秦川物联(688528.SH)发布公告，公司计划自公告披露之日起15个交易日后的三个月内，通过集中竞价 交易方式，按市场价格累计减持不超过168万股已回购股份，占公司总股本的1%。 ...

智通财经APP讯，秦川物联(688528.SH)发布公告，公司计划自公告披露之日起15个交易日后的三个月 内，通过集中竞价交易方式，按市场价格累计减持不超过168万股已回购股份，占公司总股本的1%。 ...

Market Overview - The Shanghai Composite Index closed at 3738.32 points, below the five-day moving average, with a decline of 1.97% [1] - The total trading volume of A-shares reached 1618.67 billion yuan [1] Stock Performance - A total of 450 A-shares broke through the five-day moving average today [1] - Stocks with significant deviation rates include: - Runpu Food: 21.11% deviation, closing price 18.69 yuan, with a daily increase of 29.97% and turnover rate of 19.47% [1] - Zhengye Technology: 13.14% deviation, closing price 10.49 yuan, with a daily increase of 20.02% and turnover rate of 14.12% [1] - Hangzhou High-tech: 12.98% deviation, closing price 21.01 yuan, with a daily increase of 19.99% and turnover rate of 16.85% [1] Additional Notable Stocks - Other stocks with notable performance include: - Gais Food: 9.62% deviation, closing price 15.25 yuan, with a daily increase of 15.53% and turnover rate of 26.10% [1] - Huanlejia: 8.67% deviation, closing price 19.27 yuan, with a daily increase of 12.82% and turnover rate of 5.15% [1] - Haixia Environmental Protection: 7.49% deviation, closing price 6.66 yuan, with a daily increase of 10.08% and turnover rate of 5.01% [1]

Group 1 - The stock price of Qin Chuan IoT closed at 11.24 yuan on August 27, 2025, down 6.33% from the previous trading day [1] - The company's net profit attributable to shareholders for the first half of the year was -60.86 million yuan, compared to -19.65 million yuan in the same period last year [1] - Qin Chuan IoT's main business includes the research, development, production, and sales of smart gas meters and IoT systems, primarily applied in the gas industry [1] Group 2 - The company belongs to several concept sectors, including instruments and meters, Sichuan sector, micro-cap stocks, specialized and innovative enterprises, and natural gas [1] - On August 27, the net outflow of main funds was 2.06 million yuan, with a cumulative net outflow of 7.53 million yuan over the past five days [1]

Core Viewpoint - Qin Chuan IoT (688528.SH) reported a significant decline in revenue and net profit for the first half of 2025, indicating potential challenges in its business operations [1] Financial Performance - The company achieved operating revenue of 128 million yuan, a year-on-year decrease of 32.57% [1] - The net profit attributable to the parent company was -60.86 million yuan, compared to -19.65 million yuan in the same period last year [1] - The non-recurring net profit attributable to the parent company was -61.21 million yuan, down from -20.74 million yuan year-on-year [1]

[Definitions](index=4&type=section&id=Section%201%20Definitions) The company provides definitions for common terms used in the report, ensuring clarity on company names, subsidiaries, industry terminology, and the reporting period - The reporting period is from January to June 2025, and the comparative period is from January to June 2024[13](index=13&type=chunk) - The company's main business involves IoT smart gas meters and smart sensors, with detailed definitions provided for related technologies and products[12](index=12&type=chunk) [Company Profile and Key Financial Indicators](index=5&type=section&id=Section%202%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section outlines the company's basic information, contact details, information disclosure channels, stock profile, and key financial data for the reporting period [Company Basic Information](index=5&type=section&id=I.%20Company%20Basic%20Information) Company Basic Information | Indicator | Content | | :--- | :--- | | Chinese Name | 成都秦川物联网科技股份有限公司 | | Chinese Abbreviation | 秦川物联 | | Legal Representative | Shao Zehua | | Registered Address | No 931, South Fourth Road, Economic and Technological Development Zone, Longquanyi District, Chengdu | | Website | http://www.cdqckj.com/ | | Email | zhengquanbu@qinchuan-meters.com | [Contact Persons and Methods](index=5&type=section&id=II.%20Contact%20Persons%20and%20Methods) Company Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Secretary of the Board | Li Ting | No 931, South Fourth Road, Economic and Technological Development Zone, Longquanyi District, Chengdu | 028-84855708 | 028-84855708 | zhengquanbu@qinchuan-meters.com | | Securities Affairs Representative | Huang Xia | No 931, South Fourth Road, Economic and Technological Development Zone, Longquanyi District, Chengdu | 028-84855708 | 028-84855708 | zhengquanbu@qinchuan-meters.com | [Information Disclosure and Document Location](index=6&type=section&id=III.%20Information%20Disclosure%20and%20Document%20Location%20Change%20Summary) The company's designated information disclosure newspapers include Shanghai Securities News, China Securities Journal, Securities Daily, and Securities Times[17](index=17&type=chunk) [Company Stock Profile](index=6&type=section&id=IV.%20Company%20Stock%2FCertificate%20of%20Deposit%20Profile) Company Stock Information | Stock Type | Stock Exchange and Board | Stock Ticker | Stock Code | Previous Stock Ticker | | :--- | :--- | :--- | :--- | :--- | | A-Share | Shanghai Stock Exchange STAR Market | Qinchuan IoT | 688528 | / | [Key Accounting Data and Financial Indicators](index=6&type=section&id=VI.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) Key Accounting Data (Jan-Jun 2025 vs Jan-Jun 2024) | Indicator | Current Period (Jan-Jun) | Prior Year Period | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (Yuan) | 127,571,277.52 | 189,180,181.38 | -32.57 | | Total Profit (Yuan) | -60,704,546.29 | -28,583,914.89 | N/A | | Net Profit Attributable to Shareholders (Yuan) | -60,864,910.42 | -19,650,778.62 | N/A | | Net Cash Flow from Operating Activities (Yuan) | -45,761,366.91 | -35,837,429.75 | N/A | | Net Assets Attributable to Shareholders (End of Period, Yuan) | 484,597,199.20 | 545,462,109.62 | -11.16 | | Total Assets (End of Period, Yuan) | 828,422,842.52 | 907,995,626.34 | -8.76 | | Basic Earnings Per Share (Yuan/Share) | -0.39 | -0.12 | N/A | | R&D Investment as a % of Operating Revenue | 22.43 | 17.13 | Increase of 5.30 percentage points | - **Operating revenue decreased by 32.57%** year-on-year, mainly due to intensified market competition for IoT smart gas meter products, leading to a **38.62% decline in sales volume and unit price**; the smart sensor business grew by 20.53% but has not yet reached full scale due to long new customer onboarding cycles[22](index=22&type=chunk) - **Net profit decreased by RMB 41.21 million** year-on-year, primarily due to the decline in gross margin for IoT smart gas meters and high initial investments in new businesses like smart sensors, causing temporary operational pressure[23](index=23&type=chunk) Non-recurring Profit and Loss Items (Jan-Jun 2025) | Non-recurring Profit and Loss Item | Amount (Yuan) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | 7,577.85 | | Government Grants Included in Current Profit/Loss (Non-recurring) | 256,125.95 | | Reversal of Impairment Provision for Individually Tested Receivables | 386,572.98 | | Other Non-operating Income and Expenses | -336,175.90 | | Other P/L Items Meeting Non-recurring Definition | 39,622.52 | | Impact on Minority Interests (After Tax) | -8,447.08 | | **Total** | **345,276.32** | - The company classifies VAT refunds, additional VAT deductions for advanced manufacturing, and asset-related government grants as recurring items, as they comply with national policies and have a continuous impact on the company's profit and loss[28](index=28&type=chunk) [Management Discussion and Analysis](index=9&type=section&id=Section%203%20Management%20Discussion%20and%20Analysis) This section details the company's operating performance, including industry trends, core business, competitiveness, R&D progress, and risks, highlighting its focus on the IoT sector despite performance pressures [Industry and Main Business Overview](index=9&type=section&id=I.