Report) This half-year report is unaudited - This half-year report is unaudited[134](index=134&type=chunk) [II. Financial Statements](index=49&type=section&id=II.%20Financial%20Statements) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in equity for H1 2025 - The consolidated balance sheet shows that as of June 30, 2025, the company's total assets were **1.15 billion yuan**, and total equity attributable to parent company owners was **764.58 million yuan**[135](index=135&type=chunk)[136](index=136&type=chunk) - The consolidated income statement shows that for the first half of 2025, operating revenue was **334.15 million yuan**, and net profit attributable to parent company shareholders was **33.44 million yuan**[143](index=143&type=chunk)[144](index=144&type=chunk) - The consolidated cash flow statement shows that net cash flow from operating activities for the first half of 2025 was **311,519.27 yuan**[151](index=151&type=chunk) [III. Company Basic Information](index=73&type=section&id=III.%20Company%20Basic%20Information) This section outlines Hangzhou Hopechart IoT Technology Co., Ltd.'s history, registration, listing, capital, and primary operations in intelligent connected vehicle products - The company's predecessor was Hangzhou Hopechart Digital Equipment Co., Ltd., registered on June 11, 2009[170](index=170&type=chunk) - The company's shares were listed on the Shanghai Stock Exchange on November 6, 2019, with a registered capital of **101.04 million yuan**[170](index=170&type=chunk) - The main business activities include the research, development, production, and sales of intelligent connected products, smart cockpit products, and controller products, as well as software platform development services[170](index=170&type=chunk) [IV. Basis of Financial Statement Preparation](index=73&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) The company's financial statements are prepared on a going concern basis, with no significant doubts about its ability to continue operations for the next 12 months - The company's financial statements are prepared on a going concern basis[171](index=171&type=chunk) - There are no matters or circumstances that cause significant doubt about the company's ability to continue as a going concern for the 12 months from the end of the reporting period[172](index=172&type=chunk) [V. Significant Accounting Policies and Estimates](index=73&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's accounting policies and estimates for financial instruments, inventory, fixed assets, intangible assets, and revenue recognition - The company has formulated specific accounting policies and estimates for transactions or events such as financial instrument impairment, inventory, depreciation of fixed assets, construction in progress, intangible assets, and revenue recognition, based on its actual production and operation characteristics[173](index=173&type=chunk) - The company classifies financial assets at initial recognition into those measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss[183](index=183&type=chunk) - The company makes provisions for bad debts for financial instruments such as notes receivable, accounts receivable, other receivables, and contract assets, based on expected credit losses[192](index=192&type=chunk)[193](index=193&type=chunk)[198](index=198&type=chunk)[203](index=203&type=chunk)[204](index=204&type=chunk) - The company's revenue recognition principle is to identify each distinct performance obligation in a contract and determine whether it is satisfied over time or at a point in time, measuring revenue based on the transaction price allocated to each performance obligation[236](index=236&type=chunk)[237](index=237&type=chunk)[238](index=238&type=chunk) - The company applies simplified treatment for short-term leases and leases of low-value assets, recognizing lease payments as part of the cost of related assets or current profit or loss on a straight-line basis over the lease term[245](index=245&type=chunk) [VI. Taxation](index=90&type=section&id=VI.%20Taxation) This section lists the company's main tax categories and rates, along with corporate income tax and VAT preferential policies for high-tech and small-profit enterprises Main Tax Categories and Rates | Tax Category | Tax Rate | | :--- | :--- | | Value-Added Tax | 13%, 9%, 6% | | Consumption Tax | 1.2% or 12% | | Urban Maintenance and Construction Tax | 7%, 5% | | Education Surcharge | 3% | | Local Education Surcharge | 2% | | Corporate Income Tax | 15%, 20% | - The company and its subsidiary, Zhejiang Hopechart Electronic Technology Co., Ltd., as high-tech enterprises, are subject to corporate income tax at a reduced rate of **15%**[252](index=252&type=chunk) - Qualified small-profit enterprise subsidiaries calculate their taxable income at **25%** and pay corporate income tax at a rate of **20%**[253](index=253&type=chunk) - The company's sales of self-developed and produced software products are subject to a VAT refund policy for the portion exceeding