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、董事会会议召开情况 第八届董事会第七次会议决议公告 中电科网络安全科技股份有限公司（以下简称"公司"或"电科 网安"）第八届董事会第七次会议于2025年8月19日以通讯方式召开。 本次会议的会议通知已于2025年8月14日以即时通讯工具等方式送达 各参会人。会议由董事长陈鑫先生主持，会议应参与表决董事9人， 实际参与表决董事9人，公司全体监事、部分副总经理和董事会秘书 列席了本次会议，会议的召开与表决程序符合法律法规及《公司章程》 的规定，会议合法有效。 二、董事会会议审议情况 证券代码：002268 证券简称：电科网安 公告编号：2025-023 中电科网络安全科技股份有限公司 （三）审议通过《关于中国电子科技财务有限公司的风险持续评 估报告》 表决结果：赞成 5 票，反对 0 票，弃权 0 票。审议该项议案时关 联董事陈鑫先生、魏敏女士、汪再军先生、王运兵先生回避表决。 《关于中国电子科技财务有限公司的风险持续评估报告》请见 2025年8月21日的巨潮资讯网http://www.cninfo.com.cn ...

电科网安公告，2025年上半年营业收入4.88亿元，同比下降23.79%。净利润亏损1.74亿元，同比减少 19.37%。 ...

Important Notes, Table of Contents, and Definitions [Important Notes](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The Board of Directors, Supervisory Committee, and senior management guarantee the authenticity, accuracy, and completeness of this semi-annual report - The company's Board of Directors, Supervisory Committee, and senior management guarantee the truthfulness, accuracy, and completeness of the report[4](index=4&type=chunk) - The company plans **no cash dividend distribution, no bonus share issuance, and no capitalization of public reserve funds**[4](index=4&type=chunk) [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) This section lists the nine main chapters of the semi-annual report and their starting page numbers, providing a clear guide to the report's structure - The report comprises nine main chapters covering important notes, company profile, management discussion, corporate governance, significant matters, share changes, bonds, financial report, and other submitted data[6](index=6&type=chunk) [List of Documents for Inspection](index=4&type=section&id=%E5%A4%87%E6%9F%A5%E6%96%87%E4%BB%B6%E7%9B%AE%E5%BD%95) This section specifies that the original semi-annual report, original financial statements, and all publicly disclosed documents during the reporting period are available for inspection - Documents available for inspection include the original report signed and sealed by the legal representative, financial statements signed and sealed by responsible persons, and originals of all company documents and announcements disclosed during the reporting period[8](index=8&type=chunk)[9](index=9&type=chunk)[10](index=10&type=chunk) [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section provides definitions for common terms used in the report, ensuring consistent understanding for readers - The company's full name is CETC Network Security Technology Co, Ltd, formerly known as Chengdu Westone Information Industry Inc[11](index=11&type=chunk) - The controlling shareholder is China Electronics Technology Network Information Security Co, Ltd, and the actual controller is China Electronics Technology Group Corporation[11](index=11&type=chunk) - The reporting period refers to 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) This section presents the company's basic information, including stock ticker, code, listing exchange, name, legal representative, and contact details for key personnel - Stock Ticker: Dianke Wangan, Stock Code: 002268, Listing Exchange: Shenzhen Stock Exchange[13](index=13&type=chunk) - Legal Representative: Wei Hongkuan[13](index=13&type=chunk) - Secretary of the Board: Liu Zhihui, Securities Affairs Representative: Shu Mei[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) The company's contact information, information disclosure locations, and other relevant details remained unchanged during the reporting period - The company's registered address, office address, website, and email address remained unchanged during the reporting period[15](index=15&type=chunk) - The locations for information disclosure and document inspection remained unchanged during the reporting period[16](index=16&type=chunk) [Key Accounting Data and Financial Indicators](index=6&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 section discloses key financial data, showing a year-on-year decrease in revenue but a narrowed net loss and significantly improved operating cash flow Key Accounting Data and Financial Indicators | Indicator | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 488,255,299.94 | 640,697,984.37 | -23.79% | | Net Profit Attributable to Shareholders | -173,660,012.22 | -215,376,616.76 | 19.37% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | -185,782,578.14 | -232,984,442.66 | 20.26% | | Net Cash Flow from Operating Activities | -80,635,722.48 | -637,069,630.77 | 87.34% | | Basic Earnings Per Share (Yuan/Share) | -0.2054 | -0.2547 | 19.36% | | Diluted Earnings Per Share (Yuan/Share) | -0.2054 | -0.2547 | 19.36% | | Weighted Average Return on Equity | -3.13% | -3.97% | Up 0.84 p.p. | | **Period-End Indicators** | **End of Current Period (Yuan)** | **End of Prior Year (Yuan)** | **Change from Prior Year-End** | | Total Assets | 6,784,206,482.82 | 7,198,413,777.39 | -5.75% | | Net Assets Attributable to Shareholders | 5,421,495,572.04 | 5,646,306,741.24 | -3.98% | [Differences in Accounting Data under Domestic and Foreign 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) There were no discrepancies in net profit or net assets between financial reports prepared under Chinese and international/foreign accounting standards - The company had no discrepancies in accounting data under domestic versus foreign accounting standards during the reporting period[19](index=19&type=chunk)[20](index=20&type=chunk) [Non-recurring Gains and Losses Items 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 section details non-recurring gains and losses for the period, totaling 12,122,565.92 Yuan, primarily from fair value changes in financial assets and government grants Non-recurring Gains and Losses Items and Amounts | Item | Amount (Yuan) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | 27,252.66 | | Government Grants Recognized in Current Profit or Loss | 3,003,220.97 | | Fair Value Gains/Losses from Financial Assets and Liabilities Held by Non-financial Enterprises | 11,353,424.66 | | Reversal of Impairment Provision for Individually Tested Receivables | 40,100.00 | | Other Non-operating Income and Expenses | -172,339.11 | | Less: Income Tax Impact | 2,140,366.84 | | Minority Interest Impact (After Tax) | -11,273.58 | | **Total** | **12,122,565.92** | - The company did not reclassify any non-recurring gains and losses items as recurring items[24](index=24&type=chunk) Management Discussion and Analysis [Principal Business Activities 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 operates as a data intelligence security service provider with cryptography at its core, focusing on cryptography, cybersecurity, and data security - The company's strategic positioning is a data intelligence security service provider with cryptography at its core[26](index=26&type=chunk) - Main business segments include **cryptography, cybersecurity, and data security**[26](index=26&type=chunk) - The company is actively expanding into new business areas such as **Internet of Vehicles (IoV), satellite internet, low-altitude economy, and artificial intelligence**[26](index=26&type=chunk) [Company's Main Business, Products, and Their Uses](index=9&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1%E3%80%81%E4%B8%BB%E8%A6%81%E4%BA%A7%E5%93%81%E5%8F%8A%E5%85%B6%E7%94%A8%E9%80%94) This