一、募集资金基本情况 证券代码：688316 证券简称：青云科技 公告编号：2025-047 北京青云科技集团股份有限公司 关于 2025 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《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》的规定，将北京青云科技集团股份有限公司（以下简称"本公 司"或"公司"）2025 年半年度募集资金存放与使用情况报告如下： 30 日募集资金专用账户利息收入扣减手续费净额 1.07 万元，手续费 0.0 万元，募集资金 专户 2025 年 6 月 30 日余额合计为 0.00 万元。 经中国证券监督管理委员会证监许可[2021]351 号文《关于同意北京青云科技股份 有限公司首次公开发行股票注册的批复》核准，本公司于 2021 年 3 月向社会公开发行 人民币普通股（A 股）1,200.00 万股，每股发行价为 63.70 元，募集资金总额为人民币 76,440.00 万元，根据有关规定扣除发行 ...

[Important Notice](index=2&type=section&id=Important%20Notice) The Board of Directors and senior management guarantee the truthfulness, accuracy, and completeness of this unaudited semi-annual report, which details operating risks and confirms no profit distribution or capital reserve conversion - The company's Board of Directors and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content[3](index=3&type=chunk) - Operating risks are detailed in Section III 'Management Discussion and Analysis' under 'Risk Factors'[3](index=3&type=chunk) - The company will not distribute profits or convert capital reserves into share capital for the 2025 semi-annual period[5](index=5&type=chunk) - This semi-annual report is unaudited, and the company's responsible persons declare the financial statements to be true, accurate, and complete[7](index=7&type=chunk) [Section I Definitions](index=4&type=section&id=Section%20I%20Definitions) This section provides definitions for common terms used in the report, covering company names, subsidiaries, shareholders, regulatory bodies, and key technologies like cloud computing, AI, IoT, and cloud-native, ensuring accurate understanding of the report content - Defines 'the Company' and 'QingCloud Technology' as Beijing QingCloud Technology Group Co., Ltd[11](index=11&type=chunk) - Lists names and definitions of multiple company shareholders[11](index=11&type=chunk) - Explains core cloud computing concepts including Cloud Computing, ICT, Public Cloud, Private Cloud, Hybrid Cloud, Desktop Cloud, Cloud Application, IaaS, PaaS, and SaaS[12](index=12&type=chunk) - Includes definitions for emerging technologies and industry terms such as AI, IoT, Cloud-Network Convergence, Edge Computing, Cloud-Edge Collaboration, Hyper-Converged, O&M, and IDC[13](index=13&type=chunk)[14](index=14&type=chunk) [Section II Company Profile and Key Financial Indicators](index=8&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section presents the company's basic information, contact details, stock overview, and key accounting data and financial indicators for H1 2025, showing a **30.56% year-on-year decrease in operating revenue**, expanded net loss, increased R&D investment ratio, significantly reduced net assets due to continuous losses, and a substantial decline in net cash flow from operating activities [I. Company Basic Information](index=8&type=section&id=I.%20Company%20Basic%20Information) The company's full name is Beijing QingCloud Technology Group Co., Ltd., abbreviated as QingCloud Technology, with Huang Yunsong as legal representative and its registered office in Chaoyang District, Beijing - The company's Chinese name is Beijing QingCloud Technology Group Co., Ltd., abbreviated as QingCloud Technology[16](index=16&type=chunk) - The legal representative is Huang Yunsong, and the company website is www.qingcloud.com[16](index=16&type=chunk) [II. Contact Persons and Information](index=8&type=section&id=II.%20Contact%20Persons%20and%20Information) The company's Board Secretary (domestic representative for information disclosure) is Zhang Teng, and the Securities Affairs Representative is Liang Jiachen, with disclosed contact address and phone number - The Board Secretary (domestic representative for information disclosure) is Zhang Teng, and the Securities Affairs Representative is Liang Jiachen[17](index=17&type=chunk) - Contact phone number is 010-8305 1688, and email is ir@yunify.com[17](index=17&type=chunk) [III. Overview of Changes in Information Disclosure and Document Custody Locations](index=8&type=section&id=III.%20Overview%20of%20Changes%20in%20Information%20Disclosure%20and%20Document%20Custody%20Locations) The company's designated information disclosure newspaper is Securities Times, the semi-annual report is published on the Shanghai Stock Exchange website, and the report is available at the company's Board Office - The company's designated information disclosure newspaper is Securities Times (www.stcn.com)[18](index=18&type=chunk) - The website address for publishing the semi-annual report is http://www.sse.com.cn[18](index=18&type=chunk) [IV. Company Stock/Depositary Receipt Overview](index=8&type=section&id=IV.%20Company%20Stock%2FDepositary%20Receipt%20Overview) The company's A-shares are listed on the Shanghai Stock Exchange STAR Market under the ticker 'QingCloud Technology' (688316), with no depositary receipts [(1) Company Stock Overview](index=8&type=section&id=(1)%20Company%20Stock%20Overview) - The company's stock type is A-shares, listed on the Shanghai Stock Exchange STAR Market[19](index=19&type=chunk) - The stock abbreviation is QingCloud Technology, and the stock code is 688316[19](index=19&type=chunk) [VI. Company's Key Accounting Data and Financial Indicators](index=9&type=section&id=VI.%20Company's%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In H1 2025, operating revenue decreased by **30.56%** year-on-year, net profit loss expanded to **-41.5627 million yuan**, basic EPS was **-0.87 yuan/share**, and weighted average ROE significantly decreased by **40.33 percentage points**, while R&D investment as a percentage of revenue increased to **26.57%** [(1) Key Accounting Data](index=9&type=section&id=(1)%20Key%20Accounting%20Data) Key Accounting Data for January-June 2025 | Indicator | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 100,112,205.24 yuan | 144,161,398.38 yuan | -30.56 | | Total Profit | -41,403,305.22 yuan | -38,748,167.09 yuan | N/A | | Net Profit Attributable to Shareholders of Listed Company | -41,562,699.03 yuan | -37,638,766.21 yuan | N/A | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains and Losses) | -42,006,420.29 yuan | -38,365,353.84 yuan | N/A | | Net Cash Flow from Operating Activities | -26,605,786.81 yuan | 11,717,729.26 yuan | -327.06 | | Net Assets Attributable to Shareholders of Listed Company (End of Reporting Period) | 43,634,285.49 yuan | 87,114,373.22 yuan | -49.91 | | Total Assets (End of Reporting Period) | 452,746,542.68 yuan | 577,055,589.36 yuan | -21.54 | [(2) Key Financial Indicators](index=9&type=section&id=(2)%20Key%20Financial%20Indicators) Key Financial Indicators for January-June 2025 | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | -0.87 | -0.79 | N/A | | Diluted Earnings Per Share (yuan/share) | -0.87 | -0.79 | N/A | | Basic Earnings Per Share (Excluding Non-Recurring Gains and Losses) (yuan/share) | -0.88 | -0.80 | N/A | | Weighted Average Return on Equity (%) | -63.58 | -23.25 | Decreased by 40.33 percentage points | | Weighted Average Return on Equity (Excluding Non-Recurring Gains and Losses) (%) | -64.26 | -23.70 | Decreased by 40.56 percentage points | | R&D Investment as % of Operating Revenue (%) | 26.57 | 24.50 | Increased by 2.07 percentage points | - The decrease in operating revenue is primarily due to the company reducing low-margin business scale and a phased adjustment in some customer procurement demands[22](index=22&type=chunk) - The significant change in weighted average return on equity is mainly due to the company's continuous losses leading to a reduction in net assets[23](index=23&type=chunk) - The decrease in net cash flow from operating activities is primarily due to the decline in revenue during the current period[23](index=23&type=chunk) [VIII. Non-Recurring Gains and Losses Items and Amounts](index=10&type=section&id=VIII.