%20Report%20Period%20Industry%20and%20Main%20Business%20Overview) The company operates in three main IoT business segments: smart city IoT (smart gas, smart water), smart sensors, and industrial IoT [Industry Development and Technical Barriers](index=9&type=section&id=(I)%20Industry%20Development%20Stage%2C%20Basic%20Characteristics%2C%20and%20Key%20Technical%20Barriers) - The company's business covers smart city IoT (smart gas, smart water), smart sensors, and industrial IoT, with a focus on independent R&D and innovation[30](index=30&type=chunk)[31](index=31&type=chunk) - In the smart gas sector, IoT smart gas meters are the main product, with demand for replacements expected to grow, driven by national policies[32](index=32&type=chunk)[33](index=33&type=chunk) Smart Gas Meter Market Size Forecast | Region | 2021-2026 CAGR | 2026 Market Size | | :--- | :--- | :--- | | Global | 6.3% | Approx USD 10.9 billion | | China (Est by 2028) | - | RMB 11.923 billion | - The smart sensor market has entered its third generation, with the global market projected to grow from **USD 241.06 billion in 2024 to USD 457.26 billion in 2032** at a CAGR of 8.3%; the Chinese market is expected to reach **RMB 554.72 billion by 2026**[37](index=37&type=chunk)[38](index=38&type=chunk)[39](index=39&type=chunk) [Company's Industry Position](index=12&type=section&id=(II)%20Analysis%20of%20the%20Company's%20Industry%20Position%20and%20Changes) - In the smart gas sector, the company is one of the few domestic enterprises capable of designing and manufacturing both the base meter and the smart control unit, earning wide recognition from downstream customers[42](index=42&type=chunk) - The smart sensor business has shown significant growth, with its thermistor, temperature sensor, and magnetic sensor products integrated into the supply chains of several well-known companies[43](index=43&type=chunk) [Main Business and Products](index=12&type=section&id=(III)%20Main%20Business%2C%20Main%20Products%2C%20and%20Their%20Uses) - The smart city IoT business provides integrated solutions for the gas and water sectors, including IoT management platforms and smart meters, to enable safe, fair, and intelligent utility consumption[44](index=44&type=chunk)[45](index=45&type=chunk)[49](index=49&type=chunk) - The smart sensor business covers temperature, magnetic, and pressure sensors for applications in new energy vehicles, home appliances, and low-altitude aircraft, having mastered NTC and PTC thermistor preparation technology[46](index=46&type=chunk)[48](index=48&type=chunk)[51](index=51&type=chunk) - The industrial IoT business offers the QCINFMS platform and solutions for smart manufacturing, smart factories, and cloud manufacturing[48](index=48&type=chunk)[52](index=52&type=chunk) [Operating Model](index=17&type=section&id=(IV)%20Operating%20Model) - The R&D model is project-based, with full-process monitoring and a project manager responsibility system involving multi-departmental collaboration[53](index=53&type=chunk) - The procurement model involves the supply department purchasing from a list of qualified suppliers based on orders, with suppliers undergoing qualification audits and joint reviews[54](index=54&type=chunk) - The production model is primarily make-to-order with appropriate stocking; smart sensor products use a mix of stocking and make-to-order strategies[55](index=55&type=chunk) - The sales model is mainly direct sales, with a nationwide marketing and service network and strong partnerships with numerous well-known manufacturers[57](index=57&type=chunk) [Analysis of Operating Performance](index=18&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operating%20Performance) During the reporting period, revenue fell 32.57% to RMB 127.57 million due to market competition, while net loss attributable to shareholders widened to RMB -60.87 million [Main Operating Performance](index=18&type=section&id=(I)%20Main%20Operating%20Performance%20during%20the%20Reporting%20Period) - During the reporting period, the company's **operating revenue was RMB 127.57 million, a year-on-year decrease of 32.57%**; IoT smart gas meter revenue was RMB 100.15 million, down 38.62%, while smart sensor business revenue was RMB 22.47 million, up 20.53%[58](index=58&type=chunk) - **Net profit attributable to shareholders was RMB -60.87 million**, a year-on-year decrease of RMB 41.21 million, mainly due to declining product gross margins from intensified market competition and pressure from new business investments[58](index=58&type=chunk) [Operating Performance by Business Segment](index=18&type=section&id=(II)%20Operating%20Performance%20of%20Each%20Business%20Segment%20during%20the%20Reporting%20Period) - Smart city IoT business revenue was **RMB 100.15 million, a decrease of 38.62%** year-on-year, with declining gross margins; in response, the company optimized its market layout, achieving **overseas gas meter revenue of RMB 13.91 million, a 667.04% increase**[59](index=59&type=chunk) - Smart sensor business revenue reached **RMB 22.47 million, a 20.53% year-on-year increase**, accounting for 17.62% of total revenue; the company has established a strategic layout with three bases in Chengdu, Meishan, and Chongqing and obtained IATF16949 certification[60](index=60&type=chunk)[61](index=61&type=chunk) - The industrial IoT business has gained national recognition for its core QCINFMS platform, receiving honors such as being named a "National Smart Manufacturing Demonstration Factory Unveiling Unit"[62](index=62&type=chunk) [R&D Achievements and Investment](index=19&type=section&id=(III)%20R&D%20Situation) - The company continued to increase R&D investment, adding **131 new invention patents** (62 in China, 67 in the US, 2 in Japan), 19 software copyrights, and participated in drafting 10 national standards during the period[63](index=63&type=chunk)[64](index=64&type=chunk)[65](index=65&type=chunk) - The company was selected for the "2025 Innovation Momentum: The Global 100"[65](index=65&type=chunk) [Corporate Governance and Information Disclosure](index=20&type=section&id=(IV)%20Corporate%20Governance%20and%20Information%20Disclosure) - The company strictly adheres to relevant laws and regulations, fulfills its information disclosure obligations diligently, and maintains high operational transparency to protect investor interests[66](index=66&type=chunk) [Core Competitiveness Analysis](index=20&type=section&id=III.%20Core%20Competitiveness%20Analysis%20during%20the%20Reporting%20Period) The company's core competitiveness lies in its manufacturing, technology, certification, and network advantages, including industrial IoT-enabled production and vertical integration [Core Competitiveness](index=20&type=section&id=(I)%20Core%20Competitiveness%20Analysis) - The company leverages its industrial IoT-enabled manufacturing advantage through the QCINFMS platform to build digital smart factories, achieving automated production and real-time control[67](index=67&type=chunk)[68](index=68&type=chunk) - Product manufacturing features integrated structural design and full-process manufacturing, with smart gas meters having a fully sealed structure and smart sensors achieving vertical integration from materials to components[69](index=69&type=chunk)[70](index=70&type=chunk) - Core technology advantages are demonstrated through standard-setting (leading 2 national standards, participating in 68), intellectual property (**824 invention patents**, 368 software copyrights), and superior product performance[72](index=72&type=chunk)[73](index=73&type=chunk)[74](index=74&type=chunk) - The company holds numerous qualifications, including National High-tech Enterprise and National "Little Giant" Enterprise, and is certified under ISO9001 and IATF16949 management systems[76](index=76&type=chunk)[77](index=77&type=chunk) - The company has received multiple honors, including "National Smart Manufacturing Demonstration Factory Unveiling Unit" and "2025 Innovation Momentum: The Global 100"[78](index=78&type=chunk)[79](index=79&type=chunk) - As of June 30, 2025, the company had **181 R&D personnel, accounting for 22.10% of the total workforce**, demonstrating strong multi-disciplinary application capabilities[80](index=80&type=chunk) - The marketing network covers the entire country, with long-term partnerships with major gas groups, and the smart sensor business has entered the supply chains of several well-known OEMs[81](index=81&type=chunk) [Core Technology and R&D Progress](index=25&type=section&id=(III)%20Core%20Technology%20and%20R&D%20Progress) - The company possesses 13 key proprietary core technologies spanning mechanical metering, intelligent control, information security, and sensor material