Core Viewpoint - The stock price of Zhongjia Bochuang is reported at 3.94 yuan, reflecting a decline of 0.10 yuan or 2.48% from the previous trading day [1] Group 1: Company Overview - Zhongjia Bochuang's main business focuses on information intelligent transmission and communication network maintenance [1] - The company operates two subsidiaries: Chuangshi Mandao, responsible for information intelligent transmission, and Changshi Communication, which handles communication network maintenance [1] Group 2: Financial Performance - In the first half of 2025, the company achieved an operating revenue of 776 million yuan, representing a year-on-year growth of 10.46% [1] - Revenue from the communication network maintenance business reached 750 million yuan, with a year-on-year increase of 14.20%, accounting for 96.66% of total revenue [1] - The company reported a net loss of 21.44 million yuan, which is an increase in losses compared to the same period last year [1] - The net cash flow from operating activities was -27.02 million yuan, showing some improvement compared to the previous year [1]

Core Viewpoint - Zhongjiabochuang achieved a revenue of 776 million yuan in the first half of 2025, marking a year-on-year growth of 10.46%, driven by strong performance in the communication network maintenance sector [1] Revenue Growth and Financial Performance - The company demonstrated resilient revenue growth with a focus on cost control and increased R&D investment, resulting in a positive financial profile characterized by increased revenue, controlled expenses, and improved cash flow [2] - Sales expenses decreased by 12.93% to 3.31 million yuan due to personnel cost optimization, while management expenses fell by 2.00% to 4.77 million yuan, attributed to reduced depreciation and amortization costs [2] - R&D expenditure rose by 6.56% to 25.52 million yuan, focusing on upgrading communication maintenance technology and optimizing information transmission systems [2] - Operating cash flow improved by 67.83% year-on-year, primarily due to increased sales collections and enhanced working capital efficiency [2] Core Business Performance - The communication network maintenance business, serving as the company's mainstay, generated 750 million yuan in revenue, reflecting a year-on-year increase of 14.20%, accounting for 96.66% of total revenue [3] - The subsidiary, Changshi Communication, successfully provided communication support for major events and received commendations from local governments and operators for its emergency repair services during disasters [3] - Despite a 43.95% decline in revenue from the information intelligent transmission business due to market competition, it maintained profitability through refined cost management [3] New Growth Opportunities - The company is actively exploring new growth avenues, including extending Changshi Communication's services into new infrastructure sectors such as renewable energy, smart cities, and data center construction [4] Governance and Risk Mitigation - Significant progress was made in corporate governance and risk resolution, including the removal of risk warnings from its stock and the restoration of its trading limits, enhancing liquidity and market attention [5] - The company has initiated legal proceedings to recover a debt of no less than 480 million yuan related to historical restructuring issues, marking a critical step in protecting shareholder interests [5]

Group 1 - Company Zhongjiabochuang (SZ 000889) reported a revenue of approximately 777 million yuan for the first half of 2025, representing a year-on-year increase of 10.46% [1] - The net profit attributable to shareholders was a loss of approximately 21.44 million yuan, with a basic earnings per share loss of 0.0229 yuan [1] - In the same period of 2024, the company had a revenue of approximately 702 million yuan and a net profit loss of about 14.49 million yuan, with a basic earnings per share loss of 0.0155 yuan [1] Group 2 - As of the report, Zhongjiabochuang's market capitalization stood at 3.8 billion yuan [2]

Core Insights - The company reported a revenue of 776 million yuan for the first half of 2025, representing a year-on-year growth of 10.46% [1] - The net profit attributable to shareholders was a loss of 21.44 million yuan [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was a loss of 18.06 million yuan [1] - The basic earnings per share were reported at -0.0229 yuan [1]

中嘉博创信息技术股份有限公司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 编制单位：中嘉博创信息技术股份有限公司 金额单位：万元 | 非经营性资金占用 | 资金占 用方名 | 占用方与上 市公司的关 | 上市公司核 算的会计科 | 2025年期初 占用资金 | 2025年半年度占用 累计发生金额（不 | 2025年半年度 占用资金的 | 2025年半年度 偿还累计发 | 2025年半年 度期末占 | 占用形 成原因 | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 称 | 联关系 | 目 | 余额 | 含利息） | 利息（如有） | 生金额 | 用资金余 | | | | | | | | | | | | 额 | | | | 控股股东、实际控制人 及其附属企业 | | | | | | | | | | 非经营性占用 | | 小计 | | | | | | | | | | | | 前控股股东、实际控制 人及其附属企业 | | | | | | | | | | 非经营性占用 | | 小计 | | ...

中嘉博创信息技术股份有限公司 2025 年半年度财务报告 2025 年 8 月 中嘉博创信息技术股份有限公司 2025 年半年度财务报告 2025 年半年度财务报告 一、审计报告 半年度报告是否经过审计 □是 否 公司半年度财务报告未经审计。 二、财务报表 财务附注中报表的单位为：元 1、合并资产负债表 编制单位：中嘉博创信息技术股份有限公司 2025 年 06 月 30 日 单位：元 项目 期末余额 期初余额 流动资产： 货币资金 59,227,056.46 55,184,731.89 结算备付金 拆出资金 交易性金融资产 衍生金融资产 应收票据 12,411,146.98 11,662,358.47 应收账款 570,839,431.13 552,739,901.12 应收款项融资 预付款项 16,520,059.69 12,630,436.98 应收保费 应收分保账款 应收分保合同准备金 其他应收款 19,928,085.14 21,761,299.50 其中：应收利息 应收股利 买入返售金融资产 存货 36,556,582.44 42,986,930.06 其中：数据资源 合同资产 持有待售资产 一年 ...

证券代码：000889 证券简称：中嘉博创 公告编号：2025—55 中嘉博创信息技术股份有限公司 关于为全资子公司提供担保及反担保的公告 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、 误导性陈述或重大遗漏。 特别提示： 中嘉博创信息技术股份有限公司（以下简称"公司"或"本公司"）及控股子公司 对外担保总额超过最近一期经审计净资产 100%（均系公司对全资子公司的担保），敬 请投资者充分关注相关风险。 一、担保及反担保情况概述 1、为满足子公司业务发展及日常经营资金的需求，公司作为担保人拟与债权人广 发银行股份有限公司清远分行(以下简称"广发银行清远分行")于北京签署《最高额 保证合同》，为公司全资子公司广东长实通信科技有限公司(以下简称"长实通信") 向广发银行清远分行申请两年期、人民币 9,000 万元整的敞口授信额度，提供连带责 任保证担保。 2、长实通信拟向深圳市诚建通融资担保有限公司(以下简称"诚建通公司"或"债 权人")申请不超过等值人民币 2,000 万元的保函担保额度。因此事项，本公司拟与诚 建通公司签署《额度保证反担保合同》，为诚建通公司与长实通信签署的《保函担保 ...

证券代码：000889 证券简称：中嘉博创 公告编号：2025-56 中嘉博创信息技术股份有限公司 关于召开 2025 年第二次临时股东大会的通知 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、 误导性陈述或重大遗漏。 一、召开会议的基本情况 (一) 股东大会届次：本次股东大会是中嘉博创信息技术股份有限公司(以下简称 "公司"或"本公司")2025 年第二次临时股东大会。 (二) 股东大会的召集人：公司董事会。本次股东大会由公司第九届董事会 2025 年第五次会议决议通过提请召开。 (三) 会议召开的合法、合规性：本次股东大会会议的召开符合有关法律、行政 法规、部门规章、规范性文件和公司章程的规定。 (四) 会议召开的日期、时间： 1、现场会议于 2025 年 9 月 17 日(星期三)下午 14:30 开始； 2、通过互联网（http://wltp.cninfo.com.cn）投票系统投票的起止日期和时间： 2025 年 9 月 17 日上午 9:15 至下午 15:00 期间的任意时间； 3、通过深交所交易系统进行网络投票的日期和时间：2025 年 9 月 17 日上午 9:15 ...