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) In H1 2025, the company's total non-recurring gains and losses amounted to **443,721.26 yuan**, primarily from disposal of right-of-use assets, government subsidies, and other non-operating income and expenses like lease termination penalties Non-Recurring Gains and Losses Items and Amounts for January-June 2025 | Non-Recurring Gains and Losses Item | Amount (yuan) | Notes (if applicable) | | :--- | :--- | :--- | | Gains and losses from disposal of non-current assets, including reversal of asset impairment provisions | -302,121.07 | Mainly from disposal of right-of-use assets | | Government subsidies recognized in current profit or loss, excluding those closely related to normal business operations, compliant with national policies, enjoyed by fixed standards, and having a continuous impact on company's profit or loss | 891,346.83 | Mainly government subsidies | | Other non-operating income and expenses apart from the above | -145,440.81 | Mainly lease termination penalties | | Impact of minority interests (after tax) | 63.69 | | | Total | 443,721.26 | | [Section III Management Discussion and Analysis](index=11&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section discusses the company's H1 2025 operations, including industry development, business model, core competitiveness, R&D progress, and risks, highlighting a focus on AI computing services and high-margin cloud products, with cloud service gross profit turning positive and continued R&D investment in AI, cloud-native, and Xinchuang [I. Description of the Company's Industry and Main Business Operations During the Reporting Period](index=11&type=section&id=I.%20Description%20of%20the%20Company's%20Industry%20and%20Main%20Business%20Operations%20During%20the%20Reporting%20Period) As an enterprise cloud service provider and digital solution provider, the company focuses on self-developed core code, hybrid cloud market, and AI computing, Xinchuang, and cloud-native scenarios, with revenue from cloud product sales and subscription services, operating in a high-tech, rapidly evolving cloud computing industry driven by AI [(1) Main Business, Products, or Services](index=11&type=section&id=(1)%20Main%20Business%2C%20Products%2C%20or%20Services) - The company is a technology-leading enterprise cloud service provider and digital solution provider, committed to self-developed core code[28](index=28&type=chunk) - It strategically positions itself in the hybrid cloud market, seamlessly integrating public and private clouds to deliver consistent functionality and experience[28](index=28&type=chunk) - The company builds core business lines around four key scenarios: digitalization, AI computing power, Xinchuang, and cloud-native[28](index=28&type=chunk) [(2) Main Operating Model](index=11&type=section&id=(2)%20Main%20Operating%20Model) - The profit model primarily derives from the difference between sales revenue and cost of cloud products (software, hardware, and after-sales support services) and cloud services (resource subscription services)[29](index=29&type=chunk)[30](index=30&type=chunk) - Cloud product costs mainly include hardware procurement (e.g., servers), labor, and software development; cloud service costs primarily involve IT infrastructure acquisition[29](index=29&type=chunk)[30](index=30&type=chunk) - Service models encompass software product business (implementation, maintenance, after-sales, on-site support, project management) and cloud service business (public cloud, intelligent computing cloud, and after-sales support)[31](index=31&type=chunk)[32](index=32&type=chunk)[33](index=33&type=chunk) - Sales models primarily involve direct and channel sales, with cloud products mainly through channels, cloud services mainly direct, and cross-selling activities[34](index=34&type=chunk)[35](index=35&type=chunk)[37](index=37&type=chunk)[38](index=38&type=chunk) - Procurement models include centralized and departmental self-procurement, mainly for servers, network equipment, telecom resources, and non-operating materials[39](index=39&type=chunk)[40](index=40&type=chunk) [(3) Industry Overview](index=16&type=section&id=(3)%20Industry%20Overview) - China's private cloud market is projected to exceed **240.14 billion yuan** by 2025, with a **16.8% year-on-year growth in 2024**, driven by increasing demand from sectors like finance and manufacturing[42](index=42&type=chunk) - In 2024, the global cloud computing market reached **$692.9 billion**, with China's market at **828.8 billion yuan**, growing **34.4% year-on-year**, driven by large AI models[43](index=43&type=chunk) - Intelligent computing cloud platforms integrate and orchestrate heterogeneous, cross-domain intelligent computing resources to support AI technology and application development, reshaping the cloud service industry landscape[45](index=45&type=chunk) - Large AI models and applications profoundly impact the cloud computing market, with a projected global cloud computing market CAGR of **16.8%** from 2024-2030, and AI cloud accounting for **34%**[46](index=46&type=chunk) - Intelligent computing cloud services expand the hybrid cloud model from traditional 'public cloud + private cloud' to hybrid computing supporting general, intelligent, and supercomputing scenarios[46](index=46&type=chunk) - Key characteristics of the cloud computing industry include the coexistence of virtualization, cloud-native, and bare metal, with cloud-native driving application modernization, observability technologies ensuring cloud service stability, cloud-native empowering AI computing power scheduling, and software-defined storage breaking traditional architectural constraints[47](index=47&type=chunk)[48](index=48&type=chunk)[49](index=49&type=chunk)[50](index=50&type=chunk) - The cloud computing industry has high technical barriers, characterized by complex core technologies, rapid iteration, and strong demand for customized development and specialized services[51](index=51&type=chunk)[52](index=52&type=chunk)[53](index=53&type=chunk) - The company offers enterprise-grade full-stack cloud platforms and software-defined storage products in the private cloud sector, serving clients in finance, energy, and other industries[54](index=54&type=chunk) - The company's hyper-converged software ranks third in market share, with software-defined storage being a key product focus[57](index=57&type=chunk) - AI computing power is a key emerging area for the company, with China's intelligent computing power scale projected to reach **1037.3 EFLOPS** by 2025, a **43% year-on-year increase**[57](index=57&type=chunk)[58](index=58&type=chunk) - The company's KubeSphere container platform is the only open-source container platform initiated by a Chinese company with global influence, ranking second in worldwide popularity[65](index=65&type=chunk) - The company's virtualization platform capabilities are gaining increasing global market influence, recognized as a recommended vendor in Gartner's 'Market Guide for Server Virtualization'[67](index=67&type=chunk) [II. Discussion and Analysis of Operations](index=24&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) From January to June 2025, operating revenue decreased by **30.56%** year-on-year to **100.1122 million yuan**, while net profit remained stable at **-41.4033 million yuan**, with cloud service gross profit turning positive at **6.60%** and AI computing cloud revenue reaching **22.8207 million yuan** Operating Performance for January-June 2025 | Indicator | Amount (10,000 yuan) | YoY Change | | :--- | :--- | :--- | | Operating Revenue | 10,011.22 | Decreased by 30.56% | | Operating Cost | 7,430.28 | Decreased by 22.12% | | Gross Profit | 2,580.94 | Decreased | | Net Profit | -4,140.33 | No significant change | - Cloud service business gross profit turned positive, reaching **4.3773 million yuan**, with a gross margin of **6.60%**, an increase of **7.89 percentage points** year-on-year[69](index=69&type=chunk) - From January to June 2025, the company achieved **22.8207 million yuan** in AI computing cloud revenue[69](index=69&type=chunk) - Cloud product gross margin was **63.04%**, as the company continues its high-margin development path by expanding high-margin business scale[69](index=69&type=chunk) [III. Analysis of Core Competitiveness During the Reporting Period](index=24&type=section&id=III.