Group 1 - The core viewpoint of the news is that A-share semiconductor stocks are experiencing significant gains, with multiple companies seeing substantial increases in their stock prices, driven by a report on China's plans to boost AI chip production [1][2] Group 2 - Cisco Rey (思科瑞) saw a stock increase of 11.42%, with a total market value of 3.728 billion [2] - Broadcom Integrated (博通集成) increased by 10.01%, with a market capitalization of 7.026 billion [2] - Stada Semiconductor (斯达半导) reached a 10% increase, with a market value of 25.9 billion [2] - Semiconductor Manufacturing International Corporation (中芯国际) rose by 8.15%, achieving a market value of 87.67 billion [2] - Rockchip (瑞芯微) increased by 7.59%, with a market capitalization of 97.6 billion [2] - Qipai Technology (气派科技) saw a 7.13% rise, with a market value of 2.955 billion [2] - Dongxin Technology (东芯股份) increased by 6.6%, with a market capitalization of 47.8 billion [2] - Yingfang Micro (盈方微) rose by 6.59%, with a market value of 8.151 billion [2] - Zhenlei Technology (臻镭科技) increased by 5.81%, with a market capitalization of 16.1 billion [2] - Fudan Microelectronics (复旦微电) saw a 5.7% increase, with a market value of 50.9 billion [2] - Weijie Chuangxin (唯捷创芯) increased by 5.32%, with a market capitalization of 15.8 billion [2] - Changguang Huaxin (长光华芯) rose by 5.24%, with a market value of 14.3 billion [2] - Electric Science Chip (电科芯片) increased by 5.02%, with a market capitalization of 1.78 billion [2] - The overall trend indicates a strong performance in the semiconductor sector, reflecting positive market sentiment and potential growth opportunities [1]

Core Points - The company, Yingfang Microelectronics Co., Ltd. (stock code: 000670), held its 27th meeting of the 12th Board of Directors on August 27, 2025, via teleconference, with all 9 directors present, complying with legal and regulatory requirements [1][2] - The board approved several resolutions, including the 2025 semi-annual report, which received unanimous support with 9 votes in favor, and a proposal to increase capital for its wholly-owned subsidiary, Shaoxing Xinyuan Microelectronics Co., Ltd., by 4 million RMB, raising its registered capital from 1 million RMB to 5 million RMB [1][2] Summary by Category - **Board Meeting Details** - The meeting was convened on August 27, 2025, with all 9 directors present, ensuring compliance with relevant laws and the company's articles of association [1] - The resolutions passed during the meeting were deemed legal and effective [1] - **Resolutions Passed** - The 2025 semi-annual report was approved unanimously with 9 votes in favor [1] - A capital increase of 4 million RMB for Shaoxing Xinyuan Microelectronics Co., Ltd. was approved, increasing its registered capital to 5 million RMB while maintaining 100% ownership [1][2] - **Implications for Business Development** - The capital increase for the subsidiary is expected to enhance its business development and inject new vitality into the overall growth of the company [2]

证券代码：000670 证券简称：盈方微 公告编号：2025-052 盈 方 微 电 子 股 份 有 限 公 司 第十二届董事会第二十七次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或者重大遗漏。 一、董事会会议召开情况 1、第十二届董事会第二十七次会议决议； 二、董事会会议审议情况 本次会议采用通讯表决的方式，审议了如下议案并作出决议： （一）《2025 年半年度报告及其摘要》 具体内容详见公司刊登在巨潮资讯网上的《2025 年半年度报告及其摘要》。 本议案已经董事会审计委员会审议通过并已取得全体委员的同意。 此项议案表决情况为：同意 9 票，反对 0 票，弃权 0 票，通过本议案。 （二）《关于对全资子公司增资的议案》 为进一步促进全资子公司绍兴芯元微电子有限公司（以下简称"绍兴芯元微"） 业务的发展，公司拟以自有资金或自筹资金对绍兴芯元微增资 400 万人民币。本 次增资完成后，绍兴芯元微的注册资本将由 100 万人民币增加至 500 万人民币。 本次增资完成后，公司仍持有绍兴芯元微 100%的股权。具体内容详见公司刊登 在巨潮资讯网上的《关于对全资 ...

Group 1 - The company Yingfang Micro announced an investment of 4 million RMB in its wholly-owned subsidiary Shaoxing Xinyuan Microelectronics to promote its business development [1] - After the capital increase, the registered capital of Shaoxing Xinyuan Microelectronics will rise from 1 million RMB to 5 million RMB [1] - The company will still hold 100% equity in Shaoxing Xinyuan Microelectronics after the capital increase [1]

盈方微电子股份有限公司 2025 年半年度报告全文 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人史浩樑、主管会计工作负责人李明及会计机构负责人(会计主 管人员)李明声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本半年度报告涉及未来计划等前瞻性陈述，不构成公司对投资者的实质 承诺，请投资者注意投资风险。公司在本报告第三节"管理层讨论与分析" 之"十、公司面临的风险和应对措施"相关内容，具体描述了公司可能存在 的相关风险，敬请投资者关注相关内容。 《证券时报》《中国证券报》《上海证券报》《证券日报》和巨潮资讯网 （www.cninfo.com.cn）为本公司的指定信息披露媒体，本公司所发布的信息 均以上述媒体及深圳证券交易所网站刊登的信息为准，敬请投资者注意投资 风险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 告全文 盈方微电子股份有限公司 2025 年半年度报告全文 一、载有公司负责人史浩樑先生、主管会计工作负责人及会计 ...

上述股东关联关系或一致行动 司、东方证券股份有限公司、国新证券股份有限公司、王国军先生、徐非先生及史浩 的说明 | 证券代码：000670 证券简称：盈方微 | | | 公告编号：2025-053 | | | | | --- | --- | --- | --- | --- | --- | --- | | 盈方微电子股份有限公司 2025 年半年度报告摘要 | | | | | | | | | | | | 盈方微电子股份有限公司 | 2025 | 年半年度 | | 报告摘要 | | | | | | | | 一、重要提示 | | | | | | | | 本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投资者 | | | | | | | | 应当到证监 | | | | | | | | 会指定媒体仔细阅读半年度报告全文。 | | | | | | | | 所有董事均已出席了审议本报告的董事会会议。 | | | | | | | | 非标准审计意见提示 | | | | | | | | □适用 ?不适用 | | | | | | | | 董事会审议的报告期利润分配预案或公积金转增股本预案 ...