证券代码：000889 证券简称：中嘉博创 公告编号：2025-53 中嘉博创信息技术股份有限公司（以下简称"公司"或"本公司"）第九届监事 会 2025 年第四次会议的通知，于 2025 年 8 月 12 日以本人签收和邮件方式发出。本 次会议于 2025 年 8 月 22 日在公司北京分公司会议室，以现场结合通讯方式举行。会 议由监事会主席刘少平主持，会议应到监事 5 人，实到监事 5 人，其中监事张海英以 通讯表决方式参会。会议的召开符合有关法律、行政法规、部门规章、规范性文件和 公司章程的规定。 二、监事会会议审议情况 与会监事以 5 人同意、无反对和弃权的表决结果，审议通过公司《2025 年半年 度报告及摘要》。 经审核，监事会认为董事会编制和审议公司 2025 年半年度报告的程序符合法律、 行政法规及中国证监会的规定，报告内容真实、准确、完整地反映了上市公司的实际 情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 具体内容详见与本公告同日刊载在巨潮资讯网(http://www.cninfo.com.cn)上 的公司《2025 年半年度报告》及刊载在《中国证券报》《证券时报》《证券日报》和巨 潮资 ...

Section I Important Notice, Table of Contents, and Definitions [Important Notice](index=2&type=section&id=重要提示) The Board of Directors, Supervisory Board, and senior management guarantee the report's accuracy and completeness, highlighting risks like goodwill impairment and customer concentration, and confirming no dividend distribution or capital increase from reserves - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content and assume legal responsibility[3](index=3&type=chunk) - The company's head, chief financial officer, and head of accounting department declare the financial report to be true, accurate, and complete[3](index=3&type=chunk) - The report highlights risks such as goodwill impairment, increasing customer concentration and churn in information services, new technology substitution, and technical competition and customer dependence in communication network maintenance[4](index=4&type=chunk) - The company plans not to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital for this period[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=目录) This section outlines the report's overall structure, comprising nine main chapters covering company profile, financial indicators, management discussion and analysis, corporate governance, significant events, share changes, bond information, financial reports, and other submitted data - The report is divided into nine main chapters, covering various aspects of the company's operations, financials, governance, and significant matters[7](index=7&type=chunk) [Definitions](index=5&type=section&id=释义) This section defines common terms and company-related entities used in the report, clarifying the meanings of "Company," "Reporting Period," key subsidiaries, and related parties to ensure accurate interpretation - "Company" refers to Zhongjia Bochuang Information Technology Co., Ltd[10](index=10&type=chunk) - "Reporting Period" refers to January 1, 2025, to June 30, 2025[10](index=10&type=chunk) - "Chuangshi Mandao" refers to Beijing Chuangshi Mandao Technology Co., Ltd., a wholly-owned subsidiary of the company, primarily engaged in intelligent information transmission[10](index=10&type=chunk) - "Changshi Communication" refers to Guangdong Changshi Communication Technology Co., Ltd., a wholly-owned subsidiary of the company, primarily engaged in communication network maintenance[10](index=10&type=chunk) Section II Company Profile and Key Financial Indicators [1. Company Profile](index=6&type=section&id=一、公司简介) Zhongjia Bochuang Information Technology Co., Ltd., stock ticker "Zhongjia Bochuang" and code 000889, is listed on the Shenzhen Stock Exchange, with Wu Ying as its legal representative Key Company Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Zhongjia Bochuang | | Stock Code | 000889 | | Stock Exchange | Shenzhen Stock Exchange | | Company Chinese Name | 中嘉博创信息技术股份有限公司 | | Legal Representative | Wu Ying | [2. Contact Persons and Information](index=6&type=section&id=二、联系人和联系方式) The company's Board Secretary (acting) is Wu Ying, and the Securities Affairs Representative is Zhang Haiying, with contact addresses in Beijing and Qinhuangdao, along with phone, fax, and email details Contact Persons and Information | Position | Name | Contact Address | Phone | Email | | :--- | :--- | :--- | :--- | :--- | | Board Secretary (Acting) | Wu Ying | 15F, Block B, Qianhai Life Insurance Building, No. 28 Pingguoyuan Road, Shijingshan District, Beijing; 26th Floor, Jinyuan International Business Building, No. 146 Hebei Avenue, Qinhuangdao City | 0335-3280602 | wuying@zjbctech.com | | Securities Affairs Representative | Zhang Haiying | 15F, Block B, Qianhai Life Insurance Building, No. 28 Pingguoyuan Road, Shijingshan District, Beijing; 26th Floor, Jinyuan International Business Building, No. 146 Hebei Avenue, Qinhuangdao City | 0335-3280602 | zhanghaiying@zjbctech.com | [3. Other Information](index=6&type=section&id=三、其他情况) The company's registered and office addresses remained unchanged during the reporting period, with Juchao Information Network designated for information disclosure - The company's registered address and office address remained unchanged during the reporting period[15](index=15&type=chunk) - The company's website is www.zjbctech.com, and its email address is ir@zjbctech.com[15](index=15&type=chunk) - The company's designated website and media for semi-annual report disclosure, as well as the report's availability location, remained unchanged during the reporting period, with details available in the 2024 annual report[16](index=16&type=chunk) [4. Key Accounting Data and Financial Indicators](index=7&type=section&id=四、主要会计数据和财务指标) In the first half of 2025, the company's operating revenue grew by **10.46%**, but net profit attributable to shareholders widened its loss by **47.91%**, and weighted average return on net assets decreased by **12.65 percentage points**, indicating pressure on profitability; net cash flow from operating activities significantly improved, total assets slightly increased, while net assets attributable to shareholders decreased by **21.37%** Key Accounting Data and Financial Indicators for H1 2025 | Indicator | Current Period (yuan) | Prior Period (yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 775,762,560.52 | 702,306,040.54 | 10.46% | | Net Profit Attributable to Shareholders of Listed Company | -21,438,895.62 | -14,494,500.96 | -47.91% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains and Losses) | -18,062,288.45 | -13,207,467.86 | -36.76% | | Net Cash Flow from Operating Activities | -27,020,533.94 | -83,988,140.78 | 67.83% | | Basic Earnings Per Share | -0.0229 | -0.0155 | -47.74% | | Diluted Earnings Per Share | -0.0229 | -0.0155 | -47.74% | | Weighted Average Return on Net Assets | -23.93% | -11.28% | Decrease of 12.65 percentage points | | Indicator | End of Current Period (yuan) | End of Prior Year (yuan) | Change from Prior Year-End (%) | | :--- | :--- | :--- | :--- | | Total Assets | 928,470,041.09 | 920,860,066.68 | 0.83% | | Net Assets Attributable to Shareholders of Listed Company | 78,876,587.15 | 100,315,482.77 | -21.37% | [5. Differences in Accounting Data under Domestic and Overseas Accounting Standards](index=7&type=section&id=五、境内外会计准则下会计数据差异) During the reporting period, the company reported no differences in net profit and net assets between financial statements prepared under International or overseas accounting standards and those under 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 those under Chinese Accounting Standards[18](index=18&type=chunk) - During the reporting period, the company reported no differences in net profit and net assets between financial statements disclosed under overseas accounting standards and those under Chinese Accounting Standards[19](index=19&type=chunk) [6. Non-recurring Gains and Losses and Amounts](index=7&type=section&id=六、非经常性损益项目及金额) During the reporting period, the company's total non-recurring gains and losses amounted to **-3,376,607.17 yuan**, primarily comprising non-current asset disposal gains/losses, government subsidies, and other non-operating income/expenses, with non-operating expenses having a significant negative impact on non-recurring gains and losses Non-recurring Gains and Losses for H1 2025 | Item | Amount (yuan) | | :--- | :--- | | Gains or losses on disposal of non-current assets (including the write-off of impairment provisions already made) | -90,396.18 | | Government subsidies recognized in current profit or loss (excluding those closely related to the company's ordinary activities, compliant with national policies, enjoyed at fixed or quantitative standards, and having a continuous impact on the company's profit or loss) | 237,381.37 | | Other non-operating income and expenses apart from the above items | -3,523,270.93 | | Impact on minority interests (after tax) | 321.43 | | Total | -3,376,607.17 | - The company has no other profit or loss items that meet the definition of non-recurring gains and losses, nor does it classify non-recurring gains and losses as recurring profit or loss items[22](index=22&type=chunk) Section III Management Discussion and Analysis [1. Main Business Activities during the Reporting Period](index=9&type=section&id=一、报告期内公司从事的主要业务) The company's main businesses are intelligent information