%20Analysis%20of%20Core%20Competitiveness%20During%20the%20Reporting%20Period) The company's core competitiveness stems from over 13 years in cloud computing, self-developed 'public-private unified' hybrid cloud architecture, focus on AI intelligent computing, cloud-native, and Xinchuang products, strong customer base in key industries, and continuous market expansion through optimized commercial structure and enhanced channel development [(1) Core Competitiveness Analysis](index=24&type=section&id=(1)%20Core%20Competitiveness%20Analysis) - The company has over **13 years** of deep expertise in cloud computing, with independently controllable core technologies, self-designed product architecture, and self-developed core underlying code[70](index=70&type=chunk) - It achieves consistent delivery and management of public and private clouds through a 'public-private unified' architecture, reducing O&M complexity and enabling multi-cloud environments[71](index=71&type=chunk) - The company pioneered an intelligent computing platform for unified scheduling and management of diverse heterogeneous computing power, offering AI computing cloud services to resource users and establishing an intelligent computing 'hybrid cloud' model[71](index=71&type=chunk) - Focusing on core advantageous products like AI intelligent computing, cloud-native, and Xinchuang, the company builds differentiated advantages, with AI intelligent computing products already deployed in finance and university research scenarios[72](index=72&type=chunk)[73](index=73&type=chunk) - The KubeSphere open-source container platform is available on platforms like AWS Quick Start and Azure, and has a deep partnership with Ubuntu distributor Canonical[73](index=73&type=chunk) - The company has achieved significant advantages in key industries such as finance, government, education, healthcare, energy, and transportation, serving numerous landmark clients including the People's Bank of China and Everbright Bank[75](index=75&type=chunk) - It continuously optimizes its commercial organizational structure, strengthens channel development, expands from first-tier to second- and third-tier cities, and enhances business scale[75](index=75&type=chunk) - The company places high importance on product delivery and service, boasting an experienced after-sales support team, ensuring stable and reliable products, and high customer satisfaction[76](index=76&type=chunk)[77](index=77&type=chunk) [(3) Core Technologies and R&D Progress](index=27&type=section&id=(3)%20Core%20Technologies%20and%20R%26D%20Progress) - The company has years of R&D and practice in cloud computing technologies, including P2P robot resource scheduling, software-defined networking, distributed storage, cloud-native, hyper-converged architecture, containers, databases, microservices, DevOps, high availability, and security[78](index=78&type=chunk) - Significant R&D investment in cloud-native has led to the release of multi-cluster cloud-native management platforms, cloud-native virtualization platforms, and distributed observability products[79](index=79&type=chunk) - Deep exploration in high-performance computing, elastic EHPC, and AI intelligent computing technologies and products combines GPU intelligent computing, container computing, and HPC to offer integrated high-performance computing services[80](index=80&type=chunk) - Future development strategies include strengthening intelligent computing platform R&D and industry applications, deepening Xinchuang ecosystem cooperation and technological innovation, expanding 'cloud+edge+endpoint' full-scenario hybrid cloud, promoting deep development of cloud-native platforms, researching QingStor and AI intelligent computing integration with Xinchuang data disaster recovery, and participating in industry standard setting and ecosystem building[85](index=85&type=chunk)[86](index=86&type=chunk)[87](index=87&type=chunk)[88](index=88&type=chunk) Intellectual Property Acquired During the Reporting Period | IP Type | New Applications in Current Period (items) | New Grants in Current Period (items) | Cumulative Applications (items) | Cumulative Grants (items) | | :--- | :--- | :--- | :--- | :--- | | Invention Patents | 10 | 5 | 94 | 35 | | Utility Model Patents | 0 | 0 | 0 | 0 | | Design Patents | 0 | 0 | 27 | 27 | | Software Copyrights | 11 | 11 | 151 | 151 | | Other | 0 | 0 | 10 | 10 | | Total | 21 | 16 | 282 | 223 | R&D Investment Status | Indicator | Current Period Amount (yuan) | Prior Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 26,603,521.32 | 35,315,127.25 | -24.67 | | Capitalized R&D Investment | | | | | Total R&D Investment | 26,603,521.32 | 35,315,127.25 | -24.67 | | Total R&D Investment as % of Operating Revenue (%) | 26.57 | 24.50 | 2.07 | - The company has **132 R&D personnel**, accounting for **41.38%** of the total workforce, with **20.45%** holding master's degrees or higher and **70.45%** holding bachelor's degrees[129](index=129&type=chunk)[130](index=130&type=chunk) [IV. Risk Factors](index=43&type=section&id=IV.%20Risk%20Factors) The company faces risks of continued unprofitability, significant performance decline, and loss due to high upfront capital expenditures, insufficient gross profit to cover expenses, and market expansion falling short of expectations, alongside core technology leakage, talent loss, service interruptions, data loss, unrecoverable accounts receivable, and rapid technological iteration - The company has not yet achieved profitability, primarily due to high depreciation costs from initial capital expenditures and insufficient gross profit to cover period expenses[131](index=131&type=chunk) - There is a risk of significant performance decline or loss if private cloud and computing power business market expansion falls short of expectations or industry policies change, potentially leading to revenue decrease[131](index=131&type=chunk) - Core competitiveness risks include the leakage of core technologies and the loss of key R&D talent[131](index=131&type=chunk) - Operating risks include network equipment failures, software vulnerabilities, and hardware malfunctions that could lead to cloud service interruptions and data loss[131](index=131&type=chunk) - Financial risks primarily involve the unrecoverability of accounts receivable, although cloud services using a prepayment model pose lower risk[131](index=131&type=chunk)[132](index=132&type=chunk) - Industry risks stem from the rapid iteration of cloud computing technology; if the company's product performance and service quality lag behind competitors, it could lead to customer churn and market share decline[132](index=132&type=chunk) [V. Major Operating Conditions During the Reporting Period](index=44&type=section&id=V.%20Major%20Operating%20Conditions%20During%20the%20Reporting%20Period) During the reporting period, operating revenue decreased by **30.56%** year-on-year, with net profit attributable to shareholders at **-41.5627 million yuan**, while sales, management, and R&D expenses decreased, financial expenses increased due to finance lease interest, and operating cash flow significantly declined due to reduced revenue [(1) Main Business Analysis](index=44&type=section&id=(1)%20Main%20Business%20Analysis) Analysis of Changes in Financial Statement Items | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 100,112,205.24 | 144,161,398.38 | -30.56 | | Operating Cost | 74,302,795.03 | 95,410,712.23 | -22.12 | | Selling Expenses | 22,579,850.25 | 32,422,481.62 | -30.36 | | Administrative Expenses | 14,941,217.06 | 20,023,521.77 | -25.38 | | Financial Expenses | 5,998,783.54 | 3,993,766.05 | 50.20 | | R&D Expenses | 26,603,521.32 | 35,315,127.25 | -24.67 | | Net Cash Flow from Operating Activities | -26,605,786.81 | 11,717,729.26 | -327.06 | | Net Cash Flow from Investing Activities | -3,149,467.00 | 8,611,743.93 | -136.57 | | Net Cash Flow from Financing Activities | -78,267,963.46 | 21,102,856.38 | -470.89 | - Changes in operating revenue and cost are primarily due to the company reducing low-margin business scale and adjustments in customer procurement demands[134](index=134&type=chunk) - Decreases in selling, administrative, and R&D expenses are mainly due to the company's quality and efficiency improvements, along with reduced personnel and marketing expenditures[134](index=134&type=chunk) - The increase in financial expenses is primarily due to higher finance lease interest expenses in the current period[134](index=134&type=chunk) - The decrease in net cash flow from operating activities is primarily due to the decline in revenue during the current period[134](index=134&type=chunk) [(3) Analysis of Assets and Liabilities](index=45&type=section&id=(3)%20Analysis%20of%20Assets%20and%20Liabilities) Changes in Assets and Liabilities | Item Name | Current Period End Amount (yuan) | Current Period End % of Total Assets | Prior Year End Amount (yuan) | Prior Year End % of Total Assets | YoY Change in Current