Group 1 - The company Nantian Information (000948) responded to investor inquiries on August 29, indicating that its subsidiary, Gongtou Software, primarily produces military special power supplies and smart chargers [1] - Currently, the revenue from military-related information technology accounts for a very small proportion of the company's total revenue [1] - The company advises investors to be cautious regarding investment risks [1]

Group 1 - The company Nantian Information (000948) responded to investor inquiries on August 29, indicating that as of June 30, 2025, the total number of shareholders is 75,506 [1]

Group 1 - The company, Nantian Information (000948), confirmed on August 29 that it operates in strict compliance with the regulations for listed companies and fulfills its information disclosure obligations [1] - The company stated that all of its production and business operations are currently normal [1]

Core Viewpoint - The company emphasizes the importance of value growth, including revenue, profit, assets, and market capitalization, as a key management goal [1] Group 1 - The company is committed to enhancing its value and aims to achieve recognition from investors regarding its worth [1] - The management is focused on maintaining open communication channels with investors and increasing its presence in the capital market [1] - The company actively promotes its value to seek investor recognition and enhance overall company value [1]

Group 1 - The company, Nantian Information (000948), primarily provides software, solutions, integration, and professional IT services to clients in the financial sector [1] - In recent years, the company has been actively expanding into other business areas [1]

证券代码：000948 证券简称：南天信息 公告编号：2025-044 云南南天电子信息产业股份有限公司 关于2021年限制性股票激励计划部分限制性 股票回购注销完成的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没 有虚假记载、误导性陈述或重大遗漏。 特别提示： 1、云南南天电子信息产业股份有限公司（以下简称"公司"或"南 天信息"）于 2025 年 5 月 19 日召开的 2024 年度股东大会审议通过《关 于 2021 年限制性股票激励计划第三个解除限售期解除限售条件未成就 暨回购注销部分限制性股票及调整回购价格的议案》，同意公司回购注 销涉及 285 名激励对象已获授但尚未解除限售的限制性股票合计 3,729,051 股，占公司回购前总股本的 0.9474%，用于本次回购的资金 总额为 30,176,324.67 元。 2、截至本公告披露日，公司已在中国证券登记结算有限责任公司 深圳分公司完成上述限制性股票的回购注销手续。 3、本次部分限制性股票回购注销事宜完成后，公司总股本由 393,617,825 股变更为 389,888,774 股。 一、本次限制性股票激励计划已履行的程序情况 ...

| 序号 | 公司收到受理通 | | | 原告/申请人 | 被告/被申请人 | 诉讼/仲裁 | 涉诉金额 | 进展情 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 知书日期 | | | | | 类型 | （万元） | 况 | | 1 | 年 月 2025 | 8 | 日 25 | 云南南天电子信息 产业股份有限公司 | 北京城建智控科 技股份有限公司 | 买卖合同 纠纷 | 17,050.01 | 未开庭 | | 2 | 年 月 2024 | 8 | 日 26 | 云南南天电子信息 产业股份有限公司 | 中移系统集成有 限公司 | 买卖合同 纠纷 | 7,524.36 | 未开庭 | | 3 | 单笔涉案金额 | | 1,000 | | 万元以下的案件小计（公司作为原告/申请人） | | 6,991.97 | — | | 4 | 单笔涉案金额 | 1,000 | 万元以下的案件小计（公司作为被告/被申请人） | 2,424.12 | — | | --- | --- | --- | --- | --- | --- | | 5 | | ...

Group 1: Stock Performance - As of August 26, Nantian Information's stock price increased by 2.02%, reaching 21.22 CNY per share, with a trading volume of 423 million CNY and a turnover rate of 5.17%, resulting in a total market capitalization of 8.353 billion CNY [1] - Year-to-date, Nantian Information's stock price has risen by 27.52%, with a 2.91% increase over the last 5 trading days, 5.15% over the last 20 days, and 11.33% over the last 60 days [1] Group 2: Financial Performance - For the first half of 2025, Nantian Information reported a revenue of 4.580 billion CNY, representing a year-on-year growth of 16.75%, while the net profit attributable to shareholders was -5.0028 million CNY, a decrease of 119.72% compared to the previous period [2] - The company has distributed a total of 469 million CNY in dividends since its A-share listing, with 102 million CNY distributed over the last three years [3] Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders for Nantian Information increased to 75,500, up by 15.66% from the previous period, while the average circulating shares per person decreased by 13.53% to 5,153 shares [2] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the second-largest shareholder with 2.928 million shares, a decrease of 1.1619 million shares from the previous period [3]

Core Insights - Nantian Information (000948.SZ) reported a total operating revenue of 4.58 billion yuan for the first half of 2025, marking an increase of 655 million yuan compared to the same period last year, achieving a continuous growth for five years, with a year-on-year increase of 16.75% [1] - The company recorded a net profit attributable to shareholders of -5.00 million yuan and a net cash outflow from operating activities of -2.04 billion yuan [1] Financial Metrics - The latest debt-to-asset ratio stands at 69.18% [3] - The latest gross profit margin is 9.44%, and the return on equity (ROE) is -0.19% [4] - The diluted earnings per share is -0.01 yuan [4] - The total asset turnover ratio is 0.48 times, which is an increase of 0.06 times compared to the same period last year, representing a year-on-year growth of 13.49% [4] - The inventory turnover ratio is 1.18 times, an increase of 0.19 times year-on-year, reflecting a growth of 19.27% [4] Shareholder Structure - The number of shareholders is 75,500, with the top ten shareholders holding a total of 151 million shares, accounting for 38.24% of the total share capital [4] - The largest shareholder is Yunnan Industrial Investment Holding Group Co., Ltd., holding 34.5% of the shares [4]

Core Viewpoint - Nantian Information (000948) reported mixed financial results for the first half of 2025, with revenue growth but significant declines in net profit and profitability metrics [1] Financial Performance - Total revenue for the first half of 2025 reached 4.58 billion yuan, a year-on-year increase of 16.75% compared to 3.923 billion yuan in the same period of 2024 [1] - The net profit attributable to shareholders was -5.0028 million yuan, representing a 119.72% decline from a profit of 25.3637 million yuan in the previous year [1] - The gross margin decreased to 9.44%, down 19.62% from 11.74% in the previous year [1] - The net margin turned negative at -0.11%, a significant drop of 123.57% from 0.47% [1] - The company reported a substantial accounts receivable figure, with accounts receivable accounting for 1842.42% of the latest annual net profit [1] Cash Flow and Debt - The net cash flow from investing activities decreased by 377.35% due to the purchase of structured deposits [2] - The net cash flow from financing activities increased by 65.23% as the company expanded its market scale, leading to higher funding needs [2] - The cash management income decreased, contributing to a 49.32% increase in financial expenses [2] Business Model and Return Metrics - The company's return on invested capital (ROIC) was 3.52%, indicating weak capital returns, with a historical median ROIC of 4.27% over the past decade [2] - The net profit margin for the previous year was 1.18%, suggesting low added value for the company's products or services [2] - The company's performance heavily relies on research and marketing efforts, necessitating a thorough examination of these driving factors [2] Recommendations - Attention is advised regarding the company's cash flow situation, with cash and cash equivalents to current liabilities at only 26.17% [4] - The debt situation is concerning, with interest-bearing debt ratio reaching 20.31% and total interest-bearing debt to average operating cash flow over the past three years at 11.12% [4] - The accounts receivable situation is critical, with accounts receivable to profit ratio at 1842.42% [4]