证券之星消息，10月9日文娱用品板块较上一交易日下跌0.23%，群兴玩具领跌。当日上证指数报收于 3933.97，上涨1.32%。深证成指报收于13725.56，上涨1.47%。文娱用品板块个股涨跌见下表： 从资金流向上来看，当日文娱用品板块主力资金净流出1.52亿元，游资资金净流入1.17亿元，散户资金净 流入3477.22万元。文娱用品板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 002862 实丰文化 | | 1901.89万 | 14.92% | 282.99万 | 2.22% | -2184.88万 | -17.14% | | 300703 创源股份 | | 935.45万 | 3.89% | 1064.08万 | 4.42% | -1999.53万 | -8.31% | | 002899 | 英派斯 | 933.40万 | 6.77% | 191.89万 | 1.39% | ...

9月30日，群兴玩具涨1.77%，成交额1.34亿元。两融数据显示，当日群兴玩具获融资买入额1303.23万 元，融资偿还1442.43万元，融资净买入-139.20万元。截至9月30日，群兴玩具融资融券余额合计1.86亿 元。 截至6月30日，群兴玩具股东户数3.74万，较上期减少12.04%；人均流通股15825股，较上期增加 16.21%。2025年1月-6月，群兴玩具实现营业收入1.76亿元，同比增长38.40%；归母净利润-1706.17万 元，同比减少158.63%。 分红方面，群兴玩具A股上市后累计派现6021.00万元。近三年，累计派现0.00元。 机构持仓方面，截止2025年6月30日，群兴玩具十大流通股东中，财通价值动量混合A（720001）退出 十大流通股东之列。 责任编辑：小浪快报 融资方面，群兴玩具当日融资买入1303.23万元。当前融资余额1.86亿元，占流通市值的3.91%，融资余 额低于近一年50%分位水平，处于较低位。 融券方面，群兴玩具9月30日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元； 融券余量0.00股，融券余额0.00元，超过近一年 ...

Group 1 - On September 24, Qunxing Toys executed a block trade of 560,000 shares, with a transaction amount of 4.6928 million yuan, accounting for 3.31% of the total transaction amount for the day [1] - The transaction price was 8.38 yuan, which remained stable compared to the market closing price of 8.38 yuan [1][2]

广东群兴玩具股份有限公司 证券代码：002575 证券简称：群兴玩具 公告编号：2025-032 关于筹划重大资产重组的进展公告 本次交易整体工作进程。 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。 一、交易概述 广东群兴玩具股份有限公司（以下简称"公司"或"上市公司"）于 2025 年 2 月 25 日与杭州天宽科技有限公司（以下简称"天宽科技"或"目标公司"） 股东浙江松萌信息技术有限责任公司、杭州承宽投资管理合伙企业（有限合伙）、 卢晓飞、徐宏、卢瑞林签署了《股权收购框架协议》，公司拟以现金方式收购上 述股东合计持有的目标公司不低于 51%的股权，本次交易完成后，天宽科技将成 为上市公司的控股子公司。 本次收购预计构成《上市公司重大资产重组管理办法》规定的重大资产重组， 但不构成关联交易。具体内容详见公司于 2025 年 2 月 27 日、2025 年 3 月 26 日、 2025 年 4 月 25 日、2025 年 5 月 23 日、2025 年 6 月 23 日、2025 年 7 月 23 日、 2025 年 8 月 22 日分别披露的《广东群兴玩 ...

Core Viewpoint - The company, Qunxing Toys, reported a revenue of 175.53 million yuan for the first half of the year, a year-on-year increase of 38.4%, but faced a net loss of 17.06 million yuan, a decline of 158.6% compared to the previous year, indicating a significant disparity between revenue growth and profitability [1][4]. Revenue and Profitability - The main revenue driver for the company is liquor sales, which accounted for over 80% of total revenue in the first half of the year, but with a low gross margin of only 2.32% [1][5]. - The newly launched computing power business generated 18.11 million yuan in revenue, representing 10.32% of total revenue, but is currently operating at a loss with a gross margin of -88.66% [2][4]. Business Expansion and Challenges - The company is attempting to enter the AI sector through a planned acquisition of Hangzhou Tiankuan Technology, but this initiative has seen no substantial progress in over six months [5][9]. - Despite the challenges, the company has secured a significant contract worth 113 million yuan with Tencent for computing power services, effective from April 2025 [6]. Shareholder Dynamics - The shareholder structure has changed, with an increase in individual shareholders, including notable investors who have recently entered the top ten shareholders list [7][9]. - The stock price has declined approximately 30% since the announcement of the acquisition plan, reflecting market skepticism about the company's future prospects [10].