Period End Amount (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 129,793,280.55 | 28.67 | 238,290,520.32 | 41.29 | -45.53 | Mainly due to increased repayment of bank loans in the current period | | Prepayments | 11,044,135.02 | 2.44 | 4,755,490.13 | 0.82 | 132.24 | Mainly due to payments for some projects not yet recognized as profit or loss in the current period | | Other Receivables | 9,613,726.30 | 2.12 | 16,759,061.36 | 2.90 | -42.64 | Mainly due to prior year's customer liquidated damages being largely recovered in the current period | | Right-of-Use Assets | 4,646,880.38 | 1.03 | 2,013,861.45 | 0.35 | 130.74 | Mainly due to reduction in right-of-use assets from lease termination at year-end, and new leased office space in the current period | | Short-term Borrowings | 147,083,520.00 | 32.49 | 248,050,876.00 | 42.99 | -40.70 | Mainly due to repayment of some bank loans and a portion of bank loans becoming long-term borrowings in the current period | | Other Payables | 6,016,192.31 | 1.33 | 31,250,702.25 | 5.42 | -80.75 | Mainly due to amounts to be refunded at prior year-end being refunded in the current period | | Long-term Borrowings | 64,166,666.66 | 14.17 | 0.00 | 0.00 | 100.00 | Mainly due to new long-term borrowings with maturities over 1 year in the current period | | Long-term Payables | 24,393,522.67 | 5.39 | 50,801,916.90 | 8.80 | -51.98 | Mainly due to the company making timely lease payments as per finance lease contracts in the current period | Major Asset Restrictions as of the End of the Reporting Period | Item | Period-End Carrying Amount (yuan) | Reason for Restriction | | :--- | :--- | :--- | | Cash and Cash Equivalents | 3,746,810.48 | Judicial Freeze | | Fixed Assets | 35,888,372.48 | Credit Mortgage | | Accounts Receivable | 1,379,400.04 | Pledged Income Rights for Finance Lease | | Total | 41,014,583.00 | / | [(4) Investment Analysis](index=47&type=section&id=(4)%20Investment%20Analysis) Overall Analysis of External Equity Investments | Investment Amount in Current Period (yuan) | Investment Amount in Prior Period (yuan) | Change | | :--- | :--- | :--- | | 0 | 124,100,376.00 | -100% | [Section IV Corporate Governance, Environment, and Society](index=50&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section details changes in the company's directors, senior management, and core technical personnel, including resignations and appointments of financial officers, vice general managers, independent directors, and supervisors, noting the abolition of the Supervisory Board and the absence of profit distribution or capital reserve conversion for H1 2025 [I. Changes in Company Directors, Senior Management, and Core Technical Personnel](index=50&type=section&id=I.%20Changes%20in%20Company%20Directors%2C%20Senior%20Management%2C%20and%20Core%20Technical%20Personnel) During the reporting period, the company saw multiple changes in its directors, senior management, and core technical personnel, including the resignation of the financial officer and vice general manager, the appointment of new independent directors, the abolition of the Supervisory Board, and the chairman temporarily assuming the role of Board Secretary - Xiao Haie resigned as financial officer, and Luo Shifang was appointed as financial officer[149](index=149&type=chunk)[150](index=150&type=chunk) - Core technical personnel Liao Yang and Vice General Manager Wang Yifeng resigned due to personal reasons[149](index=149&type=chunk)[150](index=150&type=chunk)[152](index=152&type=chunk) - Several directors (Wu Tingbin, Tang Wensong, Zhang Ren) and independent directors (Li Xing, Cheng Lingsha, Han Bing, Yu Lei) resigned, and new independent directors (Yang Shoushan, You Qingping, Zhang Hui) were elected[149](index=149&type=chunk)[151](index=151&type=chunk)[153](index=153&type=chunk) - The company abolished the Supervisory Board, and its functions are now exercised by the Board's Audit Committee[149](index=149&type=chunk) - Former Vice General Manager Shen Ou and former Board Secretary Zhang Teng no longer serve as senior management, with Chairman Huang Yunsong temporarily acting as Board Secretary[149](index=149&type=chunk)[154](index=154&type=chunk) [II. Status and Impact of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=51&type=section&id=II.%20Status%20and%20Impact%20of%20Company%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The company's 2021 Restricted Stock Incentive Plan's third vesting period for initial grants and second vesting period for reserved grants have been completed, adding **98,441 shares** to be listed on August 14, 2025, with no significant impact on financial indicators [(1) Equity Incentive Matters Disclosed in Interim Announcements with No Subsequent Progress or Changes](index=51&type=section&id=(1)%20Equity%20Incentive%20Matters%20Disclosed%20in%20Interim%20Announcements%20with%20No%20Subsequent%20Progress%20or%20Changes) - The vesting conditions for the third vesting period of the initial grant and the second vesting period of the reserved grant under the company's 2021 Restricted Stock Incentive Plan have been met[155](index=155&type=chunk) - A total of **98,441 new shares** from this restricted stock vesting were registered on August 8, 2025, and will be listed for trading on August 14, 2025[156](index=156&type=chunk) - The company's total share capital increased from **47,799,688 shares** before vesting to **47,898,129 shares**[156](index=156&type=chunk) [Section V Significant Matters](index=53&type=section&id=Section%20V%20Significant%20Matters) This section details the fulfillment of various commitments by the company and its related parties, including share lock-ups, price stabilization, share repurchase, diluted EPS compensation, dividend distribution, and resolution of related-party transactions and competition, alongside disclosures on major litigation, guarantees, and the use of raised funds [I. Fulfillment of Commitments](index=53&type=section&id=I.%20Fulfillment%20of%20Commitments) The company, its actual controllers, shareholders, and related parties have strictly fulfilled various commitments during or continuing into the reporting period, including share lock-ups, price stabilization, and resolution of related-party issues, though Suzhou Tianxiang violated its commitment by reducing shareholdings [(1) Commitments by the Company's Actual Controllers, Shareholders, Related Parties, Acquirers, and the Company During or Continuing into the Reporting Period](index=53&type=section&id=(1)%20Commitments%20by%20the%20Company's%20Actual%20Controllers%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%20During%20or%20Continuing%20into%20the%20Reporting%20Period) - Joint controlling shareholders and actual controllers Huang Yunsong, Lin Yuan, and Gan Quan committed not to transfer shares within **36 months** from the listing date, and not to reduce pre-IPO shares within the first **3 full fiscal years** before the company becomes profitable[163](index=163&type=chunk) - Joint controlling shareholders and actual controllers' concerted parties, Guanjue Network and Yingwu Technology, committed not to transfer shares within **36 months** from the listing date, and not to reduce pre-IPO shares within the first **3 full fiscal years** before the company becomes profitable[164](index=164&type=chunk)[165](index=165&type=chunk) - Directors and/or senior management Cui Tianshu, Jin Meng, Wang Yifeng, Liu Liang, and Shen Ou committed not to directly or indirectly transfer shares or interests within **12 months** from the listing date[167](index=167&type=chunk) - Core technical personnel Li Wei and Liao Yang committed not to transfer shares within **12 months** from the listing date and within **6 months** after resignation[169](index=169&type=chunk) - Suzhou Tianxiang, a shareholder holding over **5%** of shares, violated its commitment by reducing shareholdings[159](index=159&type=chunk) - The company and related parties have made detailed commitments regarding share price stabilization, repurchase of shares issued through fraudulent means, compensation for diluted immediate returns, dividend distribution, and resolution of related-party transactions and competition[190](index=190&type=chunk)[195](index=195&type=chunk)[197](index=197&type=chunk)[200](index=200&type=chunk)[201](index=201&type=chunk)[202](index=202&type=chunk)[203](index=203&type=chunk)[204](index=204&type=chunk)[205](index=205&type=chunk)[206](index=206&type=chunk)[207](index=207&type=chunk)[208](index=208&type=chunk)[209](index=209&type=chunk)[210](index=210&type=chunk)[211](index=211&type=chunk)[212](index=212&type=chunk)[213](index=213&type=chunk)[214](index=214&type=chunk)[215](index=215&type=chunk)[216](index=216&type=chunk)[217](index=217&type=chunk)[218](index=218&type=chunk)[219](index=219&type=chunk)[220](index=220&type=chunk)[221](index=221&type=chunk)[222](index=222&type=chunk)[223](index=223&type=chunk)[224](index=224&type=chunk)[225](index=225&type=chunk) [VII. Major Litigation and Arbitration Matters](index=81&type=section&id=VII.