| | | 占用方与上市 | 上市公司核算 | 2025 年期初 | 2025 年 1-6 月占 | 2025 年 1-6 月占 | 2025 年 1-6月 | 2025 年 6 月末 | 占用形 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 非经营性资金占用 | 资金占用方名称 | 公司的关联 | | | 用累计发生金额 | 用资金的利息 | 偿还累计发生 | | | 占用性质 | | | | | 的会计科目 | 占用资金余额 | | | | 占用资金余额 | 成原因 | | | | | 关系 | | | （不含利息） | （如有） | 金额 | | | | | 控股股东、实际控制人 | | | | | | | | | | 非经营性占用 | | 及其附属企业 | | | | | | | | | | | | 小计 | - | - | - | | | | | | | - | | 前控股股东、实际控制 | | | | | | | | | | 非经营性占用 | | 人及其附属企业 | | | | | | | | | ...

股票代码：002354 股票简称：天娱数科 编号：2025—031 表决结果：同意票8票，反对票0票，弃权票0票。 二、备查文件 天娱数字科技（大连）集团股份有限公司 第六届董事会第二十三次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 天娱数字科技（大连）集团股份有限公司（以下简称"公司"）第六届董事 会第二十三次会议通知于 2025 年 8 月 11 日以通讯方式发出，会议于 2025 年 8 月 20 日以现场和通讯表决相结合的方式在公司会议室召开，会议应出席董事 9 名，实际出席董事 8 人，缺席 1 人（公司董事郭柏春先生因被银川市人民检察院 刑事拘留，无法正常履职）。会议召集、召开符合《中华人民共和国公司法》《公 司章程》及公司《董事会议事规则》的规定，会议合法有效。本次会议由公司董 事长徐德伟先生主持，公司董事审议通过如下议案： 一、审议通过《关于2025年半年度报告及摘要的议案》 具体内容详见与本公告同日在《中国证券报》《上海证券报》《证券日报》 《证券时报》及巨潮资讯网（www.cninfo.com.cn）披露的《2025年半年 ...

Group 1 - The company announced a revenue of 988 million yuan for the first half of 2025, representing a year-on-year growth of 29.64% [1] - The net profit attributable to shareholders of the listed company reached 23.62 million yuan, showing a significant year-on-year increase of 453.67% [1] - The company plans not to distribute cash dividends, issue bonus shares, or increase capital from reserves [1]

天娱数字科技（大连）集团股份有限公司 2025 年半年度报告 天娱数字科技（大连）集团股份有限公司 2025 年半年度报告全文 1 2025 年 8 月 天娱数字科技（大连）集团股份有限公司 2025 年半年度报告全文 天娱数字科技（大连）集团股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及除以下存在异议声明的董事、监事、高级管理人 员外的其他董事、监事、高级管理人员均保证半年度报告内容的真实、准确、 完整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律 责任。 董事郭柏春先生因被银川市人民检察院刑事拘留，未出席公司第六届董 事会第二十三次会议，亦未委托其他董事代为表决，无法保证半年度报告内 容的真实、准确、完整。请投资者特别关注。 公司负责人徐德伟、主管会计工作负责人贺晗及会计机构负责人(会计主 管人员)关婷婷声明：保证本半年度报告中财务报告的真实、准确、完整。 除下列董事外，其他董事亲自出席了审议本次半年报的董事会会议 | 未亲自出席 | 未亲自出席 | 未亲自出席会议原因 | 被委托人 | | --- | --- | --- | --- | | ...

