Core Viewpoint - The report outlines the continuous supervision and guidance provided by Shenwan Hongyuan Securities for CITIC Technology's compliance with regulations and operational standards following its IPO on the Sci-Tech Innovation Board in 2025 Continuous Supervision Work - Shenwan Hongyuan Securities has established and effectively executed a continuous supervision work plan for CITIC Technology, ensuring compliance with relevant regulations [1] - A continuous supervision agreement has been signed with CITIC Technology, clarifying the rights and obligations of both parties during the supervision period [1] - Various methods such as daily communication, regular visits, on-site inspections, and due diligence have been employed to monitor CITIC Technology's operational status [1][2] Compliance and Internal Control - The company has been guided to establish and effectively implement governance structures, including rules for shareholder meetings, board meetings, and behavior norms for management [2] - Shenwan Hongyuan has ensured that CITIC Technology's internal control systems meet regulatory requirements and are effectively executed [2] Information Disclosure - The sponsor has reviewed CITIC Technology's information disclosure documents, ensuring compliance with relevant regulations and confirming that no false records or misleading statements exist [3][11] - During the first half of 2025, no significant issues were identified in CITIC Technology's operations or disclosures [5][11] Financial Performance - For the first half of 2025, CITIC Technology reported a revenue of 253,724.23 million yuan, a decrease of 15.21% compared to the same period in 2024 [11] - The net profit attributable to shareholders was a loss of 8,725.02 million yuan, showing an improvement from a loss of 10,250.01 million yuan in the previous year [11] - As of June 30, 2025, total assets were 1,311,138.94 million yuan, down 4.55% from the end of 2024 [11] Research and Development - CITIC Technology's R&D expenditure for the first half of 2025 was 49,150.10 million yuan, a decrease of 10.83% year-on-year, with R&D investment accounting for a significant portion of revenue [17] - The company has made advancements in 6G research, focusing on key technologies and achieving notable results in the development of new communication systems [17] Market Position and Competitive Advantage - CITIC Technology holds a leading position in the mobile communication sector, with over 24,000 proposals for 5G international standards and a strong patent portfolio [13][14] - The company is actively involved in the development of satellite internet solutions and has established a comprehensive industrial capability from chip production to service provision [14][15] Shareholder Structure - As of June 30, 2025, the controlling shareholder, China Information Communication Technology Group, holds 41.01% of CITIC Technology's shares, with no pledges or reductions reported among the management [20][21]

证券代码：688387 证券简称：信科移动 公告编号：2025-028 中信科移动通信技术股份有限公司 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、监事会会议召开情况 中信科移动通信技术股份有限公司（以下简称"公司"）第二届监事会第六 次会议于 2025 年 8 月 21 日在公司会议室以现场和通讯相结合的方式召开，本 次会议通知已于 2025 年 8 月 8 日通过电子邮件形式送达公司全体监事。本次会 议由监事会主席李汉兵先生主持，会议应出席监事 5 人，实际出席监事 5 人。 本次会议的召开符合《中华人民共和国公司法》等法律、法规、部门规章 以及《中信科移动通信技术股份有限公司章程》的有关规定，会议决议合法、 有效。 二、监事会会议审议情况 （一）审议通过了《关于公司 2025 年半年度报告及其摘要的议案》 监事会认为：公司董事会编制和审议 2025 年半年度报告及摘要的程序符合 相关法律、行政法规和中国证监会的规定；报告的内容能够真实、准确、完整 地反映上市公司的实际情况；报告的内容与格式符合有关规定，公允地 ...

| | 与披露的信息与事实不符的，及时督促上 市公司如实披露或予以澄清；上市公司不 | | | --- | --- | --- | | | 予披露或澄清的，应及时向上海证券交易 所报告 发现以下情形之一的，督促上市公司做出 | | | | 说明并限期改正，同时向上海证券交易所 报告：（一）涉嫌违反《上市规则》等相 | | | | 关业务规则；（二）证券服务机构及其签 | | | | 名人员出具的专业意见可能存在虚假记 | 2025年上半年持续督导期间，信科移动不 | | 14 | 载、误导性陈述或重大遗漏等违法违规情 | 存在前述情况 | | | 形或其他不当情形；（三）公司出现《保 | | | | 荐办法》第七十一条、第七十二条规定的 | | | | 情形；（四）公司不配合持续督导工作； | | | | （五）上海证券交易所或保荐人认为需要 | | | | 报告的其他情形 | | | | 制定对上市公司的现场检查工作计划，明 确现场检查工作要求，确保现场检查工作 | | | | 质量。上市公司出现以下情形之一的，保 | | | | 荐机构、保荐代表人应当自知道或者应当 | | | | 知道之日15日内进行专 ...

格隆汇8月22日丨信科移动(688387.SH)公布半年度报告，2025年上半年公司实现营业收入25.37亿元，较 上年同期下降15.21%；归属于上市公司股东的净利润-0.62亿元，与上年同期基本持平；实现归属于上 市公司股东的扣除非经常性损益的净利润-0.87亿元，相较上年同期减亏超过1,500万元。 ...

中信科移动通信技术股份有限公司 关于对信科（北京）财务有限公司的风险持续评估报告 根据上海证券交易所发布的《上海证券交易所上市公司自律监管指引第5号——交易 与关联交易》的要求，中信科移动通信技术股份有限公司（以下简称"信科移动"或"公司") 通过查验信科（北京）财务有限公司（以下简称"信科财务公司"或"财务公司"）的《营业 执照》与《金融许可证》等资料，审阅资产负债表、利润表、现金流量表等财务公司的定期财 务报告，对其经营资质、业务和风险状况进行了评估，具体情况报告如下: 一、财务公司基本情况 信科（北京）财务有限公司于 2011 年 11 月 22 日注册登记，系依照《中华人民共和国公 司法》、《企业集团财务公司管理办法》等有关法律法规的规定，经国家金融监督管理总局(原 中国银行保险监督管理委员会)批准成立的非银行金融机构，财务公司注册资本 10.00 亿元。 现法定代表人为：肖波；公司类型：有限责任公司（法人独资）；企业注册地址：北京市海淀 区学院路 40 号一区。统一社会信用代码：91110000717831362U。 2021年1月25日，中国信息通信科技集团有限公司受让了电信科学技术研究院有限公司 ...

中信科移动通信技术股份有限公司 2025年上半年"提质增效重回报"行动方案评估报告 天馈及室分设备业务，继续稳居行业第一梯队，天馈设备集采综合市场份额 第一，省采综合市场份额第二，室分设备综合市场份额保持前二。新商业模式拓 展取得突破性进展，成功中标运营商研究院 5G 小基站委托生产及服务项目，框 架金额超过 1 亿元，为业务增长注入新动能。 服务业务，进一步提升工程管理及服务能力，驻地网和设备安装及配套业务 上半年中标额整体优于去年同期。依托 AI 和通信解决方案创新开源，公司将自 研领航通信大模型部署在自智网络平台（HiNet）中，应用于无线通信网络的规 划、建设、运维、优化等服务业务，帮助客户提升网络数智化能力，持续夯实服 务业务竞争力。 （二）国际市场，聚力攻坚破局，构建发展新格局 整合公司资源形成攻坚合力，支撑国际市场拓展，推进更高质量国际合作。 扩大客户连接，加速"走出去"步伐，借势上海世界移动通信大会、巴塞罗那世 界移动通信大会等国际平台，展示公司创新产品及解决方案，深度挖掘国际市场 商机，开展国际客户交流和高层拜访，品牌影响力持续提升。加大国际市场资源 投入与营销服务能力建设，稳步推进"根据地 ...