%20Major%20Litigation%20and%20Arbitration%20Matters) During the reporting period, the company was involved in two major litigation/arbitration cases, both settled through mediation, with one case against Beijing Chuwei Electronic Technology and Beijing Xingji Technology for server delivery disputes, and another case with Beijing Weide Data Technology for a sales contract dispute, which has been fulfilled [(2) Litigation and Arbitration Cases Not Disclosed in Interim Announcements or with Subsequent Progress](index=81&type=section&id=(2)%20Litigation%20and%20Arbitration%20Cases%20Not%20Disclosed%20in%20Interim%20Announcements%20or%20with%20Subsequent%20Progress) Major Litigation and Arbitration Matters | Plaintiff (Applicant) | Defendant (Respondent) | Litigation/Arbitration Type | Basic Situation of Litigation/Arbitration | Amount Involved in Litigation/Arbitration (yuan) | Progress of Litigation/Arbitration | Outcome and Impact of Litigation/Arbitration | Execution Status of Litigation/Arbitration Judgment | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Beijing QingCloud Technology Group Co., Ltd. | Beijing Chuwei Electronic Technology, Beijing Xingji Technology Co., Ltd. | Arbitration | Due to server delivery disputes, the company requested a ruling for refund of goods and payment of liquidated damages | 9,800,000 | Settled through mediation | All parties voluntarily reached an agreement confirmed by the arbitration commission | In progress (Xingji Technology still needs to pay the company **7.7 million yuan**, including **2.2 million yuan** in liquidated damages) | | Beijing Weide Data Technology Co., Ltd. | Beijing QingCloud Technology Group Co., Ltd. | Litigation | Due to a server delivery sales contract dispute, Weide Technology requested a ruling for the company to refund goods, pay liquidated damages, and compensate for losses | 27,663,200 | Settled through mediation | Both parties voluntarily reached an agreement confirmed by the court | Fulfilled | - The company paid **1.7 million yuan** in liquidated damages to Beijing Weide Data Technology Co., Ltd. on January 2, 2025, and the judgment for this litigation case has been fulfilled[228](index=228&type=chunk) [XI. Major Contracts and Their Fulfillment](index=83&type=section&id=XI.%20Major%20Contracts%20and%20Their%20Fulfillment) During the reporting period, the company fulfilled several major guarantee contracts, including providing joint liability counter-guarantees for its subsidiary QingCloud Information's bank loans and joint liability guarantees for Beijing QingCloud Intelligent Computing Technology Co., Ltd.'s loans and finance leases, totaling **85 million yuan**, representing **206.26%** of the company's net assets [(2) Major Guarantees Performed and Not Yet Performed During the Reporting Period](index=84&type=section&id=(2)%20Major%20Guarantees%20Performed%20and%20Not%20Yet%20Performed%20During%20the%20Reporting%20Period) Company's External Guarantees (Excluding Guarantees to Subsidiaries) | Guarantor | Guaranteed Party | Guarantee Amount (yuan) | Guarantee Start Date | Guarantee End Date | Is Guarantee Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | | Beijing QingCloud Technology Group Co., Ltd. | Beijing ShouChuang Financing Guarantee Co., Ltd. | 5,000,000.00 | 2024年1月19日 | 2025年1月18日 | Yes | | Beijing QingCloud Technology Group Co., Ltd. | Beijing ShouChuang Financing Guarantee Co., Ltd. | 5,000,000.00 | 2025年2月18日 | 2026年3月25日/2026年6月25日 | No | Company and its Subsidiaries' Guarantees to Subsidiaries | Guarantor | Guaranteed Party | Guarantee Amount (yuan) | Guarantee Start Date | Guarantee End Date | Is Guarantee Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | | Beijing QingCloud Technology Group Co., Ltd. | Beijing QingCloud Intelligent Computing Technology Co., Ltd. | 8,000,000.00 | 2024年6月27日 | 2028年6月28日 | Yes | | Beijing QingCloud Technology Group Co., Ltd. | Beijing QingCloud Intelligent Computing Technology Co., Ltd. | 59,000,000.00 | 2024年8月1日 | 2029年11月28日 | No | | Beijing QingCloud Technology Group Co., Ltd. | Beijing QingCloud Intelligent Computing Technology Co., Ltd. | 18,000,000.00 | 2024年10月25日 | 2029年10月25日 | No | - As of the end of the reporting period, the total guarantee balance to subsidiaries was **85 million yuan**, and the total guarantee amount (including to subsidiaries) was **90 million yuan**, accounting for **206.26%** of the company's net assets[235](index=235&type=chunk) [XII. Explanation of Progress in Use of Raised Funds](index=87&type=section&id=XII.%20Explanation%20of%20Progress%20in%20Use%20of%20Raised%20Funds) The company's total raised funds amounted to **1,188.1604 million yuan**, with **697.7607 million yuan** cumulatively invested by the end of the reporting period, achieving a **101.53%** investment progress, and all projects, including cloud product upgrades, full-domain cloud R&D, and cloud-network integrated infrastructure, have reached their intended usable state [(1) Overall Use of Raised Funds](index=87&type=section&id=(1)%20Overall%20Use%20of%20Raised%20Funds) Overall Use of Raised Funds | Source of Raised Funds | Total Committed Investment (1) (yuan) | Cumulative Raised Funds Invested as of End of Reporting Period (8) (yuan) | Investment Progress as of End of Reporting Period (%) (8)/(1) | | :--- | :--- | :--- | :--- | | Initial Public Offering | 708,324,528.30 | 697,760,734.91 | 101.53 | | Total | 708,324,528.30 | 697,760,734.91 | 101.53 | - On December 9, 2022, the company adjusted the investment amount for its raised fund investment projects, with the adjusted total committed investment amounting to **1,216.3023 million yuan**[239](index=239&type=chunk) [(2) Details of Raised Fund Investment Projects](index=88&type=section&id=(2)%20Details%20of%20Raised%20Fund%20Investment%20Projects) Details of Raised Fund Investment Project Usage | Project Name | Planned Total Investment of Raised Funds (1) (yuan) | Cumulative Raised Funds Invested as of End of Reporting Period (2) (yuan) | Investment Progress as of End of Reporting Period (%) (2)/(1) | Date Project Reached Intended Usable State | | :--- | :--- | :--- | :--- | :--- | | Cloud Computing Product Upgrade Project | 310,488,216.55 | 319,243,213.22 | 102.82 | 2025年3月 | | Full-Domain Cloud Technology R&D Project | 35,103,119.12 | 36,830,410.44 | 104.92 | 2025年3月 | | Cloud-Network Integrated Infrastructure Construction Project | 191,687,111.25 | 191,687,111.25 | 100.00 | 2025年3月 | | Working Capital Supplement Project | 150,000,000.00 | 150,000,000.00 | 100.00 | N/A | [(4) Other Uses of Raised Funds During the Reporting Period](index=89&type=section&id=(4)%20Other%20Uses%20of%20Raised%20Funds%20During%20the%20Reporting%20Period) Cash Management of Idle Raised Funds | Board Approval Date | Approved Amount for Cash Management of Raised Funds (10,000 yuan) | Start Date | End Date | Cash Management Balance at End of Reporting Period (10,000 yuan) | | :--- | :--- | :--- | :--- | :--- | | 2024年3月15日 | 5,000.00 | 2024年3月15日 | 2025年3月14日 | 0.00 | [Section VI Share Changes and Shareholder Information](index=90&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section details the company's share capital changes and shareholder information, noting no changes in ordinary share capital during the reporting period, but an increase of **98,441 shares** post-period due to restricted stock vesting, and the top ten shareholders as of the reporting period end, with Huang Yunsong as the largest shareholder [I. Share Capital Changes](index=90&type=section&id=I.