证券代码：000670 证券简称：盈方微 公告编号：2025-052 盈方微电子股份有限公司 第十二届董事会第二十七次会议决议公告 为进一步促进全资子公司绍兴芯元微电子有限公司（以下简称"绍兴芯元微"） 业务的发展，公司拟以自有资金或自筹资金对绍兴芯元微增资 400 万人民币。本 次增资完成后，绍兴芯元微的注册资本将由 100 万人民币增加至 500 万人民币。 本次增资完成后，公司仍持有绍兴芯元微 100%的股权。具体内容详见公司刊登 在巨潮资讯网上的《关于对全资子公司增资的公告》。 本次会议采用通讯表决的方式，审议了如下议案并作出决议： （一）《2025 年半年度报告及其摘要》 具体内容详见公司刊登在巨潮资讯网上的《2025 年半年度报告及其摘要》。 本议案已经董事会审计委员会审议通过并已取得全体委员的同意。 此项议案表决情况为：同意 9 票，反对 0 票，弃权 0 票，通过本议案。 （二）《关于对全资子公司增资的议案》 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或者重大遗漏。 一、董事会会议召开情况 盈方微电子股份有限公司（以下简称"公司"）第十二届董事会第二十 ...

人民财讯8月27日电，盈方微（000670）8月27日晚间披露半年报，2025年上半年，公司实现营业收入 19.27亿元，同比增长4.48%；归属于上市公司股东的净利润-3229.66万元；基本每股收益-0.0395元。 ...

Important Notice, Table of Contents, and Definitions [Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The board, supervisory board, and senior management guarantee the report's accuracy, completeness, and truthfulness, while forward-looking statements are not substantive commitments, and no dividends or bonus shares are planned for this half-year - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content[4](index=4&type=chunk) - The report contains forward-looking statements regarding future plans, which do not constitute substantive commitments to investors, and investors are advised to be aware of investment risks[5](index=5&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[6](index=6&type=chunk) [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) This report features a clear directory divided into nine chapters, covering essential notices, company profile, management discussion and analysis, corporate governance, significant matters, share changes, bond information, financial reports, and other submitted data - The report comprises nine main chapters, offering a complete and easily navigable structure[8](index=8&type=chunk) [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section defines common terms used in the report, including company name evolution, stock information, key subsidiary names and relationships, major shareholders, and the reporting period, ensuring accurate understanding of the report's content - The company's name is Infotm Microelectronics Co., Ltd., formerly known as Shun Yuan Industrial Development Co., Ltd[11](index=11&type=chunk) - Key subsidiaries include Shanghai Infotm, Infotm Hong Kong, Infotm Taiwan, Huaxinke, and World Style[11](index=11&type=chunk) - The reporting period is from January 1, 2025, to June 30, 2025[11](index=11&type=chunk) Company Profile and Key Financial Indicators [Company Profile](index=6&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) The company, known as 'Infotm Microelectronics' with stock code 000670, is listed on the Shenzhen Stock Exchange, and its legal representative is Shi Haoliang - Company stock abbreviation: **Infotm Microelectronics**, stock code: **000670**, listing exchange: **Shenzhen Stock Exchange**[13](index=13&type=chunk) - The company's legal representative is Shi Haoliang[13](index=13&type=chunk) [Contact Persons and Information](index=6&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) The company's Board Secretary is Wang Fang, Securities Affairs Representative is Dai Bo, with contact address at Unit 03/05, 5th Floor, No. 799 Tianshan West Road, Changning District, Shanghai, including phone, fax, and email - Board Secretary: Wang Fang; Securities Affairs Representative: Dai Bo[14](index=14&type=chunk) - Contact address: Unit 03/05, 5th Floor, No. 799 Tianshan West Road, Changning District, Shanghai; Phone: 021-58853066; Email: infotm@infotm.com[14](index=14&type=chunk) [Other Information](index=6&type=section&id=%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E6%83%85%E5%86%B5) During the reporting period, the company's contact information, information disclosure, and document storage locations, along with other relevant details, remained unchanged, with specific information available in the 2024 annual report - The company's registered address, office address, website, and email address remained unchanged during the reporting period[15](index=15&type=chunk) - Information disclosure and document storage locations remained unchanged during the reporting period[16](index=16&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=%E5%9B%9B%E3%80%81%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) This reporting period saw a 4.48% increase in operating revenue, but net profit attributable to shareholders decreased by 44.17%, and net cash flow from operating activities turned negative, declining by 130.46%, while total assets grew by 14.20%, but net assets attributable to shareholders decreased by 34.06% Key Accounting Data and Financial Indicators (Current Period vs. Prior Year) | Indicator | Current Period (yuan) | Prior Year (yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,927,085,988.20 | 1,844,491,804.62 | 4.48% | | Net Profit Attributable to Shareholders of Listed Company | -32,296,579.70 | -22,402,397.12 | -44.17% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | -32,375,637.31 | -23,257,989.34 | -39.20% | | Net Cash Flow from Operating Activities | -62,184,675.12 | 204,162,286.04 | -130.46% | | Basic Earnings Per Share (yuan/share) | -0.0395 | -0.0274 | -44.16% | | Diluted Earnings Per Share (yuan/share) | -0.0395 | -0.0273 | -44.69% | | Weighted Average Return on Net Assets | -82.26% | -67.90% | -14.36% | | **Period-End Indicators** | **Current Period-End (yuan)** | **Prior Year-End (yuan)** | **Change from Prior Year-End** | | Total Assets | 2,036,414,849.87 | 1,783,275,882.79 | 14.20% | | Net Assets Attributable to Shareholders of Listed Company | 31,201,297.22 | 47,317,783.82 | -34.06% | [Differences in Accounting Data under Domestic and International Accounting Standards](index=7&type=section&id=%E4%BA%94%E3%80%81%E5%A2%83%E5%86%85%E5%A4%96%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99%E4%B8%8B%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%B7%AE%E5%BC%82) The company reported no differences in net profit and net assets between financial statements disclosed under international or foreign accounting standards and Chinese accounting standards during the reporting period - The company reported no differences in net profit and net assets between financial statements disclosed under International Accounting Standards and Chinese Accounting Standards during the reporting period[19](index=19&type=chunk) - The company reported no differences in net profit and net assets between financial statements disclosed under foreign accounting standards and Chinese Accounting Standards during the reporting period[20](index=20&type=chunk) [Non-Recurring Gains and Losses and Amounts](index=7&type=section&id=%E5%85%AD%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%8F%8A%E9%87%91%E9%A2%9D) This reporting period's non-recurring gains and losses totaled 79,057.61 yuan, primarily from disposal of non-current assets, government grants, and other non-operating income and expenses, after tax and minority interest adjustments Non-Recurring Gains and Losses and Amounts | Item | Amount (yuan) | Description | | :--- | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | 21,173.72 | | | Government Grants Recognized in Current Period P&L | 95,660.00 | | | Other Non-Operating Income and Expenses Apart from the Above | -2,573.16 | | | Less: Income Tax Impact | 13,412.66 | | | Minority Interest Impact (After Tax) | 21,790.29 | | | **Total** | **79,057.61** | | - The