证券代码：688387 证券简称：信科移动 公告编号：2025-029 合同资产减值损失、其他非流动资产减值损失的的计提依据和计提方法同信 用减值准备的计提依据和计提方法。 经测试，本次需计提资产减值损失金额共计 5,884.11 万元。 中信科移动通信技术股份有限公司 关于 2025 年半年度计提资产减值准备的公告 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。 一、计提资产减值准备情况概述 根据《企业会计准则》及中信科移动通信技术股份有限公司（以下简称"公 司"）会计政策、会计估计的相关规定，为客观、公允地反映公司 2025 年半年度 的财务状况及经营成果，本着谨慎性原则，公司对截至 2025 年 6 月 30 日合并报 表范围内的资产进行了减值测试，对可能发生资产减值损失的相关资产计提减值 准备。2025 年半年度确认的资产减值准备为 9,697.75 万元。具体情况如下表： | 序 号 | 项目 | 2025 年半年度计 提金额（万元） | | 备注 | | --- | --- | --- | --- | --- ...

证券代码：688387 证券简称：信科移动 公告编号：2025-027 中信科移动通信技术股份有限公司 2025年半年度募集资金存放与实际使用情况 的专项报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 根据中国证券监督管理委员会《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》以及《上海证券交易 所上市公司自律监管指南第 1 号——公告格式》的相关规定，中信科移动通信技 术股份有限公司（以下简称"公司"或"信科移动"）就 2025 年上半年募集资金存放 与实际使用情况作如下专项报告： 截至 2025 年 6 月 30 日，公司募集资金累计投入金额为 328,740.90 万元，余 额 84,906.05 万元，具体情况如下： | 项目 | 金额（元） | | --- | --- | | 实际募集资金总额 | 4,136,687,500.00 | | 减：发行费用-承销费 | 98,491,156.04 | | 募集资金到账净额 | 4,038,196,343.96 | ...

证券代码：688387 证券简称：信科移动 公告编号：2025-028 中信科移动通信技术股份有限公司 第二届监事会第六次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、监事会会议召开情况 中信科移动通信技术股份有限公司（以下简称"公司"）第二届监事会第六 次会议于 2025 年 8 月 21 日在公司会议室以现场和通讯相结合的方式召开，本 次会议通知已于 2025 年 8 月 8 日通过电子邮件形式送达公司全体监事。本次会 议由监事会主席李汉兵先生主持，会议应出席监事 5 人，实际出席监事 5 人。 本次会议的召开符合《中华人民共和国公司法》等法律、法规、部门规章 以及《中信科移动通信技术股份有限公司章程》的有关规定，会议决议合法、 有效。 二、监事会会议审议情况 表决结果：同意 5 票，反对 0 票，弃权 0 票。 具体内容详见公司同日披露于上海证券交易所网站（www.sse.com.cn）的 相关公告及文件。 （二）审议通过了《关于公司 2025 年半年度募集资金存放与实际使用情况 专项报告的议案》 ...

Part I Definitions [Definitions of Common Terms](index=4&type=section&id=%E5%B8%B8%E7%94%A8%E8%AF%8D%E8%AF%AD%E9%87%8A%E4%B9%89) This section defines key terms, company names, related parties, currency units, and mobile communication technologies for accurate report comprehension - The reporting period is from January 1, 2025, to June 30, 2025[10](index=10&type=chunk) - 5G-A (5G-Advanced) is an enhanced version of 5G technology, also known as 5.5G, offering significant improvements in speed, connection density, latency, and reliability, while integrating sensing and communication capabilities with native intelligence[10](index=10&type=chunk)[11](index=11&type=chunk) - RedCap, short for Reduced Capability, refers to 5G lightweight technology, a new technical standard specifically initiated for research during the 3GPP Release 17 phase[11](index=11&type=chunk) Part II Company Profile and Key Financial Indicators [I. Company Basic Information](index=5&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) This section provides essential identity details for investors, including the company's Chinese name, abbreviation, legal representative, registered and office addresses, website, and email - The company's Chinese name is CICT Mobile Communication Technology Co., Ltd., abbreviated as CICT Mobile, with Sun Xiaonan as the legal representative[13](index=13&type=chunk) - The company's registered address is No. 88 Youkeyuan Road, Wuhan East Lake New Technology Development Zone, and its office address is No. 1 Tanhu Second Road, Canglong Island, Jiangxia District, Wuhan[13](index=13&type=chunk) [II. Contact Persons and Information](index=5&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section provides contact details for Board Secretary Zhang Jinghong and Securities Affairs Representative Zhang Huaike, including address, phone, fax, and email, for investor inquiries and communication - The Board Secretary is Zhang Jinghong, and the Securities Affairs Representative is Zhang Huaike, both reachable at 027-87694415, with the email address ir@cictmobile.com[14](index=14&type=chunk) [III. Information Disclosure and Document Custody Location Changes](index=5&type=section&id=%E4%B8%89%E3%80%81%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%A4%87%E7%BD%AE%E5%9C%B0%E7%82%B9%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) This section details the company's designated information disclosure newspapers, the website for semi-annual reports, and the Board Office as the report custody location, with no changes during the period - The company's designated information disclosure newspapers include China Securities Journal, Shanghai Securities News, Securities Times, Securities Daily, and Economic Information Daily[15](index=15&type=chunk)[16](index=16&type=chunk) - The semi-annual report is published on the Shanghai Stock Exchange website (www.sse.com.cn), and the custody location is the company's Board Office[16](index=16&type=chunk) [IV. Company Stock/Depositary Receipt Overview](index=6&type=section&id=%E5%9B%9B%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8%2F%E5%AD%98%E6%89%98%E5%87%AD%E8%AF%81%E7%AE%80%E5%86%B5) This section outlines the company's A-share listing on the STAR Market of the Shanghai Stock Exchange, with stock abbreviation 'CICT Mobile' and code '688387', confirming no previous abbreviation or depositary receipts - The company's A-shares are listed on the STAR Market of the Shanghai Stock Exchange, with stock abbreviation **'CICT Mobile'** and stock code **'688387'**[17](index=17&type=chunk) [VI. Key Accounting Data and Financial Indicators](index=6&type=section&id=%E5%85%AD%E3%80%81%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) In H1 2025, operating revenue decreased by **15.21%** to **2.537 billion yuan**, net profit attributable to shareholders was **-0.062 billion yuan** (flat YoY), and non-recurring net profit loss narrowed by over **15 million yuan**, while operating cash flow and total assets declined H1 2025 Key Accounting Data | Key Accounting Data | Current Period (Jan-Jun) (yuan) | Prior Period (yuan) | YoY Change (%) | | :------------------------------------------------- | :------------------------------ | :-------------------- | :-------------------------- | | Operating Revenue | 2,537,242,285.05 | 2,992,455,388.62 | -15.21 | | Total Profit | -75,824,106.15 | -79,462,701.46 | N/A | | Net Profit Attributable to Shareholders | -61,738,846.15 | -61,408,460.25 | N/A | | Net Profit Attributable to Shareholders (Excl. Non-Recurring Gains/Losses) | -87,250,192.44 | -102,500,135.96 | N/A | | Net Cash Flow from Operating Activities | -83,679,302.53 | -1,070,235,453.20 | N/A | | **As of Current Period End** | **As of Prior Year End** | **Change from Prior Year End (%)** | | | Net Assets Attributable to Shareholders | 6,200,801,065.78 | 6,276,919,527.93 | -1.21 | | Total Assets | 13,111,389,372.00 | 13,735,771,854.78 | -4.55 | H1 2025 Key Financial Indicators | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :------------------------------------------------- | :----------------------- | :----------- | :-------------------------- | | Basic Earnings Per Share (yuan/share) | -0.02 | -0.02 | N/A | | Diluted Earnings Per Share (yuan/share) | -0.02 | -0.02 | N/A | | Basic EPS (Excl. Non-Recurring Gains/Losses) (yuan/share) | -0.03 | -0.03 | N/A | | Weighted Average Return on Net Assets (%) | -0.99 | -0.94 | N/A | | Weighted Average ROE (Excl. Non-Recurring Gains/Losses) (%) | -1.40 | -1.57 | N/A | | R&D Investment as % of Operating Revenue (%) | 22.43 | 20.68 | Increased by 1.75 percentage points | [VIII. Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=%E5%85%AB%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) This section details the company's H1 2025 non-recurring gains and losses, totaling **25.51 million yuan**, primarily from government subsidies, fair value changes in financial assets, and other non-operating items H1 2025 Non-Recurring Gains and Losses Items | Non-Recurring Gains and Losses Items | Amount (yuan) | | :----------------------------------- | :------------ | | Disposal gains/losses from non-current assets | -130,138.10 | | Government grants recognized in current profit or loss | 17,346,996.67 | | Gains/losses from fair value changes of financial assets and liabilities held by non-financial enterprises, and disposal of financial assets and liabilities | 9,282,831.53 | | Other non-operating income and expenses apart from the above | -687,531.20 | | Less: Impact on minority interests (after tax) | 300,812.61 | | Total | 25,511,346.29 | Part III Management Discussion and Analysis [I. Industry and Principal Business Overview During the Reporting Period](index=9&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) Operating in communication equipment manufacturing, the company benefits from China's leading 5G network and 5G-A advancements, critical 6G competition, and accelerated industrialization of low-altitude economy and satellite internet, maintaining its strong position in mobile communication standards and product development - The company operates in the **'C392 Communication Equipment Manufacturing'** sub-sector of **'C39 Computer, Communication and Other Electronic Equipment Manufacturing'**[25](index=25&type=chunk) - China has built the world's largest 5G network, with base stations accounting for over **66%** of the global total, actively promoting 5G to 5G-A network upgrades, with 5G-A users expected to exceed **60 million** by the end of 2025[25](index=25&type=chunk)[26](index=26&type=chunk) - Global 6G competition has entered a critical strategic phase, with ITU confirming the start of technical standardization in **2025**, the first standard freeze in **2029**, and commercialization by **2030**[26](index=26&type=chunk) - The integration of 5G-A and AI has achieved large-scale application in various industries such as mining, ports, healthcare, education, and industrial manufacturing, driving the shift from 'experience-driven' to 'data-driven' operations[27](index=27&type=chunk) - China's low-altitude economy market size is projected to reach **1.5 trillion yuan** by 2025 and potentially exceed **3.5 trillion yuan** by 2035, becoming a core growth engine for national strategic emerging industries[27](index=27&type=chunk) - The company is a significant patent holder for global 3G, 4G, and 5G mobile communication standards, ranking **seventh globally** in 5G standard proposals, and leading the first 3GPP 6G standard project initiation[29](index=29&type=chunk) - The company maintains industry-leading positions or first-mover advantages in mobile communication system equipment, antenna and indoor distribution equipment, mobile communication technical services, industry applications, and satellite internet[30](index=30&type=chunk) - The company focuses on integrated space-air-ground mobile communication as its principal business, offering network products, technical services, and comprehensive solutions for the 5G new ecosystem, 6G pre-research, and digital transformation, with no changes to its principal business during the reporting period[30](index=30&type=chunk) [II. Discussion and Analysis of Operations](index=10&type=section&id=%E4%BA%8C%E3%80%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) In H1 2025, operating revenue decreased by **15.21%** to **2.537 billion yuan**, while net profit loss narrowed, and non-recurring net profit loss reduced by over **15 million yuan**. The company expanded domestically and internationally, achieving **74.8%** growth in industry application revenue, alongside significant advancements in 5G-A, 6G innovation, and corporate reform H1 2025 Key Economic Indicators | Indicator | 2025 H1 (billion yuan) | YoY Change | | :-------- | :--------------------- | :--------- | | Operating Revenue | 2.537 | Down 15.21% | | Net Profit Attributable to Shareholders | -0.062 | Largely flat | | Net Profit Attributable to Shareholders (Excl. Non-Recurring Gains/Losses) | -0.087 | Loss reduced by over 15 million yuan | - Domestic operator market: Won China Mobile's 5G Phase VII centralized procurement project, increasing **2.6G** share by **43.7%**; won China Telecom's mid-to-high frequency Phase VII centralized procurement project, with year-on-year share increase; achieved **first place** in overall market share for antenna and indoor distribution equipment centralized procurement, and **second place** in provincial procurement[34](index=34&type=chunk) - International market: Main equipment business won the Uganda project in Africa, while antenna and indoor distribution equipment business secured multiple projects in Europe, Latin America, the Middle East, and Africa, continuously enhancing international market influence[35](index=35&type=chunk) - Industry application market: Industry business revenue increased by **74.8%** year-on-year, signing multiple wireless private network projects in the energy market, vigorously advancing 5G-R engineering test line testing in the transportation market, and deepening industry-academia-research integration in the education market[36](index=36&type=chunk) - New business market: Satellite internet business maintained its first-mover advantage, completing integrated satellite payload overall design and signing new contracts; patent operation business added a new bilateral license with a terminal manufacturer[36](index=36&type=chunk)[37](index=37&type=chunk) - Technological innovation: Fully participated in Rel-19 standardization, submitting over **10** Rel-20 technical proposals; ranked among the **top 8** in 3GPP standard influence in H1, leading **5** international standard projects; launched the industry's unique **64T 128R** enhanced integrated sensing and communication AAU[37](index=37&type=chunk) - 6G technology pre-research: Conducted **17** key 6G technology studies, including super-dimensional antennas, and released latest achievements such as space-ground integration and standalone networking design; applied for **132** 6G patents and published **5** 6G papers[37](index=37&type=chunk) - Deepening reform: Awarded an **excellent rating** in the SASAC 2024 'Sci-Tech Reform Demonstration Enterprise' assessment; promoted tenure-based and contractual management for management team members, increasing the proportion of young cadres by over **10%**, with market-oriented exit and rotation rates for cadres both exceeding **20%**[38](index=38&type=chunk)[39](index=39&type=chunk) [III. Analysis of Core Competitiveness During the Reporting Period](index=13&type=section&id=%E4%B8%89%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competitiveness stems from its global standard influence, original technological