%20Share%20Capital%20Changes) During the reporting period, the company's ordinary share capital and structure remained unchanged, but post-period, **98,441 new shares** were added from the 2021 Restricted Stock Incentive Plan vesting, increasing total share capital to **47,898,129 shares**, with no significant impact on financial indicators, and several controlling shareholders' restricted shares were lifted on July 1, 2025 [(1) Table of Share Changes](index=90&type=section&id=(1)%20Table%20of%20Share%20Changes) - During the reporting period, the company's total ordinary share capital and share structure remained unchanged[246](index=246&type=chunk) - Post-reporting period, the 2021 Restricted Stock Incentive Plan vesting added **98,441 shares**, increasing total share capital from **47,799,688 shares** to **47,898,129 shares**[247](index=247&type=chunk) - The share changes do not constitute a significant impact on financial indicators such as earnings per share and net assets per share[247](index=247&type=chunk) [(2) Changes in Restricted Shares](index=90&type=section&id=(2)%20Changes%20in%20Restricted%20Shares) Changes in Restricted Shares | Shareholder Name | Restricted Shares at Beginning of Period | Restricted Shares Released in Current Period | Restricted Shares at End of Reporting Period | Reason for Restriction | Release Date | | :--- | :--- | :--- | :--- | :--- | :--- | | Huang Yunsong | 6,709,835 | 6,709,835 | 0 | Release of Restricted Shares from Initial Public Offering | 2025年7月1日 | | Gan Quan | 2,200,000 | 2,200,000 | 0 | Release of Restricted Shares from Initial Public Offering | 2025年7月1日 | | Lin Yuan | 1,100,000 | 1,100,000 | 0 | Release of Restricted Shares from Initial Public Offering | 2025年7月1日 | | Yingwu Technology | 922,817 | 922,817 | 0 | Release of Restricted Shares from Initial Public Offering | 2025年7月1日 | | Guanjue Network | 922,816 | 922,816 | 0 | Release of Restricted Shares from Initial Public Offering | 2025年7月1日 | | Total | 11,855,468 | 11,855,468 | 0 | / | / | [II. Shareholder Information](index=90&type=section&id=II.%20Shareholder%20Information) As of the end of the reporting period, the company had **0 shareholders**, with Huang Yunsong as the largest shareholder at **14.04%**, and other institutional shareholders like Jiaxing Lanchi Fanchang Investment Partnership (Limited Partnership) also among the top ten [(1) Total Number of Shareholders](index=90&type=section&id=(1)%20Total%20Number%20of%20Shareholders) - As of the end of the reporting period, the company had **0 shareholders**[250](index=250&type=chunk) [(2) Top Ten Shareholders and Top Ten Non-Restricted Shareholders as of the End of the Reporting Period](index=91&type=section&id=(2)%20Top%20Ten%20Shareholders%20and%20Top%20Ten%20Non-Restricted%20Shareholders%20as%20of%20the%20End%20of%20the%20Reporting%20Period) Top Ten Shareholders as of the End of the Reporting Period | Shareholder Name | Shares Held at Period End (shares) | Percentage (%) | Share Status | Quantity | | :--- | :--- | :--- | :--- | :--- | | Huang Yunsong | 6,709,835 | 14.04 | None | 0 | | Jiaxing Lanchi Fanchang Investment Partnership (Limited Partnership) | 2,709,404 | 5.67 | None | 0 | | Hengqin Zhaozheng Ruixin Investment Center (Limited Partnership) | 2,280,184 | 4.77 | None | 0 | | Gan Quan | 2,200,000 | 4.60 | None | 0 | | Lin Yuan | 1,100,000 | 2.30 | None | 0 | | Tianjin Yingwu Technology Center (Limited Partnership) | 922,817 | 1.93 | None | 0 | | Tianjin Guanjue Network Information Center (Limited Partnership) | 922,816 | 1.93 | None | 0 | | Tianjin Lanchi Xinhe Investment Center (Limited Partnership) | 706,967 | 1.48 | None | 0 | | Suzhou Industrial Park Butterfly Tianxiang Investment Center (Limited Partnership) | 615,463 | 1.29 | None | 0 | | Ying Qiaomin | 410,658 | 0.86 | None | 0 | - Huang Yunsong, Gan Quan, and Lin Yuan are the company's joint controlling shareholders and actual controllers, having signed a 'Concerted Action Agreement' on July 15, 2019[252](index=252&type=chunk) - Jiaxing Lanchi and Tianjin Lanchi are concerted parties, and Lin Yuan is the executive partner of Yingwu Technology and Guanjue Network[252](index=252&type=chunk) [Section VII Bond-Related Information](index=94&type=section&id=Section%20VII%20Bond-Related%20Information) This section confirms that the company has no corporate bonds (including enterprise bonds), non-financial enterprise debt financing instruments, or convertible corporate bonds during the reporting period - The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[256](index=256&type=chunk) - The company has no convertible corporate bonds[256](index=256&type=chunk) [Section VIII Financial Report](index=95&type=section&id=Section%20VIII%20Financial%20Report) This section presents the company's unaudited financial statements for H1 2025, including consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with detailed notes on accounting policies, taxes, and financial items, highlighting continued losses but positive cloud service gross profit and increased R&D investment ratio [II. Financial Statements](index=95&type=section&id=II.%20Financial%20Statements) This part provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for H1 2025, showing total assets of **453 million yuan**, total liabilities of **396 million yuan**, and net profit of **-41.4033 million yuan** [Consolidated Balance Sheet](index=95&type=section&id=Consolidated%20Balance%20Sheet) Key Data from Consolidated Balance Sheet (June 30, 2025) | Item | Period-End Balance (yuan) | Period-Beginning Balance (yuan) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 129,793,280.55 | 238,290,520.32 | | Accounts Receivable | 67,255,091.65 | 66,420,470.59 | | Total Assets | 452,746,542.68 | 577,055,589.36 | | Short-term Borrowings | 147,083,520.00 | 248,050,876.00 | | Contract Liabilities | 45,905,760.78 | 44,818,991.93 | | Total Liabilities | 395,747,096.16 | 489,735,448.92 | | Total Equity Attributable to Parent Company Owners | 43,634,285.49 | 87,114,373.22 | [Consolidated Income Statement](index=99&type=section&id=Consolidated%20Income%20Statement) Key Data from Consolidated Income Statement (January-June 2025) | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 100,112,205.24 | 144,161,398.38 | | Total Operating Cost | 144,713,972.15 | 187,711,124.73 | | Total Profit | -41,403,305.22 | -38,748,167.09 | | Net Profit | -41,403,305.22 | -38,752,038.82 | | Net Profit Attributable to Parent Company Shareholders | -41,562,699.03 | -37,638,766.21 | | Basic Earnings Per Share (yuan/share) | -0.87 | -0.79 | [Consolidated Cash Flow Statement](index=103&type=section&id=Consolidated%20Cash%20Flow%20Statement) Key Data from Consolidated Cash Flow Statement (January-June 2025) | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -26,605,786.81 | 11,717,729.26 | | Net Cash Flow from Investing Activities | -3,149,467.00 | 8,611,743.93 | | Net Cash Flow from Financing Activities | -78,267,963.46 | 21,102,856.38 | | Net Increase in Cash and Cash Equivalents | -108,046,193.91 | 41,506,529.92 | | Cash and Cash Equivalents at Period End | 126,046,470.07 | 140,876,351.63 | [III. Company Basic Information](index=114&type=section&id=III.%20Company%20Basic%20Information) Beijing QingCloud Technology Group Co., Ltd. was established as a joint-stock company on May 30, 2019, and listed on the STAR Market in February 2021, with its total share capital and registered capital both at **47,799,688.00 yuan** as of June 30, 2025 [1. Company Overview](index=114&type=section&id=1.%20Company%20Overview) - The company was wholly restructured into a joint-stock company on May 30, 2019[288](index=288&type=chunk) - It completed its initial public offering and listed on the STAR Market in February 2021[288](index=288&type=chunk) - As of June 30, 2025, the company's total share capital and registered capital both amounted to **47,799,688.00 yuan**[289](index=289&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=154&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes on key consolidated financial statement items, including cash, receivables, fixed assets, borrowings, and revenue, highlighting decreases in cash and short-term borrowings, increases in prepayments and right-of-use assets, a decline in operating revenue, and continued net losses, but with cloud service gross profit turning positive [1. Cash and Cash Equivalents](index=154&type=section&id=1.