Core Viewpoint - Tianyu Digital Technology (002354.SZ) is facing a governance crisis and financial distress, highlighted by the arrest of two key executives within a year, raising investor concerns about the company's stability and management structure [1][2]. Group 1: Governance Issues - The arrest of board member Guo Baichun for embezzlement and abuse of power follows the detention of Chairman Xu Dewei for related misconduct, indicating a troubling trend in executive accountability [1]. - The company claims these legal issues are personal matters unrelated to operations, but market reactions suggest deep skepticism among investors [1]. - The absence of a controlling shareholder since the exit of former actual controller Zhu Ye has led to a governance vacuum, with independent directors lacking industry experience to effectively oversee management [1]. Group 2: Financial Performance - In 2024, the company's revenue declined by 10.38% to 1.579 billion yuan, while net profit improved from a loss of 1.087 billion yuan to a loss of 118 million yuan, indicating ongoing financial struggles despite some recovery [2]. - Operating cash flow plummeted by 6564.59% to -72.39 million yuan, with cash collection capabilities nearly exhausted, raising liquidity concerns [2]. - Accounts receivable reached 455 million yuan in 2024, up 12.14% year-on-year, with over 30% of these being over one year old, indicating worsening collection issues [2]. Group 3: Technological Challenges - The company's commitment to an "All in AI" strategy is undermined by a 15.03% reduction in R&D spending to 52 million yuan in 2024, with R&D expenditure as a percentage of revenue at only 3.3% [3]. - A significant drop in R&D investment continued into 2025, with a 32.61% cut in the first quarter, leading to a 15.38% loss of R&D personnel [3]. - The company's technological offerings, including AI marketing SaaS and mobile application distribution PaaS, lack substantial value, as evidenced by low margins and reliance on third-party applications [3].

Core Insights - The "2025 World Humanoid Robot Games" held in Beijing has sparked global interest in the development of humanoid robots, prompting deeper discussions on their evolution path [1] - The CEO of Tianyu Digital Technology (Dalian) Group Co., Ltd. emphasizes the importance of the synergy between the "big brain" and "small brain" technologies alongside the mechanical body for humanoid robot development [1] Group 1: Technological Evolution - The evolution of humanoid robot technology is categorized into three key stages: program-controlled demonstration stage (1.0), imitation stage based on large models (2.0), and intelligent stage based on massive 3D data (3.0) [1] - 3D data is identified as a critical resource for advancing humanoid robots to the 3.0 stage, enabling AI to better understand the physical world and perform advanced reasoning in three-dimensional scenarios [1] Group 2: Industry Challenges - Current challenges in the development of 3D datasets include high costs and complex processes for data acquisition and processing, as well as low standardization leading to poor compatibility and difficulties in sharing and reusing data [2] - The company is actively building a multi-dimensional data ecosystem to address these industry pain points, having established a 3D motion capture and multi-modal data collection base, acquiring 1.5 million 3D data points and 650,000 multi-modal data points [2] Group 3: Industrialization and Application - Collaborative development is deemed essential to overcome bottlenecks in the industrialization of humanoid robots, with a need for standardized platforms for algorithms, 3D data, testing, and talent cultivation [3] - Predictions indicate that humanoid robots will see accelerated deployment in various sectors, including industrial manufacturing, healthcare, and public safety, with specific applications such as assembly, surgical assistance, and emergency response [3] Group 4: Future Development - The company is developing an integrated embodied intelligence model machine that combines spatial intelligence, 3D data platforms, and cloud-edge computing to create a comprehensive development platform [4] - As embodied intelligence technology progresses from imitation to intelligent stages, the large-scale deployment of humanoid robots is anticipated, marking a significant shift in the human-machine relationship [4]

Core Insights - Tianyu Digital Technology (002354.SZ) faces significant governance issues as two key executives have been implicated in legal troubles within a year, raising concerns about the company's operational integrity and investor confidence [1][2] Governance Issues - The company has been operating without a controlling shareholder since the original controller Zhu Ye exited in 2023, leading to a governance vacuum that has not been effectively addressed despite increasing independent directors to 55% [2] - The management structure is criticized for being overly centralized, with the acting responsibilities of the vice president, He Han, who holds multiple roles, raising concerns about oversight [1][2] Financial Performance - In 2024, the company's revenue declined by 10.38% to 1.579 billion yuan, while net profit improved from a loss of 1.087 billion yuan to a loss of 118 million yuan [3] - Operating cash flow plummeted by 6564.59% to -72.39 million yuan, indicating severe liquidity issues, with accounts receivable increasing by 12.14% to 455 million yuan [3][4] Technological Challenges - The company's commitment to AI technology appears hollow, with R&D expenses decreasing by 15.03% to 52 million yuan in 2024, and a further cut of 32.61% to 9.37 million yuan in Q1 2025 [4] - The lack of self-developed algorithms has rendered the company's high-cost computing center ineffective, highlighting a failure to capitalize on AI opportunities [4] Market Reaction - Following the legal troubles of executives, the stock price experienced volatility, with a 9.3% drop after the chairman's detention, while the stock slightly increased by 0.51% on the day of the recent arrest, indicating investor skepticism about the company's claims of operational independence from these issues [1][2]