preparation, applied across its IoT product lines[83](index=83&type=chunk)[84](index=84&type=chunk)[85](index=85&type=chunk) R&D Investment (Jan-Jun 2025 vs Jan-Jun 2024) | Indicator | Current Period | Prior Year Period | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment (Yuan) | 28,614,247.69 | 32,397,351.55 | -11.68 | | Total R&D Investment (Yuan) | 28,614,247.69 | 32,397,351.55 | -11.68 | | Total R&D Investment as a % of Revenue | 22.43 | 17.13 | Increase of 5.30 percentage points | - **Total R&D investment decreased by 11.68%** year-on-year as the company focused on core R&D directions, optimized resource allocation, and restructured its R&D team, resulting in lower employee compensation[129](index=129&type=chunk) Major R&D Projects (Partial) | No | Project Name | Est Total Investment (Yuan) | Current Period Investment (Yuan) | Progress/Stage | Target Objective | | :--- | :--- | :--- | :--- | :--- | :--- | | 1 | Natural Gas Energy Metering IoT System | 6,230,000.00 | 187,693.96 | In R&D | Build an IoT system for data collection, conversion, metering, and management | | 2 | R&D of Smart Gas Value-added Service Management System | 10,990,000.00 | 1,275,790.31 | In R&D | Complete functional definition for IoT smart gas meter management platform | | 5 | R&D of Smart Factory Industrial IoT Platform | 54,714,000.00 | 11,595,339.21 | In R&D | Achieve closed-loop management for all smart factory application scenarios | | 15 | R&D of MCLD (Permanent Magnet Non-contact Linear Displacement Sensor) | 6,500,000.00 | 2,650,654.26 | In R&D | Enable position detection of moving targets and accelerate domestic production | R&D Personnel Profile (June 30, 2025) | Indicator | Number (Persons) | Percentage (%) | | :--- | :--- | :--- | | Total R&D Personnel | 181 | 22.10 | | Master's Degree | 19 | 10.50 | | Bachelor's Degree | 137 | 75.69 | | Under 30 years old | 54 | 29.83 | | 30-40 years old | 84 | 46.41 | [Risk Factors](index=37&type=section&id=IV.%20Risk%20Factors) The company faces multiple risks including performance decline, core competitiveness challenges, market competition, policy changes, and macroeconomic uncertainties [Risk of Significant Performance Decline or Loss](index=37&type=section&id=(I)%20Risk%20of%20Significant%20Performance%20Decline%20or%20Loss) - The company may face risks of continued performance decline or losses if adverse changes in the macroeconomy, market competition, or raw material prices occur without effective new business expansion or technological innovation[104](index=104&type=chunk) [Core Competitiveness Risks](index=38&type=section&id=(II)%20Core%20Competitiveness%20Risks) - **Technology Innovation and Product Development Risk**: Rapidly changing market demands and technology updates pose challenges, and failure to develop successful new products could adversely affect operations[105](index=105&type=chunk) - **Technology Leakage and Loss of Key Personnel Risk**: Intensified industry competition for talent could lead to the loss of key personnel and technology leakage if incentive mechanisms are inadequate[106](index=106&type=chunk) - **Intellectual Property Protection Risk**: The lengthy and costly patent application process carries risks of patent invalidation, leakage, or infringement, which could impact production and operations[107](index=107&type=chunk) [Operating Risks](index=38&type=section&id=(III)%20Operating%20Risks) - **Intensified Market Competition Risk**: Failure to continuously enhance R&D, innovation, production capacity, and marketing could lead to a decline in product gross margins and market share[108](index=108&type=chunk) - **Industrial Policy Fluctuation Risk**: The company's products are heavily influenced by natural gas, real estate, and urbanization policies, and significant policy changes could adversely affect sustainable development[109](index=109&type=chunk)[110](index=110&type=chunk) - **Raw Material Price Fluctuation Risk**: Direct materials account for a high proportion of main business costs (**60.28%**), and significant price fluctuations could adversely affect operating results[111](index=111&type=chunk) - **Risk of Declining Revenue from IoT Smart Gas Meters**: Intensified market competition and uncertain demand from gas operators could lead to a decline in sales volume, impacting overall revenue[114](index=114&type=chunk) - **Risk of Dispersed and Small-scale Customers**: Customers with sales under RMB 500,000 account for **84.44% of the total**, and the high turnover rate of such customers could adversely affect operating performance[115](index=115&type=chunk) - **Uncertain Business Growth Trend Risk**: The smart sensor market faces rapid demand changes, while the industrial IoT business has a small revenue scale and uncertain development prospects, posing risks of slower-than-expected market expansion[117](index=117&type=chunk) - **International Trade Risk**: Changes in laws, policies, or political and economic environments in customer countries, as well as international tensions or trade sanctions, could adversely affect overseas business[118](index=118&type=chunk) [Financial Risks](index=40&type=section&id=(IV)%20Financial%20Risks) - **Risk of Bad Debt from Accounts Receivable**: At the end of the reporting period, the accounts receivable balance was **RMB 201.39 million, representing 157.86% of operating revenue**, posing a risk of bad debt losses if customer credit deteriorates[119](index=119&type=chunk) - **Risk of Changes in Tax Incentive Policies**: The company benefits from a preferential income tax rate for high-tech enterprises, and any future policy changes or loss of this status could adversely affect profitability[120](index=120&type=chunk) [Industry Risks](index=40&type=section&id=(V)%20Industry%20Risks) - The instrumentation manufacturing industry is subject to multi-departmental regulation, and failure to adapt to policy changes or slower-than-expected industry development could adversely affect the company's operations[121](index=121&type=chunk)[122](index=122&type=chunk) [Macroeconomic Environment Risks](index=41&type=section&id=(VI)%20Macroeconomic%20Environment%20Risks) - The company's industry is closely tied to national macroeconomic and industrial policies, and changes in these areas could impact its production and operations[123](index=123&type=chunk) [Main Operating Performance (Continued)](index=41&type=section&id=V.%20Main%20Operating%20Performance%20during%20the%20Reporting%20Period) This section further analyzes the reasons for changes in key financial statement items, attributing revenue and cost declines to lower gas meter sales, while noting growth in overseas and sensor businesses [Main Business Analysis](index=41&type=section&id=(I)%20Main%20Business%20Analysis) Analysis of Changes in Financial Statement Items (Jan-Jun 2025 vs Jan-Jun 2024) | Item | Current Period (Yuan) | Prior Year Period (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 127,571,277.52 | 189,180,181.38 | -32.57 | | Operating Costs | 108,830,305.85 | 135,546,330.20 | -19.71 | | Selling Expenses | 18,726,704.84 | 24,824,969.32 | -24.57 | | Administrative Expenses | 21,033,613.91 | 23,283,187.02 | -9.66 | | Finance Costs | 2,397,539.95 | 1,465,706.18 | 63.58 | | R&D Expenses | 28,614,247.69 | 32,397,351.55 | -11.68 | | Net Cash Flow from Operating Activities | -45,761,366.91 | -35,837,429.75 | N/A | | Net Cash Flow from Investing Activities | -9,587,714.34 | -8,446,469.51 | N/A | | Net Cash Flow from Financing Activities | 2,982,728.47 | -98,963,605.24 | N/A | - **Operating revenue decreased by 32.57%**, mainly due to a 38.62% decline in IoT smart gas meter sales, although overseas gas meter business grew by 667.04% and smart sensor business grew by 20.53%[126](index=126&type=chunk) - **Finance costs increased by 63.58%**, primarily due to increased interest expenses from expanded financing to meet business development and working capital needs[127](index=127&type=chunk) - **R&D expenses decreased by 11.68%** as the company focused on core R&D areas, optimized resource allocation, and restructured its R&D team, leading to lower employee compensation[129](index=129&type=chunk) - **Net cash flow from operating activities decreased by RMB 9.92 million**, mainly due to a reduction in cash received from sales of goods and services in line with lower operating revenue[129](index=129&type=chunk) - **Net cash flow from investing activities decreased by RMB 1.14 million**, primarily due to increased investment in smart sensor production line construction[129](index=129&type=chunk) - **Net cash flow from financing activities increased by RMB 101.95 million**, mainly because the prior period included a share buyback of RMB 80.00 million[129](index=129&type=chunk) [Analysis of Assets and Liabilities](index=43&type=section&id=(III)%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the period, cash, notes receivable, and borrowings decreased, while other receivables and contract liabilities increased; restricted assets include cash, receivables, and fixed assets [Asset and Liability Status](index=43&type=section&id=1.