Market Overview - The entertainment products sector increased by 0.09% on August 29, with Chuangyuan Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3857.93, up 0.37%, while the Shenzhen Component Index closed at 12696.15, up 0.99% [1] Stock Performance - Chuangyuan Co., Ltd. (300703) closed at 32.76, up 5.10% with a trading volume of 173,300 shares [1] - Yuanfei Pet (001222) closed at 25.27, up 4.94% with a trading volume of 121,000 shares [1] - Zhejiang Zhengte (001238) closed at 55.29, up 3.87% with a trading volume of 10,100 shares [1] - Qunxing Toys (002575) closed at 8.83, up 3.15% with a trading volume of 606,300 shares [1] - Other notable stocks include Gaole Co., Ltd. (002348) up 2.75% and Dayuan Pet (301335) up 2.13% [1] Capital Flow - The entertainment products sector experienced a net outflow of 92.30 million yuan from institutional investors, while retail investors saw a net inflow of 0.85 million yuan [2] - The sector's overall capital flow indicates a mixed sentiment among different investor types [2] Individual Stock Capital Flow - Chuangyuan Co., Ltd. had a net inflow of 44.92 million yuan from institutional investors, but a net outflow of 80.29 million yuan from retail investors [3] - Qunxing Toys saw a net inflow of 43.65 million yuan from institutional investors, with a net outflow of 36.02 million yuan from retail investors [3] - Dayuan Pet had a net inflow of 16.75 million yuan from institutional investors, but also faced a net outflow from retail investors [3]

Core Insights - The company reported a total revenue of 176 million yuan for the first half of 2025, an increase of 48.7 million yuan compared to the same period last year, marking a 38.4% year-on-year growth [1] - The net profit attributable to shareholders was -17.06 million yuan [1] - The company achieved a net cash inflow from operating activities of 38.91 million yuan, which is an increase of 99.06 million yuan compared to the same period last year, ranking 7th among disclosed peers [1] Financial Ratios - The company's latest debt-to-asset ratio is 10.97%, ranking 1st among disclosed peers [3] - The latest gross profit margin is -1.78%, which is an increase of 12.19 percentage points from the previous quarter [4] - The latest return on equity (ROE) is -2.06% [4] Earnings and Efficiency - The diluted earnings per share are -0.03 yuan [5] - The latest total asset turnover ratio is 0.19 times, an increase of 0.05 times compared to the same period last year, representing a 35.58% year-on-year growth [5] - The latest inventory turnover ratio is 5.55 times, ranking 2nd among disclosed peers [5]

Core Viewpoint - The financial report of Qunxing Toys for the first half of 2025 shows a significant increase in revenue but a substantial decline in net profit, indicating potential challenges in profitability despite revenue growth [1][4]. Financial Performance - The main revenue for the first half of 2025 reached 176 million yuan, a year-on-year increase of 38.4% [1]. - The net profit attributable to shareholders was -17.06 million yuan, a year-on-year decrease of 158.63% [1][4]. - The net profit excluding non-recurring items was -19.22 million yuan, down 78.33% year-on-year [1][4]. Quarterly Analysis - In Q2 2025, the company reported a single-quarter revenue of 103 million yuan, reflecting a year-on-year increase of 1.61% [1]. - The net profit attributable to shareholders for Q2 was -2.01 million yuan, showing a year-on-year increase of 43.71% [1][4]. - The net profit excluding non-recurring items for Q2 was -3.97 million yuan, up 29.48% year-on-year [1][4]. Profitability Metrics - The debt ratio stood at 10.97% [1]. - Investment income was 2.11 million yuan, while financial expenses amounted to 0.21 million yuan [1]. - The gross profit margin was -1.78%, a year-on-year decrease of 121.57% [7]. Earnings Per Share - Earnings per share were -0.03 yuan, a year-on-year decrease of 200% [7]. - Revenue per share was 0.28 yuan, reflecting a year-on-year increase of 44.29% [7]. - The net asset per share was 1.34 yuan, up 4.96% year-on-year [7].

Group 1 - The core viewpoint of the article is that Qunxing Toys (SZ 002575) held its 22nd meeting of the fifth board of directors on August 28, 2025, to review the semi-annual report and summary for 2025 [1] - For the year 2024, the revenue composition of Qunxing Toys shows that liquor sales accounted for 91.29%, while rental income from owned properties and entrepreneurial park operation services made up 8.71% [1] - As of the report date, the market capitalization of Qunxing Toys is 5.3 billion yuan [1] Group 2 - The article mentions that over 20,000 applications have been submitted for joining Haidilao, with 41 franchises already opened, indicating a significant interest in the brand [1] - The estimated investment required to join Haidilao is around 10 million yuan, which is considered not excessive [1]

Part I [Important Notice, Table of Contents, and Definitions](index=2&type=section&id=第一节%20重要提示、目录和释义) The company's board, supervisory board, and senior management guarantee the accuracy of the semi-annual report and advise investors to note risks; no cash dividends, bonus shares, or capital increase from capital reserves planned for this period [Important Notice](index=2&type=section&id=重要提示) Company's board, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content, with no false records, misleading statements, or major omissions[4](index=4&type=chunk) - Statements regarding future development in the report are forward-looking and do not constitute substantive commitments; investors should be aware of investment risks[5](index=5&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves to share capital[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=目录) This section lists the overall structure of the report, including nine main chapters such as important notices, company profile, management discussion and analysis, corporate governance, significant matters, share changes, bond information, financial reports, and other submitted data - The report's table of contents is clear, covering company operations, finance, governance, and significant matters[7](index=7&type=chunk) [List of Reference Documents](index=4&type=section&id=备查文件目录) Reference documents include signed financial statements, originals of publicly disclosed documents and announcements, and the chairman's signed original semi-annual report, available at the company's securities department - Reference documents include signed and sealed financial statements, originals of publicly disclosed documents and announcements, and the chairman's signed original semi-annual report[9](index=9&type=chunk)[10](index=10&type=chunk)[11](index=11&type=chunk) - All reference documents are available at the company's securities department[12](index=12&type=chunk) [Definitions](index=5&type=section&id=释义) This