section details the company's products, technical capabilities, and innovations across its three core business segments and outlines its strategic initiatives in emerging fields - **Cryptography Business**: Possesses full-chain R&D and production capabilities from cryptographic chips to systems, with over 100 product models certified across more than ten categories in the commercial cryptography product catalog[27](index=27&type=chunk) - **Cybersecurity Business**: Focuses on the security and confidentiality needs of critical information systems, establishing a leading and comprehensive protection capability and product system[29](index=29&type=chunk) - **Data Security Business**: Builds a data security product system centered on cryptographic technology, covering data security governance, protection, compliance, and circulation[32](index=32&type=chunk) - **New Business Initiatives**: Actively developing products in areas such as **post-quantum cryptography, IoV security, satellite internet, artificial intelligence, and cloud security**[34](index=34&type=chunk) [Company's Business Model](index=11&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E5%85%AC%E5%8F%B8%E7%BB%8F%E8%营%E6%A8%A1%E5%BC%8F) The company's business model centers on product sales and service provision, supported by independent R&D, diverse service delivery, and a solution-driven sales approach - **Profit Model**: Product sales and service provision, with an increased focus on proprietary products[37](index=37&type=chunk) - **R&D Model**: Adheres to independent R&D and innovation, building a multi-layered collaborative innovation framework[38](index=38&type=chunk) - **Security Service Model**: Includes direct, enabling, and joint operation models, offering one-stop online and offline service capabilities[39](index=39&type=chunk) - **Sales Model**: Optimizes a solution-driven approach to promote proprietary product sales and leverages flagship products to expand channel markets[40](index=40&type=chunk) [Product Market Position and Competitive Advantages](index=11&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E4%BA%A7%E5%93%81%E5%B8%82%E5%9C%BA%E5%9C%B0%E4%BD%8D%E5%8F%8A%E7%AB%9E%E4%BA%89%E4%BC%98%E5%8A%BF) The company achieved significant technological milestones during the reporting period, reinforcing its market leadership in cryptography and cybersecurity - During the reporting period, the company obtained **15 commercial cryptography product certifications**, 25 cybersecurity product safety inspection certificates, and 9 national secrecy science and technology evaluation center inspection certificates[41](index=41&type=chunk) - Newly applied for over **50 invention patents**, was granted 15 patents, and received 20 software copyright registration certificates[41](index=41&type=chunk) - The company has long supported the formulation of national plans and standards in cryptography and cybersecurity, achieving extensive product and service coverage in key markets[43](index=43&type=chunk) [Performance Drivers](index=12&type=section&id=%EF%BC%88%E5%9B%9B%EF%BC%89%E4%B8%9A%E7%BB%A9%E9%A9%B1%E5%8A%A8%E5%9B%A0%E7%B4%A0) The company's performance is driven by favorable national policies and digital economy trends externally, and by strategic focus and operational optimization internally - **External Drivers**: Favorable policies for cryptography and cybersecurity, deepening development of the digital economy, and emerging security demands from new scenarios like IoT and AI[44](index=44&type=chunk) - **Internal Responses**: Focusing resources on core businesses, strengthening technology and product capabilities, and optimizing strategic management and cost control[44](index=44&type=chunk) - The long-term positive trend for the cybersecurity industry remains unchanged, despite intensifying market competition[45](index=45&type=chunk) [Core Competitiveness Analysis](index=12&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 competitiveness is built on its trusted state-owned enterprise brand, leading cryptographic innovation, top-level design capabilities, and a sustainable talent ecosystem - **Trusted Corporate Brand**: As a subsidiary of China Electronics Technology Group Corporation, the company has a state-owned enterprise background and undertakes security assurance for major national events[46](index=46&type=chunk) - **Industry-Leading Cryptographic Innovation**: One of the earliest domestic enterprises in commercial cryptography research, possessing deep expertise and full-chain R&D capabilities, and leading the formulation of multiple national/industry standards[47](index=47&type=chunk)[48](index=48&type=chunk) - **Accumulated Top-Level Planning and Design Capabilities**: Continuously participates in top-level planning for digital government and economy, maintaining a dominant position in key industries like government, military, finance, and energy[50](index=50&type=chunk) - **Sustainable Talent Ecosystem**: Continuously improves talent cultivation and incentive mechanisms, strengthening talent reserves in key emerging fields to form a well-structured, professional talent pool[51](index=51&type=chunk) [Main Business Analysis](index=13&type=section&id=%E4%B8%89%E3%80%81%E4%B8%BB%E8%营%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) The company advanced its three core business segments during the period, deepening its market penetration and achieving breakthroughs in emerging application areas - **Strategic Approach**: "Solidify the foundation of cryptography, expand the wings of cybersecurity and data security," forging three core capabilities[52](index=52&type=chunk) - **Cryptography Business Progress**: Deepened penetration in government, finance, and energy markets; automotive-grade security chips entered the Tier1 supplier list for major automakers like Dongfeng[53](index=53&type=chunk) - **Cybersecurity Business Progress**: Enhanced service and operational capabilities, achieving breakthroughs in state-owned enterprise markets such as rail transit and civil aviation[55](index=55&type=chunk)[56](index=56&type=chunk) - **Data Security Business Progress**: Promoted unified data security protection solutions for government and state-owned enterprises, achieving breakthroughs in data resource governance for Party committee information systems[58](index=58&type=chunk) [Year-on-Year Changes in Key Financial Data](index=14&type=section&id=%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%95%B0%E6%8D%AE%E5%90%8C%E6%AF%94%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) Operating revenue declined due to slower customer demand recovery, while operating cash flow improved significantly due to increased collections and timing of payments Year-on-Year Changes in Key Financial Data | Indicator | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 488,255,299.94 | 640,697,984.37 | -23.79% | Slower recovery and release of downstream customer demand | | Operating Costs | 271,617,081.79 | 410,465,729.95 | -33.83% | Corresponding decrease with the reduction in operating revenue | | Net Cash Flow from Operating Activities | -80,635,722.48 | -637,069,630.77 | 87.34% | Increased collections and impact of procurement payment timing | | Net Cash Flow from Investing Activities | 675,527,890.53 | -50,535,575.80 | 1,436.74% | Primarily due to the purchase cycle of structured deposits | | Net Cash Flow from Financing Activities | -18,519,011.87 | -10,401,429.21 | -78.04% | Primarily due to payment for the acquisition of Westone (Guangzhou) | [Operating Revenue Composition](index=15&type=section&id=%E8%90%A5%E4%B8%9A%E6%94%B6%E5%85%A5%E6%9E%84%E6%88%90) Total operating revenue was 488 million Yuan, with the North China region showing significant growth while the Southwest region experienced a sharp decline Operating Revenue Composition (by Product) | Product | Current Period Amount (Yuan) | % of Revenue | Prior Year Period Amount (Yuan) | % of Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Cryptography | 224,882,058.18 | 46.06% | 228,922,125.59 | 35.73% | -1.76% | | Cybersecurity | 245,695,255.43 | 50.32% | 343,221,669.54 | 53.57% | -28.41% | | Data Security | 17,677,986.33 | 3.62% | 68,554,189.24 | 10.70% | -74.21% | Operating Revenue Composition (by Region) | Region | Current Period Amount (Yuan) | % of Revenue | Prior Year Period Amount (Yuan) | % of Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | North China | 273,832,184.83 | 56.09% | 175,158,655.08 | 27.34% | 56.33% | | Southwest China | 110,547,865.20 | 22.64% | 277,880,501.89 | 43.36% | -60.22% | - The gross margin for the data security and cybersecurity industry was **44.37%**, an increase of 8.44 percentage points year-on-year[63](index=63&type=chunk) [Cost of Main Business Composition](index=16&type=section&id=%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%88%90%E6%9C%AC%E6%9E%84%E6%88%90) The cost of the main business totaled 271 million Yuan, a decrease of 33.83% year-on-year, primarily driven by a reduction in raw material costs Cost of Main Business Composition | Cost Component | Current Period Amount (Yuan) | % of Operating Cost | Prior Year Period Amount (Yuan) | % of Operating Cost | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Raw Materials | 234,403,634.17 | 86.30% | 365,349,265.71 | 89.01% | -35.84% | | Labor Costs | 20,116,136.85 | 7.41% | 24,265,625.37 | 5.91% | -17.10% | | Others | 17,097,310.77 | 6.29% | 20,850,838.87 | 5.08% | -18.00% | | **Total** | **271,617,081.79** | **100.00%** | **410,465,729.95** | **100.00%** | **-33.83%** | - The decrease in costs was mainly due to the reduction in operating revenue[66](index=66&type=chunk) [Non-core Business Analysis](index=16&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) Non-core business activities had a mixed impact on total profit, with sustainable investment income from structured deposits and non-sustainable income from government grants Impact of Non-core Business on Total Profit | Item | Amount (Yuan) | % of Total Profit | Reason | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 9,879,666.97 | -4.27% | Interest income from structured deposits | Yes | | Asset Impairment | -274,809.06 | 0.12% | Bad debt provision for contract assets | Yes | | Non-operating Income | 741,685.77 | -0.32% | Government grants and default penalties received | No | | Non-operating Expenses | 904,024.88 | -0.39% | Tax-related payments from "dual random" inspections | No | | Credit Impairment | -2,762,305.11 | 1.19% | Bad debt provision for accounts and other receivables | Yes | [Analysis of Assets and Liabilities](index=16&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) Total assets and net assets attributable to shareholders decreased, while the proportion of cash and inventory increased, with the overall balance sheet structure remaining stable Significant Changes in Asset Composition (Period-End vs. Prior Year-End) | Item | Current Period-End Amount (Yuan) | % of Total Assets | Prior Year-End Amount (Yuan) | % of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 2,537,389,453.04 | 37.40% | 1,948,949,584.50 | 27.07% | 10.33% | | Accounts Receivable | 1,404,615,839.31 | 20.70% | 1,541,076,525.80 | 21.41% | -0.71% | | Inventory | 482,697,937.16 | 7.12% | 347,710,240.19 | 4.83% | 2.29% | | Construction in Progress | 1,095,230,024.75 | 16.14% | 1,095,230,024.75 | 15.21% | 0.93% | - The company holds financial assets measured at fair value with a period-end balance of **4,473,503.31 Yuan**[73](index=73&type=chunk) - Restricted assets at period-end include **19,235,437.32 Yuan** in cash (guarantee deposits, frozen funds) and **1,095,230,024.75 Yuan** in construction in progress (subject to litigation)[74](index=74&type=chunk) [Investment Analysis](index=17&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 had no major equity or non-equity investments during the period, with raised funds primarily allocated to committed projects - The company had no securities investments or derivatives investments during the reporting period[76](index=76&type=chunk)[77](index=77&type=chunk) - **Overall utilization of raised funds**: Total raised funds of 2.693 billion Yuan, with a cumulative usage of 2.000 billion Yuan, representing a utilization rate of **75.13%**[78](index=78&type=chunk) - Unused raised funds are mainly used for purchasing structured deposits and temporarily supplementing working capital[78](index=78&type=chunk)[79](index=79&type=chunk) - Reasons for investment projects not meeting expected benefits include changes in the international macroeconomic environment, increased security and control requirements, and incidental factors like the seizure of Beijing property[82](index=82&type=chunk)[83](index=83&type=chunk) [Sale of Major Assets and Equity](index=22&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 sell any major assets or equity during the reporting period - The company did not sell any major assets during the reporting period[85](index=85&type=chunk) - The company did not sell any major equity during the reporting period[86](index=86&type=chunk) [Analysis of Major Holding and Participating Companies](index=22&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) This section discloses financial information for the company's main subsidiaries, with no acquisitions or disposals of subsidiaries occurring during the period Financial Data of Major Subsidiaries | Company Name | Company Type | Registered Capital (Yuan) | Total Assets (Yuan) | Net Assets (Yuan) | Operating Revenue (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Chengdu Westone Information Security Technology Co, Ltd | Subsidiary | 100,000,000.00 | 2,081,936,932.84 | 480,779,107.85 | 302,351,909.16 | 116,625,901.42 | | Chengdu 30-Jiawei Electronics Co, Ltd | Subsidiary | 133,578,000.00 | 1,503,937,744.32 | 1,398,831,417.20 | 120,423,260.17 | 13,203,822.21 | | CETC (Beijing) Network Information Security Co, Ltd | Subsidiary | 200,000,000.00 | 3,058,940,329.51 | 2,832,045,456.96 | 70,336,244.44 | 24,080,846.53 | | Chengdu 30-Ruitong Mobile Communication Co, Ltd | Subsidiary | 58,400,000.00 | 786,739,513.17 | 460,234,785.07 | 66,115,883.88 | 9,279,736.70 | - The company did not acquire or dispose of any subsidiaries during the reporting period[87](index=87&type=chunk) [Structured Entities Controlled by the Company](index=22&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 did not control any structured entities during the reporting period[88](index=88&type=chunk) [Risks and Countermeasures](index=22&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 