%20Asset%20and%20Liability%20Status) Major Changes in Assets and Liabilities (End of Period vs End of Prior Year) | Item | Current Period-end (Yuan) | % of Total Assets | Prior Year-end (Yuan) | % of Total Assets | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 38,746,760.64 | 4.68 | 86,798,959.42 | 9.56 | -55.36 | Lower customer payments and high operating cash outflows | | Notes Receivable | 4,912,847.23 | 0.59 | 9,769,087.73 | 1.08 | -49.71 | Decrease in endorsed or discounted notes receivable not yet due | | Other Receivables | 6,895,186.87 | 0.83 | 4,300,041.57 | 0.47 | 60.35 | Increase in tender deposits | | Short-term Borrowings | 44,033,527.79 | 5.32 | 74,068,505.55 | 8.16 | -40.55 | Repayment of some short-term loans without renewal | | Contract Liabilities | 4,337,135.58 | 0.52 | 2,567,969.10 | 0.28 | 68.89 | Increase in advance payments from customers for industrial IoT projects | | Non-current Liabilities Due within One Year | 55,756,880.43 | 6.73 | 30,167,419.83 | 3.32 | 84.82 | Increase due to reclassification of long-term borrowings and payables | | Long-term Borrowings | 28,720,000.00 | 3.47 | 39,390,000.00 | 4.34 | -27.09 | Increase in portion reclassified to non-current liabilities due within one year | | Long-term Payables | 23,333,333.34 | 2.82 | 0 | 0 | N/A | Subsidiary Meishan Qinchuan obtained a RMB 28 million loan via sale-leaseback | [Major Restricted Assets](index=44&type=section&id=3.%20Major%20Restricted%20Assets%20as%20of%20the%20End%20of%20the%20Reporting%20Period) Major Restricted Assets at Period-end | Item | Carrying Value at Period-end (Yuan) | Reason for Restriction | | :--- | :--- | :--- | | Cash and Cash Equivalents | 4,431,839.37 | Performance guarantee deposits, judicial freeze | | Accounts Receivable | 7,207,760.89 | Pledged as collateral for bank loans by subsidiary Chongqing Yachuan | | Notes Receivable | 3,914,215.53 | Endorsed notes receivable not yet derecognized | | Fixed Assets | 31,016,381.12 | Equipment leased under sale-leaseback by subsidiary Meishan Qinchuan | | **Total** | **46,570,196.91** | | [Investment Status Analysis](index=45&type=section&id=(IV)%20Investment%20Status%20Analysis) The company's receivables financing and long-term equity investments increased at the period-end, while other non-current financial assets remained unchanged [Financial Assets Measured at Fair Value](index=45&type=section&id=(3).%20Financial%20Assets%20Measured%20at%20Fair%20Value) Financial Assets Measured at Fair Value (Period-end) | Asset Category | Opening Balance (Yuan) | Fair Value Change in Current Period (Yuan) | Closing Balance (Yuan) | | :--- | :--- | :--- | :--- | | Receivables Financing | 3,140,576.45 | 765,010.21 | 3,905,586.66 | | Other Non-current Financial Assets | 3,300,000.00 | 0 | 3,300,000.00 | | **Total** | **6,440,576.45** | **765,010.21** | **7,205,586.66** | [Analysis of Major Holding and Participating Companies](index=46&type=section&id=(VI)%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) The company's main subsidiaries are Meishan Qinchuan Smart Sensor Co, Ltd and Chongqing Yachuan Electric Co, Ltd, while its associate company is undergoing liquidation [Financial Information of Major Subsidiaries](index=46&type=section&id=Situation%20of%20Major%20Subsidiaries%20and%20Participating%20Companies%20with%20over%2010%25%20Impact%20on%20Net%20Profit) Financial Data of Major Subsidiaries (Jan-Jun 2025) | Company Name | Type | Registered Capital (Yuan) | Total Assets (Yuan) | Net Assets (Yuan) | Operating Revenue (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Meishan Qinchuan Smart Sensor Co, Ltd | Subsidiary | 160,000,000.00 | 171,020,166.42 | 114,535,973.32 | 16,445,957.91 | 12,095,649.61 | | Chongqing Yachuan Electric Co, Ltd | Subsidiary | 9,000,000.00 | 24,517,658.65 | 5,621,333.77 | 12,732,288.83 | 66,516.65 | - Shandong Xinneng IoT Technology Co, Ltd held an extraordinary general meeting on December 26, 2024, and approved its dissolution and liquidation, which is currently in progress[136](index=136&type=chunk) [Corporate Governance, Environment, and Society](index=49&type=section&id=Section%204%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section discloses changes in directors, supervisors, senior management, and core technical personnel, as well as the profit distribution plan [Changes in Directors, Supervisors, Senior Management, and Core Technical Personnel](index=49&type=section&id=I.%20Changes%20in%20Company%20Directors%2C%20Supervisors%2C%20Senior%20Management%2C%20and%20Core%20Technical%20Personnel) - On August 8, 2025, the company's shareholders' meeting approved the amendment of the Articles of Association to eliminate the Supervisory Board, transferring its functions to the Board's Audit Committee; former supervisors subsequently resigned[141](index=141&type=chunk) - On August 8, 2025, the company elected Ms Wang Jun as the employee representative director for the third session of the Board of Directors[141](index=141&type=chunk) [Profit Distribution Plan](index=49&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) - The company's proposed semi-annual profit distribution or capital reserve conversion plan is "None," meaning no distribution or conversion will occur[141](index=141&type=chunk) [Significant Matters](index=51&type=section&id=Section%205%20Significant%20Matters) This section details the fulfillment of commitments by the company, its controlling shareholder, and related parties, primarily concerning share lock-ups and information disclosure, all of which were strictly adhered to [Fulfillment of Commitments](index=51&type=section&id=I.%20Fulfillment%20of%20Commitments) - The company's actual controller, directors, supervisors, and other shareholders have all strictly fulfilled their share lock-up commitments[145](index=145&type=chunk)[146](index=146&type=chunk) - The company, its controlling shareholder, actual controller, directors, supervisors, and senior management have all strictly fulfilled their commitment that the prospectus is free from false records, misleading statements, or major omissions[153](index=153&type=chunk)[154](index=154&type=chunk)[155](index=155&type=chunk) - The controlling shareholder and actual controller, Mr Shao Zehua, voluntarily extended the lock-up period for all pre-IPO shares by 6 months to December 31, 2023, and has strictly fulfilled this commitment[157](index=157&type=chunk) [Irregular Guarantees](index=58&type=section&id=III.%20Irregular%20Guarantees) - The company had no major litigation or arbitration matters during the reporting period[159](index=159&type=chunk) [Major Related-Party Transactions](index=58&type=section&id=X.%20Major%20Related-Party%20Transactions) Related-Party Guarantees (Company as the Guaranteed Party) | Guarantor | Guarantee Amount (Yuan) | Start Date | End Date | Guarantee Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Shao Zehua, Lu Xingling | 28,000,000.00 | March 31, 2025 | Three years from the debt maturity date | No | - The company's subsidiary, Meishan Qinchuan Smart Sensor Co, Ltd, entered into a sale-leaseback contract, for which Mr Shao Zehua and his spouse, Ms Lu Xingling, provided a joint and several liability guarantee[554](index=554&type=chunk) [Changes in Share Capital and Shareholders](index=60&type=section&id=Section%206%20Changes%20in%20Share%20Capital%20and%20Shareholders) During the reporting period, the company's total number of ordinary shares and share capital structure remained unchanged, with 5,890 shareholders as of the period-end [Changes in Share Capital](index=60&type=section&id=I.%20Changes%20in%20Share%20Capital) - During the reporting period, the company's total number of ordinary shares and share capital structure did not change[163](index=163&type=chunk) [Shareholder Information](index=60&type=section&id=II.