transmission and communication network maintenance, operated by wholly-owned subsidiaries Chuangshi Mandao and Changshi Communication, respectively, providing enterprise information services and professional technical services to communication operators [(1) Main Businesses](index=9&type=section&id=（一）主要业务) The company's main businesses are intelligent information transmission and communication network maintenance, operated by wholly-owned subsidiaries Chuangshi Mandao and Changshi Communication, providing enterprise messaging services and comprehensive communication network technical services to operators and China Tower - The company's main businesses are intelligent information transmission and communication network maintenance, operated by wholly-owned subsidiaries Chuangshi Mandao and Changshi Communication[24](index=24&type=chunk) - Chuangshi Mandao primarily engages in intelligent information transmission, providing enterprise clients with trigger-based SMS (including MMS and voice) services for identity verification and notifications through its self-developed platform, along with SMS sending interface products and technical support[24](index=24&type=chunk) - Changshi Communication primarily engages in communication network maintenance, providing professional technical services such as network operation management, fault repair, engineering construction, and daily maintenance for communication operators and China Tower, covering base stations, lines, broadband access, fixed-line telephone access, and WLAN[27](index=27&type=chunk) [(2) Business Model](index=10&type=section&id=（二）经营模式) The company's intelligent information transmission business provides SMS/MMS services to enterprises, generating revenue from service fees and operator commissions, with costs primarily from telecom operator tariffs; the communication network maintenance business secures contracts through public bidding with operators and China Tower, earning service fees, with costs mainly from labor, materials, vehicles, and equipment - Clients for intelligent information transmission services are primarily internet, e-commerce, banking, and insurance enterprises, with telecom operators as procurement targets[29](index=29&type=chunk) - Revenue for intelligent information transmission services comes from SMS/MMS sending service fees and telecom operator commissions, with the main cost being telecom operator SMS service tariffs[29](index=29&type=chunk) - Communication network maintenance clients include China Mobile, China Unicom, and other communication operators, as well as China Tower, with orders secured through public bidding and services provided accordingly[29](index=29&type=chunk) - Revenue for communication network maintenance services is derived from service fees, with primary costs including labor, materials, vehicles, and equipment incurred during maintenance[29](index=29&type=chunk) [(3) Key Performance Drivers](index=10&type=section&id=（三）主要的业绩驱动因素) Information intelligent transmission business performance is driven by long-term operator partnerships, nationwide SMS channel resources, a high-quality enterprise client base, and increasing demand for trigger-based SMS due to mobile internet development; communication network maintenance benefits from centralized client procurement and increased 5G network investment, favoring qualified comprehensive maintenance providers - Key performance drivers for intelligent information transmission services include with over 20 provincial and municipal operators, nationwide SMS channel resources, and an accumulated base of high-quality enterprise clients in e-commerce, internet, finance, logistics, and third-party payments[30](index=30&type=chunk) - The deep development of mobile internet technology has strengthened demand for trigger-based and genuinely needed SMS services across various industries, providing conditions for expanding revenue in intelligent information transmission services[30](index=30&type=chunk) - Performance drivers for communication network maintenance services include the centralized procurement by communication operators and China Tower clients, as well as the expansion of communication infrastructure upgrades and operation and maintenance investments driven by 5G network construction[31](index=31&type=chunk) - Changshi Communication, as a communication network maintenance provider with good market reputation, excellent service evaluations, complete qualifications, and cross-regional comprehensive maintenance capabilities, will have more opportunities to win bids and secure business orders[31](index=31&type=chunk) [(4) Industry Analysis](index=10&type=section&id=（四）公司所处行业分析) The intelligent information transmission (enterprise SMS) industry benefits from rapid growth in mobile SMS traffic, but faces market fragmentation and intense price competition, leading to declining gross margins; the company actively tracks 5G messaging as a future strategic position. The communication network maintenance industry is driven by 5G network construction and increased telecom infrastructure investment, but also experiences declining gross margins due to competition and rising costs, prompting the company to explore other industry chain extensions - In the first half of 2025, national mobile SMS traffic increased by **22.3%** year-on-year, mobile SMS business revenue grew by **2.2%** year-on-year, and enterprise SMS demand increased due to the development of the internet new economy[32](index=32&type=chunk) - The enterprise SMS industry has a large but fragmented market, with intense price competition leading to a declining trend in overall industry gross profit margins[35](index=35&type=chunk) - The company actively tracks RCS technology and 5G messaging services, applying them in the financial sector, considering 5G messaging a crucial strategic position for the company in the 5G era[36](index=36&type=chunk) - As of the end of June, the total number of 5G base stations reached **4.549 million**, an increase of **298,000** year-on-year, accounting for **35.7%** of all mobile base stations, driving rapid growth in the communication technology service industry[37](index=37&type=chunk) - The gross profit margin for communication network maintenance services has declined in recent years, primarily due to operator policy adjustments, industry competition, and rising social costs, prompting the company to extend into other parts of the industry chain[41](index=41&type=chunk) [(5) Discussion and Analysis of Operations](index=12&type=section&id=（五）经营情况讨论与分析) In the first half of 2025, the company achieved operating revenue of **776 million yuan**, a **10.46%** year-on-year increase, driven by communication network maintenance growth, but overall losses widened to **21.44 million yuan** due to rising costs and arbitration payouts, despite cost controls in information intelligent transmission Operating Performance for H1 2025 | Indicator | Amount (10,000 yuan) | YoY Change | | :--- | :--- | :--- | | Operating Revenue | 77,576.26 | 10.46% | | Communication Network Maintenance Business Revenue | 74,982.21 | 14.2% | | Intelligent Information Transmission Business Revenue | 2,544.65 | -43.95% | | Net Loss Attributable to Shareholders of Listed Company | -2,143.89 | Loss increased by 6.9444 million yuan | - Communication network maintenance business saw an increase in scale and a **14.2%** year-on-year growth in revenue due to changes in bid-winning regions, but intensified industry competition led to higher cost and expense increases, a year-on-year decrease in gross profit margin, and a **279.1%** year-on-year decrease in net profit[43](index=43&type=chunk) - The intelligent information transmission business experienced a **43.95%** decline in overall business scale due to intense market competition and reduced customer numbers, but the company managed to slightly increase operating profit compared to the same period by optimizing personnel structure and reducing rental expenses[42](index=42&type=chunk)[43](index=43&type=chunk) - The company's overall loss increased compared to the same period last year, primarily due to the expanded scale of communication network maintenance business leading to a simultaneous rise in costs and expenses, as well as arbitration payouts by the company[42](index=42&type=chunk)[43](index=43&type=chunk) [2. Analysis of Core Competencies](index=12&type=section&id=二、核心竞争力分析) The company's core competencies lie in its intelligent information transmission business, with experienced talent, proprietary platforms, extensive client base, and strong brand, and its communication network maintenance business, featuring professional teams, advanced technology, robust qualifications, and comprehensive cross-regional service capabilities - Chuangshi Mandao, as an integrated information service platform operator