%20Cash%20and%20Cash%20Equivalents) Cash and Cash Equivalents Status | Item | Period-End Balance (yuan) | Period-Beginning Balance (yuan) | | :--- | :--- | :--- | | Bank Deposits | 129,263,815.28 | 235,850,405.24 | | Other Cash and Cash Equivalents | 529,465.27 | 2,440,115.08 | | Total | 129,793,280.55 | 238,290,520.32 | | Of which: Total amount deposited overseas | | 4,339,143.45 | - Restricted bank deposits at period-end amounted to **3,746,810.48 yuan**, primarily due to judicial freeze[427](index=427&type=chunk) [5. Accounts Receivable](index=155&type=section&id=5.%20Accounts%20Receivable) Aging Analysis of Accounts Receivable | Aging | Period-End Carrying Amount (yuan) | Period-Beginning Carrying Amount (yuan) | | :--- | :--- | :--- | | Within 1 year | 41,053,271.96 | 51,005,731.05 | | 1 to 2 years | 26,135,897.98 | 9,367,984.38 | | Over 5 years | 21,618,363.65 | 17,608,258.75 | | Total | 101,752,034.66 | 101,269,292.76 | Provision for Bad Debts of Accounts Receivable | Category | Period-End Carrying Amount (yuan) | Period-End Provision for Bad Debts (yuan) | Period-End Carrying Value (yuan) | | :--- | :--- | :--- | :--- | | Provision for bad debts on an individual basis | 6,863,309.59 | 6,863,309.59 | 0 | | Provision for bad debts on a collective basis | 94,888,725.07 | 27,633,633.42 | 67,255,091.65 | | Total | 101,752,034.66 | 34,496,943.01 | 67,255,091.65 | - The provision for bad debts in the current period amounted to **148,120.84 yuan**, with **500,000.00 yuan** written off[435](index=435&type=chunk) [9. Other Receivables](index=161&type=section&id=9.%20Other%20Receivables) Aging Analysis of Other Receivables | Aging | Period-End Carrying Amount (yuan) | Period-Beginning Carrying Amount (yuan) | | :--- | :--- | :--- | | Within 1 year | 8,121,328.74 | 22,719,052.48 | | 1 to 2 years | 7,289,233.41 | 202,226.86 | | Over 5 years | 850,335.06 | 840,659.42 | | Total | 16,987,468.26 | 24,355,158.99 | Classification of Other Receivables by Nature | Nature of Payment | Period-End Carrying Amount (yuan) | Period-Beginning Carrying Amount (yuan) | | :--- | :--- | :--- | | Receivable for Returns | 5,500,000.00 | 13,302,292.55 | | Deposits and Guarantees | 10,735,570.60 | 10,779,432.34 | | Total | 16,987,468.26 | 24,355,158.99 | Provision for Bad Debts of Other Receivables | Provision for Bad Debts | Balance as of January 1, 2025 (yuan) | Provision in Current Period (yuan) | Balance as of June 30, 2025 (yuan) | | :--- | :--- | :--- | :--- | | Stage 1 Expected Credit Loss for 12 Months | 2,096,097.63 | -222,355.67 | 1,873,741.96 | | Stage 3 Expected Credit Loss for Entire Lifetime (Credit Impaired) | 5,500,000.00 | | 5,500,000.00 | | Total | 7,596,097.63 | -222,355.67 | 7,373,741.96 | [21. Fixed Assets](index=172&type=section&id=21.%20Fixed%20Assets) Carrying Value of Fixed Assets | Item | Period-End Balance (yuan) | Period-Beginning Balance (yuan) | | :--- | :--- | :--- | | Fixed Assets | 193,278,821.97 | 211,702,404.56 | | Total | 193,278,821.97 | 211,702,404.56 | Changes in Original Cost and Accumulated Depreciation of Fixed Assets | Item | Original Cost at Period Beginning (yuan) | Amount Increased in Current Period (yuan) | Amount Decreased in Current Period (yuan) | Original Cost at Period End (yuan) | | :--- | :--- | :--- | :--- | :--- | | Buildings and Structures | 41,876,939.86 | 0 | 0 | 41,876,939.86 | | Servers | 344,366,501.41 | 3,247,625.64 | 60,417.81 | 347,553,709.24 | | Network Equipment | 134,392,075.84 | 2,065,368.45 | 53,084.07 | 136,404,360.22 | | Electronic Equipment and Other | 4,212,058.18 | 3,844.56 | 764,122.10 | 3,451,780.64 | | Total | 524,847,575.29 | 5,316,838.65 | 877,623.98 | 529,286,789.96 | | Item | Accumulated Depreciation at Period Beginning (yuan) | Amount Increased in Current Period (yuan) | Amount Decreased in Current Period (yuan) | Accumulated Depreciation at Period End (yuan) | | :--- | :--- | :--- | :--- | :--- | | Buildings and Structures | 2,983,731.96 | 497,288.64 | 0 | 3,481,020.60 | | Servers | 188,050,787.69 | 20,378,404.20 | 57,396.90 | 208,371,794.99 | | Network Equipment | 118,183,953.04 | 2,776,506.05 | 23,113.86 | 120,937,345.23 | | Electronic Equipment and Other | 3,926,698.04 | 14,794.95 | 723,685.82 | 3,217,807.17 | | Total | 313,145,170.73 | 23,666,993.84 | 804,196.58 | 336,007,967.99 | - The carrying value of buildings and structures is **38,395,919.26 yuan**, with property certificates not yet obtained due to unfulfilled conditions for issuance[482](index=482&type=chunk) [31. Assets with Restricted Ownership or Right-of-Use](index=178&type=section&id=31.%20Assets%20with%20Restricted%20Ownership%20or%20Right-of-Use) Status of Assets with Restricted Ownership or Right-of-Use | Item | Period-End Carrying Value (yuan) | Restriction Type | Restriction Details | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 3,746,810.48 | Freeze | Judicial Freeze | | Fixed Assets | 35,888,372.48 | Mortgage | Credit Mortgage | | Accounts Receivable | 1,379,400.04 | Pledge | Pledged Income Rights for Finance Lease | | Total | 41,014,583.00 | / | / | [32. Short-term Borrowings](index=179&type=section&id=32.%20Short-term%20Borrowings) Classification of Short-term Borrowings | Item | Period-End Balance (yuan) | Period-Beginning Balance (yuan) | | :--- | :--- | :--- | | Mortgage and Guarantee Loans | 52,083,520.00 | 73,050,876.00 | | Guarantee Loans | 95,000,000.00 | 175,000,000.00 | | Total | 147,083,520.00 | 248,050,876.00 | [45. Long-term Borrowings](index=183&type=section&id=45.%20Long-term%20Borrowings) Classification of Long-term Borrowings | Item | Period-End Balance (yuan) | Period-Beginning Balance (yuan) | | :--- | :--- | :--- | | Guarantee Loans | 64,166,666.66 | 0 | | Total | 64,166,666.66 | 0 | [55. Capital Reserve](index=186&type=section&id=55.%20Capital%20Reserve) Changes in Capital Reserve | Item | Period-Beginning Balance (yuan) | Amount Decreased in Current Period (yuan) | Period-End Balance (yuan) | | :--- | :--- | :--- | :--- | | Capital Premium (Share Premium) | 1,127,937,171.28 | 0 | 1,127,937,171.28 | | Other Capital Reserve | 65,145,423.21 | 1,619,463.81 | 63,525,959.40 | | Total | 1,193,082,594.49 | 1,619,463.81 | 1,191,463,130.68 | - The **1,619,463.81 yuan** decrease in other capital reserve this period is due to share-based payment expenses arising from equity instruments[547](index=547&type=chunk) [61. Operating Revenue and Operating Cost](index=189&type=section&id=61.%20Operating%20Revenue%20and%20Operating%20Cost) Operating Revenue and Operating Cost Status | Item | Current Period Revenue (yuan) | Current Period Cost (yuan) | Prior Period Revenue (yuan) | Prior Period Cost (yuan) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 99,782,016.55 | 74,302,795.03 | 144,161,398.38 | 95,410,712.23 | | Other Business | 330,188.69 | 0 | 0 | 0 | | Total | 100,112,205.24 | 74,302,795.03 | 144,161,398.38 | 95,410,712.23 | Breakdown of Operating Revenue and Operating Cost | Contract Classification | Operating Revenue (yuan) | Operating Cost (yuan) | | :--- | :--- | :--- | | Cloud Product Business | 33,474,962.78 | 12,373,079.72 | | Cloud Service Business | 66,307,053.77 | 61,929,715.31 | | Total | 99,782,016.55 | 74,302,795.03 | [65. R&D Expenses](index=190&type=section&id=65.%20R%26D%20Expenses) Composition of R&D Expenses | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Employee Compensation | 23,057,933.28 | 32,280,222.72 | | Cabinet Rental Fees | 499,245.28 | 962,830.18 | | Depreciation and Amortization Expenses | 1,512,094.22 | 925,157.89 | | Meeting and Office Expenses | 108,843.57 | 241,960.52 | | Travel Expenses | 188,971.98 | 243,565.92 | | Other | 1,236,432.99 | 661,390.02 | | Total | 26,603,521.32 | 35,315,127.25 | [72. Credit Impairment Losses](index=192&type=section&id=72.%20Credit%20Impairment%20Losses) Credit Impairment Losses Status | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Bad Debt Loss on Accounts Receivable | 36,894.54 | -58,275.58 | | Bad Debt Loss on Other Receivables | 37,340.29 | 55,261.21 | | Total | 74,234.83 | -3,014.37 | [78. Cash Flow Statement Items](index=194&type=section&id=78.