from market competition, technological innovation, talent development, and financing costs, which it addresses through strategic countermeasures - **Market Risk**: Increased competition from internet and telecom operators entering the cybersecurity market; countermeasures include enhancing core competitiveness and expanding into new markets and sectors[89](index=89&type=chunk) - **Technology Risk**: Mismatch between technological innovation and evolving market demands; countermeasures include market-oriented R&D and increased investment in cutting-edge technologies like post-quantum cryptography[90](index=90&type=chunk) - **Talent Risk**: Need for optimization in the talent pipeline for emerging technologies and new business areas; countermeasures include optimizing talent management and incentive mechanisms[91](index=91&type=chunk) - **Financial Risk**: Potential for increased borrowing costs due to future financing needs; countermeasures include enhancing capital management, leveraging a good credit rating and diverse financing channels[92](index=92&type=chunk) [Development and Implementation of Market Value Management System and Value Enhancement Plan](index=23&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 established a market value management system to enhance investment value but has not disclosed a specific value enhancement plan - The company has formulated the "Market Value Management System of CETC Network Security Technology Co, Ltd," which was approved by the Board of Directors on April 25, 2025[93](index=93&type=chunk) - The company has not disclosed a value enhancement plan[93](index=93&type=chunk) [Implementation of the "Dual Improvement in Quality and Returns" Action Plan](index=23&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 an announcement regarding a "Dual Improvement in Quality and Returns" action plan - The company has not disclosed an announcement regarding a "Dual Improvement in Quality and Returns" action plan[94](index=94&type=chunk) Corporate Governance, Environment, and Society [Changes in Directors, Supervisors, and Senior Management](index=23&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, Wei Lan was appointed as Deputy General Manager due to a work transfer - Wei Lan was appointed as Deputy General Manager on March 4, 2025, due to a work transfer[95](index=95&type=chunk) [Profit Distribution and Capitalization of Capital Reserve for the Reporting Period](index=24&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 does not plan to distribute cash dividends, issue bonus shares, or capitalize the capital reserve for the semi-annual period - The company plans **no cash dividend distribution, no bonus share issuance, and no capitalization of public reserve funds** for the semi-annual period[96](index=96&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=24&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 continued its 2020 restricted stock incentive plan, with a portion of shares unlocking and others being repurchased and canceled - The 2020 long-term restricted stock incentive plan is ongoing[97](index=97&type=chunk) - On February 5, 2025, **2,149,252 restricted shares** held by 282 incentive recipients became available for trading upon completion of the third unlocking period[102](index=102&type=chunk) - The company repurchased and canceled **27,720 unvested restricted shares** from 9 incentive recipients[102](index=102&type=chunk) - The amortized cost of equity incentives reversed this year was **130,006.8 Yuan**[103](index=103&type=chunk) [Environmental Information Disclosure](index=25&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) Neither the listed company nor its main subsidiaries are included in the list of enterprises required to disclose environmental information by law - Neither the listed company nor its main subsidiaries are included in the list of enterprises required to disclose environmental information by law[104](index=104&type=chunk) [Social Responsibility](index=25&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 actively engages in social welfare and rural revitalization projects and published its 2024 ESG report in April - The company actively participates in social welfare activities, such as organizing book donations[104](index=104&type=chunk) - Participated in a village assistance project, conducting specialized training on "AI-Empowered Rural Governance"[105](index=105&type=chunk) - The company released its **2024 ESG report** in April, detailing its social responsibility and sustainable development initiatives[105](index=105&type=chunk) Significant Matters [Fulfillment of Commitments](index=26&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%9F%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) CETC Investment Holdings Co, Ltd completed its share increase plan as committed, fulfilling its obligations on time - CETC Investment Holdings Co, Ltd cumulatively increased its holding by **11,243,480 shares**, representing 1.33% of the total share capital, with a total investment of 200,102,582 Yuan[107](index=107&type=chunk) - The share increase plan has been completed, and the commitment was fulfilled on time[107](index=107&type=chunk) [Non-operating Fund Occupation by Related Parties](index=26&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%营%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) There was no non-operating fund occupation of the listed company by its controlling shareholder or other related parties during the reporting period - There was no non-operating fund occupation by the controlling shareholder or other related parties during the reporting period[108](index=108&type=chunk) [Irregular External Guarantees](index=26&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 irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[109](index=109&type=chunk) [Accounting Firm Matters](index=26&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 report has not been audited - The company's semi-annual report has not been audited[111](index=111&type=chunk) [Explanation of Non-standard Audit Report for the Current Period](index=27&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) There was no non-standard audit report for the company during the reporting period - There was no non-standard audit report for the company during the reporting period[112](index=112&type=chunk) [Explanation of Prior Year's Non-standard Audit Report](index=27&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 Board explained the 2024 audit report with an emphasis of matter paragraph concerning a subsidiary's property seizure, the outcome of which remains uncertain - The **2024 audit report was an unqualified opinion with an emphasis of matter paragraph**[112](index=112&type=chunk) - The emphasis of matter relates to a property purchased by subsidiary Beijing Wangan being seized due to litigation involving the developer, who has since entered bankruptcy proceedings[112](index=112&type=chunk) - The uncertainty surrounding the approval of a settlement plan at the third creditors' meeting makes it impossible to estimate the future profit impact[115](index=115&type=chunk)[116](index=116&type=chunk) - The company will closely monitor developments