%20Shareholder%20Information) Total Number of Shareholders | Indicator | Number | | :--- | :--- | | Total number of ordinary shareholders at the end of the reporting period (households) | 5,890 | | Total number of preferred shareholders with restored voting rights at the end of the reporting period (households) | 0 | | Total number of shareholders holding special voting rights shares at the end of the reporting period (households) | 0 | Top Ten Shareholders' Holdings (Period-end) | Shareholder Name | Shares Held at Period-end | Percentage (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Shao Zehua | 101,165,281 | 60.22 | Domestic Individual | | Shao Fubin | 3,462,860 | 2.06 | Domestic Individual | | Chengdu Jiuguan Smart Energy Technology Co, Ltd | 3,280,000 | 1.95 | Domestic Non-state-owned Legal Entity | | Chengdu Xiangcheng Xingshen Venture Capital Co, Ltd | 2,000,000 | 1.19 | Domestic State-owned Legal Entity | | Shao Xiaohong | 1,806,469 | 1.08 | Domestic Individual | | Dai Xuerong | 1,790,077 | 1.07 | Domestic Individual | | Shao Fuzhen | 1,666,430 | 0.99 | Domestic Individual | | Shen Xiaodong | 1,011,000 | 0.60 | Domestic Individual | | Yu Qiang | 680,000 | 0.40 | Domestic Individual | | China Construction Bank - Huashang SSE STAR Market Composite Index Enhanced Fund | 662,800 | 0.39 | Other | - Shao Zehua, Shao Fubin, Shao Fuzhen, and Shao Xiaohong are siblings; Chengdu Jiuguan Smart Energy Technology Co, Ltd is controlled by Shao Zehua[168](index=168&type=chunk) [Changes in Shareholdings of Directors, Supervisors, Senior Management, and Core Technical Personnel](index=63&type=section&id=III.%20Directors%2C%20Supervisors%2C%20Senior%20Management%2C%20and%20Core%20Technical%20Personnel%20Information) Shareholdings of Directors, Supervisors, Senior Management, and Core Technical Personnel (Period-end) | Name | Position | Shares Held at Period-end (Shares) | | :--- | :--- | :--- | | Shao Zehua | Chairman, General Manager, Core Technical Personnel | 101,165,281 | | Li Yong | Director, Deputy General Manager, Core Technical Personnel | 175,000 | | Zhang Jing | Director | 195,000 | | Wang Jun | Chairman of the Supervisory Board | 95,000 | | Quan Yaqiang | Supervisor, Core Technical Personnel | 240,000 | | Liu Rongfei | Employee Representative Supervisor | 60,000 | | Liu Bin | Deputy General Manager, Core Technical Personnel | 100,000 | | Wu Yuefei | Core Technical Personnel | 240,000 | - The shareholdings of the above personnel did not change during the reporting period[170](index=170&type=chunk)[171](index=171&type=chunk) [Bond-related Matters](index=64&type=section&id=Section%207%20Bond-related%20Matters) During the reporting period, the company had no corporate bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds - The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[172](index=172&type=chunk) - The company has no convertible corporate bonds[172](index=172&type=chunk) [Financial Report](index=64&type=section&id=Section%208%20Financial%20Report) This section contains the company's unaudited consolidated and parent company financial statements, including balance sheets, income statements, cash flow statements, and detailed notes [Audit Report](index=64&type=section&id=I.%20Audit%20Report) - This semi-annual report has not been audited[5](index=5&type=chunk)[173](index=173&type=chunk) [Financial Statements](index=65&type=section&id=II.%20Financial%20Statements) This section provides the company's semi-annual consolidated and parent company financial statements for 2025, showing operational pressure with a net loss but a stable balance sheet structure [Consolidated Balance Sheet](index=65&type=section&id=Consolidated%20Balance%20Sheet) Key Data from Consolidated Balance Sheet (June 30, 2025) | Item | Closing Balance (Yuan) | Opening Balance (Yuan) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 38,746,760.64 | 86,798,959.42 | | Accounts Receivable | 201,388,710.05 | 215,473,930.06 | | Inventories | 72,473,192.23 | 71,210,264.50 | | Total Assets | 828,422,842.52 | 907,995,626.34 | | Short-term Borrowings | 44,033,527.79 | 74,068,505.55 | | Total Liabilities | 342,450,617.23 | 361,449,063.48 | | Total Equity Attributable to Parent Company | 484,597,199.20 | 545,462,109.62 | [Consolidated Income Statement](index=71&type=section&id=Consolidated%20Income%20Statement) Key Data from Consolidated Income Statement (Jan-Jun 2025) | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Operating Revenue | 127,571,277.52 | 189,180,181.38 | | Operating Costs | 108,830,305.85 | 135,546,330.20 | | Selling Expenses | 18,726,704.84 | 24,824,969.32 | | R&D Expenses | 28,614,247.69 | 32,397,351.55 | | Total Profit | -60,704,546.29 | -28,583,914.89 | | Net Profit | -60,874,337.57 | -19,266,356.04 | | Net Profit Attributable to Parent Company Shareholders | -60,864,910.42 | -19,650,778.62 | | Basic Earnings Per Share (Yuan/Share) | -0.39 | -0.12 | [Consolidated Cash Flow Statement](index=75&type=section&id=Consolidated%20Cash%20Flow%20Statement) Key Data from Consolidated Cash Flow Statement (Jan-Jun 2025) | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -45,761,366.91 | -35,837,429.75 | | Net Cash Flow from Investing Activities | -9,587,714.34 | -8,446,469.51 | | Net Cash Flow from Financing Activities | 2,982,728.47 | -98,963,605.24 | | Net Increase in Cash and Cash Equivalents | -52,297,425.57 | -143,228,668.65 | | Cash and Cash Equivalents at End of Period | 34,314,921.27 | 20,541,180.70 | [Company Basic Information (Notes to Financial Statements)](index=91&type=section&id=III.%20Company%20Basic%20Information) - The company was established through a corporate restructuring in 2017 and was listed on the STAR Market in 2020; as of June 30, 2025, its registered and paid-in capital is RMB 168.00 million[219](index=219&type=chunk) - The company operates in the instrumentation industry, with a business scope covering IoT technology R&D, equipment manufacturing, industrial internet data services, and intelligent control system integration[221](index=221&type=chunk) - The company's largest shareholder and actual controller is Mr Shao Zehua[221](index=221&type=chunk) [Basis of Preparation for Financial Statements](index=91&type=section&id=IV.%20Basis%20of%20Preparation%20for%20Financial%20Statements) - The financial statements are prepared on a going concern basis in accordance with the Enterprise Accounting Standards issued by the Ministry of Finance and relevant regulations of the CSRC[223](index=223&type=chunk) - The company believes there are no material uncertainties regarding its ability to continue as a going concern for the next 12 months, making the going concern basis appropriate[224](index=224&type=chunk) [Significant Accounting Policies and Estimates](index=92&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the significant accounting policies and estimates followed in preparing the financial statements, covering financial instruments, inventory, revenue recognition, and R&D expenditure [Materiality Standard](index=92&type=section&id=5.%20Materiality%20Standard%20Determination%20Method%20and%20Selection%20Basis) Materiality Standards | Item | Materiality Standard | | :--- | :--- | | Significant recovery or reversal of bad debt provision for receivables | Amount over RMB 1 million | | Significant write-off of accounts receivable | Amount over RMB 1 million | | Significant payables, advances, contract liabilities, other payables with aging over 1 year | Amount over RMB 2 million | | Significant construction in progress projects | Single project amount over RMB 10 million | | Significant non-wholly-owned subsidiary | Revenue exceeds 15% of consolidated revenue or net profit absolute value exceeds RMB 10 million | | Significant joint venture or associate | Long-term equity investment exceeds 5% of consolidated total assets | [Financial Instruments Accounting Policy](index=95&type=section&id=11.%20Financial%20Instruments) - Financial assets are classified into three categories: measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss[243](index=243&type=chunk)[244](index=244&type=chunk) - The company recognizes loss provisions based on expected credit losses (ECL), classifying financial instruments into three stages based on changes in credit risk[252](index=252&type=chunk) Aging vs Expected Credit Loss Rate for Receivables and Contract Assets | Aging | Expected Credit Loss Rate (%) | | :--- | :--- | | | Accounts Receivable/Contract Assets | Other Receivables | | Within 1 year | 3 | 3 | | 1-2 years | 10 | 10 | | 2-3 years | 20 | 20 | | 3-4 years | 50 | 50 | | 4-5 years | 50 | 50 | | Over 5 years | 100 | 100 | [Inventory Accounting Policy](index=102&type=section&id=16.