a **3%** actual tax burden[253](index=253&type=chunk) - Advanced manufacturing enterprises are allowed to deduct **5%** of the current period's deductible input VAT from their payable VAT amount[254](index=254&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=91&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes for consolidated financial statement items, explaining balances, changes, and accounting treatments for assets, liabilities, and income Ending Balances of Major Balance Sheet Items | Item | Ending Balance (yuan) | | :--- | :--- | | Monetary Funds | 78,329,177.75 | | Trading Financial Assets | 84,186,429.46 | | Notes Receivable | 113,872,444.89 | | Accounts Receivable | 348,057,438.09 | | Inventories | 102,166,065.90 | | Fixed Assets | 244,628,520.49 | | Short-term Borrowings | 160,809,186.22 | | Accounts Payable | 104,194,333.84 | | Employee Compensation Payable | 22,168,812.53 | | Share Capital | 101,043,920.00 | | Retained Earnings | -13,530,618.16 | - The ending balance of accounts receivable was **348.06 million yuan**, accounting for **30.31%** of total assets, an increase of **24.38%** from the prior year-end, mainly due to revenue growth[94](index=94&type=chunk) - The ending balance of inventories was **102.17 million yuan**, an increase of **38.88%** from the prior year-end, mainly due to increased sales and production stocking[94](index=94&type=chunk) - Share capital increased by **400,000 yuan** due to employee equity incentive exercise[374](index=374&type=chunk) - Operating revenue for the current period was **334.15 million yuan**, a year-on-year increase of **37.21%**, of which main business revenue was **327.34 million yuan**[385](index=385&type=chunk) - R&D expenses for the current period were **62.53 million yuan**, a year-on-year decrease of **15.37%**[390](index=390&type=chunk) [VIII. Research and Development Expenses](index=148&type=section&id=VIII.%20Research%20and%20Development%20Expenses) This section details the company's R&D expenditures by nature of expense, totaling **62.53 million yuan** for the period, entirely expensed R&D Expenses by Nature of Expense | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Personnel Expenses | 52,018,712.29 | 60,554,108.51 | | Depreciation Expenses | 3,612,822.56 | 3,912,167.22 | | Direct Input | 1,862,891.75 | 2,282,096.84 | | Other Expenses | 5,037,275.20 | 7,136,907.77 | | Total | 62,531,701.80 | 73,885,280.34 | | Of which: Expensed R&D | 62,531,701.80 | 73,885,280.34 | | Capitalized R&D | 0.00 | 0.00 | - All R&D expenditures for the current period were expensed, with no capitalized R&D expenditures[425](index=425&type=chunk) [IX. Changes in Consolidation Scope](index=148&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) There were no significant changes in the company's consolidation scope during the reporting period - There were no significant changes in the company's consolidation scope during the reporting period, such as non-same-control business combinations, same-control business combinations, reverse acquisitions, or disposal of subsidiaries[426](index=426&type=chunk) [X. Interests in Other Entities](index=149&type=section&id=X.%20Interests%20in%20Other%20Entities) This section discloses the company's equity interests in subsidiaries and associates, detailing their business nature and financial contributions Composition of the Enterprise Group | Subsidiary Name | Main Operating Location | Registered Capital | Business Nature | Shareholding Ratio (%) Direct | | :--- | :--- | :--- | :--- | :--- | | Shanghai Chengsheng Technology Co., Ltd. | Shanghai | 10.00 million yuan | Software Industry | 100 | | Zhejiang Hopechart Electronic Technology Co., Ltd. | Huzhou, Zhejiang | 80.00 million yuan | Manufacturing Industry | 100 | | Beijing Yubo Automotive Control System Co., Ltd. | Chaoyang, Beijing | 2.01 million yuan | Technology Promotion and Application Services | 100 | | Hangzhou Dingdong Zhitu Information Technology Co., Ltd. | Hangzhou, Zhejiang | 8.33 million yuan | Service Industry | 81.28 | | Shanghai Xianshu Intelligent Technology Co., Ltd. | Shanghai | 5.00 million yuan | Technology Promotion and Application Services | 100 | | Hangzhou Hopechart Park Management Co., Ltd. | Hangzhou, Zhejiang | 1.00 million yuan | Business Services | 100 | | HOPECHART IOT MIDDLE EAST AUTO SPARE PART TRADING L.L.C | Dubai | 100,000 AED | Wholesale Trade | 100 | | Hong Kong Hopechart IoT Industrial Co., Ltd. | Hong Kong | 1.00 million yuan | Import and Export | 100 | Summary Financial Information of Insignificant Joint Ventures and Associates | Item | Ending Balance/Current Period Amount (yuan) | Beginning Balance/Prior Period Amount (yuan) | | :--- | :--- | :--- | | Total Carrying Amount of Investments in Associates | 1,449,704.67 | 1,294,578.43 | | Net Profit of Associates (calculated by shareholding ratio) | 35,126.23 | -239,122.70 | | Total Comprehensive Income of Associates (calculated by shareholding ratio) | 35,126.23 | -239,122.70 | [XI. Government Grants](index=153&type=section&id=XI.