and legally protect its rights and interests[116](index=116&type=chunk) [Bankruptcy and Reorganization Matters](index=28&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 undergo any bankruptcy or reorganization during the reporting period - The company did not undergo any bankruptcy or reorganization during the reporting period[117](index=117&type=chunk) [Litigation Matters](index=28&type=section&id=%E5%85%AB%E3%80%81%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) The company is involved in several lawsuits, with the most significant case concerning a subsidiary's property seizure due to the developer's bankruptcy - Major litigation involves the seizure of property purchased by subsidiary Beijing Wangan, as the developer, Jinfeng Kehua, has entered bankruptcy proceedings[118](index=118&type=chunk) - The second-instance trial of Beijing Wangan's lawsuit challenging the seizure has resumed[114](index=114&type=chunk)[119](index=119&type=chunk) - The Jinfeng Kehua bankruptcy settlement plan has not yet reached a stage sufficient for a creditor vote, and the impact on the company remains uncertain[115](index=115&type=chunk)[118](index=118&type=chunk) - The company's affiliate, Chengdu Mobao Network Technology Co, Ltd, is involved in an arbitration case against its controlling shareholder, Lifan Holdings, seeking repayment of debts or compensation for losses[119](index=119&type=chunk) - The company and its subsidiaries are plaintiffs in 3 other lawsuits involving a total of **33.67 million Yuan** and defendants in 10 other lawsuits involving a total of **19.35 million Yuan**[120](index=120&type=chunk) [Penalties and Rectifications](index=30&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) There were no penalties or rectifications involving the company during the reporting period - There were no penalties or rectifications involving the company during the reporting period[121](index=121&type=chunk) [Integrity Status](index=30&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) There were no integrity issues concerning the company, its controlling shareholder, or its actual controller during the reporting period - There were no integrity issues concerning the company, its controlling shareholder, or its actual controller during the reporting period[122](index=122&type=chunk) [Major Related-Party Transactions](index=30&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 had no major related-party transactions related to daily operations, asset acquisitions, or investments, but maintained deposit and credit relationships with a related financial company - The company had no related-party transactions related to daily operations, asset/equity acquisitions or sales, or joint external investments during the reporting period[122](index=122&type=chunk)[123](index=123&type=chunk)[124](index=124&type=chunk) - There were no non-operating related-party claims and debts during the reporting period[125](index=125&type=chunk) - The company has a deposit relationship with China Electronics Technology Finance Co, Ltd, with a period-end balance of **1.622 billion Yuan**, and a credit facility of **334 million Yuan**, of which 12.83 million Yuan was utilized[126](index=126&type=chunk) [Major Contracts and Their Performance](index=31&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 major contracts such as custody, contracting, leasing, guarantees, or wealth management during the reporting period - The company had no custody, contracting, or leasing arrangements during the reporting period[129](index=129&type=chunk)[130](index=130&type=chunk)[131](index=131&type=chunk) - The company had no major guarantees or wealth management arrangements during the reporting period[132](index=132&type=chunk)[133](index=133&type=chunk) - The company had no other major contracts during the reporting period[134](index=134&type=chunk) [Explanation of Other Significant Matters](index=32&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) There were no other significant matters requiring explanation during the reporting period - There were no other significant matters requiring explanation during the reporting period[135](index=135&type=chunk) [Significant Matters of Company Subsidiaries](index=32&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) A property purchased by subsidiary Beijing Wangan remains seized due to the developer's bankruptcy, with the outcome of the settlement plan uncertain - A property purchased by subsidiary Beijing Wangan is subject to seizure due to litigation involving the developer, Jinfeng Kehua, who is in bankruptcy[136](index=136&type=chunk) - The Jinfeng Kehua bankruptcy settlement plan has not yet reached a stage sufficient for a creditor vote, and its outcome is uncertain[137](index=137&type=chunk) Changes in Share Capital and Shareholders [Changes in Share Capital](index=33&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) The company's total share capital remained unchanged, with a shift from restricted to unrestricted shares due to the unlocking of equity incentive shares Changes in Share Capital | Share Type | Pre-Change Quantity (Shares) | Pre-Change Proportion | Change (+/- Shares) | Post-Change Quantity (Shares) | Post-Change Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 2,396,347 | 0.28% | -2,017,252 | 379,095 | 0.04% | | II. Unrestricted Shares | 843,280,656 | 99.72% | 2,017,252 | 845,297,908 | 99.96% | | III. Total Shares | 845,677,003 | 100.00% | 0 | 845,677,003 | 100.00% | - The change in share structure was primarily due to the unlocking of restricted shares from the equity incentive plan[142](index=142&type=chunk) [Changes in Restricted Shares](index=34&type=section&id=2%E3%80%81%E9%99%90%E5%94%AE%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) The total number of restricted shares decreased to 379,095 at the end of the period, following the unlocking of incentive shares and an increase in executive lock-up shares Changes in Restricted Shares | Shareholder Name | Opening Restricted Shares (Shares) | Unlocked this Period (Shares) | Added this Period (Shares) | Closing Restricted Shares (Shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | | Wei Hongkuan | 36,000 | 0 | 24,000 | 60,000 | Executive Lock-up | | Zhou Jun | 36,000 | 0 | 24,000 | 60,000 | Executive Lock-up | | Liu Zhihui | 36,000 | 0 | 24,000 | 60,000 | Executive Lock-up | | Zhang Jian | 10,500 | 0 | 12,000 | 22,500 | Executive Lock-up | | Wu Xiangyang | 51,675 | 0 | 24,000 | 75,675 | Executive Lock-up | | Wang Peichun | 36,000 | 0 | 24,000 | 60,000 | Executive Lock-up | | Equity Incentive Restricted Shares | 2,190,172 | 2,149,252 | 0 | 40,920 | Equity Incentive Lock-up | | **Total** | **2,396,347** | **2,149,252** | **132,000** | **379,095** | | [Securities Issuance and Listing](index=34&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 did not issue or list any securities during the reporting period - The company did not issue or list any securities during the reporting period[143](index=143&type=chunk) [Number of Shareholders and Shareholding Status](index=34&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 the end of the reporting period, the company had 90,095 common shareholders, with China Electronics Technology Network Information