%20Inventories) - Inventories, including raw materials, work-in-progress, and finished goods, are measured at actual cost, with the weighted average method used for cost of goods sold[271](index=271&type=chunk)[272](index=272&type=chunk) - At the balance sheet date, inventories are measured at the lower of cost and net realizable value, with provisions made for any shortfall[275](index=275&type=chunk)[276](index=276&type=chunk) [Fixed Assets Accounting Policy](index=108&type=section&id=21.%20Fixed%20Assets) - Fixed assets are initially measured at actual cost and are categorized into buildings, machinery, transportation equipment, and electronic equipment[295](index=295&type=chunk) Fixed Asset Depreciation Policy | Category | Depreciation Method | Useful Life (Years) | Residual Value Rate | Annual Depreciation Rate | | :--- | :--- | :--- | :--- | :--- | | Buildings and Structures | Straight-line | 10-20 | 0.00%-5.00% | 4.75%-10.00% | | Machinery and Equipment | Straight-line | 3-10 | 0.00%-5.00% | 9.50%-33.33% | | Electronic Equipment | Straight-line | 3-5 | 0.00%-5.00% | 19.00%-33.33% | | Transportation Equipment | Straight-line | 4-5 | 0.00%-5.00% | 19.00%-25.00% | | Other | Straight-line | 5-10 | 0.00%-5.00% | 9.50%-20.00% | [Intangible Assets Accounting Policy](index=110&type=section&id=26.%20Intangible%20Assets) - Intangible assets, including patents, software, and land use rights, are measured at actual cost[303](index=303&type=chunk) Intangible Asset Amortization Policy | Category | Estimated Useful Life (Years) | Annual Amortization Rate | Basis | | :--- | :--- | :--- | :--- | | Land Use Rights | 50 | 2.00% | Legal usage period | | Software | 3-10 | 10.00%-33.33% | Estimated useful life | | Patent Technology | 10-20 | 5.00%-10.00% | Estimated useful life | - R&D expenditure is divided into research and development stages; research-stage expenses are expensed as incurred, while development-stage expenses are capitalized if specific criteria are met[306](index=306&type=chunk) [Revenue Recognition Policy](index=114&type=section&id=34.%20Revenue) - Revenue is recognized when the customer obtains control of the goods, which occurs upon delivery and acceptance for domestic sales and upon completion of export customs procedures for overseas sales[320](index=320&type=chunk)[321](index=321&type=chunk) [Taxes](index=118&type=section&id=VI.%20Taxes) The company is subject to VAT, urban maintenance and construction tax, and corporate income tax, benefiting from a reduced 15% tax rate as a high-tech enterprise and other tax incentives [Main Taxes and Rates](index=118&type=section&id=1.%20Main%20Taxes%20and%20Rates) Main Taxes and Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Taxable income less input tax | 13% | | Urban Maintenance and Construction Tax | Payable turnover tax | 7%, 5% | | Education Surcharge | Payable turnover tax | 3% | | Local Education Surcharge | Payable turnover tax | 2% | | Corporate Income Tax | Taxable income | 15% (High-tech Enterprise) / 20% (Small and Micro Enterprise) | [Tax Incentives](index=118&type=section&id=2.%20Tax%20Incentives) - The company benefits from a VAT refund policy for software products, where the actual tax burden exceeding 3% is refunded[332](index=332&type=chunk) - The company is eligible for an additional 5% VAT input tax deduction as an advanced manufacturing enterprise, valid until December 31, 2027[332](index=332&type=chunk) - As a certified high-tech enterprise, the company is subject to a reduced corporate income tax rate of 15% until October 16, 2026[333](index=333&type=chunk) - The subsidiary Chongqing Yachuan Electric Co, Ltd qualifies as a small and micro enterprise and is subject to a reduced corporate income tax rate of 20% on 25% of its taxable income until December 31, 2027[334](index=334&type=chunk) - The company is eligible for a 100% super-deduction on R&D expenses as a manufacturing enterprise[335](index=335&type=chunk) [Notes to Consolidated Financial Statement Items](index=119&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes on individual items in the consolidated financial statements, explaining balances, changes, and accounting treatments for assets, liabilities, and equity [Cash and Cash Equivalents](index=119&type=section&id=1.%20Cash%20and%20Cash%20Equivalents) Composition of Cash and Cash Equivalents (Period-end) | Item | Closing Balance (Yuan) | | :--- | :--- | | Cash on Hand | 1,122.60 | | Bank Deposits | 34,245,854.63 | | Other Monetary Funds | 4,499,783.41 | | **Total** | **38,746,760.64** | - Of the total cash, **RMB 4.12 million is restricted** as performance guarantee deposits and RMB 0.31 million is judicially frozen[339](index=339&type=chunk) [Accounts Receivable](index=123&type=section&id=5.%20Accounts%20Receivable) Aging Analysis of Accounts Receivable (Period-end) | Aging | Gross Carrying Amount (Yuan) | | :--- | :--- | | Within 1 year | 129,607,524.12 | | 1 to 2 years | 57,580,284.13 | | 2 to 3 years | 24,038,296.98 | | Over 3 years | 34,805,735.32 | | **Total** | **246,031,840.55** | Bad Debt Provision for Accounts Receivable (Period-end) | Category | Gross Carrying Amount (Yuan) | Bad Debt Provision (Yuan) | Provision Rate (%) | | :--- | :--- | :--- | :--- | | Individually Assessed | 12,497,424.41 | 12,497,424.41 | 100.00 | | Collectively Assessed | 233,534,416.14 | 32,145,706.09 | 13.76 | | **Total** | **246,031,840.55** | **44,643,130.50** | **18.15** | [Inventories](index=139&type=section&id=10.%20Inventories) Inventory Classification and Write-down (Period-end) | Item | Gross Carrying Amount (Yuan) | Inventory Write-down (Yuan) | Net Carrying Amount (Yuan) | | :--- | :--- | :--- | :--- | | Raw Materials | 31,956,693.19 | 1,048,987.99 | 30,907,705.20 | | Work in Progress | 19,896,103.57 | 659,159.27 | 19,236,944.30 | | Finished Goods | 6,176,108.59 | 0 | 6,176,108.59 | | Goods in Transit | 9,782,822.00 | 592,549.88 | 9,190,272.12 | | **Total** | **74,773,889.37** | **2,300,697.14** | **72,473,192.23** | - The inventory write-down provision increased by RMB 2.12 million and decreased by RMB 1.26 million during the period, resulting in a closing balance of RMB 2.30 million, mainly due to inventory consumption[395](index=395&type=chunk) [Fixed Assets](index=145&type=section&id=21.%20Fixed%20Assets) Carrying Value of Fixed Assets (Period-end) | Item | Gross Cost (Yuan) | Accumulated Depreciation (Yuan) | Net Carrying Value (Yuan) | | :--- | :--- | :--- | :--- | | Buildings and Structures | 194,973,985.89 | 53,128,089.78 | 141,845,896.11 | | Machinery and Equipment | 236,806,399.53 | 80,737,000.09 | 156,069,399.44 | | Transportation Equipment | 6,840,490.38 | 4,879,686.19 | 1,960,804.19 | | Electronic Equipment | 9,108,363.75 | 7,176,081.58 | 1,932,282.17 | | Other | 12,237,824.03 | 8,006,989.12 | 4,230,834.91 | | **Total** | **459,967,063.58** | **153,927,846.76** | **306,039,216.82** | [Construction in Progress](index=148&type=section&id=22.%20Construction%20in%20Progress) Construction in Progress Projects (Period-end) | Project | Carrying Amount (Yuan) | | :--- | :--- | | Smart Gas Meter R&D and Production Base Expansion | 16,055,752.47 | | Smart Sensor and Core Components Project Phase I | 12,955,871.50 | | Smart Gas Meter Body Project | 776,851.89 | | Other | 1,000,352.23 | | **Total** | **30,788,828.09** | - The smart gas meter R&D base expansion project has reached 100% of its budgeted investment, while the smart sensor project phase I has reached 82.90%[414](index=414&type=chunk) [Intangible Assets](index=152&type=section&id=26.%20Intangible%20Assets) Carrying Value of Intangible Assets (Period-end) | Item | Gross Cost (Yuan) | Accumulated Amortization (Yuan) | Net Carrying Value (Yuan) | | :--- | :--- | :--- | :--- | | Land Use Rights | 14,938,102.60 | 2,838,239.73 | 12,099,862.87 | | Patent Rights | 1,251,495.83 | 284,994.15 | 966,501.68 | | Software | 40,364,302.01 | 20,050,580.44 | 20,313,721.57 | | **Total** | **56,553,900.44** | **23,173,814.32** | **33,380,086.12** | [Goodwill](index=154&type=section&id=27.