for mobile intelligent information transmission services, possesses competitive advantages including an experienced, efficient, and stable talent structure, technological superiority of its proprietary core processing platform, a widely distributed and high-quality customer base, a business scale that has entered a virtuous cycle, brand influence established through long-term market-oriented operations, and comprehensive value-added customer service advantages[44](index=44&type=chunk) - Changshi Communication, as a communication network maintenance technology service provider, possesses competitive advantages including a professional management team and technical talent, advanced technical service levels and R&D capabilities, a refined management system, strong qualifications and extensive project experience, and cross-regional, comprehensive service capabilities[45](index=45&type=chunk) [3. Analysis of Main Business](index=13&type=section&id=三、主营业务分析) The company's main business revenue increased by **10.46%**, primarily driven by a **14.20%** growth in communication network maintenance, despite a **43.95%** decline in intelligent information transmission; operating costs rose by **12.73%**, leading to a decrease in gross profit margin, while net cash flow from operating activities significantly improved Year-on-Year Changes in Key Financial Data | Indicator | Current Period (yuan) | Prior Period (yuan) | YoY Change% | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 775,762,560.52 | 702,306,040.54 | 10.46% | Expanded service areas, increased business scale | | Operating Cost | 716,413,100.58 | 635,500,687.05 | 12.73% | Expanded service areas, increased business scale | | Taxes and Surcharges | 1,293,097.12 | 426,895.06 | 202.91% | Mainly due to increased urban construction tax and education surcharge | | Selling Expenses | 3,313,570.05 | 3,805,511.07 | -12.93% | Mainly due to reduced personnel costs | | Administrative Expenses | 47,653,615.86 | 48,627,112.93 | -2.00% | Mainly due to reduced depreciation and amortization expenses | | Financial Expenses | 2,163,618.09 | 1,643,274.48 | 31.67% | Mainly due to increased interest expenses | | Income Tax Expense | -983,478.85 | -454,681.95 | -116.30% | Mainly due to reduced deferred income tax expenses | | R&D Investment | 25,522,832.90 | 23,950,960.14 | 6.56% | Mainly due to increased personnel costs | | Net Cash Flow from Operating Activities | -27,020,533.94 | -83,988,140.78 | 67.83% | Increased cash inflow from sales of goods and provision of services in this period | | Net Cash Flow from Investing Activities | -5,072,705.98 | -4,087,787.30 | -24.09% | Increased expenditure on fixed asset purchases in this period | | Net Cash Flow from Financing Activities | 36,220,572.57 | 1,614,138.04 | 2143.96% | Increased borrowings in this period | | Net Increase in Cash and Cash Equivalents | 4,127,332.65 | -86,461,790.04 | 104.77% | | Operating Revenue Composition (by Industry) | Industry Segment | Current Period Amount (yuan) | Proportion of Operating Revenue | Prior Period Amount (yuan) | Proportion of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | 1. Communication Network Maintenance | 749,822,057.66 | 96.66% | 656,613,680.39 | 93.49% | 14.20% | | 2. Intelligent Information Transmission | 25,446,533.74 | 3.28% | 45,400,905.63 | 6.47% | -43.95% | | 3. Other | 493,969.12 | 0.06% | 291,454.52 | 0.04% | 69.48% | | Total Operating Revenue | 775,762,560.52 | 100.00% | 702,306,040.54 | 100.00% | 10.46% | Changes in Gross Profit Margin of Main Business | Industry Segment | Operating Revenue | Operating Cost | Gross Profit Margin% | YoY Change in Operating Revenue% | YoY Change in Operating Cost% | YoY Change in Gross Profit Margin% | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 1. Communication Network Maintenance | 749,822,057.66 | 693,008,691.69 | 7.58% | 14.20% | 16.42% | -1.77% | | 2. Intelligent Information Transmission | 25,446,533.74 | 23,141,903.96 | 9.06% | -43.95% | -42.32% | -2.58% | [4. Analysis of Non-Main Business](index=14&type=section&id=四、非主营业务分析) The company's non-main business negatively impacted total profit, primarily due to credit impairment losses, non-operating expenses (arbitration payouts, external compensation), and other income from government subsidies, with non-operating expenses being the largest contributor Impact of Non-Main Business on Total Profit | Item | Amount (yuan) | Proportion of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Credit Impairment Loss | 1,532,180.12 | -6.83% | Reversal of bad debt provision for receivables | No | | Asset Disposal Income | 115,047.73 | -0.51% | Gains from asset disposal | No | | Non-operating Income | 9,870.43 | -0.04% | Government subsidies | No | | Non-operating Expenses | 3,738,585.27 | -16.66% | Mainly arbitration payouts, external compensation, etc. | No | | Other Income | 237,381.37 | -1.06% | Individual income tax refunds and stable employment subsidies, etc. | No | [5. Analysis of Assets and Liabilities](index=14&type=section&id=五、资产及负债状况分析) At the end of the reporting period, total assets slightly increased, but net assets attributable to shareholders decreased by **21.37%**; asset structure showed increases in monetary funds, notes receivable, accounts receivable (over **61%** of total assets), and prepayments, while liabilities saw a significant rise in short-term borrowings and a decrease in other payables, with Hong Kong and Macau subsidiaries remaining inactive Significant Changes in Asset Composition | Item | Amount at End of Current Period (yuan) | Proportion of Total Assets | Amount at Prior Year-End (yuan) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 59,227,056.46 | 6.38% | 55,184,731.89 | 5.99% | 0.39% | Increased communication business volume and operating cash inflow in this period | | Notes Receivable | 12,411,146.98 | 1.34% | 11,662,358.47 | 1.27% | 0.07% | Commercial acceptance bills not yet due | | Accounts Receivable | 570,839,431.13 | 61.48% | 552,739,901.12 | 60.02% | 1.46% | Increased communication business volume, reduced cyclical collections in this period | | Prepayments | 16,520,059.69 | 1.78% | 12,630,436.98 | 1.37% | 0.41% | Increased prepaid labor fees in this period | | Other Receivables | 19,928,085.14 | 2.15% | 21,761,299.50 | 2.36% | -0.21% | Reduced deposits in this period | | Inventories | 36,556,582.44 | 3.94% | 42,986,930.06 | 4.67% | -0.73% | Impact of settlement costs in this period | | Fixed Assets | 45,728,401.84 | 4.93% | 47,961,838.48 | 5.21% | -0.28% | No significant change | | Construction in Progress | 303,103.54 | 0.03% | 923,461.01 | 0.10% | -0.07% | Battery project transferred to fixed assets | | Right-of-Use Assets | 12,746,774.65 | 1.37% | 18,904,344.34 | 2.05% | -0.68% | Reduced leased assets | | Intangible Assets | 619,657.62 | 0.07% | 835,113.21 | 0.09% | -0.02% | No significant change | | Goodwill | 110,142,408.56 | 11.86% | 110,142,408.56 | 11.96% | -0.10% | Formed from acquisition of subsidiaries | | Short-term Borrowings | 63,935,500.00 | 6.89% | 24,458,118.61 | 2.66% | 4.23% | Increased borrowings in this period | | Notes Payable | 10,100,000.00 | 1.09% | 10,100,000.00 | 1.10% | -0.01% | Mainly for opening letters of credit for labor suppliers | | Accounts Payable | 430,397,973.76 | 46.36% | 430,265,361.67 | 46.72% | -0.36% | No significant change | | Contract Liabilities | 64,591,206.24 | 6.96% | 64,545,850.25 | 7.01% | -0.05% | No significant change | | Other Payables | 169,948,977.72 | 18.30% | 176,172,803.01 | 19.13% | -0.83% | Reduced supplier deposits and intercompany balances in this period | | Lease Liabilities | 10,905,344.85 | 1.17% | 14,129,452.79 | 1.53% | -0.36% | Reduced lease contracts | | Total Assets | 928,470,041.09 | 100.00% | 920,860,066.68 | 100.00% | | | - The company's subsidiaries established in Hong Kong and Macau (Changshi Communication Technology (Hong Kong) Co., Ltd., and Guangdong Changshi Communication Technology Co., Ltd. Macau Branch) have not commenced actual business operations, serving only as holding companies or having no actual capital contribution[57](index=57&type=chunk) Asset Restriction Status | Item | Book Value at Period-End (yuan) | Reason for Restriction | | :--- | :--- | :--- | | Monetary Funds | 7,021,165.81 | Restricted bank accounts, deposits, interest withdrawal restricted accounts | | Long-term Equity Investment (Subsidiaries) | 804,173,000.00 | Due to an arbitration case, the company's equity in three subsidiaries, Changshi Communication, Chuangshi Mandao, and Bochuang Yuntian, has been judicially frozen | | Total | 811,194,165.81 | -- | [6. Analysis of Investment Status](index=15&type=section&id=六、投资状况分析) During the reporting period, the company did not undertake any significant equity investments, non-equity investments, securities investments, or derivative investments, nor did it utilize