section defines key terms used in the report, including company names, relevant institutions, business entities, and the reporting period, ensuring consistency in understanding - The reporting period refers to January 1, 2025, to June 30, 2025[13](index=13&type=chunk) - Key business entities include Guangdong Qunxing Toys Co., Ltd., Shenzhen Xinghe Data Technology Co., Ltd., Shantou Tonglele Toys Co., Ltd., Suzhou Haojiujiu Industry Co., Ltd., and Hangzhou Turing Engine Technology Co., Ltd[13](index=13&type=chunk) Part II [Company Profile and Key Financial Indicators](index=6&type=section&id=第二节%20公司简介和主要财务指标) This section provides an overview of the company, including its stock information, contact details, and a summary of key financial performance and position indicators for the reporting period [1. Company Profile](index=6&type=section&id=一、公司简介) The company's stock abbreviation is "Qunxing Toys", stock code 002575, listed on the Shenzhen Stock Exchange, with Zhang Jincheng as its legal representative - Company stock abbreviation: **Qunxing Toys**, stock code: **002575**[15](index=15&type=chunk) - The company's stock is listed on the **Shenzhen Stock Exchange**[15](index=15&type=chunk) - The company's legal representative is **Zhang Jincheng**[15](index=15&type=chunk) [2. Contact Person and Information](index=6&type=section&id=二、联系人和联系方式) The company's Board Secretary is Chen Bin, located in Suzhou Industrial Park, Jiangsu Province, with phone/fax 0512-67242575 and email ir@qx002575.com - The Board Secretary is **Chen Bin**, with contact address at 16th Floor, Phase 3, International Science and Technology Park, 1355 Jinji Lake Avenue, Suzhou Industrial Park, Jiangsu Province[16](index=16&type=chunk) - Contact phone and fax are both **0512-67242575**, and the email is **ir@qx002575.com**[16](index=16&type=chunk) [3. Other Information](index=6&type=section&id=三、其他情况) During the reporting period, there were no changes in the company's contact information, information disclosure, document storage locations, or other relevant data, referring to the 2024 annual report for details - The company's registered address, office address, website, and email address remained unchanged during the reporting period[17](index=17&type=chunk) - Information disclosure and document storage locations remained unchanged during the reporting period[18](index=18&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) This period, the company's operating revenue increased by 38.40% to 175.53 million yuan, but net profit attributable to shareholders decreased by 158.63% to -17.06 million yuan, with basic EPS of -0.03 yuan/share; net cash flow from operating activities significantly improved to 38.91 million yuan, while total assets and net assets attributable to shareholders slightly decreased Key Accounting Data and Financial Indicators (Current Period vs. Prior Year) | Indicator | Current Period (yuan) | Prior Year (yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 175,533,587.43 | 126,832,830.38 | 38.40% | | Net Profit Attributable to Shareholders of Listed Company | -17,061,684.85 | -6,596,957.63 | -158.63% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | -19,217,034.60 | -10,775,987.16 | -78.33% | | Net Cash Flow from Operating Activities | 38,910,674.35 | -60,151,013.32 | 164.69% | | Basic Earnings Per Share (yuan/share) | -0.03 | -0.01 | -200.00% | | Diluted Earnings Per Share (yuan/share) | -0.03 | -0.01 | -200.00% | | Weighted Average Return on Net Assets | -2.08% | -0.81% | -1.27% | | **Period-End Indicators** | **Current Period-End (yuan)** | **Prior Year-End (yuan)** | **Period-End vs. Prior Year-End Change (%)** | | Total Assets | 926,589,304.45 | 930,627,188.16 | -0.43% | | Net Assets Attributable to Shareholders of Listed Company | 827,329,490.06 | 833,592,705.87 | -0.75% | [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 had no differences in net profit and net assets between financial reports disclosed under International Accounting Standards or overseas accounting standards and Chinese Accounting Standards - The company's reporting period shows no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards[21](index=21&type=chunk) - The company's reporting period shows no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese Accounting Standards[22](index=22&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) This reporting period, total non-recurring gains and losses amounted to 2.16 million yuan, primarily from fair value changes of financial assets and debt restructuring gains/losses Non-Recurring Gains and Losses and Amounts | Item | Amount (yuan) | | :--- | :--- | | Fair value changes and disposal gains/losses from financial assets and liabilities held by non-financial enterprises, excluding effective hedge accounting related to normal business operations | 438,331.23 | | Debt restructuring gains/losses | 1,865,268.97 | | Other non-operating income and expenses apart from the above | -42,376.58 | | Less: Income tax impact | 82,284.46 | | Minority interest impact (after tax) | 23,589.41 | | **Total** | **2,155,349.75** | - The company has no other profit and loss items that meet the definition of non-recurring gains and losses, nor does it classify non-recurring gains and losses as recurring gains and losses[25](index=25&type=chunk) Part III [Management Discussion and Analysis](index=9&type=section&id=第三节%20管理层讨论与分析) This section provides an in-depth analysis of the company's principal businesses, core competencies, financial performance, asset and liability status, investment activities, and risk factors during the reporting period [1. Principal Businesses 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 include intelligent computing, liquor sales, and property leasing and management services; during the period, the company strategically focused on intelligent computing, becoming a computing power service provider for a major client, while liquor sales grew steadily and property services remained stable - The company's principal businesses are **intelligent computing, liquor sales, and property leasing and management services**[27](index=27&type=chunk) - Since 2024, the company has focused on expanding its intelligent computing business, becoming a computing power service provider for a major domestic client and generating operating revenue[27](index=27&type=chunk) - The liquor sales business has consolidated traditional channels and actively explored online sales models, building an omnichannel marketing system encompassing "offline channels + online e-commerce + live streaming platforms"[28](index=28&type=chunk) [2. Analysis of Core Competencies](index=9&type=section&id=二、核心竞争力分析) The company's core competencies include an experienced management team, a professional intelligent computing team with scarce computing resources, policy support from