Security Co, Ltd being the largest shareholder - Total number of common shareholders at period-end: **90,095**[144](index=144&type=chunk) - China Electronics Technology Network Information Security Co, Ltd is the largest shareholder with a **32.96%** stake[144](index=144&type=chunk) - CETC Investment Holdings Co, Ltd holds a **3.51%** stake, with its shareholding changing by 9,513,480 shares during the period[145](index=145&type=chunk) - Zhuang ChuXiong holds 3,000,000.00 shares through a margin trading and short selling credit account[146](index=146&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=36&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) 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[147](index=147&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=36&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) There were no changes in the company's controlling shareholder or actual controller during the reporting period - The company's controlling shareholder did not change during the reporting period[148](index=148&type=chunk) - The company's actual controller did not change during the reporting period[148](index=148&type=chunk) [Preference Share Matters](index=37&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 preference shares during the reporting period - The company had no preference shares during the reporting period[149](index=149&type=chunk) Bond-related Matters The company had no bond-related matters during the reporting period[151](index=151&type=chunk) Financial Report [Audit Report](index=39&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) The semi-annual financial report has not been audited - The semi-annual financial report has not been audited[153](index=153&type=chunk) [Financial Statements](index=39&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 consolidated and parent company financial statements for the first half of 2025, reflecting the company's financial position, performance, and cash flows - The consolidated balance sheet shows total assets of **6.784 billion Yuan** and total equity attributable to parent company owners of **5.421 billion Yuan** at the period-end[157](index=157&type=chunk) - The consolidated income statement shows total operating revenue of **488.26 million Yuan** and a net loss attributable to parent company shareholders of **173.66 million Yuan** for the period[164](index=164&type=chunk) - The consolidated cash flow statement shows net cash flow from operating activities of **-80.64 million Yuan** and net cash flow from investing activities of **675.53 million Yuan**[171](index=171&type=chunk) [Company Basic Information](index=56&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) This section outlines the company's history, legal structure, headquarters, parent company, and principal business activities in the information security sector - The company was established on March 12, 1998, and is registered at 333 Yunhua Road, Chengdu Hi-tech Zone, China (Sichuan) Pilot Free Trade Zone[189](index=189&type=chunk)[194](index=194&type=chunk) - The parent company is China Electronics Technology Network Information Security Co, Ltd, and the ultimate actual controller is China Electronics Technology Group Corporation[194](index=194&type=chunk) - The company's business scope covers security product development, security service provision, and security integration[195](index=195&type=chunk) [Basis of Preparation of Financial Statements](index=57&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The financial statements are prepared on a going concern basis in accordance with the enterprise accounting standards issued by the Ministry of Finance - The financial statements are prepared on a going concern basis in accordance with enterprise accounting standards[196](index=196&type=chunk) - The company has the ability to continue as a going concern for at least 12 months from the balance sheet date[197](index=197&type=chunk) [Significant Accounting Policies and Estimates](index=57&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details the specific accounting policies and estimates applied by the company across various financial reporting areas - The company's normal operating cycle is one year (12 months), and its functional currency is the Renminbi (RMB)[201](index=201&type=chunk)[202](index=202&type=chunk) - Financial assets are classified into three categories: measured at amortized cost, measured at fair value through other comprehensive income, and measured at fair value through profit or loss[211](index=211&type=chunk) - **Revenue Recognition Principle**: Revenue is recognized when the customer obtains control of the related goods or services, at the transaction price allocated to that performance obligation[246](index=246&type=chunk) - **Communication Equipment and Software Sales**: Revenue is recognized upon transfer of the product to the customer or upon customer acceptance as stipulated in the contract[247](index=247&type=chunk) - **IT Services and Security System Integration**: Revenue is recognized based on the progress of performance or upon project completion and customer acceptance[247](index=247&type=chunk)[248](index=248&type=chunk) [Taxes](index=70&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) This section discloses the company's main taxes and tax rates, including preferential tax treatments such as the high-tech enterprise rate and VAT refunds - **Main Taxes and Rates**: Value-Added Tax (13%, 9%, 6%, 3%, 5%), City Maintenance and Construction Tax (7%, 5%), Corporate Income Tax (15%, 20%), Education Surcharge (3%), Local Education Surcharge (2%)[259](index=259&type=chunk) - The company and its subsidiaries are eligible for a preferential **Corporate Income Tax rate of 15%** as high-tech enterprises[261](index=261&type=chunk)[262](index=262&type=chunk)[263](index=263&type=chunk) - The company and its subsidiaries receive a **VAT refund on software product sales**, with a total refund of 7,970,107.74 Yuan received during the reporting period[260](index=260&type=chunk)[263](index=263&type=chunk) - Some subsidiaries are eligible for a 5% additional VAT deduction policy for advanced manufacturing enterprises[261](index=261&type=chunk) [Notes to Consolidated Financial Statement Items](index=71&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed breakdowns and explanations for major items in the consolidated financial statements - **Cash and Cash Equivalents** at period-end totaled 2.537 billion Yuan, including 1.622 billion Yuan deposited with a related-party finance company[265](index=265&type=chunk) - **Accounts Receivable** had a carrying amount of 1.405 billion Yuan at period-end, with a bad debt provision of 305.93 million Yuan[279](index=279&type=chunk) - **Inventories** had a carrying amount of 482.70 million Yuan at period-end, with a total provision for inventory write-down and contract fulfillment cost impairment of 67.44 million Yuan[316](index=316&type=chunk) - **Construction in Progress** had a carrying amount of 1.095 billion Yuan at period-end, primarily for the Beijing Wangan production, R&D, and office environment project[337](index=337&type=chunk) - **Operating Revenue** for the period was 488.26 million Yuan, and operating cost was 271.62 million