company has no other profit or loss items that meet the definition of non-recurring gains and losses, nor has it classified non-recurring items as recurring gains and losses[23](index=23&type=chunk) Management Discussion and Analysis [Principal Businesses Engaged by the Company 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%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company primarily engages in electronic component distribution and integrated circuit chip R&D, design, and sales, capitalizing on the expanding semiconductor market driven by AI computing demand and accelerating domestic substitution, with its distribution business achieving significant sales and chip R&D deepening in smart imaging - The global semiconductor market is projected to reach **$700.9 billion** in 2025, with a **11.2% year-on-year growth**, indicating an overall expanding industry trend[25](index=25&type=chunk) - Domestic integrated circuit trade deficit narrowed, accelerating the localization process in the semiconductor industry[26](index=26&type=chunk) - The company's main businesses are electronic component distribution (via Huaxinke and World Style) and integrated circuit chip R&D, design, and sales (via Shanghai Infotm)[27](index=27&type=chunk)[28](index=28&type=chunk)[31](index=31&type=chunk) - In the first half of 2025, the company successfully secured the agency rights for Yangtze Memory Technologies Co. (YMTC), achieving **hundreds of millions of yuan** in sales[32](index=32&type=chunk) - The chip R&D and design business continues to deepen in the smart imaging sector, advancing chip processes towards domestic alternative manufacturing[31](index=31&type=chunk)[33](index=33&type=chunk) [Development Stage of the Company's Industry](index=9&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E7%9A%84%E5%8F%91%E5%B1%95%E9%98%B6%E6%AE%B5) The semiconductor industry is expanding, driven by explosive AI computing demand, while traditional consumer electronics show weak recovery, and domestic substitution accelerates - According to WSTS forecasts, the global semiconductor market size will reach **$700.9 billion** in 2025, with a **11.2% year-on-year growth**, indicating an overall expanding industry trend[25](index=25&type=chunk) - The explosive growth in AI computing power demand is the core engine driving semiconductor industry development, leading to a surge in demand for GPUs and high-bandwidth memory[25](index=25&type=chunk) - Demand in the traditional consumer electronics sector continues a weak recovery, with the global smartphone market experiencing its first decline in Q2 2025[25](index=25&type=chunk) - Domestic integrated circuit imports increased by **8.9%** year-on-year, exports increased by **20.6%** year-on-year, the trade deficit narrowed by **4.7%**, and the domestic substitution process accelerated[26](index=26&type=chunk) [Principal Businesses Engaged by the Company During the Reporting Period](index=9&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company operates in wholesale and retail, primarily through electronic component distribution via subsidiaries and integrated circuit chip R&D, design, and sales using a Fabless model - The company's industry is 'Wholesale and Retail Trade (F) — 51 Wholesale Trade'[27](index=27&type=chunk) - Electronic component distribution business is conducted through controlled subsidiaries Huaxinke and World Style, acting as agents for RF, fingerprint, power, memory chips, and passive components, applied in mobile phones, network communications, smart devices, and automotive electronics[28](index=28&type=chunk) - Integrated circuit chip R&D, design, and sales business is primarily carried out by wholly-owned subsidiary Shanghai Infotm, adopting a Fabless model, deepening in the smart imaging field, and providing chip mass production technical services[31](index=31&type=chunk) [Main Business Development Status](index=10&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%8F%91%E5%B1%95%E6%83%85%E5%86%B5) The electronic component distribution business secured YMTC agency rights, achieving significant sales, while the integrated circuit chip R&D business advanced towards domestic alternative processes and enhanced customization services - The electronic component distribution business successfully obtained agency rights for Yangtze Memory Technologies Co. (YMTC), achieving **hundreds of millions of yuan** in sales in the first half of 2025[32](index=32&type=chunk) - The distribution business enhanced customer service and credit ratings by strengthening team building and professional sales networks[32](index=32&type=chunk) - The integrated circuit chip R&D and design business advanced chip processes towards domestic alternative manufacturing and deepened chip customization service capabilities[33](index=33&type=chunk) [Analysis of Core Competencies](index=10&type=section&id=%E4%BA%8C%E3%80%81%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 competencies include strong supplier and customer resources, leading brand advantages, superior per capita output and inventory turnover, robust supply chain and technical service capabilities, and a stable, professional team - The company has established long-term partnerships with renowned suppliers such as Goodix Technology, Vanchip, SmartSens, Chipone Technology, and Samsung Electro-Mechanics, with downstream customers including leading manufacturers like Xiaomi, Wingtech Technology, and Ofilm[34](index=34&type=chunk) - Controlled subsidiaries Huaxinke and World Style ranked among the **TOP25** in China's electronic component distributors by revenue and **TOP50** globally in 2023-2024, also receiving awards such as 'Top Ten Best Chinese Brand Distributors'[36](index=36&type=chunk)[37](index=37&type=chunk) - The company's per capita output and inventory turnover rate are both higher than comparable companies in the industry, with continuous product line optimization to reduce inventory risks[38](index=38&type=chunk) - The company possesses flexible supply chain management and the ability to anticipate customer needs, providing comprehensive overall solutions and on-site technical support[39](index=39&type=chunk)[40](index=40&type=chunk) - The company has established a systematic management system and talent incentive mechanism, with core management personnel possessing over **10 years** of industry experience[41](index=41&type=chunk) [Main Business Analysis](index=11&type=section&id=%E4%B8%89%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Operating revenue increased by 4.48%, but higher cost growth led to a decline in gross margin, while financial expenses significantly decreased due to reduced factoring interest, with electronic component distribution remaining the primary revenue source and SoC chip business showing substantial growth Key Financial Data Year-on-Year Changes | Indicator | Current Period (yuan) | Prior Year (yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,927,085,988.20 | 1,844,491,804.62 | 4.48% | | | Operating Cost | 1,871,933,871.26 | 1,738,640,298.25 | 7.67% | | | Selling Expenses | 17,895,814.07 | 18,666,266.33 | -4.13% | | | Administrative Expenses | 37,029,638.92 | 42,873,148.98 | -13.63% | | | Financial Expenses | 14,790,265.89 | 24,794,664.41 | -40.35% | Primarily due to reduced factoring interest expenses | | Income Tax Expense | 5,022,611.95 | 10,874,121.65 | -53.81% | Primarily