innovation, integrated space-air-ground industrial capabilities, and exemplary corporate governance. It ranks among the **top ten globally** in 5G standard patents with over **24,000** proposals, leads 6G key technology deployment, and drives space-ground integration and satellite internet standards, enhancing innovation through industry-academia-research collaboration - The company maintains a leading position in standard patents, with over **24,000** 5G international standard proposals, ranking **seventh globally**; its 5G standard patent count disclosed by ETSI is among the **top ten worldwide**[41](index=41&type=chunk) - The company holds first-tier global technological influence in areas such as 5G massive MIMO antenna technology, ultra-dense networking technology, equipment energy-saving technology, and space-ground integrated mobile communication technology[41](index=41&type=chunk) - The company conducts a series of research projects addressing 6G requirements and key technologies, achieving breakthroughs in critical 6G core technology directions such as space-ground integration, super-dimensional antennas, and user-centric intelligent governance networks, positioning itself as an industry leader[41](index=41&type=chunk) - The company has built an integrated 'space-air-ground' collaborative development business system, possessing end-to-end satellite internet communication solutions and full industry chain capabilities, from chips and equipment to solutions[42](index=42&type=chunk) - The company leads the formulation of space-ground integration international standards, achieving China's first 3GPP NTN standard project initiation, and cumulatively leading **13** NTN projects[43](index=43&type=chunk) - The company was approved as a SASAC 'Sci-Tech Reform Demonstration Enterprise' and 'World-Class Specialized, Refined, Unique, and New Demonstration Enterprise', establishing a technology innovation platform integrating industry, academia, research, and application[43](index=43&type=chunk)[44](index=44&type=chunk) - During the reporting period, the company added **682** intellectual property application projects (including **671** domestic and international patent applications) and **529** intellectual property authorization projects (including **520** domestic and international authorized patents)[50](index=50&type=chunk) H1 2025 R&D Investment | Indicator | Current Period (yuan) | Prior Period (yuan) | Change (%) | | :---------------------------------- | :-------------------- | :------------------ | :----------- | | Expensed R&D Investment | 491,501,005.01 | 551,224,219.91 | -10.83 | | Capitalized R&D Investment | 77,515,246.84 | 67,680,588.15 | 14.53 | | Total R&D Investment | 569,016,251.85 | 618,904,808.06 | -8.06 | | R&D Investment as % of Operating Revenue (%) | 22.43 | 20.68 | Increased by 1.75 percentage points | | Capitalization Ratio of R&D Investment (%) | 13.62 | 10.94 | Increased by 2.68 percentage points | - The company's ongoing R&D projects include **17** items such as the 6G technology verification platform, 5G-A/6G standards and space-ground integration research, 5G base station software optimization and upgrade, 5G localized base station R&D, 5G-A integrated sensing and communication technology research and base station product development, 5G-R pre-commercial projects, end-to-end satellite internet technology research and verification, satellite payload technology research and verification, satellite core network products, green wideband high-efficiency integrated base station antenna products, satellite payload phased array antennas, shared repeater products, remote O&M of equipment rooms based on 5G+IoT and AI, intelligent quality management system research for communication engineering, and smart governance platform for urban social governance and intelligent IoT rule engine technology research[57](index=57&type=chunk)[58](index=58&type=chunk)[59](index=59&type=chunk) H1 2025 R&D Personnel | Indicator | Current Period | | :---------------------------------- | :------------- | | Number of Company R&D Personnel (persons) | 1,954 | | R&D Personnel as % of Total Company Staff (%) | 45.54 | | Total R&D Personnel Compensation (million yuan) | 273.5038 | | Average R&D Personnel Compensation (million yuan) | 0.14 | | **Educational Background** | | | Doctoral Candidates (persons) | 61 | | Master's Candidates (persons) | 869 | | Bachelor's Degree (persons) | 982 | | Associate's Degree (persons) | 42 | | **Age Structure** | | | Under 30 (excluding 30) (persons) | 424 | | 30-40 (including 30, excluding 40) (persons) | 807 | | 40-50 (including 40, excluding 50) (persons) | 598 | | 50-60 (including 50, excluding 60) (persons) | 125 | [IV. Risk Factors](index=21&type=section&id=%E5%9B%9B%E3%80%81%E9%A3%8E%E9%99%A9%E5%9B%A0%E7%B4%A0) The company faces risks of unprofitability, performance decline, and losses, with H1 operating revenue down **15.21%**. Core competitiveness, operational, and financial risks include product competitiveness, IP, supply chain stability, overseas operations, customer credit, negative operating cash flow, high receivables and inventory, and seasonal revenue. Industry risks include declining telecom capex and macroeconomic challenges - During the reporting period, the net profit attributable to ordinary shareholders was **-61.7388 million yuan**, posing a risk of continued unprofitability or inability to distribute profits for a certain period in the future[62](index=62&type=chunk) - During the reporting period, the company's operating revenue decreased by **15.21%** year-on-year, primarily due to slower operator investments, presenting a risk of significant performance decline or losses[62](index=62&type=chunk) - The company faces product competitiveness risks (failure to continuously research, develop, and launch iterative updated products) and intellectual property risks (mobility of core technical personnel, inadequate protection, disputes, etc.)[62](index=62&type=chunk) - Operational risks include supply chain stability risks due to rising prices of key components, overseas operational risks from international legal/tax/regulatory/market environment and exchange rate fluctuations, and accounts receivable collection risks due to varying customer creditworthiness[63](index=63&type=chunk)[64](index=64&type=chunk) - Financial risks include negative net cash flow from operating activities (**-83.6793 million yuan**), net accounts receivable (including contract assets) totaling **5.103 billion yuan** (accounting for **38.92%** of total assets), and inventory book value of **1.485 billion yuan** (accounting for **11.32%** of total assets), leading to capital tie-up and impairment risks[64](index=64&type=chunk)[65](index=65&type=chunk) - The company's operating revenue is subject to seasonal fluctuations, with second-half revenue generally higher than the first half, potentially leading to seasonal losses[65](index=65&type=chunk) - Industry risks include declining capital expenditures in the domestic telecom sector, operators shifting investments towards industrial digitalization, posing