any raised funds - The company had no securities investments during the reporting period[60](index=60&type=chunk) - The company had no derivative investments during the reporting period[61](index=61&type=chunk) - The company had no utilization of raised funds during the reporting period[62](index=62&type=chunk) [7. Significant Asset and Equity Sales](index=16&type=section&id=七、重大资产和股权出售) During the reporting period, the company did not sell any significant assets or equity - The company did not sell any significant assets during the reporting period[63](index=63&type=chunk) - The company did not sell any significant equity during the reporting period[64](index=64&type=chunk) [8. Analysis of Major Holding and Participating Companies](index=16&type=section&id=八、主要控股参股公司分析) The company's key subsidiaries, Chuangshi Mandao and Changshi Communication, showed divergent operating performance during the reporting period; Chuangshi Mandao's revenue declined by **43.95%** with a net profit decrease of **1.4057 million yuan**, while Changshi Communication's revenue grew by **14.22%**, but its net profit decreased by **8.0287 million yuan** due to higher costs and reduced gross margin Financial Data of Major Subsidiaries (H1 2025) | Company Name | Company Type | Main Business | Registered Capital (10,000 yuan) | Total Assets (10,000 yuan) | Net Assets (10,000 yuan) | Operating Revenue (10,000 yuan) | Operating Profit (10,000 yuan) | Net Profit (10,000 yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Beijing Chuangshi Mandao Technology Co., Ltd. | Subsidiary | Intelligent Information Transmission | 15,000.00 | 42,225.57 | 35,026.64 | 2,544.65 | 255.30 | 109.83 | | Guangdong Changshi Communication Technology Co., Ltd. | Subsidiary | Communication Network Maintenance | 10,000.00 | 96,240.62 | 30,973.44 | 75,031.60 | -356.69 | -515.21 | - Chuangshi Mandao's overall business scale declined due to industry environment, with fewer new clients and total SMS volume, and continuous contraction in SMS volume from existing clients, resulting in a **43.95%** year-on-year decrease in operating revenue and a **1.4057 million yuan** year-on-year decrease in net profit in H1 2025[65](index=65&type=chunk) - Due to changes in bid-winning regions, Changshi Communication's business scale increased, with revenue growing by **14.22%** year-on-year, but a larger increase in costs led to a lower gross profit margin compared to the prior year, and net profit decreased by **8.0287 million yuan** year-on-year[66](index=66&type=chunk) [9. Structured Entities Controlled by the Company](index=17&type=section&id=九、公司控制的结构化主体情况) The company did not control any structured entities during the reporting period [10. Risks Faced by the Company and Countermeasures](index=17&type=section&id=十、公司面临的风险和应对措施) The company faces risks including goodwill impairment, increasing customer concentration and new technology substitution in information services, and intensified technical competition and customer dependence in communication network maintenance; it has implemented countermeasures such as cost control, high-margin business expansion, refined management, service quality enhancement, R&D, customer base expansion, and maintaining strong operator relationships - The company faces goodwill impairment risk, with goodwill accounting for **109.62%** of the most recently audited net assets as of the end of this period; if Changshi Communication's future operations are poor, the company will face the risk of asset impairment provisions[67](index=67&type=chunk) - Measures to address goodwill impairment risk include controlling labor costs in maintenance business, expanding high-gross-margin engineering businesses, strengthening refined management, optimizing expense structure, and intensifying efforts to recover accounts receivable[67](index=67&type=chunk) - The information services industry faces risks of increasing customer concentration and new technology substitution, which could impact business development and profit growth[68](index=68&type=chunk) - Measures to address risks in the information services industry include enhancing service quality, strengthening cooperation with operators, expanding business areas, enlarging the customer base, and continuously tracking technological developments for practical application in business[69](index=69&type=chunk) - The communication network maintenance business faces risks of intensified technical competition and customer dependence, with major clients being the three major operators and China Tower, leading to high procurement concentration[69](index=69&type=chunk)[70](index=70&type=chunk) - Measures to address risks in communication network maintenance business include continuous technological R&D, enhancing technical application capabilities, training maintenance personnel skills, leveraging comprehensive service advantages, and strengthening communication with telecom operators to continuously secure cooperation opportunities[70](index=70&type=chunk) [11. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=18&type=section&id=十一、市值管理制度和估值提升计划的制定落实情况) The company has not formulated a market value management system nor disclosed a valuation enhancement plan - The company has not formulated a market value management system[71](index=71&type=chunk) - The company has not disclosed a valuation enhancement plan[71](index=71&type=chunk) [12. Implementation of "Dual Improvement in Quality and Returns" Action Plan](index=18&type=section&id=十二、%22质量回报双提升%22行动方案贯彻落实情况) The company has not disclosed any announcement regarding its "Dual Improvement in Quality and Returns" action plan - The company has not disclosed an announcement regarding its "Dual Improvement in Quality and Returns" action plan[71](index=71&type=chunk) Section IV Corporate Governance, Environment, and Society [1. Changes in Directors, Supervisors, and Senior Management](index=19&type=section&id=一、公司董事、监事、高级管理人员变动情况) During the reporting period, the company experienced changes in its Board of Directors, Supervisory Board, and senior management, including the departure of independent director Wang Yan, Supervisory Board Chairman Liu Hong, Supervisor Xie Haiyan, and President Lin Ming, and the election of Li Zhanshun as independent director, Liu Shaoping as Supervisory Board Chairman, and Liu Dan as supervisor - Independent Director Wang Yan, Supervisory Board Chairman Liu Hong, Supervisor Xie Haiyan, and President Lin Ming left their positions due to term expiration or re-election[77](index=77&type=chunk) - Li Zhanshun was elected as an independent director, Liu Shaoping as Supervisory Board Chairman, and Liu Dan as a supervisor[77](index=77&type=chunk) [2. Profit Distribution and Capital Reserve Conversion to Share Capital for the Current Reporting Period](index=19&type=section&id=二、本报告期利润分配及资本公积金转增股本情况) The company plans not to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital for the semi-annual period - The company plans not to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital for the semi-annual period[74](index=74&type=chunk) [3. Implementation of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=19&type=section&id=三、公司股权激励计划、员工持股计划或其他员工激励措施的实施情况) The company did not implement any equity incentive plans during the reporting period, and its 2022 employee stock ownership plan was fully sold off via centralized bidding and terminated by the end of this reporting period, totaling **1,128,800 shares** or **0.12%** of the company's total share capital - The company did not implement any equity incentive plans during the reporting period[75](index=75&type=chunk) - All company shares held under the 2022 employee stock ownership plan have been sold through centralized bidding transactions, totaling **1,128,800 shares**, accounting for **0.12%** of the company's total share capital[78](index=78&type=chunk) - This employee stock ownership plan has been fully implemented and terminated[78](index=78&type=chunk) [4. Environmental Information Disclosure](index=20&type=section&id=四、环境信息披露情况) Neither the listed company nor its major subsidiaries are included in the list of enterprises required to disclose environmental information by law - Neither the listed company nor its major subsidiaries are included in the list of enterprises required to disclose environmental information by law[80](index=80&type=chunk) [5. Social Responsibility](index=20&type=section&id=五、社会责任情况) The company upholds a strategy of technological advancement, customer service, employee-centricity, investor returns, and positive social impact, actively fulfilling its social responsibilities in governance, employee rights, integrity, environmental protection, and public welfare, with subsidiary Changshi Communication participating in critical communication support and disaster relief, and the company contributing to rural