Hangzhou, advantages in liquor procurement and sales channels, and the prime location and quality management of its owned properties - The company's core management team possesses extensive experience in corporate governance and operations management, with a clear development strategy[29](index=29&type=chunk) - In the intelligent computing business, the company has an experienced intelligent computing team, substantial scarce and compliant high-performance computing power resources, and benefits from policy support as Hangzhou is a national artificial intelligence innovation application pilot zone[29](index=29&type=chunk) - In liquor sales, the company holds core advantages in both procurement and sales, maintaining stable cooperation with renowned suppliers and possessing a stable core customer base and market expansion capabilities[29](index=29&type=chunk) - Owned properties enjoy high recognition and superior geographical locations, maintaining stable occupancy rates, and are supported by a professional commercial operations management team and a comprehensive service system[30](index=30&type=chunk)[31](index=31&type=chunk) [3. Analysis of Principal Business](index=10&type=section&id=三、主营业务分析) This period, the company's operating revenue increased by 38.40% due to intelligent computing and liquor sales, but net profit declined significantly due to a 53.51% increase in operating costs from intelligent computing initial investments and a 303.60% rise in selling expenses Key Financial Data Year-on-Year Changes | Indicator | Current Period (yuan) | Prior Year (yuan) | YoY Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 175,533,587.43 | 126,832,830.38 | 38.40% | Primarily due to revenue from intelligent computing business and increased liquor sales revenue in this period | | Operating Cost | 178,654,480.84 | 116,382,128.66 | 53.51% | Primarily due to increased operating costs for intelligent computing business in this period | | Selling Expenses | 3,838,129.65 | 950,982.98 | 303.60% | Primarily due to increased selling expenses for intelligent computing business and increased employee compensation in this period | | Administrative Expenses | 17,488,734.29 | 19,444,971.91 | -10.06% | Primarily due to reduced restricted stock incentive expenses in this period | | Financial Expenses | 210,915.49 | -105,258.62 | 300.38% | Primarily due to increased interest expenses in this period | | Income Tax Expense | -5,746,693.99 | 253,813.40 | -2,364.14% | Primarily due to deferred income tax provision in this period | | Net Cash Flow from Operating Activities | 38,910,674.35 | -60,151,013.32 | 164.69% | Primarily due to increased net cash flow from goods sales in this period | | Net Cash Flow from Investing Activities | -46,822,698.89 | 50,339,294.19 | -193.01% | Primarily due to decreased cash recovered from investments in this period | | Net Cash Flow from Financing Activities | -421,580.91 | -641,443.93 | 34.28% | Primarily due to reduced rent payments in this period | | Net Increase in Cash and Cash Equivalents | -8,334,844.25 | -10,451,745.80 | 20.25% | Primarily due to increased net cash flow from operating activities in this period | | Investment Income | 2,109,122.19 | 4,551,460.41 | -53.66% | Primarily due to reduced wealth management income in this period | | Credit Impairment Loss | -68,359.76 | -1,276,000.40 | 94.64% | Primarily due to reduced bad debt provision for accounts receivable in this period | | Asset Impairment Loss | -526,407.82 | 0.00 | -100.00% | Primarily due to provision for impairment of liquor inventory in this period | - The company's net profit decreased during the reporting period, mainly due to high initial investment costs in the intelligent computing business and delayed sales[33](index=33&type=chunk) Operating Revenue Composition (by Industry) | Industry | Current Period Amount (yuan) | % of Operating Revenue | Prior Year Amount (yuan) | % of Operating Revenue | YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Liquor Sales | 141,415,441.64 | 80.56% | 111,328,542.48 | 87.78% | 27.03% | | Intelligent Computing Business | 18,114,074.86 | 10.32% | 0.00 | 0.00% | 100.00% | | Owned Property Leasing and Property Management Services | 16,004,070.93 | 9.12% | 15,504,287.90 | 12.22% | 3.22% | Gross Profit Margin Changes by Business | Industry | Current Period Gross Profit Margin (%) | Prior Year Gross Profit Margin (%) | Gross Profit Margin Change from Prior Year (%) | | :--- | :--- | :--- | :--- | | Liquor Sales | 2.32% | 1.25% | 1.07% | | Intelligent Computing Business | -88.66% | 0.00% | -88.66% | | Owned Property Leasing and Property Management Services | 60.37% | 60.32% | 0.05% | [4. Analysis of Non-Principal Business](index=11&type=section&id=四、非主营业务分析) Non-principal business saw a 53.66% decrease in investment income due to reduced wealth management returns, a positive shift in fair value change gains/losses from trading financial assets, and asset impairment losses mainly from liquor inventory write-downs Non-Principal Business Gains and Losses | Item | Amount (yuan) | % of Total Profit | Reason for Change | | :--- | :--- | :--- | :--- | | Investment Income | 2,109,122.19 | -8.75% | Primarily due to debt restructuring gains in this period | | Fair Value Change Gains/Losses | 194,478.01 | -0.81% | Primarily due to changes in fair value of trading financial assets | | Asset Impairment | -526,407.82 | 2.18% | Primarily due to provision for inventory impairment | | Non-Operating Income | 74.85 | 0.00% | Primarily due to receipt of income unrelated to principal business | | Non-Operating Expenses | 48,644.37 | -0.20% | Primarily due to payment of expenses unrelated to principal business | [5. Analysis of Assets and Liabilities](index=12&type=section&id=五、资产及负债状况分析) At the end of the reporting period, total assets and net assets attributable to shareholders slightly decreased; asset structure showed reduced accounts receivable, significantly increased prepayments and deferred tax assets, and a large balance of trading financial assets, while short-term borrowings and lease liabilities remained stable Significant Changes in Asset Composition | Item | Current Period-End Amount (yuan) | % of Total Assets | Prior Year-End Amount (yuan) | % of Total Assets | % Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 21,861,087.34 | 2.36% | 30,195,931.59 | 3.24% | -0.88% | No significant change | | Accounts Receivable | 32,426,189.80 | 3.50% | 55,281,344.68 | 5.94% | -2.44% | Primarily due to collection of accounts receivable in this period | | Inventories | 29,406,622.70 | 3.17% | 35,026,014.12 | 3.76% | -0.59% | No significant change | | Investment Properties | 340,270,153.00 | 36.72% | 340,270,153.00 | 36.56% | 0.16% | No significant change | | Fixed Assets | 29,736,338.84 | 3.21% | 32,680,346.60 | 3.51% | -0.30% | Primarily due to depreciation of fixed assets | | Right-of-Use