due to decreased total profit in the current period | | R&D Investment | 3,283,473.37 | 4,042,318.38 | -18.77% | | | Net Cash Flow from Operating Activities | -62,184,675.12 | 204,162,286.04 | -130.46% | Primarily due to increased cash paid for goods purchased in the current period | | Net Cash Flow from Investing Activities | -974,113.23 | -1,773,093.23 | 45.06% | Primarily due to decreased cash paid for the purchase of fixed assets and intangible assets in the current period | | Net Cash Flow from Financing Activities | 107,517,321.04 | -173,574,030.18 | 161.94% | Primarily due to increased cash received from borrowings in the current period compared to the prior year | | Net Increase in Cash and Cash Equivalents | 43,563,027.47 | 29,012,398.21 | 50.15% | Primarily due to increased net cash flow from financing activities | Operating Revenue Composition (by Industry, Product, Region) | Category | Item | Current Period Amount (yuan) | Proportion of Operating Revenue | Prior Year Amount (yuan) | Proportion of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | | | | | | | | Integrated Circuit Design and Sales Business | 6,296,031.00 | 0.33% | 1,947,235.14 | 0.11% | 223.33% | | Electronic Component Distribution Industry | 1,920,789,957.20 | 99.67% | 1,842,544,569.48 | 99.89% | 4.25% | | **By Product** | | | | | | | | SoC Chips | 5,580,902.62 | 0.29% | 42,152.81 | 0.00% | 13,139.69% | | Active Components | 1,681,968,407.25 | 87.28% | 1,651,512,822.69 | 89.54% | 1.84% | | Passive Components | 238,821,549.95 | 12.39% | 190,887,388.28 | 10.35% | 25.11% | | **By Region** | | | | | | | | Mainland China | 811,496,981.60 | 42.11% | 766,132,237.84 | 41.54% | 5.92% | | Overseas Regions | 1,115,589,006.60 | 57.89% | 1,078,359,566.78 | 58.46% | 3.45% | Industries, Products, or Regions Accounting for Over 10% of Operating Revenue or Operating Profit | Category | Operating Revenue (yuan) | Operating Cost (yuan) | Gross Margin | YoY Change in Operating Revenue | YoY Change in Operating Cost | YoY Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | | | | | | | | Electronic Component Distribution Industry | 1,920,789,957.20 | 1,865,989,252.23 | 2.85% | 4.25% | 7.38% | -2.84% | | **By Product** | | | | | | | | Active Components | 1,681,968,407.25 | 1,662,261,810.28 | 1.17% | 1.84% | 5.60% | -3.52% | | Passive Components | 238,821,549.95 | 203,727,441.95 | 14.69% | 25.11% | 24.52% | 0.40% | | **By Region** | | | | | | | | Mainland China | 805,200,950.60 | 758,043,373.99 | 5.86% | 5.36% | 3.99% | 1.25% | | Overseas Regions | 1,115,589,006.60 | 1,107,945,878.24 | 0.69% | 3.46% | 9.84% | -5.77% | [Non-Principal Business Analysis](index=13&type=section&id=%E5%9B%9B%E3%80%81%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) The impact of non-principal businesses on total profit primarily stems from investment income, asset impairment, and credit impairment losses, which are generally not sustainable Impact of Non-Principal Businesses on Total Profit | Item | Amount (yuan) | Proportion of Total Profit | Sustainability | | :--- | :--- | :--- | :--- | | Investment Income | -1,792,192.99 | 8.78% | No | | Asset Impairment | -257,642.79 | 1.26% | No | | Non-Operating Expenses | 2,573.16 | -0.01% | No | | Credit Impairment Losses | 624,325.17 | -3.06% | No | | Gains from Asset Disposal | 21,173.72 | -0.10% | No | | Other Income | 139,930.74 | -0.69% | No | [Analysis of Assets and Liabilities](index=13&type=section&id=%E4%BA%94%E3%80%81%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) At period-end, total assets increased by 14.20%, with significant growth in monetary funds, inventory, short-term borrowings, and contract liabilities; accounts receivable remained the largest asset, and several overseas assets primarily engaged in electronic product sales showed no major impairment risks, while some accounts receivable were restricted due to factoring Significant Changes in Asset Composition | Item | Current Period-End Amount (yuan) | Proportion of Total Assets | Prior Year-End Amount (yuan) | Proportion of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 74,188,778.85 | 3.64% | 30,625,751.38 | 1.72% | 1.92% | | Accounts Receivable | 1,030,833,097.83 | 50.62% | 1,056,042,922.97 | 59.22% | -8.60% | | Inventory | 349,260,215.27 | 17.15% | 170,464,602.17 | 9.56% | 7.59% | | Short-Term Borrowings | 446,902,616.08 | 21.95% | 341,226,017.89 | 19.13% | 2.82% | | Contract Liabilities | 6,328,925.46 | 0.31% | 607,913.14 | 0.03% | 0.28% | - The company's major overseas assets, including Infotm Hong Kong, United Wireless Hong Kong, Chunxing Wireless Hong Kong, Huaxinke Hong Kong, and World Style, primarily engage in electronic product sales, all reporting net profits or minor losses in this period with no significant impairment risks[52](index=52&type=chunk) - As of the end of the reporting period, the ending balance of notes receivable financing was **9,931,937.04 yuan**, primarily consisting of bank acceptance bills[55](index=55&type=chunk) - As of the end of the reporting period, **280,893,031.27 yuan** in accounts receivable were pledged as collateral due to factoring business[56](index=56&type=chunk) [Significant Changes in Asset Composition](index=13&type=section&id=1%E3%80%81%E8%B5%84%E4%BA%A7%E6%9E%84%E6%88%90%E9%87%8D%E5%A4%A7%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) This section details major changes in asset composition, including monetary funds, accounts receivable, inventory, short-term borrowings, and contract liabilities, highlighting their respective period-end amounts and proportions of total assets Major Overseas Assets | Item | Current Period-End Amount (yuan) | Proportion of Total Assets | Prior Year-End Amount (yuan) | Proportion of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 74,188,778.85 | 3.64% | 30,625,751.38 | 1.72% | 1.92% | | Accounts Receivable | 1,030,833,097.83 | 50.62% | 1,056,042,922.97 | 59.22% | -8.60% | | Inventory | 349,260,215.27 | 17.15% | 170,464,602.17 | 9.56% | 7.59% | | Short-Term Borrowings | 446,902,616.08 | 21.95% | 341,226,017.89 | 19.13% | 2.82% | | Contract Liabilities | 6,328,925.46 | 0.31% | 607,913.14 | 0.03% | 0.28% | [Major Overseas Assets](index=13&type=section&id=2%E3%80%81%E4%B8%BB%E8%A6%81%E5%A2%83%E5%A4%96%E8%B5%84%E4%BA%A7%E6%83%85%E5%86%B5) The company's key overseas subsidiaries, including Infotm Hong Kong and United Wireless Hong Kong, primarily engage in electronic product sales, reporting net profits or minor losses with no significant impairment risks, and United Wireless Hong Kong's assets represent a substantial portion of the company's net assets - Overseas subsidiaries such as Infotm Hong Kong, United Wireless Hong Kong, Chunxing Wireless Hong Kong, and Huaxinke Hong Kong primarily engage in electronic product sales, all reporting net profits or minor losses in this period with no significant impairment risks[52](index=52&type=chunk) - United Wireless Hong Kong's total assets amounted to **1,013.8227 million yuan** (RMB), achieving a net profit of **175,400 yuan** (RMB) in this reporting period, with its overseas assets accounting for **263.51%** of the company's net assets[52](index=52&type=chunk) [Assets and Liabilities Measured at Fair Value](index=14&type=section&id=3%E3%80%81%E4%BB%A5%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E8%AE%A1%E9%87%8F%E7%9A%84%E8%B5%84%E4%BA%A7%E5%92%8C%E8%B4%9F%E5%80%BA) The company's assets measured