Yuan[404](index=404&type=chunk) - **R&D Expenses** for the period totaled 212.58 million Yuan, with 183.98 million Yuan expensed and 28.61 million Yuan capitalized[454](index=454&type=chunk) [R&D Expenditure](index=100&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) Total R&D expenditure for the period was 212.58 million Yuan, a decrease of 21.73% year-on-year, with several projects meeting capitalization criteria R&D Expenditure Details | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Employee Compensation | 151,146,449.56 | 212,528,885.37 | | Depreciation and Amortization | 44,038,240.54 | 38,777,044.58 | | Material Costs | 2,005,078.49 | 2,054,084.21 | | Others | 15,394,185.94 | 18,252,842.84 | | **Total** | **212,583,954.53** | **271,612,857.00** | | Of which: Expensed R&D | 183,978,044.74 | 239,321,711.17 | | Capitalized R&D | 28,605,909.79 | 32,291,145.83 | - Significant capitalized R&D projects include a secure electronic notepad and a database encryption and access control system, expected to generate economic benefits through product sales upon completion by December 31, 2026[457](index=457&type=chunk) [Interests in Other Entities](index=101&type=section&id=%E4%B9%9D%E3%80%81%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) This section discloses the composition of the company's main subsidiaries and provides financial details for significant non-wholly-owned subsidiaries - Main subsidiaries include CETC (Beijing) Network Information Security Co, Ltd, Chengdu 30-Jiawei Electronics Co, Ltd, and Chengdu Westone Information Security Technology Co, Ltd[459](index=459&type=chunk) - Significant non-wholly-owned subsidiaries: Chengdu 30-Ruitong Mobile Communication Co, Ltd (minority interest 0.07%) and Chengdu 30-Jiawei Electronics Co, Ltd (minority interest 0.03%)[461](index=461&type=chunk)[462](index=462&type=chunk) - The total carrying amount of investments in insignificant associate companies is **22,124,365.27 Yuan**, with a net loss of -1,473,757.69 Yuan for the period[467](index=467&type=chunk) [Government Grants](index=103&type=section&id=%E5%8D%81%E3%80%81%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) The company recognized 2.61 million Yuan in government grants in the current period's profit and loss, with 38.75 million Yuan remaining in deferred income - The period-end balance of income-related government grants in deferred income was **38,745,206.99 Yuan**[469](index=469&type=chunk) - The total amount of government grants recognized in the current period's profit or loss was **2,605,500.00 Yuan**[471](index=471&type=chunk) [Risks Related to Financial Instruments](index=103&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E4%B8%8E%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E7%9B%B8%E5%85%B3%E7%9A%84%E9%A3%8E%E9%99%A9) The company manages credit, liquidity, and interest rate risks through established policies, continuous monitoring, and prudent financial management - The company faces **credit risk, liquidity risk, and interest rate risk**[472](index=472&type=chunk) - **Credit Risk Management**: Transacting with reputable counterparties, assessing customer creditworthiness, continuously monitoring receivables, and placing cash with high-credit-rated financial institutions[473](index=473&type=chunk)[474](index=474&type=chunk) - **Liquidity Risk Management**: Continuously monitoring short-term and long-term funding needs to ensure sufficient cash reserves and access to adequate credit facilities[476](index=476&type=chunk) - **Interest Rate Risk**: Arises mainly from short-term borrowings, with the company continuously monitoring interest rate levels[478](index=478&type=chunk) [Fair Value Disclosure](index=105&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E7%9A%84%E6%8A%AB%E9%9C%B2) At the end of the reporting period, assets continuously measured at fair value totaled 4.47 million Yuan, primarily consisting of other equity instrument investments - The total amount of assets continuously measured at fair value at period-end was **4,473,503.31 Yuan**[480](index=480&type=chunk) - These assets are primarily other equity instrument investments, measured using Level 3 fair value inputs[480](index=480&type=chunk) [Related Parties and Transactions](index=105&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E5%8F%8A%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) This section details the company's related parties and outlines transactions involving the purchase and sale of goods, services, leasing, and key management compensation - The parent company is China Electronics Technology Network Information Security Co, Ltd, and the ultimate controlling party is China Electronics Technology Group Corporation[481](index=481&type=chunk) - During the reporting period, purchases of goods/services from related parties totaled **9.55 million Yuan**, and sales of goods/services to related parties totaled **62.07 million Yuan**[486](index=486&type=chunk)[487](index=487&type=chunk) - Compensation for key management personnel for the period amounted to **2,160,651.00 Yuan**[492](index=492&type=chunk) - Balances with related parties exist for receivable items such as notes, accounts, contract assets, prepayments, and other receivables[493](index=493&type=chunk) - Balances with related parties exist for payable items such as notes, accounts, contract liabilities, other payables, and dividends payable[497](index=497&type=chunk) [Share-based Payments](index=108&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E8%82%A1%E4%BB%BD%E6%94%AF%E4%BB%98) The company's equity incentive plan resulted in the unlocking of 2,149,252 shares and the forfeiture of 40,920 shares during the period - This period, **2,149,252** equity incentive shares were unlocked, valued at 10,079,991.88 Yuan[499](index=499&type=chunk) - This period, **40,920** equity incentive shares were forfeited, valued at 467,306.40 Yuan[499](index=499&type=chunk) - The cumulative amount of equity-settled share-based payments recognized in capital reserve is **34,237,257.95 Yuan**[500](index=500&type=chunk) - The total expense recognized for equity-settled share-based payments this period was **-130,006.80 Yuan**[500](index=500&type=chunk) [Commitments and Contingencies](index=109&type=section&id=%E5%8D%81%E4%BA%94%E3%80%81%E6%89%BF%E8%AF%BA%E5%8F%8A%E6%88%96%E6%9C%89%E4%BA%8B%E9%A1%B9) The company has no significant commitments or contingencies to disclose - The company has no significant commitments to disclose[501](index=501&type=chunk) - The company has no significant contingencies to disclose[502](index=502&type=chunk) [Other Significant Matters](index=109&type=section&id=%E5%8D%81%E5%85%AD%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) A property purchased by subsidiary Beijing Wangan remains seized due to the developer's bankruptcy, with legal proceedings and settlement negotiations ongoing - A property purchased by subsidiary Beijing Wangan was seized due to litigation involving the developer, Jinfeng Kehua, who has entered bankruptcy proceedings[503](index=503&type=chunk)[504](index=504&type=chunk)[506](index=506&type=chunk) - The second-instance trial of Beijing Wangan's lawsuit challenging the seizure has resumed[507](index=507&type=chunk) - The bankruptcy