%20Government%20Grants) This section details government grant liabilities and income, with **8.77 million yuan** recognized as income during the period Liability Items Related to Government Grants | Financial Statement Item | Beginning Balance (yuan) | New Grants for the Period (yuan) | Transferred to Other Income for the Period (yuan) | Ending Balance (yuan) | Related to Assets/Income | | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 2,182,826.32 | 0 | 30,961.02 | 2,151,865.30 | Related to Assets | | Deferred Income | 1,490,000.00 | 1,460,000.00 | 0 | 2,950,000.00 | Related to Income | | Total | 3,672,826.32 | 1,460,000.00 | 30,961.02 | 5,101,865.30 | / | Government Grants Recognized in Current Profit or Loss | Type | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Related to Assets | 30,961.02 | 70,961.04 | | Related to Income | 6,789,740.95 | 5,288,225.44 | | Other | 1,953,100.00 | 0 | | Total | 8,773,801.97 | 5,359,186.48 | [XII. Risks Related to Financial Instruments](index=154&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) The company manages financial instrument risks, including credit, liquidity, and market risks, through credit assessment, diversified financing, and prudent portfolio management - The company faces credit risk, liquidity risk, and market risk (interest rate risk and foreign exchange risk)[435](index=435&type=chunk) - Credit risk primarily arises from monetary funds and receivables, managed through credit assessment and balance monitoring[437](index=437&type=chunk) - Liquidity risk is controlled through various financing methods such as bill settlement and bank borrowings, combining long-term and short-term financing appropriately[438](index=438&type=chunk) - As of June 30, 2025, **57.96%** of the company's accounts receivable and contract assets originated from the top five customers, indicating a certain degree of credit concentration risk[438](index=438&type=chunk) - As of December 31, 2024, all of the company's borrowings were fixed-rate borrowings, with no interest rate risk; major activities are denominated in RMB, so foreign exchange risk is not significant[441](index=441&type=chunk)[442](index=442&type=chunk) [XIII. Disclosure of Fair Value](index=156&type=section&id=XIII.%20Disclosure%20of%20Fair%20Value) This section discloses the fair value of assets and liabilities measured at fair value, totaling **194.55 million yuan**, and the valuation techniques used Fair Value of Assets and Liabilities Measured at Fair Value at Period End | Item | Level 1 Fair Value Measurement (yuan) | Level 3 Fair Value Measurement (yuan) | Total (yuan) | | :--- | :--- | :--- | :--- | | Trading Financial Assets | 0 | 140,387,255.18 | 140,387,255.18 | | Of which: Equity Instrument Investments | 0 | 56,200,825.72 | 56,200,825.72 | | Of which: Derivative Financial Assets | 0 | 84,186,429.46 | 84,186,429.46 | | Notes Receivable Financing | 11,762,485.38 | 0 | 11,762,485.38 | | Other Debt Investments | 42,398,417.81 | 0 | 42,398,417.81 | | Total Assets Continuously Measured at Fair Value | 54,160,903.19 | 140,387,255.18 | 194,548,158.37 | - The company's Level 1 fair value measured trading financial assets are stocks traded in active markets, with fair value determined by active market quotations[447](index=447&type=chunk) - Level 3 fair value measurement items include unlisted company equity (using specific valuation techniques), bank acceptance bills receivable (recognized at face value), and wealth management products and other debt investments (calculated based on expected return rates)[448](index=448&type=chunk) [XIV. Related Parties and Related Party Transactions](index=158&type=section&id=XIV.%20Related%20Parties%20and%20Related%20Party%20Transactions) This section identifies related parties and details related party transactions, including **1,490.57 yuan** in software development services with Urumqi ZJXL Information Technology - Urumqi ZJXL Information Technology Co., Ltd. is an enterprise controlled by the actual controller of Beijing QF Technology Co., Ltd., and is an other related party of the company[451](index=451&type=chunk) Related Party Transactions for Purchase and Sale of Goods, Provision and Acceptance of Services | Related Party | Related Transaction Content | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | :--- | | Urumqi ZJXL Information Technology Co., Ltd. | Software Development | 1,490.57 | 0 | Key Management Personnel Compensation | Item | Current Period Amount (million yuan) | Prior Period Amount (million yuan) | | :--- | :--- | :--- | | Key Management Personnel Compensation | 4.1825 | 1.8629 | [XV. Share-Based Payments](index=161&type=section&id=XV.