challenges for traditional communication equipment businesses. Macroeconomic risks include slowing global economic growth, insufficient domestic demand, and international trade frictions[66](index=66&type=chunk) [(I) Analysis of Principal Business](index=22&type=section&id=%28%E4%B8%80%29%20%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) In H1 2025, operating revenue decreased by **15.21%** to **2.537 billion yuan** due to slower operator plans and macro factors. Operating costs fell **16.91%**, sales expenses **10.40%**, and R&D expenses **10.83%**. Management expenses rose **4.59%**, and financial expenses decreased by **13.2118 million yuan**. Operating cash flow was negative, investing cash flow turned positive, and financing cash flow significantly declined H1 2025 Financial Statement Items Variation Analysis | Item | Current Period (yuan) | Prior Period (yuan) | Change (%) | | :--------------------------------- | :-------------------- | :------------------ | :----------- | | Operating Revenue | 2,537,242,285.05 | 2,992,455,388.62 | -15.21 | | Operating Cost | 1,861,329,093.93 | 2,240,134,085.36 | -16.91 | | Selling Expenses | 136,952,195.33 | 152,847,839.10 | -10.40 | | Administrative Expenses | 72,276,925.81 | 69,106,586.39 | 4.59 | | Financial Expenses | -14,299,287.15 | -1,087,482.40 | N/A | | R&D Expenses | 491,501,005.01 | 551,224,219.91 | -10.83 | | Net Cash Flow from Operating Activities | -83,679,302.53 | -1,070,235,453.20 | N/A | | Net Cash Flow from Investing Activities | 135,644,887.03 | -552,844,776.95 | N/A | | Net Cash Flow from Financing Activities | -188,863,534.01 | 142,958,744.12 | -232.11 | - The decrease in operating revenue was primarily due to slower operator construction plans and macroeconomic factors in 2025[69](index=69&type=chunk) - Financial expenses decreased by **13.2118 million yuan** year-on-year, mainly due to a reduction in the company's borrowing scale and lower interest expenses[70](index=70&type=chunk) - Net cash flow from operating activities was negative, primarily due to a reduction in the company's external procurement scale and a decrease in cash paid for goods and services[70](index=70&type=chunk) - Net cash flow from investing activities turned positive, mainly because the company reduced its investments in structured deposits[70](index=70&type=chunk) - Net cash flow from financing activities significantly decreased, primarily due to a reduction in the company's borrowing scale[70](index=70&type=chunk) [(III) Analysis of Assets and Liabilities](index=23&type=section&id=%28%E4%B8%89%29%20%E8%B5%84%E4%BA%A7%E3%80%81%E8%B4%9F%E5%80%BA%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) At period-end, total assets were **13.111 billion yuan**, down **4.55%** YoY. Notes receivable decreased by **54.12%**, while construction in progress rose **88.59%** due to R&D and manufacturing base investments. Short-term borrowings increased **23.13%**, contract liabilities **36.40%** from sales collections, and non-current liabilities due within one year significantly decreased by **97.23%** due to strong cash flow H1 2025 Assets and Liabilities Variation | Item Name | Current Period End (yuan) | % of Total Assets at Current Period End | Prior Year End (yuan) | % of Total Assets at Prior Year End | % Change from Prior Year End | | :-------------------------- | :------------------------ | :------------------------------------ | :-------------------- | :------------------------------------ | :--------------------------- | | Cash and Bank Balances | 3,089,019,278.16 | 23.56 | 3,234,981,209.39 | 23.55 | -4.51 | | Trading Financial Assets | 1,024,098,739.72 | 7.81 | 1,254,972,561.64 | 9.14 | -18.40 | | Notes Receivable | 119,152,480.80 | 0.91 | 259,676,678.22 | 1.89 | -54.12 | | Accounts Receivable | 5,060,298,219.70 | 38.59 | 5,193,425,280.58 | 37.81 | -2.56 | | Inventories | 1,484,813,357.57 | 11.32 | 1,555,218,677.68 | 11.32 | -4.53 | | Fixed Assets | 1,056,955,768.63 | 8.06 | 1,095,560,686.13 | 7.98 | -3.52 | | Construction in Progress | 169,845,222.98 | 1.30 | 90,062,298.82 | 0.66 | 88.59 | | Intangible Assets | 191,145,782.01 | 1.46 | 206,745,368.99 | 1.51 | -7.55 | | Short-term Borrowings | 788,447,278.33 | 6.01 | 640,354,549.36 | 4.66 | 23.13 | | Notes Payable | 510,661,545.84 | 3.89 | 617,562,877.65 | 4.50 | -17.31 | | Accounts Payable | 3,940,885,058.42 | 30.06 | 4,181,161,998.91 | 30.44 | -5.75 | | Contract Liabilities | 782,275,179.09 | 5.97 | 573,516,670.99 | 4.18 | 36.40 | | Non-current Liabilities Due Within One Year | 11,558,196.77 | 0.09 | 417,484,029.20 | 3.04 | -97.23 | - Construction in progress increased by **88.59%**, primarily due to increased investment in the first phase of the company's mobile communication equipment R&D and manufacturing base project general contracting during the current period[72](index=72&type=chunk)[73](index=73&type=chunk) - Contract liabilities increased by **36.40%**, mainly due to increased sales collections by the company[73](index=73&type=chunk) - Non-current liabilities due within one year decreased by **97.23%**, primarily due to the company's good cash flow management and reduced borrowing scale[73](index=73&type=chunk) - Overseas assets totaled **32.9482 million yuan**, accounting for **0.25%** of total assets[74](index=74&type=chunk) H1 2025 Major Restricted Assets | Item | Period-End Book Value (yuan) | Reason for Restriction | | :--- | :--------------------------- | :--------------------- | | Cash and Bank Balances | 14,971,955.44 | Litigation-frozen funds and various deposits | | Notes Receivable | 1,103,314.80 | Unrecognized notes | [(IV) Analysis of Investment Status](index=25&type=section&id=%28%E5%9B%9B%29%20%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) This section discloses the company's financial assets measured at fair value. At period-end, trading financial assets were **1.024 billion yuan**, down **18.40%** from the beginning of the period, with **2.34 billion yuan** in purchases and **2.57 billion yuan** in sales/redemptions H1 2025 Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (yuan) | Current Period Fair Value Change (yuan) | Cumulative Fair Value Change Recognized in Equity (yuan) | Current Period Purchases (yuan) | Current Period Sales/Redemptions (yuan) | Ending Balance (yuan) | | :------------- | :----------------------- | :-------------------------------------- | :--------------------------------------- | :---------------------- | :---------------------- | :-------------------- | | Other | 1,254,972,561.64 | 4,098,739.72 | 4,972,561.64 | 2,340,000,000.00 | 2,570,000,000.00 | 1,024,098,739.72 | [(VI) Analysis of Major Controlled and Invested Companies](index=26&type=section&id=%28%E5%85%AD%29%20%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) This section lists major controlled subsidiaries and their performance. Datang Mobile Communications reported **988 million yuan** in revenue and a **61.3291 million yuan** net loss. Wuhan Hongxin Technology Services had **899 million yuan** revenue and a **49.9098 million yuan** net loss. Wuhan Hongxin Technology Development achieved **2.9542 million yuan** net profit. Wuhan CICT Mobile, a new capacity vehicle, has not yet commenced operations H1 2025 Major Controlled Subsidiaries Financial Data | Company Name | Company Type | Principal Business | Registered Capital (million yuan) | Total Assets (million yuan) | Net Assets (million yuan) | Operating Revenue (million yuan) | Operating Profit (million yuan) | Net Profit (million yuan) | | :--------------------------------------- | :----------- | :------------------------------------------------- | :------------------------------ | :-------------------------- | :------------------------ | :------------------------------- | :------------------------------ | :------------------------ | | Wuhan Hongxin Technology Development Co., Ltd. | Subsidiary | R&D, production, and sales of antenna and indoor distribution equipment | 700.00 | 796.7835 | 567.9169 | 53.8537 | 2.9826 | 2.9542 | | Datang Mobile Communications Equipment Co., Ltd. | Subsidiary | R&D, production, and sales of mobile communication system equipment and 4/5G industry application related products | 1,501.1306 | 4,261.4694 | -319.2011 | 988.4576 | -60.8073 | -61.3291 | | Wuhan Fenghao Zhida Information Technology Co., Ltd. | Subsidiary | Mobile communication related software development | 50.00 | 66.0607 | 64.6162 | - | 0.1205 | 0.1205 | | Wuhan Hongxin Technology Services Co., Ltd. | Subsidiary | Mobile communication technical services | 100.00 | 3,549.5109 | 282.4367 | 899.2720 | -50.9752 | -49.9098 | | Wuhan CICT Mobile Communication Technology Co., Ltd. | Subsidiary | Has not yet commenced specific operations, future vehicle for new capacity and incremental business | 2,000.00 | 2,021.1800 | 2,020.9242 | - | 0.1134 | 0.0851 | | Shenzhen CICT Mobile Communication Technology Co., Ltd. | Subsidiary | As CICT Mobile's business platform in Guangdong region, still in exploration phase | 50.00 | 51.1093 | 51.0468 | 0.7799 | -0.0026 | -0.0022 | | Datang Lianyi Technology Co., Ltd. | Subsidiary | R&D, production, and sales of mobile communication test instruments | 50.00 | 202.2041 | 69.0199 | 74.8652 | -4.3252 | -4.3172 | | Shanghai Datang Mobile Communications Equipment Co., Ltd. | Subsidiary | Mobile communication technical services | 105.00 | 589.5628 | 141.1596 | 200.9586 | -1.209 | -2.591 | | Shanghai Yuandongli Communication Technology Co., Ltd. | Subsidiary | Production of mobile communication system equipment and related products | 40.00 | 30.9214 | 25.6503 | 9.4168 | 1.0941 | 0.9460 | | Wuhan Hongfu Software Co., Ltd. | Subsidiary | Software development related to mobile communication technical services | 10.00 | 24.3527 | 22.8033 | 5.4513 | 1.9147 | 1.9147 | | CICT Mobile Communication (Indonesia) Co., Ltd. | Subsidiary | Conducts mobile communication business in Indonesia | 2,700.00 (million Indonesian Rupiah) | 32.9482 | 31.4975 | -0.0752 | -1.8047 | -2.5456 | Part IV Corporate Governance, Environment, and Social Responsibility [I. Changes in Directors, Supervisors, Senior Management, and Core Technical Personnel](index=28&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%92%8C%E6%A0%B8%E5%BF%83%E6%8A%80%E6%9C%AF%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, senior management changes occurred: Sun Shaohui, Yu Daomin, and Tian Yuxing resigned as Deputy General Managers. Sun Shaohui remains Chief Scientist, while Tian Yuxing no longer holds a position. The Board appointed Fu Xiang as Deputy General Manager H1 2025 Changes in Directors, Supervisors, Senior Management, and Core Technical Personnel | Name | Position Held | Change Status | | :------- | :------------ | :------------ | | Sun Shaohui | Deputy General Manager | Resigned | | Yu Daomin | Deputy General Manager | Resigned | | Tian Yuxing | Deputy General Manager | Resigned | | Fu Xiang | Deputy General Manager | Appointed | - Sun Shaohui resigned as Deputy General Manager due to work changes, remaining a core technical personnel and Chief Scientist after resignation[84](index=84&type=chunk) - Yu Daomin resigned as Deputy General Manager due to personal reasons[85](index=85&type=chunk) - Tian Yuxing resigned as Deputy General Manager due to work changes and will no longer hold a position in the company after resignation[85](index=85&type=chunk) - The company appointed Fu Xiang as Deputy General Manager, with a term until the expiration of the second Board of Directors[86](index=86&type=chunk) [II. Profit Distribution or Capital Reserve Conversion Plan](index=28&type=section&id=%E4%BA%8C%E3%80%81%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E9%A2%84%E6%A1%88) The company's proposed semi-annual profit distribution or capital reserve conversion plan is 'none', indicating no distribution or conversion during this reporting period - The company's proposed semi-annual profit distribution or capital reserve conversion plan is **'No'**, with no distribution or conversion planned[86](index=86&type=chunk) [IV. Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law](index=29&type=section&id=%E5%9B%9B%E3%80%81%E7%BA%B3%E5%85%A5%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E4%BE%9D%E6%B3%95%E6%8A%AB%E9%9C%B2%E4%BC%81%E4%B8%9A%E5%90%8D%E5%8D%95%E7%9A%84%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E4%B8%BB%E8%A6%81%E5%AD%90%E5%85%AC%E5%8F%B8%E7%9A%84%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%83%85%E5%86%B5) During the reporting period, the company fulfilled environmental responsibilities, with no pollution incidents and all pollutants meeting discharge standards. It consumes water, electricity, and natural gas, discharging exhaust gas, sewage, solid waste, noise, and minor hazardous waste/EMF, all treated by stable and efficient environmental facilities - During the reporting period, the company experienced no environmental pollution incidents, and all pollutants generated during production and operation met discharge standards[88](index=88&type=chunk) - The company's primary energy consumption includes water, electricity, and natural gas; main emissions consist of exhaust gas, domestic sewage, solid waste, noise, and small amounts of hazardous waste and electromagnetic radiation[88](index=88&type=chunk) - The company has registered for fixed pollution source discharge permits; general solid waste and small amounts of hazardous waste are recycled and disposed of by qualified entities; domestic sewage is pre-treated before discharge to wastewater treatment plants; exhaust gas and noise are managed with purification and noise reduction measures; and electromagnetic radiation is handled under shielded conditions[89](index=89&type=chunk) [V. Specifics of Consolidating Poverty Alleviation Achievements and Rural Revitalization Efforts](index=29&type=section&id=%E4%BA%94%E3%80%81%E5%B7%A9%E5%9B%BA%E6%8B%93%E5%B1%95%E8%84%B1%E8%B4%AB%E6%94%BB%E5%9D%9A%E6%88%90%E6%9E%9C%E3%80%81%E4%B9%A1%E6%9D%91%E6%8C%AF%E5%85%B4%E7%AD%89%E5%B7%A5%E4%BD%9C%E5%85%B7%E4%BD%93%E6%83%85%E5%86%B5) The company actively engaged in poverty alleviation and rural revitalization, deploying staff to Jindun Village, Hubei, as First Secretary and team leader. Over five years, it utilized