%20Goodwill) Goodwill Gross Value and Impairment Provision (Period-end) | Investee Name | Gross Carrying Amount (Yuan) | Impairment Provision (Yuan) | | :--- | :--- | :--- | | Chongqing Yachuan Electric Co, Ltd | 5,026,510.05 | 87,050.45 | | **Total** | **5,026,510.05** | **87,050.45** | - Goodwill primarily arose from the acquisition of Chongqing Yachuan Electric Co, Ltd, with impairment recognized in line with the reversal of deferred tax liabilities related to the acquisition[424](index=424&type=chunk) [Short-term Borrowings](index=160&type=section&id=32.%20Short-term%20Borrowings) Classification of Short-term Borrowings (Period-end) | Item | Closing Balance (Yuan) | | :--- | :--- | | Pledged Loans | 2,000,000.00 | | Unsecured Loans | 42,000,000.00 | | Accrued Interest on Short-term Borrowings | 33,527.79 | | **Total** | **44,033,527.79** | - The subsidiary Chongqing Yachuan Electric Co, Ltd has a RMB 2 million loan from China Merchants Bank secured by accounts receivable[443](index=443&type=chunk) [Accounts Payable](index=160&type=section&id=36.%20Accounts%20Payable) Composition of Accounts Payable (Period-end) | Item | Closing Balance (Yuan) | | :--- | :--- | | Material Purchases | 121,555,376.68 | | Equipment and Construction | 18,915,849.35 | | Logistics and Other | 12,281,296.38 | | **Total** | **152,752,522.41** | - A significant account payable with an aging of over one year is RMB 3,467,840.00 due to Industrial Cloud Manufacturing (Sichuan) Innovation Center Co, Ltd, which remains unsettled[448](index=448&type=chunk) [Employee Benefits Payable](index=162&type=section&id=39.%20Employee%20Benefits%20Payable) Composition of Employee Benefits Payable (Period-end) | Item | Closing Balance (Yuan) | | :--- | :--- | | Short-term Remuneration | 7,472,273.40 | | Post-employment Benefits - Defined Contribution Plans | 0 | | **Total** | **7,472,273.40** | Composition of Short-term Remuneration (Period-end) | Item | Closing Balance (Yuan) | | :--- | :--- | | Salaries, Bonuses, Allowances, and Subsidies | 7,069,755.76 | | Union Fees and Staff Education Funds | 402,517.64 | | **Total** | **7,472,273.40** | [Non-current Liabilities Due within 1 Year](index=164&type=section&id=43.%20Non-current%20Liabilities%20Due%20within%201%20Year) Composition of Non-current Liabilities Due within 1 Year (Period-end) | Item | Closing Balance (Yuan) | | :--- | :--- | | Long-term borrowings due within 1 year | 45,570,000.00 | | Long-term payables due within 1 year | 4,974,355.54 | | Lease liabilities due within 1 year | 5,139,117.82 | | Accrued interest on long-term borrowings due within 1 year | 73,407.07 | | **Total** | **55,756,880.43** | [Deferred Income](index=167&type=section&id=51.%20Deferred%20Income) Composition of Deferred Income (Period-end) | Item | Opening Balance (Yuan) | Additions (Yuan) | Reductions (Yuan) | Closing Balance (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Government Grants | 12,810,391.39 | 100,000.00 | 756,758.22 | 12,153,633.17 | | **Total** | **12,810,391.39** | **100,000.00** | **756,758.22** | **12,153,633.17** | - Deferred income primarily consists of asset-related government grants for projects such as industrial design center capacity building and IoT system upgrades, as well as income-related incentive funds[474](index=474&type=chunk)[475](index=475&type=chunk) [Operating Revenue and Operating Costs](index=172&type=section&id=61.%20Operating%20Revenue%20and%20Operating%20Costs) Operating Revenue and Costs (Jan-Jun 2025) | Item | Revenue (Yuan) | Costs (Yuan) | | :--- | :--- | :--- | | Main Business | 125,200,595.42 | 107,533,002.65 | | Other Business | 2,370,682.10 | 1,297,303.20 | | **Total** | **127,571,277.52** | **108,830,305.85** | Revenue and Costs by Product Type (Jan-Jun 2025) | Product Type | Operating Revenue (Yuan) | Operating Costs (Yuan) | | :--- | :--- | :--- | | IoT Smart Gas Meters | 78,528,022.80 | 64,507,683.36 | | Smart Sensors and Related Components | 22,472,182.57 | 19,336,221.34 | | Diaphragm Gas Meters | 14,657,507.03 | 15,980,869.98 | | IC Card Smart Gas Meters | 2,700,907.01 | 2,509,331.26 | | Industrial and Commercial Gas Meters | 1,965,323.91 | 1,116,461.27 | | Household Combustible Gas Detectors | 1,862,183.19 | 1,599,337.31 | | IoT Smart Water Meters | 437,162.42 | 283,641.44 | | Other | 4,947,988.59 | 3,496,759.89 | - Domestic business revenue was RMB 113,662,480.14, while overseas business revenue was RMB 13,908,797.38[488](index=488&type=chunk) [R&D Expenses](index=174&type=section&id=65.%20R&D%20Expenses) Composition of R&D Expenses (Jan-Jun 2025) | Item | Current Period Amount (Yuan) | | :--- | :--- | | Employee Remuneration | 14,276,405.83 | | Depreciation and Amortization | 5,294,536.77 | | Patent Fees | 3,498,809.62 | | Technical Service and Testing Fees | 2,589,448.38 | | Material Costs | 2,473,370.73 | | Office Expenses | 435,172.76 | | Travel Expenses | 46,503.60 | | **Total** | **28,614,247.69** | [Credit Impairment Loss](index=177&type=section&id=72.%20Credit%20Impairment%20Loss) Composition of Credit Impairment Loss (Jan-Jun 2025) | Item | Current Period Amount (Yuan) | | :--- | :--- | | Bad Debt Loss on Notes Receivable | 1,107.54 | | Bad Debt Loss on Accounts Receivable | -6,472,959.43 | | Bad Debt Loss on Other Receivables | -313,370.99 | | **Total** | **-6,785,222.88** | [Asset Impairment Loss](index=177&type=section&id=73.%20Asset%20Impairment%20Loss) Composition of Asset Impairment Loss (Jan-Jun 2025) | Item | Current Period Amount (Yuan) | | :--- | :--- | | Impairment Loss on Contract Assets | 16,314.40 | | Inventory Write-down and Contract Fulfillment Cost Impairment | -2,122,899.12 | | Goodwill Impairment Loss | -16,049.61 | | **Total** | **-2,122,634.33** | [Income Tax Expense](index=178&type=section&id=76.%20Income%20Tax%20Expense) Income Tax Expense (Jan-Jun 2025) | Item | Current Period Amount (Yuan) | | :--- | :--- | | Deferred Income Tax Expense | 169,791.28 | | **Total** | **169,791.28** | - With a total profit of RMB -60,704,546.29, the income tax expense calculated at the statutory rate is RMB -9,105,681.94; adjustments are made for different tax rates of subsidiaries, non-deductible expenses, and the impact of R&D super-deductions[511](index=511&type=chunk) [R&D Expenditure](index=187&type=section&id=VIII.%20R&D%20Expenditure) R&D Expenditure by Nature (Jan-Jun 2025) | Item | Current Period Amount (Yuan) | | :--- | :--- | | Employee Remuneration | 14,276,405.83 | | Depreciation and Amortization | 5,294,536.77 | | Patent Fees | 3,498,809.62 | | Technical Service and Testing Fees | 2,589,448.38 | | Material Costs | 2,473,370.73 | | Office Expenses | 435,172.76 | | Travel Expenses | 46,503.60 | | **Total** | **28,614,247.69** | | Of which: Expensed R&D Expenditure | 28,614,247.69 | | Capitalized R&D Expenditure | 0 | [Interests in Other Entities](index=189&type=section&id=X.%20Interests%20in%20Other%20Entities) This section discloses the company's interests in its subsidiaries, Meishan Qinchuan (100%) and Chongqing Yachuan (75.235%), and its associate, which is currently in liquidation [Interests in Subsidiaries](index=189&type=section&id=1.%20Interests%20in%20Subsidiaries) Subsidiary Shareholding Information | Subsidiary Name | Principal Place of Business | Registered Capital (Yuan) | Shareholding Ratio (%) | | :--- | :--- | :--- | :--- | | Meishan Qinchuan Smart Sensor Co, Ltd | Meishan, Sichuan | 160,000,000.00 | 100.00 | | Chongqing Yachuan Electric Co, Ltd | Chongqing | 9,000,000.00 | 75.235 | [Changes in Ownership Interests in Subsidiaries](index=190&type=section&id=2.%20Transactions%20that%20Result%20in%20Changes%20in%20Ownership%20Interests%20in%20Subsidiaries%20but%20Still%20Control%20the%20Subsidiaries) - On February 20, 2025, following a capital increase in Chongqing Yachuan, the company's shareholding ratio changed to 75.2350%[533](index=533&type=chunk) [Interests in Joint Ventures or Associates](index=190&type=section&id=3.%20Interests%20in%20Joint%20Ventures%20or%20Associates) Associate Information | Associate Name | Principal Place of Business | Registered Capital | Business Nature | Shareholding Ratio (%) | Accounting Method | | :--- | :--- | :--- | :--- | :--- | :--- | | Shandong Xinneng IoT Technology Co, Ltd | Shandong | RMB 10.00 million | Manufacturing | 40 | Equity Method | Summarized Financial Information of Immaterial Associates (Jan-Jun 2025) | Item | Current Period Amount (Yuan) | | :--- | :--- | | Total Carrying Value of Investments | 318,014.03 | | Net Profit | -414,950.94 | | Total Comprehensive Income | -414,950.94 | [Related Parties and Related-Party Transactions](index=195&type=section&id=XIV.