%20Share-Based%20Payments) This section details the company's 2022, 2023, and 2024 restricted stock incentive plans, with **4.13 million yuan** in share-based payment expenses recognized this period Details of Each Equity Instrument | Grantee Category | Number Granted This Period (shares) | Amount Granted This Period (yuan) | Number Exercised This Period (shares) | Amount Exercised This Period (yuan) | Number Forfeited This Period (shares) | Amount Forfeited This Period (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Management Personnel | 0 | 0 | 0 | 0 | 5,000.00 | 17,820.00 | | R&D Personnel | 0 | 0 | 400,000.00 | 5,840,000.00 | 12,000.00 | 14,112.00 | | Total | 0 | 0 | 400,000.00 | 5,840,000.00 | 17,000.00 | 31,932.00 | - For the 2022 Restricted Stock Incentive Plan, the grant price for Class A incentive recipients was **2 yuan/share**, and for Class B incentive recipients was **15 yuan/share**, with vesting in batches[458](index=458&type=chunk)[459](index=459&type=chunk) - The grant price for the 2023 reserved restricted shares was **15 yuan/share**, with vesting in batches[460](index=460&type=chunk) - For the 2024 initial grant of restricted shares, the grant price for Beijing Yubo incentive recipients was **8.57 yuan/share**, and for Shanghai Chengsheng incentive recipients was **10.00 yuan/share**, with vesting in batches[461](index=461&type=chunk) Share-Based Payment Expenses for the Current Period | Grantee Category | Equity-Settled Share-Based Payment Expenses (yuan) | | :--- | :--- | | Management Personnel | 228,747.34 | | R&D Personnel | 3,581,084.99 | | Sales Personnel | 189,135.24 | | Production Personnel | 127,203.64 | | Total | 4,126,171.21 | [XVI. Commitments and Contingencies](index=164&type=section&id=XVI.%20Commitments%20and%20Contingencies) The company had no significant contingent matters requiring disclosure as of the balance sheet date - The company has no significant contingent matters requiring disclosure[464](index=464&type=chunk) [XVII. Events After the Balance Sheet Date](index=165&type=section&id=XVII.%20Events%20After%20the%20Balance%20Sheet%20Date) The company had no significant non-adjusting events, profit distributions, or sales returns requiring disclosure after the balance sheet date - The company has no significant non-adjusting events, profit distribution situations, or sales returns requiring disclosure after the balance sheet date until the report issuance date[465](index=465&type=chunk) [XVIII. Other Significant Matters](index=165&type=section&id=XVIII.%20Other%20Significant%20Matters) The company operates as a single business segment, managing and evaluating its intelligent connected products business as a whole - The company's main business is the production and sale of intelligent connected products, and this business is managed and its operating results are evaluated as a whole, thus no segment information needs to be disclosed[466](index=466&type=chunk) [XIX. Notes to Parent Company Financial Statement Items](index=166&type=section&id=XIX.%20Notes%20to%20Parent%20Company%20Financial%20Statement%20Items) This section provides detailed notes for the parent company's key financial statement items, including accounts receivable, long-term equity investments, and operating income - The parent company's accounts receivable ending balance was **345.67 million yuan**, with **99.17%** having an aging of less than 1 year[470](index=470&type=chunk) - The parent company's long-term equity investment ending balance was **152.42 million yuan**, including investments in subsidiaries of **150.97 million yuan** and investments in associates and joint ventures of **1.45 million yuan**[488](index=488&type=chunk) - The parent company's operating revenue for the current period was **293.96 million yuan**, of which main business revenue was **290.40 million yuan**[494](index=494&type=chunk) - The parent company's investment income for the current period was **11.52 million yuan**, mainly from long-term equity investments accounted for using the cost method[499](index=499&type=chunk) [XX. Supplementary Information](index=179&type=section&id=XX.%20Supplementary%20Information) This section provides supplementary information, including a detailed non-recurring gains and losses statement totaling **6.56 million yuan** and key profitability ratios Current Period Non-Recurring Gains and Losses Details | Item | Amount (yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets | -60,732.08 | | Government grants recognized in current profit or loss | 1,556,211.02 | | Gains or losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and disposal of financial assets and liabilities | 2,893,689.48 | | Gains or losses from entrusted investments or asset management | 679,166.59 | | Reversal of impairment provisions for accounts receivable subject to separate impairment testing | 1,024,500.79 | | Other non-operating income and expenses apart from the above | 531,781.19 | | Impact on minority interests (after tax) | -65,647.03 | | Total | 6,558,969.96 | Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Basic Earnings Per Share (yuan) | Diluted Earnings Per Share (yuan) | | :--- | :--- | :--- | :--- | | Net profit attributable to ordinary shareholders of the company | 4.49 | 0.33 | 0.33 | | Net profit attributable to ordinary shareholders of the company after deducting non-recurring gains and losses | 3.61 | 0.27 | 0.27 |