%20Cash%20Flow%20Statement%20Items) Other Cash Received Related to Operating Activities | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Collections and Payments on Behalf of Others | 0 | 45,138,454.46 | | Government Subsidies | 740,631.45 | 380,944.25 | | Interest Income | 574,295.49 | 432,137.82 | | Petty Cash | 7,418,337.61 | 0 | | Total | 11,415,133.57 | 46,120,983.15 | Other Cash Paid Related to Operating Activities | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Cash Paid for Administrative Expenses | 4,504,896.60 | 8,411,443.58 | | Cash Paid for Selling Expenses | 1,838,087.18 | 12,758,585.35 | | Cash Paid for R&D Expenses | 358,172.35 | 5,142,453.84 | | Non-Operating Expenses | 3,057,327.91 | 0 | | Total | 10,567,840.77 | 65,950,821.64 | Changes in Liabilities Arising from Financing Activities | Item | Period-Beginning Balance (yuan) | Cash Increase in Current Period (yuan) | Cash Decrease in Current Period (yuan) | Period-End Balance (yuan) | | :--- | :--- | :--- | :--- | :--- | | Short-term Borrowings | 248,050,876.00 | 267,290,094.07 | 382,346,670.07 | 147,083,520.00 | | Long-term Borrowings | 0 | 70,000,000.00 | 5,833,333.34 | 64,166,666.66 | | Other Payables - Investment | 23,000,000.00 | 0 | 10,000,000.00 | 0 | [X. Interests in Other Entities](index=202&type=section&id=X.%20Interests%20in%20Other%20Entities) This section discloses the company's interests in subsidiaries, joint ventures, and associates, including several wholly-owned or controlled subsidiaries primarily engaged in software and IT services, with Beijing QingCloud Intelligent Computing Technology Co., Ltd. being a significant non-wholly-owned subsidiary with a **30%** minority interest [1. Interests in Subsidiaries](index=202&type=section&id=1.%20Interests%20in%20Subsidiaries) Composition of the Enterprise Group | Subsidiary Name | Registered Place | Business Nature | Shareholding Ratio (%) Direct | | :--- | :--- | :--- | :--- | | QingCloud Technology Co., Ltd. | Chengdu | Software and Information Technology Services | 100 | | Cloud Computing HK Limited | Hong Kong | Software and Information Technology Services | 100 | | QingCloud Storage Technology (Chengdu) Co., Ltd. | Chengdu | Software and Information Technology Services | 100 | | Beijing Shuzheng QingCloud Technology Co., Ltd. | Beijing | Software and Information Technology Services | 100 | | QingCloud Intelligent Technology (Suzhou) Co., Ltd. | Suzhou | Software and Information Technology Services | 100 | | Tianfu QingCloud (Chengdu) Technology Co., Ltd. | Chengdu | Software and Information Technology Services | 81 | | Beijing QingCloud Energy Technology Co., Ltd. | Beijing | Software and Information Technology Services | 51 | | Shandong Quanyun Smart Technology Co., Ltd. | Shandong | Software and Information Technology Services | 55 | | Beijing QingCloud Intelligent Computing Technology Co., Ltd. | Beijing | Software and Information Technology Services | 66.8621 | | Guangge Network Technology (Chengdu) Co., Ltd. | Chengdu | Software and Information Technology Services | 100 | | Beijing QingCloud Information Technology Co., Ltd. | Beijing | Software and Information Technology Services | 100 | | Beijing Quanxiang Cloud Technology Co., Ltd. | Beijing | Software and Information Technology Services | 100 | | PT CLOUD COMPUTING INDONESIA | Jakarta, Indonesia | Software and Information Technology Services | 10 | | Wuhan QingCloud Technology Co., Ltd. | Wuhan | Software and Information Technology Services | 100 | | Hainan Yuzhi Technology Co., Ltd. | Haikou | Software and Information Technology Services | 100 | Significant Non-Wholly Owned Subsidiaries | Subsidiary Name | Minority Shareholding Ratio (%) | Profit or Loss Attributable to Minority Shareholders in Current Period (yuan) | Minority Interests Balance at Period End (yuan) | | :--- | :--- | :--- | :--- | | Beijing QingCloud Intelligent Computing Technology Co., Ltd. | 30.00 | 321,031.45 | 13,468,972.30 | [3. Interests in Joint Ventures or Associates](index=205&type=section&id=3.%20Interests%20in%20Joint%20Ventures%20or%20Associates) Significant Joint Ventures or Associates | Joint Venture or Associate Name | Registered Place | Business Nature | Shareholding Ratio (%) Direct | Accounting Treatment Method for Investment | | :--- | :--- | :--- | :--- | :--- | | QingCloud Chuangyuan Cloud Computing Service Chengde Co., Ltd. | Chengde | Software and Information Technology Services | 20 | Equity Method | | Xinyu Yushui Hexin Technology Co., Ltd. | Xinyu | Software and Information Technology Services | 20 | Equity Method | | Suishi Technology Innovation (Beijing) Co., Ltd. | Beijing | Software and Information Technology Services | 8.1313 | Equity Method | | Shanghai QingCloud Zongmu Software Technology Co., Ltd. | Shanghai | Software and Information Technology Services | 20 | Equity Method | | Beijing Tiankaixin Technology Co., Ltd. | Beijing | Software and Information Technology Services | 19 | Equity Method | Key Financial Information of Significant

证券代码：688316 证券简称：青云科技 公告编号：2025-048 北京青云科技集团股份有限公司 关于聘任高级管理人员、证券事务代表及指定董 事长代行董事会秘书职责的公告 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。 北京青云科技集团股份有限公司（以下简称"公司"）于 2025 年 8 月 29 日召开第三届董事会第二次会议，审议通过了《关于聘任公司总经理的议案》《关 于聘任公司副总经理的议案》《关于聘任公司财务负责人的议案》《关于董事长 代行董事会秘书职责的议案》《关于聘任公司证券事务代表的议案》。现将具体 情况公告如下： 一、高级管理人员聘任情况 公司于 2025 年 8 月 29 日召开第三届董事会第二次会议，审议通过了《关于 聘任公司总经理的议案》《关于聘任公司副总经理的议案》《关于聘任公司财务 负责人的议案》《关于董事长代行董事会秘书职责的议案》，同意聘任林源先生 担任公司总经理，同意聘任罗世芳女士担任公司副总经理兼财务负责人，任期自 第三届董事会第二次会议审议通过之日起至第三届董事会任期届满之日止。同时， ...

资料显示，北京青云科技集团股份有限公司位于北京市朝阳区酒仙桥路6号院9号楼11层1101室，成立日 期2012年4月17日，上市日期2021年3月16日，公司主营业务涉及向客户提供云计算产品与服务。主营业 务收入构成为：云服务53.48%，云产品46.48%，其他(补充)0.04%。 8月26日，青云科技跌1.87%，成交额3.01亿元。两融数据显示，当日青云科技获融资买入额3685.01万 元，融资偿还3411.06万元，融资净买入273.94万元。截至8月26日，青云科技融资融券余额合计2.48亿 元。 融资方面，青云科技当日融资买入3685.01万元。当前融资余额2.48亿元，占流通市值的6.46%，融资余 额超过近一年90%分位水平，处于高位。 融券方面，青云科技8月26日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元； 融券余量0.00股，融券余额0.00元，超过近一年90%分位水平，处于高位。 截至3月31日，青云科技股东户数1.10万，较上期增加83.19%；人均流通股3265股，较上期减少 45.41%。2025年1月-3月，青云科技实现营业收入4701.21万元 ...

Core Viewpoint - As of August 25, 2025, Qingyun Technology U (688316) reported a closing price of 81.73 yuan, reflecting a decline of 1.32% with a turnover rate of 13.18% and a trading volume of 63,100 lots, amounting to 525 million yuan in transaction value [1] Financial Performance - For the first quarter of 2025, Qingyun Technology reported total operating revenue of 47.01 million yuan, a year-on-year decrease of 37.02% [1] - The net profit attributable to shareholders was 22.90 million yuan, showing a significant year-on-year decline of 201.63% [1] - The non-recurring net profit was 22.82 million yuan, down 147.82% year-on-year [1] - The company's liquidity ratios were as follows: current ratio at 0.707, quick ratio at 0.704, and a debt-to-asset ratio of 83.70% [1] Company Overview - Beijing Qingyun Technology Group Co., Ltd. was established in 2012 and is located in Beijing, primarily engaged in technology promotion and application services [2] - The company has a registered capital of 477.99688 million yuan and a paid-in capital of 283.22786 million yuan [1] - The legal representative of the company is Huang Yunsong [1] Investment and Intellectual Property - Qingyun Technology has made investments in 18 enterprises and participated in 155 bidding projects [2] - The company holds 284 trademark registrations and 116 patent registrations, along with 10 administrative licenses [2]

证券之星消息，8月21日IT服务板块较上一交易日下跌0.49%，海天瑞声领跌。当日上证指数报收于 3771.1，上涨0.13%。深证成指报收于11919.76，下跌0.06%。IT服务板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 837748 | 路桥信息 | 75.04 | 15.70% | 7.18万 | 5.55亿 | | 300287 | 飞利信 | 6.48 | 5.88% | 239.30万 | 15.34亿 | | 301178 | 天亿马 | 53.15 | 5.23% | 6.67万 | 3.52亿 | | 300872 | 天阳科技 | 26.71 | 4.75% | 118.39万 | 33.30亿 | | 839493 | 并行科技 | 181.50 | 4.58% | 4.68万 | 8.27亿 | | 688316 | 青云科技 | 81.80 | 4.56% | 6.11万 | 4.88亿 | | 300290 | 荣科科技 | 24.76 ...

北京市盈科律师事务所 关于北京青云科技集团股份有限公司 法律意见书 北京市朝阳区金和东路 20 号院正大中心 2 号楼 19-25 层 法律意见书 北京市盈科律师事务所 关于北京青云科技集团股份有限公司 致：北京青云科技集团股份有限公司 北京市盈科律师事务所（以下简称"本所"）是具有中华人民共和国法律执 业资格的律师事务所。本所接受北京青云科技集团股份有限公司（以下简称"公 司"）的委托，就公司召开 2025 年第一次临时股东会（以下简称"本次股东会"） 的有关事宜，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》"）、《上市公司股东会规则》 （以下简称"《股东会规则》"）等法律、法规、规章及其他规范性文件（以下 简称"中国法律法规"，仅为本法律意见书之目的，不包括香港特别行政区、澳 门特别行政区及台湾地区的法律、法规）以及《北京青云科技集团股份有限公司 章程》（以下简称"《公司章程》"）的有关规定，出具本法律意见书。 本所及本所律师根据《证券法》《律师事务所从事证券法律业务管理办法》 和《律师事务所证券法律业务执业规则（试行）》等规定及本法律意见书出具 ...

Group 1 - The core point of the article is that Qingyun Technology announced the election of Huang Yunsong as the chairman of the board and legal representative of the company [1] Group 2 - The entire board of directors unanimously agreed on the election of Huang Yunsong [1]

证券日报网讯 8月20日晚间，青云科技发布公告称，公司第三届董事会已于2025年8月20日完成换届， 鉴于新一届高级管理人员的提名等相关工作尚在积极筹备中，为确保相关工作的连续性和稳定性，公司 高级管理人员的聘任工作将适当延期进行，同时公司现任高级管理人员的任期也将相应顺延。 （文章来源：证券日报） ...

（文章来源：证券日报） 证券日报网讯 8月20日晚间，青云科技发布公告称，公司22025年第一次临时股东会审议通过了《关于 调整董事会席位暨修订及相关制度的议案》等多项议案。 ...