at fair value primarily consist of notes receivable financing, with a period-end balance of 9,931,937.04 yuan, determined by their face value Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (yuan) | Amount Purchased in Current Period (yuan) | Amount Sold in Current Period (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | :--- | | Notes Receivable Financing | 14,035,959.53 | 412,975,506.21 | 417,079,528.70 | 9,931,937.04 | | Total Above | 14,035,959.53 | 412,975,506.21 | 417,079,528.70 | 9,931,937.04 | - The amount purchased in this period represents bank acceptance bills received, while the amount sold represents bank bills that matured, were endorsed, or discounted[55](index=55&type=chunk) [Asset Rights Restricted as of the End of the Reporting Period](index=15&type=section&id=4%E3%80%81%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%AB%E7%9A%84%E8%B5%84%E4%BA%A7%E6%9D%83%E5%88%A9%E5%8F%97%E9%99%90%E6%83%85%E5%86%B5) As of the end of the reporting period, 280,893,031.27 yuan of accounts receivable were restricted due to factoring pledges Asset Rights Restricted Status | Item | Period-End Book Value (yuan) | Reason for Restriction | | :--- | :--- | :--- | | Accounts Receivable | 280,893,031.27 | Factoring pledge | | Total | 280,893,031.27 | | [Analysis of Investment Status](index=15&type=section&id=%E5%85%AD%E3%80%81%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) The company's investment amounted to 7,922,602.85 yuan during the reporting period, with no securities investments, derivative investments, or use of raised funds Investment Amount During Reporting Period | Investment Amount in Current Period (yuan) | Investment Amount in Prior Year (yuan) | Change Rate | | :--- | :--- | :--- | | 7,922,602.85 | 0.00 | - | - The company reported no securities investments, derivative investments, or use of raised funds during the reporting period[58](index=58&type=chunk)[59](index=59&type=chunk)[60](index=60&type=chunk) [Significant Asset and Equity Sales](index=16&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E5%92%8C%E8%82%A1%E6%9D%83%E5%87%BA%E5%94%AE) The company did not engage in any significant asset or equity sales during the reporting period - The company did not sell any significant assets during the reporting period[61](index=61&type=chunk) - The company did not sell any significant equity during the reporting period[62](index=62&type=chunk) [Analysis of Major Controlled and Invested Companies](index=16&type=section&id=%E5%85%AB%E3%80%81%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) Key subsidiaries Shanghai Infotm and Huaxinke maintained substantial total assets and net assets at period-end, with Shanghai Infotm reporting a net loss and Huaxinke a net profit, and the company established a new subsidiary, Yicun Technology (Hong Kong) Co., Ltd., during the reporting period Major Subsidiaries and Invested Companies with Over 10% Impact on Company's Net Profit | Company Name | Company Type | Main Business | Registered Capital (CNY 10,000) | Total Assets (yuan) | Net Assets (yuan) | Operating Revenue (yuan) | Operating Profit (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Infotm | Subsidiary | R&D and Sales | 66,000 | 866,669,913.31 | 221,499,653.76 | 46,295,321.22 | -10,857,599.54 | -10,857,776.49 | | Huaxinke | Subsidiary | Electronic Component Distribution | 10,000 | 678,719,117.63 | 194,915,537.19 | 672,428,247.50 | 17,620,591.71 | 12,634,884.19 | - During the reporting period, a new subsidiary, Yicun Technology (Hong Kong) Co., Ltd., was established, which is conducive to promoting the company's related business development[63](index=63&type=chunk) [Structured Entities Controlled by the Company](index=16&type=section&id=%E4%B9%9D%E3%80%81%E5%85%AC%E5%8F%B8%E6%8E%A7%E5%88%B6%E7%9A%84%E7%BB%93%E6%9E%84%E5%8C%96%E4%B8%BB%E4%BD%93%E6%83%85%E5%86%B5) The company did not control any structured entities during the reporting period - The company reported no structured entities under its control during the reporting period[64](index=64&type=chunk) [Risks Faced by the Company and Countermeasures](index=17&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company faces risks including potential cancellation of key product line authorizations, high concentration of suppliers and customers, low net assets, goodwill impairment, unrecoverable accounts receivable, inventory risks, and exchange rate fluctuations, for which it has developed corresponding countermeasures such as market expansion, service optimization, and enhanced risk management - Risk of cancellation or non-renewal of important product line authorizations: Agency agreements are typically signed annually, and cancellation of important product line authorizations would adversely affect operating performance. Countermeasures: Strengthen market development, enhance the company's importance to original manufacturers, and expand product line types[65](index=65&type=chunk) - Risk of high concentration of important suppliers and customers in the electronic component distribution business: In the first half of 2025, the company's procurement from the top five suppliers accounted for **84.46%**, and sales to the top five customers accounted for **50.93%**. Countermeasures: Optimize services, develop new product lines, and acquire high-quality customers[66](index=66&type=chunk) - Risk of low net assets: As of June 2025, net assets attributable to the parent company were **31.2013 million yuan**. If performance does not improve effectively, it could lead to negative net assets. Countermeasures: Promote the development of principal businesses and explore new performance drivers[67](index=67&type=chunk) - Risk of goodwill impairment: As of June 30, 2025, the original value of goodwill was **454.5641 million yuan**. If Huaxinke and World Style's performance falls short of expectations, there is an impairment risk. Countermeasures: Improve operational management and strengthen synergistic effects[68](index=68&type=chunk) - Risk of unrecoverable accounts receivable: As of June 30, 2025, the book value of accounts receivable was **1,030.8331 million yuan**, accounting for **50.62%** of total assets. Countermeasures: Strengthen customer commercial credit control and enhance accounts receivable management[69](index=69&type=chunk)[70](index=70&type=chunk)[71](index=71&type=chunk) - Inventory risk: As of June 30, 2025, the book value of inventory was **349.2602 million yuan**, accounting for **22.20%** of current assets. Changes in demand could lead to adverse effects. Countermeasures: Strengthen procurement, sales, storage, and transportation management, and optimize inventory turnover rate[72](index=72&type=chunk) - Exchange rate risk: With significant overseas sales and procurement, substantial fluctuations in the RMB exchange rate could lead to exchange gains or losses. Countermeasures: Closely monitor exchange rate information and, when appropriate, use foreign exchange hedging to mitigate risks[73](index=73&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=18&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E5%B8%82%E5%80%BC%E7%AE%A1%E7%90%86%E5%88%B6%E5%BA%A6%E5%92%8C%E4%BC%B0%E5%80%BC%E6%8F%90%E5%8D%87%E8%AE%A1%E5%88%92%E7%9A%84%E5%88%B6%E5%AE%9A%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company has not disclosed any market value management system or valuation enhancement plan - The company has not