over **5 million yuan** in group funds for **30** projects, supporting industry, infrastructure, and humanitarian care. Jindun Village received national and provincial honors, and company cadres were recognized as excellent youth cadres - The company dispatched employees to Jindun Village, Dawu County, Hubei, to serve as First Secretary and leader of the village working team, adhering to the 'Four Unforgettables' work philosophy[90](index=90&type=chunk) - Over five years, the company effectively utilized over **5 million yuan** in gratuitous group assistance funds, focusing on supporting industrial development, infrastructure construction, and humanitarian care, implementing **30** aid projects[90](index=90&type=chunk) - Jindun Village received multiple honors, including the national '12th Batch of National 'One Village, One Product' Demonstration Villages', 'Outstanding Unit for Consolidating Poverty Alleviation Achievements and 'Three Actions'', and 'Hubei Province Top 100 Village Committees'[90](index=90&type=chunk) Part V Significant Matters [I. Fulfillment of Commitments](index=30&type=section&id=%E4%B8%80%E3%80%81%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) This section details the fulfillment of commitments by the company, its actual controller, shareholders, and related parties, covering share lock-up, holding/reduction intentions, price stabilization, diluted return compensation, profit distribution, information disclosure, avoiding competition, standardizing related-party transactions, preventing fund occupation, and non-fulfillment penalties. All commitments were strictly met without violations - The share lock-up period for the company's controlling shareholder, CICT, was automatically extended by **6 months** to March 25, 2026, and voluntarily extended again by **6 months** to September 25, 2026[95](index=95&type=chunk)[96](index=96&type=chunk) - The share lock-up period for the company's shareholder, Hubei Yangtze 5G Fund, is **36 months** from the date of stock listing[97](index=97&type=chunk) - The company, its controlling shareholder, directors, and senior management all committed to strictly adhere to the share price stabilization plan and take corresponding measures when trigger conditions are met[100](index=100&type=chunk)[101](index=101&type=chunk)[102](index=102&type=chunk)[103](index=103&type=chunk) - The company committed to compensate for diluted immediate returns by strengthening market expansion, promoting technological innovation, enhancing raised capital management, improving operational efficiency, and perfecting the profit distribution system[104](index=104&type=chunk)[105](index=105&type=chunk)[106](index=106&type=chunk) - The company's controlling shareholder, CICT, committed to avoid horizontal competition and take measures regarding competing businesses with significant adverse effects, prioritizing their transfer to the issuer[115](index=115&type=chunk)[116](index=116&type=chunk)[117](index=117&type=chunk) - The company's controlling shareholder and other major shareholders, directors, supervisors, and senior management committed to reduce and standardize related-party transactions, ensuring fairness and impartiality of transactions[118](index=118&type=chunk)[119](index=119&type=chunk)[120](index=120&type=chunk)[121](index=121&type=chunk)[122](index=122&type=chunk)[123](index=123&type=chunk) - The company's controlling shareholder, CICT, committed to prevent the illegal occupation or transfer of funds, assets, and other resources of the issuer and its subsidiaries in any form[124](index=124&type=chunk) - All parties related to the commitments pledged to bear corresponding legal responsibilities if commitments are not fulfilled, including publicly explaining reasons, apologizing, and compensating investors for losses, among other disciplinary measures[126](index=126&type=chunk)[127](index=127&type=chunk)[128](index=128&type=chunk)[129](index=129&type=chunk) [VII. Significant Litigation and Arbitration Matters](index=43&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%AF%89%E8%AE%BC%E3%80%81%E4%BB%B2%E8%A3%81%E4%BA%8B%E9%A1%B9) During the reporting period, the company faced three significant litigation/arbitration matters. Subsidiary Datang Mobile sued Spreadtrum Communications for a **681 million yuan** technical cooperation dispute, with asset preservation applied. Two other lawsuits against subsidiaries involve a **4.1229 million yuan** road freight dispute and a **3.0361 million yuan** construction contract dispute, both pending judgment - Subsidiary Datang Mobile's technical cooperation development contract dispute with Spreadtrum Communications (Shanghai) Co., Ltd. involves **681 million yuan**, with asset preservation applied, and the case has not yet been heard[133](index=133&type=chunk) - Subsidiary Datang Mobile is involved in a road freight transportation contract dispute with Shanghai Xuxiao Logistics Co., Ltd., involving **4.1229 million yuan**; the company appealed after the first-instance judgment, and the second instance is currently underway[134](index=134&type=chunk) - Subsidiary Shanghai Datang is involved in a construction project contract dispute with natural person Luo, involving **3.0361 million yuan**; the case has been remanded for retrial[135](index=135&type=chunk) [X. Significant Related-Party Transactions](index=45&type=section&id=%E5%8D%81%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) This section discloses H1 2025 ordinary related-party transactions, including procurement, sales, and property leases. Actual transaction amounts were significantly below estimates. The company also has financial dealings with CICT (Beijing) Finance Co., Ltd., with an ending deposit balance of **1.304 billion yuan** and actual credit utilization of **20.3829 million yuan** H1 2025 Actual Ordinary Related-Party Transactions (Partial) | Related-Party Transaction Type | Related Party | 2025 Estimated Amount (million yuan) | Actual Amount as of June 30, 2025 (million yuan) | Actual Amount as % of Estimated Amount | | :---------------------------- | :------------ | :----------------------------------- | :----------------------------------------------- | :----------------------------------- | | Procurement of goods and services from related parties | FiberHome Communications Technology Co., Ltd. | 175.00 | 8.0941 | 4.63% | | Sales of goods and services to related parties | Wuhan Smart Metro Technology Co., Ltd. | 50.00 | 7.3107 | 14.62% | | Lease-in of properties from related parties | Beijing Beifang FiberHome Technology Co., Ltd. | 15.00 | 6.1928 | 41.29% | | Lease-out of properties to related parties | China Information Communication Technology Group Co., Ltd. and its controlled companies | 7.00 | 2.5839 | 36.91% | H1 2025 Deposit Business with Related Finance Company | Related Party | Related Relationship | Maximum Daily Deposit Limit (yuan) | Deposit Interest Rate Range | Beginning Balance (yuan) | Total Deposits This Period (yuan) | Total Withdrawals This Period (yuan) | Ending Balance (yuan) | | :------------ | :------------------- | :------------------------- | :-------------------------- | :----------------------- | :-------------------------- | :-------------------------- | :----------------------- | | CICT (Beijing) Finance Co., Ltd. | Same ultimate controlling party | 1,400,000,000.00 | 0.25%-1.65% | 1,291,403,493.41 | 4,803,196,308.06 | 4,790,531,829.93 | 1,304,067,971.54 | H1 2025 Loan Business with Related Finance Company | Related Party | Related Relationship | Loan Limit (yuan) | Loan Interest Rate Range | Beginning Balance (yuan) | Total Loans This Period (yuan) | Total Repayments This Period (yuan) | Ending Balance (yuan) | | :------------ | :------------------- | :---------------- | :----------------------- | :----------------------- | :-------------------------- | :-------------------------- | :-------------------- | | CICT (Beijing) Finance Co., Ltd. | Same ultimate controlling party | 600,000,000.00 | 2.40%-2.45% | 250,000,000.00 | 250,000,000.00 | - | - | H1 2025 Credit Line Business with Related Finance Company | Related Party | Related Relationship | Business Type | Total Amount (yuan) | Actual Amount (yuan) | | :------------ | :------------------- | :------------ | :------------------ | :------------------- | | CICT (Beijing) Finance Co., Ltd. | Same ultimate controlling party | Credit Line | 360,000,000.00 | 20,382,917.78 | [XII. Explanation of Progress in Use of Raised Funds](index=49&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E4%BD%BF%E7%94%A8%E8%BF%9B%E5%B1%95%E8%AF%B4%E6%98%8E) The company's IPO net proceeds were **4.137 billion yuan**, with **3.287 billion yuan** cumulatively invested by period-end, reaching **81.95%** progress. Implementation periods for three 5G R&D projects were extended to December 31, 2026. Idle raised funds of **67 million yuan** were used for cash management H1 2025 Overall Use of Raised Funds | Source of Raised Funds | Net Raised Funds (1) (yuan) | Cumulative Raised Funds Invested as of Period End (4) (yuan) | Cumulative Investment Progress (%) = (4)/(1) | | :--------------------- | :-------------------------- | :----------------------------------------------------------- | :------------------------------------------- | | Initial Public Offering | 4,136,687,500.00 | 3,287,409,005.84 | 81.95 | H1 2025 Details of Raised Fund Investment Projects (Partial) | Project Name | Total Planned Investment of Raised Funds (1) (yuan) | Cumulative Raised Funds Invested as of Period End (4) (yuan) | Investment Progress (%) = (4)/(1) | Date Project Expected to Reach Usable State | | :------------------------------------------------- | :------------------------------------------ | :----------------------------------------------------------- | :-------------------------------- | :--------------------------------- | | 5G Wireless System Product Upgrade and Technology Evolution R&D Project | 2,280,219,100.00 | 1,720,532,950.58 | 75.45 | 2026/12/31 | | 5G Industry Private Network and Intelligent Application R&D Project | 419,647,000.00 | 293,954,784.79 | 70.05 | 2026/12/31 | | 5G Integrated Antenna and New Indoor Distribution Equipment R&D Project | 311,459,237.31 | 254,847,641.66 | 81.82 | 2026/12/31 | | Supplement Working Capital/Repay Bank Loans | 1,000,000,000.00 | 1,018,073,628.81 | 101.81 | N/A | - The company extended the implementation period for the '5G Wireless System Product Upgrade and Technology Evolution R&D Project', '5G Industry Private Network and Intelligent Application R&D Project', and '5G Integrated Antenna and New Indoor Distribution Equipment R&D Project' to **December 31, 2026**[155](index=155&type=chunk) - The company used a portion of temporarily idle raised funds for cash management, with an ending balance of **67 million yuan** as of the reporting period end, not exceeding the authorized limit[153](index=153&type=chunk)[154](index=154&type=chunk) Part VI Share Changes and Shareholder Information [I. Share Capital Changes](index=55&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E6%9C%AC%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company's total ordinary shares and share capital structure remained unchanged - During the reporting period, there were no changes in the company's total ordinary shares or share capital structure[159](index=159&type=chunk) [II. Shareholder Information](index=55&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of period-end, the company had **47,329** ordinary shareholders. Among the top ten, CICT Group held **41.01%** and Hubei Yangtze CICT Mobile Fund held **18.66%**, both restricted. CDB Manufacturing Fund reduced its holdings by **30 million shares**, ending with **8.19%** unrestricted tradable shares - As of the end of the reporting period, the total number of ordinary shareholders was **47,329**[160](index=160&type=chunk) H1 2025 Top Ten Shareholders' Holdings | Shareholder Name | Change During Reporting Period | Ending Shareholding (shares) | % | Number of Restricted Shares Held | Share Status | | :------------------------------------------------- | :--------------------------- | :--------------------------- | :------ | :------------------------------- | :----------- | | China Information Communication Technology Group Co., Ltd. | 0 | 1,401,972,800 | 41.01 | 1,401,972,800 | No pledge | | Hubei Yangtze CICT Mobile Communication Technology Industry Investment Fund Partnership (Limited Partnership) | 0 | 638,027,200 | 18.66 | 638,027,200 | No pledge | | CDB Manufacturing Transformation and Upgrading Fund (Limited Partnership) | -30,000,000 | 280,000,000 | 8.19 | 0 | No pledge | | China State-owned Enterprise Restructuring Fund Co., Ltd. | 0 | 85,812,500 | 2.51 | 0 | No pledge | | Gongqingcheng Haide Maxwell Equity Investment Partnership (Limited Partnership) | 0 | 25,689,637 | 0.75 | 0 | No pledge | | CSI 500 ETF | 912,651 | 20,194,868 | 0.59 | 0 | No pledge | | CETC (Nanjing) Industry Investment Fund Partnership (Limited Partnership) | 0 | 20,000,000 | 0.59 | 0 | No pledge | | Guangzhou State-owned Assets Industry Development Equity Investment Fund Partnership (Limited Partnership) | 0 | 18,818,143 | 0.55 | 0 | No pledge | | Hangzhou Jiafu Zeyong Investment Partnership (Limited Partnership) | 0 | 17,870,000 | 0.52 | 0 | No pledge | | Hong Kong Securities Clearing Company Limited | 8,165,941 | 15,580,777 | 0.46 | 0 | No pledge | - China Information Communication Technology Group Co., Ltd. indirectly holds a portion of the property shares of Hubei Yangtze CICT Mobile Communication Technology Industry Investment Fund Partnership (Limited Partnership), forming a concerted action relationship[163](index=163&type=chunk) - The executive partner of CDB Manufacturing Fund and CDB Sci-Tech are both wholly-owned subsidiaries of CDB Financial Co., Ltd., forming a concerted action relationship[163](index=163&type=chunk) H1 2025 Top Ten Restricted Shareholders' Holdings | No. | Name of Restricted Shareholder | Number of Restricted Shares Held | Date Available for Trading | Restriction Conditions | | :-- | :----------------------------- | :------------------------------- | :------------------------- | 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