settlement plan has not yet reached a stage sufficient for a creditor vote, and its outcome is uncertain[506](index=506&type=chunk) - The litigated property is classified under "Construction in Progress" with an original book value of **1.163 billion Yuan** and a cumulative impairment provision of **67.87 million Yuan**[507](index=507&type=chunk) [Notes to Parent Company Financial Statement Items](index=110&type=section&id=%E5%8D%81%E4%B8%83%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E4%B8%BB%E8%A6%81%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed breakdowns and explanations for major items in the parent company's financial statements - The parent company's **accounts receivable** had a carrying amount of 235.77 million Yuan at period-end, with a bad debt provision of 23.02 million Yuan[512](index=512&type=chunk) - The parent company's **other receivables** totaled 172.03 million Yuan at period-end, including 170.00 million Yuan in dividends receivable[520](index=520&type=chunk) - The parent company's **long-term equity investments** had a carrying amount of 3.457 billion Yuan at period-end, of which 3.435 billion Yuan was investments in subsidiaries[538](index=538&type=chunk) - The parent company's **operating revenue** for the period was 140.09 million Yuan, and operating cost was 90.98 million Yuan[543](index=543&type=chunk) - The parent company's **investment income** for the period was -1.47 million Yuan, primarily from long-term equity investments accounted for using the equity method[545](index=545&type=chunk) [Supplementary Information](index=117&type=section&id=%E5%8D%81%E5%85%AB%E3%80%81%E8%A1%A5%E5%85%85%E8%B5%84%E6%96%99) This section provides supplementary details on non-recurring gains and losses, return on equity, and earnings per share Details of Non-recurring Gains and Losses | Item | Amount (Yuan) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | 27,252.66 | | Government Grants Recognized in Current Profit or Loss | 3,003,220.97 | | Fair Value Gains/Losses from Financial Assets and Liabilities Held by Non-financial Enterprises | 11,353,424.66 | | Reversal of Impairment Provision for Individually Tested Receivables | 40,100.00 | | Other Non-operating Income and Expenses | -172,339.11 | | Less: Income Tax Impact | 2,140,366.84 | | Minority Interest Impact (After Tax) | -11,273.58 | | **Total** | **12,122,565.92** | - The weighted average return on equity attributable to common shareholders was **-3.13%**, and basic earnings per share was **-0.2054 Yuan/share**[549](index=549&type=chunk) - The company had no discrepancies in accounting data under domestic versus foreign accounting standards[550](index=550&type=chunk) Other Submitted Data [Other Major Social Security Issues](index=119&type=section&id=%E4%B8%80%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E7%A4%BE%E4%BC%9A%E5%AE%89%E5%85%A8%E9%97%AE%E9%A2%98%E6%83%85%E5%86%B5) Neither the listed company nor its subsidiaries have other major social security issues and have not received any administrative penalties during the reporting period - Neither the listed company nor its subsidiaries have other major social security issues[552](index=552&type=chunk) - No administrative penalties were received during the reporting period[552](index=552&type=chunk) [Register of Investor Relations Activities](index=119&type=section&id=%E4%BA%8C%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%8E%A5%E5%BE%85%E8%B0%83%E7%A0%94%E3%80%81%E6%B2%9F%E9%80%9A%E3%80%81%E9%87%87%E8%AE%BF%E7%AD%89%E6%B4%BB%E5%8A%A8%E7%99%BB%E8%AE%B0%E8%A1%A8) The company hosted two institutional investor events during the reporting period to discuss performance, strategy, and key operational matters - On **February 13, 2025**, the company hosted an on-site institutional visit to discuss 2024 performance, 2025 outlook, accounts receivable, service models, emerging businesses, and the Beijing property issue[552](index=552&type=chunk) - On **April 29, 2025**, the company held a conference call with institutions to discuss current period performance, operational quality, development strategy, and business layout[552](index=552&type=chunk) [Fund Flows with Related Parties](index=119&type=section&id=%E4%B8%89%E3%80%81%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E4%B8%8E%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%E8%B5%84%E9%87%91%E5%BE%80%E6%9D%A5%E6%83%85%E5%86%B5) The company maintained both operating and non-operating fund flows with its controlling shareholder and other related parties during the period Fund Flows with Controlling Shareholder and Other Related Parties | Counterparty Name | Nature of Flow | Opening Balance (10k Yuan) | Inflow this Period (10k Yuan) | Outflow this Period (10k Yuan) | Closing Balance (10k Yuan) | Interest Income (10k Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 30th Research Institute of CETC | Operating | 71,794.87 | 15,425.40 | 51,241.09 | 35,979.18 | 0 | | CETC Network Information Security Co, Ltd & other subsidiaries | Operating | 6,957.54 | 6,725.89 | 6,869.86 | 6,813.57 | 0 | | CETC & other subsidiaries | Operating | 26,429.97 | 1,169.55 | 4,853.19 | 22,746.33 | 0 | | CETC Finance Co, Ltd | Non-operating | 174,557.33 | 568,566.74 | 580,896.75 | 162,227.32 | 647.32 | | **Total** | **--** | **279,739.71** | **591,887.58** | **643,860.89** | **227,766.4** | **647.32** |

Group 1 - The company, Electric Science and Technology Network Security (002268.SZ), has indicated that some of its security applications are compatible with Huawei's Euler operating system [1]

Group 1 - The company, 电科网安 (002268.SZ), has stated that it currently has no revenue from robotics-related business [1]

Core Viewpoint - The company Electric Science and Technology Network Security (电科网安) has developed a key product, the "Sensitive Data Discovery and Classification System," which utilizes multi-modal AI for precise identification of unstructured data [2] Group 1: Product Overview - The "Sensitive Data Discovery and Classification System" is one of the earliest products in the data security field for the company [2] - The product team has successfully tackled several core technologies, including automated asset discovery and AI-based automated data classification and grading [2] - The system features sensitive data flow monitoring and industry classification and grading templates [2] Group 2: Technology and Capabilities - The system employs multi-modal AI for precise identification of sensitive data within unstructured data, integrating image recognition and natural language processing technologies [2] - It supports various common types of unstructured data, including office documents, with industry-leading accuracy in identifying sensitive data [2]

Group 1 - The company is involved in the construction of key laboratories for trusted cloud computing and big data in Sichuan Province, indicating a focus on technological innovation [1] - The company leverages national-level innovation platforms and resources in the field of cryptography to promote integration and innovation in cryptography and industry applications [1]

证券日报网讯电科网安（002268）8月12日在互动平台回答投资者提问时表示，尊御安全手机不具备AI 功能。 ...

格隆汇8月12日丨电科网安(002268.SZ)在投资者互动平台表示，公司目前暂未有加密eSIM卡落地。 ...

格隆汇8月12日丨电科网安(002268.SZ)在投资者互动平台表示，尊御安全手机不具备ai功能。 ...