亚钾国际（截至8月19日，市值近300亿元）发布公告称，公司获悉银川市人民检察院依法以涉嫌挪用公款罪、滥用职权罪对董 事长郭柏春作出逮捕决定。上述事项系针对郭柏春个人，与公司无关联。目前公司生产经营一切正常。 天娱数科（截至8月19日，市值超130亿元）发布公告称，公司获悉银川市人民检察院依法以涉嫌挪用公款罪、滥用职权罪对郭 柏春作出逮捕决定。上述事项系公司董事郭柏春任公职期间的个人事项，与公司无关。公司及子公司生产经营秩序正常。 8月19日，最高人民检察院发布消息称，宁夏回族自治区银川市政府原党组成员、副市长郭柏春（副厅级）涉嫌挪用公款、滥用 职权一案，由宁夏回族自治区监察委员会调查终结，移送检察机关审查起诉。经宁夏回族自治区人民检察院交办，由银川市人 民检察院审查起诉。日前，银川市人民检察院依法以涉嫌挪用公款罪、滥用职权罪对郭柏春作出逮捕决定。该案正在进一步办 理中。 随后，郭柏春任职的两家上市公司亚钾国际（000893）、天娱数科（002354），均在同日相继发布公告称，郭柏春被采取强制 措施。 相关资料显示，郭柏春，男，汉族，1965年10月出生。 2013年6月至2018年10月，任宁夏回族自治区银 ...

Core Viewpoint - Recent incidents of information disclosure violations and arrests of executives in A-share listed companies have raised concerns about corporate governance and compliance in the market [2][3][4]. Group 1: Executive Arrests and Investigations - Multiple companies, including Keda Data, Kesi Technology, Tianyu Digital Science, and others, have announced significant issues, with executives facing investigations and arrests for various offenses [2][3]. - In August alone, six A-share listed companies reported issues with their core management, involving detention, arrest, and other coercive measures [3]. Group 2: Information Disclosure Violations - Four companies, including *ST Dongtong and *ST Gaohong, have been flagged for serious information disclosure violations, with some facing the risk of forced delisting due to major legal infractions [4][6]. - *ST Gaohong was found to have inflated revenue by nearly 20 billion and was fined 135 million, with several executives penalized [5]. - *ST Dongtong has been investigated twice this year for financial misreporting, facing high delisting risks [6]. Group 3: Company-Specific Issues - Jihua Group has been investigated for repeated information disclosure violations, indicating a pattern of non-compliance [7]. - Haosai has faced scrutiny for failing to disclose the arrest of its controlling shareholder and is under investigation for alleged bribery [8]. - As of August 19, the total market capitalization of the companies involved in these incidents is approximately 128.7 billion [9].

Core Viewpoint - The rise of physical AI represents a significant paradigm shift in artificial intelligence, moving from algorithmic interactions in virtual environments to real-world interactions, emphasizing the need for machines to understand and interact with their physical surroundings [1][2] Group 1: Physical AI Development - The company has developed the Behavision platform, which integrates a "perception-reasoning-execution" capability, positioning itself as a leader in the physical AI sector [1] - Physical AI requires a deep understanding of physical properties such as geometric structures, material characteristics, motion laws, and interaction logic [1] - The Behavision platform is focused on creating a key data paradigm called 3D hinge data, designed specifically for training physical AI, which includes understanding the mechanics of objects like doors and drawers [1] Group 2: Data Accumulation and Model Generalization - The company has established a 3D motion capture and multimodal data collection base, accumulating 1.5 million 3D data points and 650,000 multimodal data points, including 200,000 specialized data for robot task training [1][2] - The Behavision platform enhances model generalization through a Real2Sim2Real approach, combining real and simulated data to improve adaptability in complex real-world environments [2] - The platform supports a standardized classification system for robotic bodies and an atomic skill library, enabling quick adaptation across various scenarios such as service, industrial, and logistics [2]