formulated a market value management system[74](index=74&type=chunk) - The company has not disclosed a valuation enhancement plan[74](index=74&type=chunk) [Implementation of “Dual Improvement in Quality and Returns” Action Plan](index=18&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E2%80%9C%E8%B4%A8%E9%87%8F%E5%9B%9E%E6%8A%A5%E5%8F%8C%E6%8F%90%E5%8D%87%E2%80%9D%E8%A1%8C%E5%8A%A8%E6%96%B9%E6%A1%88%E8%B4%AF%E5%BD%BB%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company has not disclosed any announcement regarding the 'Dual Improvement in Quality and Returns' action plan - The company has not disclosed an announcement regarding the 'Dual Improvement in Quality and Returns' action plan[74](index=74&type=chunk) Corporate Governance, Environment, and Society [Changes in Directors, Supervisors, and Senior Management](index=19&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%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, there were no changes in the company's directors, supervisors, or senior management, with specific details available in the 2024 annual report - The company's directors, supervisors, and senior management did not change during the reporting period[76](index=76&type=chunk) [Profit Distribution and Capital Reserve Conversion to Share Capital in This Reporting Period](index=19&type=section&id=%E4%BA%8C%E3%80%81%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E5%8F%8A%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E6%83%85%E5%86%B5) The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for this half-year - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year[77](index=77&type=chunk) [Implementation of Company's Equity Incentive Plan, Employee Stock Ownership Plan, or Other Employee Incentive Measures](index=19&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E5%AE%9E%E6%96%BD%E6%83%85%E5%86%B5) The company completed the repurchase and cancellation of some restricted shares from its 2023 equity incentive plan, reducing total share capital, and the 2024 company-level performance targets for the plan have been met, with individual assessments ongoing - The company has completed the repurchase and cancellation of some restricted shares from its 2023 restricted stock and stock option incentive plan, changing the total share capital from **849,287,360 shares** to **839,489,360 shares**[78](index=78&type=chunk) - According to the 2024 audit report, the company-level performance targets for the second vesting period/second exercise period of this equity incentive plan have been met[79](index=79&type=chunk) - The company has no employee stock ownership plans or other employee incentive measures[80](index=80&type=chunk) [Environmental Information Disclosure](index=19&type=section&id=%E5%9B%9B%E3%80%81%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E6%83%85%E5%86%B5) The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[80](index=80&type=chunk) [Social Responsibility Status](index=20&type=section&id=%E4%BA%94%E3%80%81%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) The company did not engage in poverty alleviation efforts previously and had no matters related to consolidating poverty alleviation achievements or rural revitalization during the reporting period - The company did not carry out poverty alleviation work previously, and there were no matters related to consolidating and expanding poverty alleviation achievements or rural revitalization during the reporting period[81](index=81&type=chunk) Significant Matters [Fulfillment of Commitments](index=21&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E3%80%81%E8%82%A1%E4%B8%9C%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E3%80%81%E6%94%B6%E8%B4%AD%E4%BA%BA%E4%BB%A5%E5%8F%8A%E5%85%AC%E5%8F%B8%E7%AD%89%E6%89%BF%E8%AF%BA%E7%9B%B8%E5%85%B3%E6%96%B9%E5%9C%A8%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E5%8F%8A%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%AB%E8%B6%85%E6%9C%9F%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E7%9A%84%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9) During the reporting period, the company had no commitments from its actual controller, shareholders, related parties, acquirers, or the company itself that were fulfilled or overdue - During the reporting period, the company reported no commitments from its actual controller, shareholders, related parties, acquirers, or the company itself that were fulfilled or overdue as of the end of the reporting period[83](index=83&type=chunk) [Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties](index=21&type=section&id=%E4%BA%8C%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E5%AF%B9%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E7%9A%84%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) The company reported no non-operating fund occupation by its controlling shareholder or other related parties during the reporting period - The company reported no non-operating fund occupation by its controlling shareholder or other related parties of the listed company during the reporting period[84](index=84&type=chunk) [Illegal External Guarantees](index=21&type=section&id=%E4%B8%89%E3%80%81%E8%BF%9D%E8%A7%84%E5%AF%B9%E5%A4%96%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) The company had no illegal external guarantees during the reporting period - The company had no illegal external guarantees during the reporting period[85](index=85&type=chunk) [Appointment and Dismissal of Accounting Firms](index=21&type=section&id=%E5%9B%9B%E3%80%81%E8%81%98%E4%BB%BB%E3%80%81%E8%A7%A3%E8%81%98%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%83%85%E5%86%B5) The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[86](index=86&type=chunk) [Board of Directors' and Supervisory Board's Explanations on “Non-Standard Audit Reports” from Accounting Firms](index=21&type=section&id=%E4%BA%94%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E3%80%81%E7%9B%91%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E2%80%9C%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%E2%80%9D%E7%9A%84%E8%AF%B4%E6%98%8E) The company reported no 'non-standard audit reports' issued by accounting firms during the reporting period - The company reported no instances of accounting firms issuing 'non-standard audit reports' during the reporting period[87](index=87&type=chunk) [Board of Directors' Explanations on Matters Related to “Non-Standard Audit Reports” from the Previous Year](index=21&type=section&id=%E5%85%AD%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%B8%8A%E5%B9%B4%E5%BA%A6%E2%80%9C%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%E2%80%9D%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) The company reported no explanations regarding 'non-standard audit reports' from the previous year during the reporting period - The company reported no explanations regarding matters related to 'non-standard audit reports' from the previous year during the reporting period[87](index=87&type=chunk) [Bankruptcy Reorganization Matters](index=21&type=section&id=%E4%B8%83%E3%80%81%E7%A0%B4%E4%BA%A7%E9%87%8D%E6%95%B4%E7%9B%B8%E5%85%B3%E4%BA%8B%E9%A1%B9) The company did not experience any bankruptcy reorganization matters during the reporting period - The company did not experience any bankruptcy reorganization matters during the reporting period[87](index=87&type=chunk) [Litigation