revitalization - The company adheres to a business philosophy of technological progress, customer service, consumer satisfaction, employee-centricity, pursuing profits to reward investors, and seeking positive social and market impact[80](index=80&type=chunk) - Changshi Communication participated in communication support for major events such as the 2025 Spring Festival travel rush, the National People's Congress and Chinese People's Political Consultative Conference, the 15th National Games, and important ethnic minority festivals, and carried out emergency communication repair and support in areas affected by typhoons, ice and snow, floods, and forest fires during the reporting period[80](index=80&type=chunk) - The company safeguards the rights and interests of small and medium investors by standardizing shareholder meetings, timely information disclosure, cash dividends, and interactive platforms[81](index=81&type=chunk) - The company prioritizes protecting employees' legitimate rights and interests, establishing employment management systems, providing social security, conducting training, and focusing on employee growth and welfare[81](index=81&type=chunk)[82](index=82&type=chunk) - The company implements anti-commercial bribery measures, treats suppliers, customers, and consumers with integrity, and meets customer needs by enhancing service quality[83](index=83&type=chunk) - The company's information transmission and network maintenance businesses belong to green and sustainable development industries, emphasizing environmental protection and the use of eco-friendly materials, actively practicing low-carbon, environmentally friendly, and sustainable development concepts[84](index=84&type=chunk) - The company actively contributes to rural revitalization, participating in Qingyuan City's "6·30" rural revitalization support activity with a donation of **500,000 yuan** during the reporting period, and also contributing to rural revitalization projects in Jiangsu, Xinjiang, and Liaoning[85](index=85&type=chunk) Section V Significant Matters [1. Commitments Fulfilled and Overdue Unfulfilled by the Company's Actual Controller, Shareholders, Related Parties, Acquirers, and Other Committed Parties during the Reporting Period and as of the End of the Reporting Period](index=23&type=section&id=一、公司实际控制人、股东、关联方、收购人以及公司等承诺相关方在报告期内履行完毕及截至报告期末超期未履行完毕的承诺事项) The performance commitments from the 2018 major asset acquisition by Liu Yingkui and other parties remain overdue and unfulfilled due to arbitration and other factors, prompting the company to pursue legal actions, including applying for the revocation of an arbitration award and demanding the return of equity transaction consideration and interest - The performance commitments from the 2018 major asset acquisition by transaction parties Liu Yingkui, Jiayu Chunhua, and Jiahui Qiushi are overdue and unfulfilled[87](index=87&type=chunk) - The company applied to the Beijing Arbitration Commission to revoke Arbitration Award No. (2023) Jing Zhong Cai Zi No. 2564, but this application was rejected by the Beijing Fourth Intermediate People's Court[87](index=87&type=chunk) - The company has obtained an arbitration award requiring Liu Yingkui and other parties to fully refund the equity transaction consideration principal and interest paid in cash by the company, totaling **517.4 million yuan**, plus corresponding interest for fund occupation, and has submitted an application for compulsory enforcement to the court[87](index=87&type=chunk) [2. Non-operating Fund Occupation by Controlling Shareholders and Other Related Parties of the Listed Company](index=24&type=section&id=二、控股股东及其他关联方对上市公司的非经营性占用资金情况) During the reporting period, there was no non-operating fund occupation by controlling shareholders or other related parties of the listed company - During the reporting period, there was no non-operating fund occupation by controlling shareholders or other related parties of the listed company[88](index=88&type=chunk) [3. Irregular External Guarantees](index=24&type=section&id=三、违规对外担保情况) During the reporting period, the company had no irregular external guarantees - The company had no irregular external guarantees during the reporting period[89](index=89&type=chunk) [4. Appointment and Dismissal of Accounting Firms](index=24&type=section&id=四、聘任、解聘会计师事务所情况) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[90](index=90&type=chunk) [5. Board of Directors' and Supervisory Board's Explanations on "Non-Standard Audit Report" for the Current Period](index=24&type=section&id=五、董事会、监事会对会计师事务所本报告期%22非标准审计报告%22的说明) The company did not have a non-standard audit report during the reporting period, thus no explanation from the Board of Directors or Supervisory Board is required [6. Board of Directors' Explanations on "Non-Standard Audit Report" for the Prior Year](index=24&type=section&id=六、董事会对上年度%22非标准审计报告%22相关情况的说明) The company did not have a non-standard audit report during the reporting period, thus no explanation from the Board of Directors is required [7. Bankruptcy and Reorganization Matters](index=24&type=section&id=七、破产重整相关事项) The company did not experience any bankruptcy or reorganization matters during the reporting period - The company did not experience any bankruptcy or reorganization matters during the reporting period[91](index=91&type=chunk) [8. Litigation Matters](index=24&type=section&id=八、诉讼事项) The company is involved in several significant litigation and arbitration cases, including an arbitration with Liu Yingkui and other parties related to the 2018 reorganization, which resulted in a **72.1201 million yuan** loss in 2023 and a forced execution application for approximately **480 million yuan** in claims; wholly-owned subsidiary Chuangshi Mandao was also ordered to pay **2.245 million yuan** in liquidated damages, and sub-subsidiary Xinjiang Mandao Communication Technology Co., Ltd. is involved in a technical service contract dispute - The arbitration between the company and Liu Yingkui and other parties regarding the 2018 reorganization has been adjudicated, resulting in a **72.1201 million yuan** loss for the company in 2023[92](index=92&type=chunk) - According to the arbitration award, 100% equity of Jiahua Information was transferred to Liu Yingkui and other parties on September 5, 2024[92](index=92&type=chunk) - The company holds claims of no less than **480 million yuan** against Liu Yingkui and other parties, and submitted an application for compulsory enforcement to the Beijing Second Intermediate People's Court on August 25, 2025[92](index=92&type=chunk) - Wholly-owned subsidiary Chuangshi Mandao was ordered to pay a total of **2.245 million yuan** in liquidated damages, attorney fees, insurance premiums, and arbitration fees due to a contract dispute with Jiahua Information[94](index=94&type=chunk) - The company's second-tier subsidiary, Xinjiang Mandao Communication Technology Co., Ltd., initiated a civil lawsuit for a technical service contract dispute, involving an amount of **18.3447 million yuan** plus overdue payment interest, which has not yet been heard in court[94](index=94&type=chunk) - Among non-significant lawsuits concluded during the reporting period, subsidiaries as plaintiffs had adjudicated amounts of **133,800 yuan**, and as defendants, **253,800 yuan**[95](index=95&type=chunk) - As of the end of the reporting period, among non-significant lawsuits awaiting adjudication or still pending, subsidiaries as plaintiffs were involved in cases totaling **3.0571 million yuan**, and as defendants, **16.5547 million yuan**[96](index=96&type=chunk) [9. Penalties and Rectification](index=27&type=section&id=九、处罚及整改情况) The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[97](index=97&type=chunk) [10. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=27&type=section&id=十、公司及其控股股东、实际控制人的诚信状况) The company and its legal representative, Wu Ying, were subject to a consumption restriction order issued by the Beijing First Intermediate People's Court on November 1, 2024, for failing to fulfill payment obligations specified in an effective legal document - The company was issued a "Consumption Restriction Order" by the Beijing First Intermediate People's Court for failing to fulfill payment obligations specified in an effective legal document within the period designated by the enforcement notice[98](index=98&type=chunk) - The "Consumption Restriction Order" imposed consumption restrictions on the company and its legal representative, Wu Ying[98](index=98&type=chunk) [11. Significant Related Party Transactions](index=27&type=section&id=十一、重大关联交易) During the reporting period, the company did not engage in significant related party transactions involving daily operations, asset/equity acquisitions/disposals, or joint external investments; however, non-operating related party receivables and payables existed, primarily related to equity acquisition payments and arbitration payouts with Liu Yingkui and his controlled entities - The company had no significant related party transactions related to ordinary operations during the reporting period[99](index=99&type=chunk) - The company had no related party transactions involving asset or equity acquisitions or disposals during the reporting period[100](index=100&type=chunk) - The company had no related party transactions involving joint external investments during the reporting period[101](index=101&type=chunk) - Non-operating related party receivables and payables existed, primarily involving receivables from and payables to related parties[102](index=102&type=chunk) Receivables from Related Parties | Related Party | Relationship | Reason for Formation | Non-operating Fund Occupation | Beginning Balance (10,000 yuan) | Amount Added in Current Period (10,000 yuan) | Amount Recovered in Current Period (10,000 yuan) | Ending Balance (10,000 yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jiangsu Jiahua Huying Information Technology Co., Ltd. | Company controlled by Liu Yingkui, former shareholder with over 5% stake | Ordinary related party transaction | No | 0.20 | | | 0.20 | | Beijing Zhongtian Jiahua Information Technology Co., Ltd. | Company controlled by Liu Yingkui, former shareholder with over 5% stake | Ordinary related party transaction | No | 44.85 | | 44.85 | - | Payables to Related Parties | Related Party | Relationship | Reason for Formation | Beginning Balance (10,000 yuan) | Amount Added in Current Period (10,000 yuan) | Amount Repaid in Current Period (10,000 yuan) | Ending Balance (10,000 yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Ningbo Bonded Area Jiayu Chunhua Venture Capital Partnership (Limited Partnership) | Company controlled by Liu Yingkui, former shareholder with over 5% stake | Equity acquisition | 6,840.85 | | | 6,840.85 | | Ningbo Bonded Area Jiahui Qiushi Venture Capital Partnership (Limited Partnership) | Company controlled by Liu Yingkui, former shareholder with over 5% stake | Equity acquisition | 1,890.05 | | | 1,890.05 | | Liu Yingkui | Former shareholder with over 5% stake | Equity acquisition | 3,969.10 | | | 3,969.10 | | Beijing Zhongtian Jiahua Information Technology Co., Ltd. | Company controlled by Liu Yingkui, former shareholder with over 5% stake | Ordinary related party transaction | 2,575.84 | 224.50 | 44.85 | 2,755.49 | | Beijing Bosheng YouShi Technology Development Co., Ltd. | Wu Ying, Chairman of the Company, is also Chairman of Bosheng YouShi | Ordinary related party transaction | 0.47 | | | 0.47 | [12. Significant Contracts and Their Performance](index=29&type=section&id=十二、重大合同及其履行情况) During the reporting period, the company had no entrustment, contracting, or leasing arrangements, nor any other significant contracts; however, it provided guarantees for its subsidiary Changshi Communication, with an actual outstanding guarantee balance of **47.9593 million yuan** at period-end, representing **60.80%** of the company's net assets - The company had no entrustment situations during the reporting period[106](index=106&type=chunk) - The company had no contracting situations during the reporting period[107](index=107&type=chunk) - The company had no leasing situations during the reporting period[108](index=108&type=chunk) Company Guarantees for Subsidiaries | Guaranteed Entity Name | Announcement Date of Guarantee Limit | Guarantee Limit (10,000 yuan) | Actual Occurrence Date | Actual Guarantee Amount (10,000 yuan) | Guarantee Type | Guarantee Period | Fulfilled | Related Party Guarantee | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Guangdong Changshi Communication Technology Co., Ltd. | 2021-10-30 | 20,000 | 2021-02-03 | 294.40 | Joint and several liability guarantee | Three years after loan maturity date | No | No | | Guangdong Changshi Communication Technology Co., Ltd. | 2022-04-30 | 2,000 | 2022-05-12 | 2,213.17 | Joint and several liability guarantee | Three years after loan maturity date | No | No | | Guangdong Changshi Communication Technology Co., Ltd. | 2022-10-29 | 20,000 | 2022-11-08 | 0.00 | Joint and several liability guarantee | Two years after loan maturity date | No | No | | Guangdong Changshi Communication Technology Co., Ltd. | 2023-07-03 | 2,000 | 2023-06-21 | 1,000.00 | Joint and several liability guarantee | Three years after loan maturity date | No | No | | Guangdong Changshi Communication Technology Co., Ltd. | 2023-10-31 | 10,000 | 2023-11-21 | 4,097.06 | Joint and several liability guarantee | Three years after loan maturity date | No | No | | Total approved guarantee limit for subsidiaries during reporting period (B1) | | 0 | | Total actual guarantee amount for subsidiaries during reporting period (B2) | 7,604.63 | | | | | Total approved guarantee limit for subsidiaries at period-end (B3) | | 54,000 | | Total actual guarantee balance for subsidiaries at period-end (B4) | 4,795.93 | | | | | Proportion of total actual guarantee amount (i.e., A4+B4+C4) to company's net assets | | 60.80% | | | | | | | | Amount by which total guarantee exceeds 50% of net assets (F) | | 852.10 | | | | | | | - The company had no entrusted wealth management during the reporting period[111](index=111&type=chunk) - The company had no other significant contracts during the reporting period[112](index=112&type=chunk) [13. Explanation of Other Significant Matters](index=30&type=section&id=十三、其他重大事项的说明) The company completed the re-election of its Eighth Board of Directors and Supervisory Board, and its stock trading had its other risk warning removed on June 4, 2025, with the stock abbreviation changing from "ST Zhongjia" to "Zhongjia Bochuang" and the daily price fluctuation limit increasing from **5%** to **10%** - The company completed the re-election of its Eighth Board of Directors and Eighth Supervisory Board during this reporting period[113](index=113&type=chunk) - The company's stock trading had its other risk warning removed and resumed trading from the market opening on June 4, 2025[115](index=115&type=chunk) - The stock abbreviation changed from "ST Zhongjia" to "Zhongjia Bochuang," while the stock code remained "000889"[115](index=115&type=chunk) - Following the removal of the other risk warning, the daily price fluctuation limit for the company's stock changed from **5%** to **10%**[115](index=115&type=chunk) [14. Significant Matters of Company Subsidiaries](index=31&type=section&id=十四、公司子公司重大事项) During the reporting period, the company's wholly-owned subsidiary Changshi Communication continued to collect and pay on behalf of Changshi Construction for communication network engineering business funds from its spin-off, with an outstanding balance of **196,900 yuan** and **50,000 yuan** in rent at period-end - The company's wholly-owned subsidiary Changshi Communication collected **2.0183 million yuan** in cash on behalf of Changshi Construction for communication network engineering construction funds and paid **6.7459 million yuan** on its behalf[117](index=117&type=chunk) - At period-end, the outstanding balance for collected and paid funds was **196,900 yuan**, and rent was **50,000 yuan**[117](index=117&type=chunk) - This matter originated from the spin-off of Changshi Communication, the target asset of the company's 2015 major asset acquisition, prior to its acquisition[117](index=117&type=chunk) Section VI Share Changes and Shareholder Information [1. Share Changes](index=32&type=section&id=一、股份变动情况) During the reporting period, the company's total share capital remained unchanged at **936,291,116 shares**, with no alterations in the structure of restricted and unrestricted shares Share Capital Changes | Category | Number of Shares Before Change | Proportion | Increase/Decrease in Current Change (+, -) | Number of Shares After Change | Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 66,441,440 | 7.10% | 0 | 66,441,440 | 7.10% | | 3. Other Domestic Shares | 66,441,440 | 7.10% | 0 | 66,441,440 | 7.10% | | Of which: Domestic Corporate Shares | 242,715 | 0.03% | 0 | 242,715 | 0.03% | | Domestic Individual Shares | 66,198,725 | 7.07% | 0 | 66,198,725 | 7.07% | | II. Unrestricted Shares | 869,849,676 | 92.90% | 0 | 869,849,676 | 92.90% | | 1. RMB Ordinary Shares | 869,849,676 | 92.90% | 0 | 869,849,676 | 92.90% | | III. Total Shares | 936,291,116 | 100.00% | 0 | 936,291,116 | 100.00% | - During the reporting period, there were no changes in the company's total share capital, restricted shares, or unrestricted shares[120](index=120&type=chunk) [2. Securities Issuance and Listing](index=33&type=section&id=二、证券发行与上市情况) The company had no securities issuance or listing activities during the reporting period [3. Number of Shareholders and Shareholding Status](index=33&type=section&id=三、公司股东数量及持股情况) As of the