%20Related%20Parties%20and%20Related-Party%20Transactions) This section discloses the company's parent, subsidiaries, associates, and other related parties, along with transactions including sales to related companies and guarantees from the actual controller [Parent Company Information](index=195&type=section&id=1.%20Parent%20Company%20of%20the%20Enterprise) - The company's actual controller is Mr Shao Zehua, who, as of June 30, 2025, holds a combined **62.17%** of the company's equity both directly and indirectly[547](index=547&type=chunk) [Other Related Parties](index=196&type=section&id=4.%20Other%20Related%20Parties) Other Related Parties | Other Related Party Name | Relationship with the Company | | :--- | :--- | | Jineng Gas (Xinyi) Co, Ltd | Company controlled by the actual controller | | Lu Xingling | Spouse of the actual controller | [Related-Party Transactions](index=196&type=section&id=5.%20Related-Party%20Transactions) Sales of Goods/Provision of Services (Jan-Jun 2025) | Related Party | Transaction Content | Current Period Amount (Yuan) | | :--- | :--- | :--- | | Shandong Xinneng IoT Technology Co, Ltd | Gas meter sales | 16,120.34 | | Jineng Gas (Xinyi) Co, Ltd | Flow meter sales | 116,814.15 | Related-Party Guarantees (Company as Guaranteed Party, Jan-Jun 2025) | Guarantor | Guarantee Amount (Yuan) | Start Date | End Date | Guarantee Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Shao Zehua, Lu Xingling | 28,000,000.00 | March 31, 2025 | Three years from the debt maturity date | No | [Receivables from Related Parties](index=198&type=section&id=6.%20Receivables%2C%20Payables%2C%20and%20Other%20Unsettled%20Items%20with%20Related%20Parties) Receivables from Related Parties (Period-end) | Item Name | Related Party | Gross Carrying Amount (Yuan) | Bad Debt Provision (Yuan) | | :--- | :--- | :--- | :--- | | Accounts Receivable | Shandong Xinneng IoT Technology Co, Ltd | 4,419,934.00 | 623,271.30 | | Accounts Receivable | Jineng Gas (Xinyi) Co, Ltd | 132,000.00 | 3,960.00 | [Events After the Balance Sheet Date](index=200&type=section&id=XVII.%20Events%20After%20the%20Balance%20Sheet%20Date) - The company repurchased 10,436,909 shares between February and May 2024 and subsequently announced a plan to sell up to 1,680,000 of these shares; as of August 13, 2025, all 1,680,000 shares had been sold[563](index=563&type=chunk) [Supplementary Information](index=215&type=section&id=XX.%20Supplementary%20Information) This section provides a detailed breakdown of non-recurring profit and loss, which totaled RMB 345,276.32, and reports on return on net assets and earnings per share [Details of Non-recurring Profit and Loss](index=215&type=section&id=1.%20Detailed%20Table%20of%20Current%20Non-recurring%20Profit%20and%20Loss) Non-recurring Profit and Loss Items (Jan-Jun 2025) | Item | Amount (Yuan) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | 7,577.85 | | Government Grants Included in Current Profit/Loss (Non-recurring) | 256,125.95 | | Reversal of Impairment Provision for Individually Tested Receivables | 386,572.98 | | Other Non-operating Income and Expenses | -336,175.90 | | Other P/L Items Meeting Non-recurring Definition | 39,622.52 | | Impact on Minority Interests (After Tax) | -8,447.08 | | **Total** | **345,276.32** | - The company classifies VAT refunds (RMB 1,545,630.36), additional VAT deductions (RMB 302,120.53), and asset-related government grants (RMB 656,758.22) as recurring items due to their policy-driven and continuous nature[608](index=608&type=chunk) [Return on Net Assets and Earnings Per Share](index=217&type=section&id=2.%20Return%20on%20Net%20Assets%20and%20Earnings%20Per%20Share) Return on Net Assets and Earnings Per Share (Jan-Jun 2025) | Reporting Period Profit | Weighted Average ROE (%) | Basic EPS (Yuan/Share) | Diluted EPS (Yuan/Share) | | :--- | :--- | :--- | :--- | | Net profit attributable to ordinary shareholders | -11.82 | -0.39 | -0.39 | | Net profit attributable to ordinary shareholders after deducting non-recurring items | -11.88 | -0.39 | -0.39 |

证券代码：688528 证券简称：秦川物联 公告编号：2025-020 成都秦川物联网科技股份有限公司 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。 根据《企业会计准则》以及成都秦川物联网科技股份有限公司（以下简称"公 司"）财务制度等相关规定，为客观公允地反映公司截至 2025 年 6 月 30 日的财 务状况及经营成果，基于谨慎性原则，对截至 2025 年 6 月 30 日合并报表范围内 可能发生信用及资产减值损失的有关资产计提信用及资产减值准备。 公司本次计提信用减值损失 678.52 万元，计提资产减值损失 212.26 万元， 具体如下表： 单位：人民币万元 | | 项目 | 计提减值准备金额 | | --- | --- | --- | | 信用减值损失 | 应收账款坏账损失 | 647.30 | | | 其他应收款坏账损失 | 31.34 | | | 应收票据坏账损失 | -0.11 | | 资产减值损失 | 合同资产减值损失 | -1.63 | | | 存货跌 ...

成都秦川物联网科技股份有限公司 关于公司 2025 年度"提质增效重回报"行动方案的半年 度评估报告 为践行以"投资者为本"的发展理念，提高上市公司质量，树立良好市场形 象，助力市场信心提振、资本市场稳定和经济高质量发展。成都秦川物联网科技 股份有限公司（以下简称"公司"）特制定《2025 年度"提质增效重回报"行动方案》。 公司根据行动方案内容，积极开展各项工作，现对本次行动方案半年度执行情况 报告如下： 一、深化业务布局，提升经营质量 （一）提升销售业绩，从而提升产能利用率 2025 年上半年，公司受智慧城市物联网终端产品销量及单价下降、产能利用 率不足、智能传感器板块等较高的投入对公司利润带来的压力等因素综合影响， 公司经营业绩短期内仍承受较大压力，营业收入及利润下滑。公司实现营业收入 12,757.13 万元，同比下降 32.57%，归属于上市公司股东的净利润-6,086.49 万元。 尽管面临诸多挑战，公司在境外业务拓展、智能传感器板块的产品研发和客户拓 展等方面仍取得积极进展。 1、智慧城市物联网 2025 年上半年，公司智慧城市物联网终端产品实现营业收入 10,015.11 万元， 同比下降 3 ...

Group 1 - The company's operating revenue for the first half of 2025 is 128 million, representing a year-on-year decline of 32.57% [1] - The net loss attributable to shareholders of the listed company is 60.86 million, compared to a net loss of 19.65 million in the same period last year [1]

Group 1: Company Performance - Xiaomi Group reported total revenue of 116 billion yuan for Q2 2025, a year-on-year increase of 30.5%, with adjusted net profit of 10.8 billion yuan, up 75.4% [1] - Pop Mart achieved revenue of 13.88 billion yuan in the first half of the year, a significant year-on-year growth of 204.4%, with adjusted net profit of 4.71 billion yuan, up 362.8% [2] - Xian Da Co. reported a net profit of 136 million yuan for the first half of 2025, a staggering year-on-year increase of 2561.58%, with revenue of 1.423 billion yuan, up 11.82% [3] - Huabang Health's net profit increased by 23.90% in the first half of the year [14] - Fuyao Glass's net profit grew by 37% in the first half of the year [14] - Jibite's net profit rose by 24.50% in the first half of the year, with a proposed dividend of 66 yuan for every 10 shares [14] - Meihua Biotech's net profit increased by 19.96% in the first half of the year [14] - Tiancheng Technology's net profit saw a slight increase of 0.22% in the first half of the year [14] - Zoli Pharmaceutical's net profit grew by 26.16% in the first half of the year [14] - Yuyin Co.'s net profit increased by 10.43% in the first half of the year [14] - Nuo Ping's net profit rose by 17.35% in the first half of the year [14] - Jinli Permanent Magnet's net profit surged by 155% in the first half of the year, proposing a dividend of 1.8 yuan for every 10 shares [14] - Huacheng Film's net profit increased by 65.05% in the first half of the year [14] - YTO Express reported a 12.08% year-on-year increase in express product revenue in July [14] - Zhongxin Special Steel's net profit for the first half of the year was 2.798 billion yuan, up 2.67% [14] Group 2: Corporate Actions - Dongjie Intelligent announced plans for a change in control, leading to a temporary suspension of its stock and convertible bonds [4] - Dameng Data's general manager is under investigation, but the company expects no significant impact on operations [5] - Jiangte Electric announced that its subsidiary Yichun Silver Lithium will resume production soon after equipment maintenance [6] - Garden Shares clarified that it does not have a controlling relationship with Yunzhin Technology, which is still in the early stages of technology commercialization [7] - Daikin Heavy Industries completed the delivery of all monopile products for the Nordseecluster offshore wind farm project, which is the largest offshore wind farm under construction in Germany [8] - Zhongyin Securities plans to increase capital by 1.4 billion yuan to its wholly-owned subsidiary Zhongyin International Investment [13] - Xinhongye intends to acquire 62% of Yangzhou Shuguang Optoelectronic Control Co., Ltd. [16] - A joint venture led by Tongyuan Environment won a bid for the expansion project of the sewage treatment plant in Anhui Qimen Economic Development Zone [17]