Matters](index=21&type=section&id=%E5%85%AB%E3%80%81%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) The company had no significant litigation or arbitration matters during the reporting period, but an associated company is involved in a labor contract dispute with a case value of 87,000 yuan, which is currently awaiting judgment - The company had no significant litigation or arbitration matters during this reporting period[88](index=88&type=chunk) - There is a labor contract dispute involving an associated company, with a case value of **87,000 yuan**, which was heard on August 27, 2025, and the judgment has not yet been rendered[89](index=89&type=chunk) [Penalties and Rectification Status](index=22&type=section&id=%E4%B9%9D%E3%80%81%E5%A4%84%E7%BD%9A%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) The company reported no penalties or rectification situations during the reporting period - The company reported no penalties or rectification situations during the reporting period[90](index=90&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=22&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E7%9A%84%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5) The company's controlling shareholder, Shun Yuan Enterprise Management, and its actual controller, Mr. Chen Yanbiao, confirmed no unfulfilled legal obligations, large overdue debts, control change plans, or non-operating fund occupation - The largest shareholder, Shun Yuan Enterprise Management, confirmed no unfulfilled obligations determined by effective court legal documents, no large overdue debts, no plans for changes in company control, or non-operating fund occupation[91](index=91&type=chunk) - The actual controller, Mr. Chen Yanbiao, confirmed the absence of all the aforementioned situations[91](index=91&type=chunk) [Major Related-Party Transactions](index=22&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company reported no daily operational, asset/equity acquisition/disposal, or joint external investment related-party transactions, but engaged in significant fund borrowing with its largest shareholder, Shun Yuan Enterprise Management, with a period-end balance of 562.7678 million yuan and a 7.0375 million yuan interest waiver, and a consistency action agreement was signed between subsidiary Shanghai Infotm and Jingyu Investment regarding the proposed acquisition of 49% equity in Huaxinke and World Style - The company reported no related-party transactions related to daily operations, asset or equity acquisition/disposal, or joint external investments during the reporting period[92](index=92&type=chunk)[93](index=93&type=chunk)[94](index=94&type=chunk) Payables to Related Parties (Fund Borrowing) | Related Party | Relationship | Reason for Formation | Beginning Balance (CNY 10,000) | Amount Added in Current Period (CNY 10,000) | Amount Repaid in Current Period (CNY 10,000) | Interest Rate | Interest in Current Period (CNY 10,000) | Ending Balance (CNY 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zhejiang Shun Yuan Enterprise Management Co., Ltd. | Largest Shareholder | Fund Borrowing | 56,230.77 | 13,150 | 14,053.75 | One-year Loan Prime Rate (LPR) applicable in the current period | 949.76 | 56,276.78 | - Interest expense of **9.4976 million yuan** was accrued for fund borrowing in this period, reducing total profit by **9.4976 million yuan**, and Shun Yuan Enterprise Management's waiver of **7.0375 million yuan** in interest payable was recognized in the company's capital reserve[96](index=96&type=chunk) - Shanghai Infotm signed a 'Concerted Action Agreement' with Jingyu Investment, where Jingyu Investment intends to acquire **49%** equity in Huaxinke and World Style, with equity transfer and delivery procedures not yet completed[99](index=99&type=chunk) [Major Contracts and Their Performance](index=23&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company had no custody, contracting, or other major contracts during the reporting period, but disclosed leasing matters and detailed guarantee situations, including company guarantees for subsidiaries and subsidiary guarantees for other subsidiaries, with the total guarantee amount representing a high proportion of the company's net assets - The company reported no custody, contracting, entrusted wealth management, or other major contracts during the reporting period[101](index=101&type=chunk)[102](index=102&type=chunk)[111](index=111&type=chunk)[112](index=112&type=chunk) - The company has leasing matters, with specific details provided in the financial report notes[103](index=103&type=chunk) External Guarantees by the Company and its Subsidiaries | Guaranteed Party Name | Announcement Date of Guarantee Limit | Guarantee Limit (CNY 10,000) | Actual Occurrence Date | Actual Guarantee Amount (CNY 10,000) | Guarantee Type | Guarantee Period | Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Company Guarantees for Subsidiaries** | | | | | | | | | Shanghai Infotm | 2023年03月22日 | 50,000 | 2023年05月04日 | 11,000 | Pledge, Joint and Several Liability Guarantee | Until three years after the maturity date of the principal debt | No | | United Wireless Hong Kong | 2025年03月25日 | 50,000 | 2025年06月25日 | 14,324 | Joint and Several Liability Guarantee | The guarantee period for each principal debt is calculated separately | No | | **Subsidiary Guarantees for Subsidiaries** | | | | | | | | | United Wireless Hong Kong | 2021年10月08日 | 5,000 | 2021年10月08日 | 2,748.47 | Pledge | 2021/10/8-2025/4/30 | Yes | | United Wireless Shenzhen | 2024年04月16日 | 40,000 | | | Pledge, Mortgage, General Guarantee, Joint and Several Liability Guarantee | From May 20, 2024, to May 15, 2025 | Yes | | **Total Company Guarantees** | | | | | | | | | Total Approved Guarantee Limit in Current Period | 330,000 | | 28,267.84 | | | | | | Total Approved Guarantee Limit at Period-End | 330,000 | | 37,484.85 | | | | | | Proportion of Actual Total Guarantee Amount to Company's Net Assets | | | 1,201.39% | | | | | - The proportion of the actual total guarantee amount to the company's net assets is **1,201.39%**, with the balance of debt guarantees provided directly or indirectly for guaranteed parties with an asset-liability ratio exceeding **70%** being **158 million yuan**[109](index=109&type=chunk) [Explanation of Other Significant Matters](index=29&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) The company reported no other significant matters requiring explanation during the reporting period - The company reported no other significant matters requiring explanation during the reporting period[113](index=113&type=chunk) [Significant Matters of Company Subsidiaries](index=29&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%AC%E5%8F%B8%E5%AD%90%E5%85%AC%E5%8F%B8%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9) Company subsidiary Shanghai Infotm signed a 'Concerted Action Agreement' with Jingyu Investment, involving Jingyu Investment's proposed acquisition of 49% equity in Huaxinke and World Style - Company subsidiary Shanghai Infotm signed a 'Concerted Action Agreement' with Jingyu Investment, where Jingyu Investment intends to maintain a concerted action relationship with Shanghai Infotm in the management, operations, shareholder decisions, and board decisions of Huaxinke and World Style (including their subsidiaries) after acquiring shares in the target companies[114](index=114&type=chunk) Share Changes and Shareholder Information [Share Change Status](index=30&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company's total share capital remained unchanged at 839,489,360 shares, with no changes in the proportions of restricted and unrestricted shares, though a portion of the largest shareholder's restricted shares became tradable after the period-end Share Change Status (shares) | Item | Quantity Before This Change | Proportion | Increase/Decrease in This Change (+, -) | Quantity After This Change | Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 117,382,648 | 13.98% | 0 | 117,382,648 | 13.98% | | Of which: Shares Held by Domestic Legal Persons | 94,520,648 | 11.26% | 0 | 94,520,648 | 11.26% | | Shares Held by Domestic Natural Persons | 22,862,000 | 2.72% | 0 | 22,862,000 | 2.72% | | II. Unrestricted Shares | 722,106,712 | 86.02% | 0 | 722,106,712 | 86.02% | | III. Total Shares | 839,489,360 | 100.00% | 0 | 839,489,360 | 100.00% | - The **94,520,248 restricted shares** held by Shun Yuan Enterprise Management became tradable on August 22, 2025[117](index=117&type=chunk) - During the reporting period, there were no reasons for share changes, approval status, transfer status, progress of share repurchases, or impact on financial indicators[118](index=118&type=chunk) [Securities Issuance and Listing Status](index=31&type=section&id=%E4%BA%8C%E3%80%81%E8%AF%81%E5%88%B8%E5%8F%91%E8%A1%8C%E4%B8%8E%E4%B8%8A%E5%B8%82%E6%83%85%E5%86%B5) The company had no securities issuance or listing activities during the reporting period - The company reported no securities issuance or listing activities during the reporting period[119](index=119&type=chunk) [Company Shareholder Numbers and Shareholding Status](index=31&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5) At period-end, the company had 122,013 common shareholders, with Zhejiang Shun Yuan Enterprise Management Co., Ltd. as the largest shareholder holding 14.77% of shares, and while Shi Haoliang is its legal representative, there is no concerted action relationship - Total number of common shareholders at the end of the reporting period: **122,013**[120](index=120&type=chunk) Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Proportion | Number of Shares Held at Period-End | Number of Restricted Shares Held | Number of Unrestricted Shares Held | | :--- | :--- | :--- | :--- | :--- | :--- | | Zhejiang Shun Yuan Enterprise Management Co., Ltd. | Domestic Non-State-Owned Legal Person | 14.77% | 124,022,984 | 94,520,248 | 29,502,736 | | Orient Securities Co., Ltd. | State-Owned Legal Person | 5.63% | 47,259,365 | 0 | 47,259,365 | | Wang Wei | Domestic Natural Person | 3.70% | 31,025,652 | 0 | 31,025,652 | | Guoxin Securities Co., Ltd. | State-Owned Legal Person | 2.45% | 20,600,624 | 0 | 20,600,624 | | Jingzhou Ancient City State-Owned Investment Co., Ltd. | State-Owned Legal Person | 1.46% | 12,230,400 | 0 | 12,230,400 | | Wang Guojun | Domestic Natural Person | 0.67% | 5,600,000 | 5,600,000 | 0 | | Xu Fei | Domestic Natural Person | 0.67% | 5,600,000 | 5,600,000 | 0 | | Shi Haoliang | Domestic Natural Person | 0.42% | 3,500,000 | 3,500,000 | 0 | | Liu Shufang | Domestic Natural Person | 0.37% | 3,082,200 | 0 | 3,082,200 | | Yu Weiqing | Domestic Natural Person | 0.28% | 2,332,600 | 0 | 2,332,600 | - Shareholder Mr. Shi Haoliang is the legal representative and executive director of Shun Yuan Enterprise Management, but related parties have committed that there is no concerted action relationship[120](index=120&type=chunk) - Among the top 10 common shareholders, Wang Wei, Liu Shufang, and Yu Weiqing hold company shares through margin trading and securities lending accounts[120](index=120&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=32&type=section&id=%E5%9B%9B%E3%80%81%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%8C%81%E8%82%A1%E5%8F%98%E5%8A%A8) The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period, as detailed in the 2024 annual report - The shareholdings of the company's directors, supervisors, and senior management did not change during the reporting period[123](index=123&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=32&type=section&id=%E4%BA%94%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E6%88%96%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5) The company's controlling shareholder and actual controller remained unchanged during the reporting period - The company's controlling shareholder did not change during the reporting period[124](index=124&type=chunk) - The company's actual controller did not change during the reporting period[124](index=124&type=chunk) [Preferred Share Information](index=32&type=section&id=%E5%85%AD%E3%80%81%E4%BC%98%E5%85%88%E8%82%A1%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[125](index=125&type=chunk) Bond-Related Information [Bond-Related Information](index=33&type=section&id=%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company had no bond-related matters during the reporting period - The company reported no bond-related matters during the reporting period[127](index=127&type=chunk) Financial Report [Audit Report](index=34&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[129](index=129&type=chunk) [Financial Statements](index=34&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section provides the company's 2025 semi-annual consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, comprehensively presenting the company's financial position, operating results, and cash flow - The consolidated balance sheet shows total assets of **2,036,414,849.87 yuan** at period-end, total liabilities of **1,651,673,718.63 yuan**, and total owners' equity attributable to the parent company of **31,201,297.22 yuan**[133](index=133&type=chunk) - The consolidated income statement shows total operating revenue of **1,927,085,988.20 yuan**, net profit of **-25,441,796.19 yuan**, and net profit attributable to parent company shareholders of **-32,296,579.70 yuan** for the current period[140](index=140&type=chunk) - The consolidated cash flow statement shows net cash flow from operating activities of **-62,184,675.12 yuan** and net cash flow from financing activities of **107,517,321.04 yuan**[144](index=144&type=chunk) [Consolidated Balance Sheet](index=34&type=section&id=1%E3%80%81%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) This section presents the consolidated balance sheet, detailing the company's assets, liabilities, and owners' equity at the end of the reporting period - Total current assets at period-end were **1,573,496,440.22 yuan**, total non-current assets were **462,918,409.65 yuan**, and total assets were **2,036,414,849.87 yuan**[131](index=131&type=chunk)[132](index=132&type=chunk) - Total current liabilities at period-end were **1,562,451,727.29 yuan**, total non-current liabilities were **89,221,991.34 yuan**, and total liabilities were **1,651,673,718.63 yuan**[133](index=133&type=chunk) - Total owners'

| 2025 年半年度非经营性资金占用及其他关联资金往来 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 情况汇总表 | | | | | | | | | | | | | 用用 | 言 | 编制单位:盈方微 | HS 44 | 单位:人民币万元 | | | | | | | | | 2025年半年度 | 2025 年半 | 2025 年半年度 | 2025 年半年度 2025 年半年度 | 年度占用 | | | | | | | | | 上市公司核算 | 占用累计发生 | 占用形 | 期初占用资金 | 偿还累计发生 | 占用性质 | 期末占用资金 | 菲经营性资金占用 | 的会计科目 | 金额(不含利 | 资金的利 | 成原因 | | 余额 | 金额 | 余额 | 息) | 息(如有) | | | | | | | | | 控股股东、实际控制 | 非经营性占用 | 人及其附属企业 | | | | | | | | | | | 小计 | | | | | | | | | | ...