end of the reporting period, the company had **40,008** ordinary shareholders; controlling shareholder Xiaochang Yingxigu Investment Center (Limited Partnership) and its concerted party Beijing Bosheng YouShi Technology Development Co., Ltd. collectively held **24.15%** of shares, while Liu Ximei became a shareholder holding over **5%** of the company's shares, with **66,185,136** restricted shares - The total number of ordinary shareholders at the end of the reporting period was **40,008**[122](index=122&type=chunk) Shareholding Status of Shareholders with Over 5% Stake or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Proportion | Number of Shares Held at Period-End | Changes during Reporting Period | Number of Restricted Shares Held | Number of Unrestricted Shares Held | Share Status | Pledged, Marked, or Frozen Shares | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Xiaochang Yingxigu Investment Center (Limited Partnership) | Domestic Non-State-Owned Legal Person | 22.61% | 211,721,085 | 0 | 0 | 211,721,085 | Pledged | 57,000,000 | | Liu Ximei | Domestic Natural Person | 7.07% | 66,185,136 | 0 | 66,185,136 | 0 | N/A | 0 | | Qinhuangdao State-owned Assets Management Holding Co., Ltd. | State-owned Legal Person | 1.76% | 16,439,277 | 0 | 0 | 16,439,277 | N/A | 0 | | Beijing Bosheng YouShi Technology Development Co., Ltd. | Domestic Non-State-Owned Legal Person | 1.53% | 14,370,933 | 0 | 0 | 14,370,933 | Frozen | 14,370,933 | | Mou Dexue | Domestic Natural Person | 0.99% | 9,313,100 | 525,000 | 0 | 9,313,100 | N/A | 0 | | Huang Jianshan | Domestic Natural Person | 0.69% | 6,428,500 | 6,428,500 | 0 | 6,428,500 | N/A | 0 | | Huang Tengyu | Domestic Natural Person | 0.63% | 5,858,996 | 5,858,996 | 0 | 5,858,996 | N/A | 0 | | Huang Haiquan | Domestic Natural Person | 0.59% | 5,480,000 | 80,000 | 0 | 5,480,000 | N/A | 0 | | Teng Minghao | Domestic Natural Person | 0.53% | 5,000,000 | 0 | 0 | 5,000,000 | N/A | 0 | | Wei Yinshan | Domestic Natural Person | 0.53% | 4,965,000 | 4,965,000 | 0 | 4,965,000 | N/A | 0 | - Xiaochang Yingxigu Investment Center (Limited Partnership) and Beijing Bosheng YouShi Technology Development Co., Ltd. are concerted parties[122](index=122&type=chunk) - Liu Ximei acquired company shares held by Liu Yingkui through judicial auction, becoming a shareholder holding over **5%** of the company's shares[512](index=512&type=chunk) [4. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=34&type=section&id=四、董事、监事和高级管理人员持股变动) There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period - There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period[124](index=124&type=chunk) [5. Changes in Controlling Shareholder or Actual Controller](index=34&type=section&id=五、控股股东或实际控制人变更情况) The company's controlling shareholder and actual controller remained unchanged during the reporting period - The company's controlling shareholder remained unchanged during the reporting period[125](index=125&type=chunk) - The company's actual controller remained unchanged during the reporting period[125](index=125&type=chunk) [6. Preferred Share Information](index=34&type=section&id=六、优先股相关情况) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[126](index=126&type=chunk) Section VII Bond Information [Bond Information](index=35&type=section&id=债券相关情况) The company had no bond-related matters during the reporting period Section VIII Financial Report [1. Audit Report](index=36&type=section&id=一、审计报告) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[130](index=130&type=chunk) [2. Financial Statements](index=36&type=section&id=二、财务报表) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for H1 2025, comprehensively presenting the financial position at period-end and operating results and cash flows during the reporting period [1. Consolidated Balance Sheet](index=36&type=section&id=1、合并资产负债表) As of June 30, 2025, the company's consolidated total assets were **928.47 million yuan**, a slight increase from the beginning of the period, with accounts receivable being the largest component of current assets and goodwill a significant portion of non-current assets; total current liabilities were **830.78 million yuan**, marked by a substantial increase in short-term borrowings, while total owners' equity was **79.02 million yuan**, with **78.88 million yuan** attributable to parent company owners Key Data from Consolidated Balance Sheet (June 30, 2025) | Item | Ending Balance (yuan) | Beginning Balance (yuan) | | :--- | :--- | :--- | | Total Assets | 928,470,041.09 | 920,860,066.68 | | Total Current Assets | 744,941,898.97 | 727,735,322.95 | | Total Non-current Assets | 183,528,142.12 | 193,124,743.73 | | Total Liabilities | 849,451,010.60 | 820,383,135.34 | | Total Current Liabilities | 830,776,076.91 | 797,442,999.85 | | Total Non-current Liabilities | 18,674,933.69 | 22,940,135.49 | | Total Owners' Equity | 79,019,030.49 | 100,476,931.34 | | Total Owners' Equity Attributable to Parent Company | 78,876,587.15 | 100,315,482.77 | - At period-end, monetary funds were **59.23 million yuan**, accounts receivable were **570.84 million yuan**, and goodwill was **110.14 million yuan**[132](index=132&type=chunk)[133](index=133&type=chunk) - At period-end, short-term borrowings were **63.94 million yuan**, accounts payable were **430.40 million yuan**, and other payables were **169.95 million yuan**[133](index=133&type=chunk)[134](index=134&type=chunk) [2. Parent Company Balance Sheet](index=39&type=section&id=2、母公司资产负债表) As of June 30, 2025, the parent company's total assets were **839.34 million yuan**, a slight decrease from the beginning of the period, with long-term equity investments being the primary asset at **804 million yuan**; total liabilities were **726.77 million yuan**, largely comprising other payables of **726 million yuan**, while total owners' equity was **112.57 million yuan**, with retained earnings at **-2.408 billion yuan** Key Data from Parent Company Balance Sheet (June 30, 2025) | Item | Ending Balance (yuan) | Beginning Balance (yuan) | | :--- | :--- | :--- | | Total Assets | 839,343,316.14 | 840,887,295.41 | | Total Current Assets | 34,793,345.38 | 35,148,196.58 | | Total Non-current Assets | 804,549,970.76 | 805,739,098.83 | | Total Liabilities | 726,769,290.39 | 710,972,460.01 | | Total Current Liabilities | 726,680,060.83 | 710,300,886.73 | | Total Non-current Liabilities | 89,229.56 | 671,573.28 | | Total Owners' Equity | 112,574,025.75 | 129,914,835.40 | - At period-end, long-term equity investments were **804.17 million yuan**, and dividends receivable were **28.58 million yuan**[135](index=135&type=chunk) - At period-end, other payables were **726.23 million yuan**, and retained earnings were **-2.408 billion yuan**[136](index=136&type=chunk)[137](index=137&type=chunk) [3. Consolidated Income Statement](index=41&type=section&id=3、合并利润表) In H1 2025, the company's consolidated total operating revenue was **776 million yuan**, up **10.46%** year-on-year, while total operating costs rose **11.54%** to **796 million yuan**; operating profit was **-18.71 million yuan**, total profit **-22.44 million yuan**, net profit **-21.46 million yuan**, and net profit attributable to parent company shareholders **-21.44 million yuan**, indicating an expanded loss year-on-year Key Data from Consolidated Income Statement (H1 2025) | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | I. Total Operating Revenue | 775,762,560.52 | 702,306,040.54 | | II. Total Operating Costs | 796,359,834.60 | 713,954,440.73 | | III. Operating Profit (Loss indicated by "-") | -18,712,664.86 | -13,351,432.10 | | IV. Total Profit (Total loss indicated by "-") | -22,441,379.70 | -14,964,404.15 | | V. Net Profit (Net loss indicated by "-") | -21,457,900.85 | -14,509,722.20 | | 1. Net Profit Attributable to Parent Company Shareholders (Net loss indicated by "-") | -21,438,895.62 | -14,494,500.96 | | VIII. Earnings Per Share: (I) Basic Earnings Per Share | -0.0229 | -0.0155 | - Operating costs were **716.41 million yuan**, selling expenses **3.31 million yuan**, administrative expenses **47.65 million yuan**, R&D expenses **25.52 million yuan**, and financial expenses **2.16 million yuan**[139](index=139&type=chunk) - Credit impairment losses were **1.53 million yuan**, and non-operating expenses were **3.74 million yuan**[140](index=140&type=chunk) [4. Parent Company Income Statement](index=43&type=section&id=4、母公司利润表) In H1 2025, the parent company reported zero operating revenue, an operating profit of **-17.63 million yuan**, total profit of **-17.63 million yuan**, and a net profit of **-17.34 million yuan**, indicating a narrowed loss year-on-year Key Data from Parent Company Income Statement (H1 2025) | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | I. Operating Revenue | 0 | 0 | | II. Operating Profit (Loss indicated by "-") | -17,634,374.71 | -18,0