Assets | 224,883,027.13 | 24.27% | 250,800,838.63 | 26.95% | -2.68% | Primarily due to depreciation of right-of-use assets | | Short-Term Borrowings | 10,000,000.00 | 1.08% | 10,000,000.00 | 1.07% | 0.01% | No significant change | | Lease Liabilities | 4,619,076.03 | 0.50% | 4,774,567.96 | 0.51% | -0.01% | No significant change | | Prepayments | 11,774,248.03 | 1.27% | 46,924.40 | 0.01% | 1.26% | Primarily due to prepayments for liquor purchases | | Deferred Income Tax Assets | 11,538,072.12 | 1.25% | 5,316,163.60 | 0.57% | 0.68% | Primarily due to increased deductible losses in this period | | Advances from Customers | 4,597,657.25 | 0.50% | 3,176,877.52 | 0.34% | 0.16% | Primarily due to increased prepaid property management fees in this period | | Trading Financial Assets | 57,244,478.01 | 6.18% | 0.00 | 0.00% | 6.18% | Primarily due to purchase of wealth management products in this period | - The company had no major overseas assets at the end of the reporting period[42](index=42&type=chunk) - The company had no asset rights restrictions at the end of the reporting period[42](index=42&type=chunk) [6. Analysis of Investment Status](index=14&type=section&id=六、投资状况分析) The company had no significant equity, non-equity, or derivative investments during the reporting period; securities investments, primarily domestic and overseas stocks, had a book value of 1.96 million yuan, and entrusted wealth management amounted to 66.51 million yuan, with 57.24 million yuan outstanding at period-end - The company had no significant equity investments or non-equity investments during the reporting period[43](index=43&type=chunk) Securities Investment Status | Security Type | Security Code | Security Name | Period-End Book Value (yuan) | Accounting Subject | Source of Funds | | :--- | :--- | :--- | :--- | :--- | :--- | | Domestic and Overseas Stocks | 835801 | Bodaguangtong | 0.00 | Other Equity Instrument Investments | Own Funds | | Domestic and Overseas Stocks | 430178 | Baihong Software | 0.00 | Other Equity Instrument Investments | Own Funds | | Domestic and Overseas Stocks | 833476 | Diandong Technology | 1,197,924.51 | Other Equity Instrument Investments | Own Funds | | Domestic and Overseas Stocks | 430184 | Yuhuatang | 0.00 | Other Equity Instrument Investments | Own Funds | | Domestic and Overseas Stocks | 430093 | Zhangshangtong | 757,222.37 | Other Equity Instrument Investments | Own Funds | | **Total** | | | **1,955,146.88** | | | - The company had no derivative investments or use of raised funds during the reporting period[45](index=45&type=chunk)[46](index=46&type=chunk) Entrusted Wealth Management Status | Specific Type | Source of Entrusted Wealth Management Funds | Amount of Entrusted Wealth Management (10,000 yuan) | Unexpired Balance (10,000 yuan) | Overdue Unrecovered Amount (10,000 yuan) | | :--- | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Funds | 6,651.49 | 5,724.45 | 0 | [7. Significant Asset and Equity Sales](index=15&type=section&id=七、重大资产和股权出售) The company did not engage in any significant asset or equity sales during the reporting period - The company did not sell significant assets during the reporting period[47](index=47&type=chunk) - The company did not sell significant equity during the reporting period[48](index=48&type=chunk) [8. Analysis of Major Holding and Participating Companies](index=15&type=section&id=八、主要控股参股公司分析) Hangzhou Turing Engine Technology Co., Ltd., a major subsidiary, reported a net loss of -18.61 million yuan due to high initial intelligent computing business costs and delayed sales; Hangzhou Westin Property Management Co., Ltd., an associate, had a net loss of -3.90 million yuan Major Subsidiaries and Associate Companies | Company Name | Company Type | Principal 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) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hangzhou Turing Engine Technology Co., Ltd. | Subsidiary | Intelligent Computing Business | 10,000.00 | 30,686.52 | 8,460.53 | 1,811.41 | -2,482.75 | -1,860.79 | | Hangzhou Westin Property Management Co., Ltd. | Associate Company | Property Management | 500.00 | 1,926.36 | 903.06 | 632.90 | -390.37 | -390.38 | - Hangzhou Turing Engine Technology Co., Ltd.'s net profit was negative, mainly due to high initial investment costs in the intelligent computing business but delayed sales[49](index=49&type=chunk) [9. Structured Entities Controlled by the Company](index=15&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 - The company had no structured entities under its control during the reporting period[50](index=50&type=chunk) [10. Risks Faced by the Company and Countermeasures](index=16&type=section&id=十、公司面临的风险和应对措施) The company faces business risks (economic conditions, market competition, industry changes), M&A risks, and talent risks; countermeasures include optimizing business models, exploring new markets, prudent M&A, and improving human resource management and incentive mechanisms - Business risks include changes in domestic and international economic conditions, market fluctuations, intensified competition in the baijiu industry, weak demand for property leasing, and market competition, technological, and policy risks in the intelligent computing business[51](index=51&type=chunk) - M&A risks may lead to acquisition setbacks due to asset characteristics, regulatory requirements, and other factors[52](index=52&type=chunk) - Talent risks primarily stem from fierce competition for high-caliber talent, where failure to keep pace with incentive mechanisms and the construction of a scientific and technological innovation environment will impact talent acquisition[52](index=52&type=chunk) - Countermeasures include continuously optimizing business models and product structures, actively exploring new sales regions, prudently expanding business, establishing and improving management and incentive mechanisms, and recruiting talent as needed[51](index=51&type=chunk)[52](index=52&type=chunk) [11. Implementation of Market Value Management System and Valuation Enhancement Plan](index=16&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 did not establish a market value management system or disclose a valuation enhancement plan during the reporting period - The company has not established a market value management system[53](index=53&type=chunk) - The company has not disclosed a valuation enhancement plan[53](index=53&type=chunk) [12. Implementation of "Quality and Return Dual Improvement" Action Plan](index=16&type=section&id=十二、“质量回报双提升”行动方案贯彻落实情况) The company did not disclose an announcement regarding the "Quality and Return Dual Improvement" action plan during the reporting period - The company has not disclosed an announcement regarding the "Quality and Return Dual Improvement" action plan[53](index=53&type=chunk) Part IV [Corporate Governance, Environment, and Society](index=17&type=section&id=第四节%20公司治理、环境和社会) This section details changes in the company's governance structure, profit distribution plans, equity incentive implementation, environmental disclosures, and social responsibility initiatives during the reporting period [1. Changes in Directors, Supervisors, and Senior Management](index=17&type=section&id=一、公司董事、监事、高级管理人员变动情况) There were no changes in the company's directors, supervisors, and senior management during the reporting period - The company's directors, supervisors, and senior management experienced no changes during the reporting period[55](index=55&type=chunk) [2. Profit Distribution and Capital Reserve Conversion to Share Capital for the Current Reporting Period](index=17&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, bonus shares, or convert capital reserves to share capital for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves to share capital for the semi-annual period[56](index=56&type=chunk) [3. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=17&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 completed the repurchase and cancellation of 26.22 million restricted shares from the 2019 and 2023 restricted stock incentive plans that had been granted but not yet unblocked, resulting in a reduction in the company's total share capital - The company terminated the 2019 restricted stock incentive plan, repurchasing and canceling 26.21 million restricted shares granted to 50 incentive recipients that had not yet been unblocked[57](index=57&type=chunk) - The company repurchased and canceled 10,000 restricted shares granted to 1 incentive recipient under the 2023 restricted stock incentive plan that had not yet been unblocked[58](index=58&type=chunk) - The repurchase and cancellation of a total of **26.22 million restricted shares** was completed on May 22, 2025, reducing the company's total share capital from **642,720,000 shares to 616,500,000 shares**[58](index=58&type=chunk) [4. Environmental Information Disclosure](index=17&type=section&id=四、环境信息披露情况) The company and its major subsidiaries were not included in the list of enterprises required to disclose environmental information by law - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[59](index=59&type=chunk) [5. Social Responsibility](index=18&type=section&id=五、社会责任情况) The company adheres to sustainable development principles, actively fulfills its social responsibilities, including safeguarding shareholder interests, protecting employee rights, complying with environmental regulations, and supporting employee poverty alleviation and charitable education - The company strictly complies with national laws and regulations, focusing on safe production, product quality, environmental protection, and safeguarding the legitimate interests of employees and investors[60](index=60&type=chunk) - The company has established a sound corporate governance structure and internal control system to effectively protect the legitimate interests of shareholders, especially small and medium shareholders[60](index=60&type=chunk) - The company strictly adheres to labor laws and other relevant regulations, fully respects and protects employees' individual rights, and emphasizes talent training and development[61](index=61&type=chunk) - The company and its subsidiaries diligently implement environmental laws and regulations, with no penalties for violations during the reporting period[61](index=61&type=chunk) Part V [Significant Matters](index=19&type=section&id=第五节%20重要事项) This section covers various significant matters during the reporting period, including commitments, related party transactions, litigation, penalties, and other material events that could impact the company's operations or financial position [1. Commitments Fulfilled or Overdue by Controlling Shareholder, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=19&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) During the reporting period, there were no commitments by the company's actual controller, shareholders, related parties, acquirers, or the company that were either fulfilled or overdue - During the reporting period, there were no commitments by the company's actual controller, shareholders, related parties, acquirers, or the company that were either fulfilled or overdue as of the end of the reporting period[63](index=63&type=chunk) [2. Non-Operating Funds Occupied by Controlling Shareholder and Other Related Parties from the Listed Company](index=19&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 were no non-operating funds occupied by the controlling shareholder or other related parties from the listed company - During the reporting period, there were no non-operating funds occupied by the controlling shareholder or other related parties from the listed company[64](index=64&type=chunk) [3. Irregular External Guarantees](index=19&type=section&id=三、违规对外担保情况) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[65](index=65&type=chunk) [4. Appointment and Dismissal of Accounting Firms](index=19&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 report was not audited[66](index=66&type=chunk) [5. Board of Directors' and Supervisory Board's Explanation on the "Non-Standard Audit Report" for the Current Period](index=19&type=section&id=五、董事会、监事会对会计师事务所本报告期“非标准审计报告”的说明) Not applicable, as the company's semi-annual report was not audited - Not applicable[67](index=67&type=chunk) [6. Board of Directors' Explanation on the "Non-Standard Audit Report" for the Previous Year](index=19&type=section&id=六、董事会对上年度“非标准审计报告”相关情况的说明) Not applicable - Not applicable[67](index=67&type=chunk) [7. Matters Related to Bankruptcy Reorganization](index=19&type=section&id=七、破产重整相关事项) The company had no matters related to bankruptcy reorganization during the reporting period - The company had no matters related to bankruptcy reorganization during the reporting period[67](index=67&type=chunk) [8. Litigation Matters](index=19&type=section&id=八、诉讼事项) The company had no significant litigation or arbitration matters during the current reporting period - The company had no significant litigation or arbitration matters during the current reporting period[68](index=68&type=chunk) [9. Penalties and Rectification](index=20&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[69](index=69&type=chunk) [10. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=20&type=section&id=十、公司及其控股股东、实际控制人的诚信状况) Not applicable - Not applicable[70](index=70&type=chunk) [11. Significant Related Party Transactions](index=20&type=section&id=十一、重大关联交易) During the reporting period, the company had no related party transactions related to daily operations, asset or equity acquisitions/disposals, joint external investments, related party creditor-debtor relationships, or other significant related party transactions - The company had no related party transactions related to daily operations during the reporting period[71](index=71&type=chunk) - The company had no related party transactions involving asset or equity acquisitions or disposals during the reporting period[72](index=72&type=chunk) - The company had no related party creditor-debtor relationships during the reporting period[73](index=73&type=chunk) - The company had no other significant related party transactions during the reporting period[76](index=76&type=chunk) [12. Significant Contracts and Their Performance](index=21&type=section&id=十二、重大合同及其履行情况) The company had no trusteeship or contracting arrangements during the reporting period; property leasing, particularly for Qunxing Industrial Park and Tonglele factory, significantly impacted company profit; entrusted wealth management amounted to 57.24 million yuan outstanding at period-end, with no significant guarantees or other major contracts - The company had no trusteeship or contracting arrangements during the reporting period[77](index=77&type=chunk)[78](index=78&type=chunk) Leasing Projects Contributing Over 10% of the Company's Total Profit for the Reporting Period | Lessor Name | Lessee Name | Leased Asset Description | Leased Asset Amount (10,000 yuan) | Lease Start Date | Lease End Date | Lease Income (10,000 yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Guangdong Qunxing Toys Co., Ltd. | Shantou Chenghai Qunlong Plastic Products Co., Ltd. | Buildings 1, 2, 3 of Qunxing Industrial Park, North of Qingping Road, Linghai Industrial Zone, Chenghai District, Shantou City | 6,876.92 | June 01, 2023 | May 31, 2029 | 530.05 | | Shantou Tonglele Toys Co., Ltd. | Shantou Chenghai Qunlong Plastic Products Co., Ltd. | Tonglele Factory Building, East of Linghai Road, Linghai Industrial Park, Chenghai District, Shantou City | 1,817.76 | August 01, 2021 | July 31, 2026 | 173.31 | - The company had no significant guarantee situations during the reporting period[80](index=80&type=chunk) Entrusted Wealth Management Status | Specific Type | Source of Entrusted Wealth Management Funds | Amount of Entrusted Wealth Management (10,000 yuan) | Unexpired Balance (10,000 yuan) | | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Funds | 6,651.49 | 5,724.45 | [13. Explanation of Other Significant Matters](index=22&type=section&id=十三、其他重大事项的说明) The company is proceeding with the acquisition of no less than 51% equity in Hangzhou Tiankuan Technology Co., Ltd., expected to constitute a major asset restructuring; its grandchild company, Hangzhou Turing Engine Technology Co., Ltd., has signed a computing power service agreement; and the company completed the repurchase and cancellation of some restricted shares, reducing total share capital - The company plans to acquire no less than **51% equity** in Hangzhou Tiankuan Technology Co., Ltd. via cash, which is expected to constitute a major asset restructuring and is currently in progress[83](index=83&type=chunk) - The company's grandchild company, Hangzhou Turing Engine Technology Co., Ltd., has signed a computing power service agreement[84](index=84&type=chunk) - The company has completed the repurchase and cancellation of some restricted shares, reducing its total share capital from **642,720,000 shares to 616,500,000 shares**, and has completed the industrial and commercial change registration[84](index=84&type=chunk) [14. Significant Matters of Company Subsidiaries](index=22&type=section&id=十四、公司子公司重大事项) The company's grandchild company, Hangzhou Turing Engine Technology Co., Ltd., signed a computing power service agreement with a leading downstream client - The company's grandchild company, Hangzhou Turing Engine Technology Co., Ltd., signed a "Computing Power Service Agreement" with a leading downstream client[86](index=86&type=chunk) Part VI [Share Changes and Shareholder Information](index=24&type=section&id=第六节%20股份变动及股东情况) This section details changes in the company's share capital, shareholder structure, and the shareholdings of directors, supervisors, and senior management during the reporting period [1. Share Change Status](index=24&type=section&id=一、股份变动情况) During the reporting period, the company's total shares decreased by 26.22 million, from 642.72 million to 616.50 million, due to the repurchase and cancellation of restricted shares from the 2019 and 2023 incentive plans, leading to a reduction in restricted shares and an increase in the proportion of unrestricted shares Share Change Status | Share Type | Quantity Before Change (shares) | Proportion Before Change (%) | Increase/Decrease in This Change (shares) | Quantity After Change (shares) | Proportion After Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 51,601,000.00 | 8.03% | -26,220,000.00 | 25,381,000.00 | 4.12% | | II. Unrestricted Shares | 591,119,000.00 | 91.97% | 0.00 | 591,119,000.00 | 95.88% | | III. Total Shares | 642,720,000.00 | 100.00% | -26,220,000.00 | 616,500,000.00 | 100.00% | - The share change was primarily due to the repurchase and cancellation of some restricted shares from the 2019 and 2023 restricted stock incentive plans, totaling **26.22 million shares**[90](index=90&type=chunk)[91](index=91&type=chunk)[92](index=92&type=chunk) - The repurchase and cancellation was completed on May 22, 2025, in compliance with relevant laws and regulations[92](index=92&type=chunk)[95](index=95&type=chunk) [2. Securities Issuance and Listing](index=26&type=section&id=二、证券发行与上市情况) The company had no securities issuance or listing during the reporting period - The company had no securities issuance or listing during the reporting period[96](index=96&type=chunk) [3. Number of Shareholders and Shareholding Status](index=26&type=section&id=三、公司股东数量及持股情况) At the end of the reporting period, the total number of common shareholders was 37,353; Shenzhen Xinghe Data Technology Co., Ltd. was the largest shareholder with 8.19% of shares, which are frozen and pledged; among the top ten shareholders, several natural person shareholders held significant proportions, some through credit securities accounts - The total number of common shareholders at the end of the reporting period was **37,353**[97](index=97&type=chunk) Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio (%) | Number of Shares Held at Period-End (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | Pledged, Marked, or Frozen Status (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shenzhen Xinghe Data Technology Co., Ltd. | Domestic Non-State-Owned Legal Person | 8.19% | 50,470,000 | 0 | 50,470,000 | Frozen 50,470,000, Pledged 49,000,000 | | Wu Yonghai | Domestic Natural Person | 3.18% | 19,635,392 | 0 | 19,635,392 | Not applicable 0 | | Zhang Jincheng | Domestic Natural Person | 2.77% | 17,094,000 | 12,820,500 | 4,273,500 | Not applicable 0 | | Wuhu Yubin Investment Center (Limited Partnership) | Domestic Non-State-Owned Legal Person | 2.43% | 15,000,000 | 0 | 15,000,000 | Not applicable 0 | | Cai Jue | Domestic Natural Person | 1.74% | 10,716,000 | 0 | 10,716,000 | Not applicable 0 | | Zheng Kaisong | Domestic Natural Person | 1.62% | 10,000,139 | 0 | 10,000,139 | Not applicable 0 | | Tu Wenbin | Domestic Natural Person | 1.33% | 8,196,700 | 0 | 8,196,700 | Not applicable 0 | | Tu Shien | Domestic Natural Person | 1.33% | 8,178,400 | 0 | 8,178,400 | Not applicable 0 | | Shi Yuqing | Domestic Natural Person | 1.22% | 7,500,000 | 0 | 7,500,000 | Not applicable 0 | | Chen Qin nuo | Domestic Natural Person | 1.16% | 7,128,737 | 0 | 7,128,737 | Not applicable 0 | - The company is unaware of any associated relationships or concerted actions among the aforementioned shareholders[98](index=98&type=chunk) [4. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=28&type=section&id=四、董事、监事和高级管理人员持股变动) Company directors, supervisors, and senior management had no changes in their shareholdings during the reporting period - The company's directors, supervisors, and senior management had no changes in their shareholdings during the reporting period[100](index=100&type=chunk) [5. Changes in Controlling Shareholder or Actual Controller](index=28&type=section&id=五、控股股东或实际控制人变更情况) 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[101](index=101&type=chunk) - The company's actual controller did not change during the reporting period[101](index=101&type=chunk) [6. Preferred Share Information](index=29&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[102](index=102&type=chunk) Part VII [Bond Information](index=30&type=section&id=第七节%20债券相关情况) This section confirms that the company had no bond-related activities or outstanding bonds during the reporting period [Bond Information](index=30&type=section&id=债券相关情况) The company had no bond-related information during the reporting period - The company had no bond-related information during the reporting period[104](index=104&type=chunk) Part VIII [Financial Report](index=31&type=section&id=第八节%20财务报告) This section presents the company's comprehensive financial statements, including the audit report, balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with detailed notes on key items, accounting policies, and risk disclosures [1. Audit Report](index=31&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[106](index=106&type=chunk) [2. Financial Statements](index=31&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 the first half of 2025, comprehensively presenting the company's financial position, operating results, and cash flow - Financial statements include consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity[107](index=107&type=chunk)[111](index=111&type=chunk)[115](index=115&type=chunk)[119](index=119&type=chunk)[121](index=121&type=chunk)[124](index=124&type=chunk)[127](index=127&type=chunk)[134](index=134&type=chunk) [1. Consolidated Balance Sheet](index=31&type=section&id=1、合并资产负债表) As of June 30, 2025, the company's consolidated total assets were 926.59 million yuan, total liabilities 101.67 million yuan, and total owners' equity 824.92 million yuan; current assets saw a new 57.24 million yuan in trading financial assets and a significant increase in prepayments to 11.77 million yuan, while non-current assets included deferred tax assets increasing to 11.54 million yuan Consolidated Balance Sheet Key Data | Item | Period-End Balance (yuan) | Period-Beginning Balance (yuan) | | :--- | :--- | :--- | | Total Assets | 926,589,304.45 | 930,627,188.16 | | Total Liabilities | 101,666,683.82 | 98,144,932.13 | | Total Owners' Equity | 824,922,620.63 | 832,482,256.03 | | Cash and Bank Balances | 21,861,087.34 | 30,195,931.59 | | Trading Financial Assets | 57,244,478.01 | 0.00 | | Accounts Receivable | 32,426,189.80 | 55,281,344.68 | | Prepayments | 11,774,248.03 | 46,924.40 | | Inventories | 29,406,622.70 | 35,026,014.12 | | Investment Properties | 340,270,153.00 | 340,270,153.00 | | Right-of-Use Assets | 224,883,027.13 | 250,800,838.63 | | Deferred Income Tax Assets | 11,538,072.12 | 5,316,163.60 | | Short-Term Borrowings | 10,000,000.00 | 10,000,000.00 | | Lease Liabilities | 4,619,076.03 | 4,774,567.96 | | Share Capital | 616,500,000.00 | 642,720,000.00 | | Capital Reserves | 248,084,801.94 | 307,134,293.20 | | Less: Treasury Stock | 71,455,060.00 | 168,458,660.00 | | Undistributed Profits | 79,752,179.09 | 96,813,863.94 | [2. Parent Company Balance Sheet](index=33&type=section&id=2、母公司资产负债表) As of June 30, 2025, the parent company's total assets were 971.05 million yuan, total liabilities 100.19 million yuan, and total owners' equity 870.86 million yuan; long-term equity investments increased to 143.15 million yuan, and other receivables remained a major asset component Parent Company Balance Sheet Key Data | Item | Period-End Balance (yuan) | Period-Beginning Balance (yuan) | | :--- | :--- | :--- | | Total Assets | 971,050,509.18 | 954,898,516.98 | | Total Liabilities | 100,192,660.45 | 96,724,510.21 | | Total Owners' Equity | 870,857,848.73 | 858,174,006.77 | | Cash and Bank Balances | 9,668,739.18 | 7,526,382.08 | | Trading Financial Assets | 44,713,031.21 | 0.00 | | Other Receivables | 416,800,157.38 | 454,791,540.95 | | Long-Term Equity Investments | 143,154,617.87 | 132,789,879.62 | | Investment Properties | 251,993,784.00 | 251,993,784.00 | | Share Capital | 616,500,000.00 | 642,720,000.00 | | Capital Reserves | 247,906,499.06 | 306,955,990.32 | | Less: Treasury Stock | 71,455,060.00 | 168,458,660.00 | | Undistributed Profits | 124,148,978.60 | 122,264,844.48 | [3. Consolidated Income Statement](index=35&type=section&id=3、合并利润表) 2025 semi-annual consolidated total operating revenue was 175.53 million yuan, up 38.40%; total operating costs were 201.30 million yuan, up 46.14%; net profit was -18.36 million yuan, with losses expanding year-on-year, and net profit attributable to parent company shareholders was -17.06 million yuan, with basic EPS of -0.03 yuan Consolidated Income Statement Key Data | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | I. Total Operating Revenue | 175,533,587.43 | 126,832,830.38 | | II. Total Operating Costs | 201,304,841.90 | 137,747,698.01 | | III. Operating Profit (Loss indicated by "—") | -24,056,228.91 | -7,982,008.94 | | IV. Total Profit (Total Loss indicated by "—") | -24,104,798.43 | -7,982,381.85 | | V. Net Profit (Net Loss indicated by "—") | -18,358,104.44 | -8,236,195.25 | | Net Profit Attributable to Parent Company Shareholders | -17,061,684.85 | -6,596,957.63 | | Minority Interest Income/Loss | -1,296,419.59 | -1,639,237.62 | | VI. Net Other Comprehensive Income After Tax | -935,639.70 | -1,606,973.16 | | VII. Total Comprehensive Income | -19,293,744.14 | -9,843,168.41 | | Total Comprehensive Income Attributable to Parent Company Owners | -17,997,324.55 | -8,203,930.79 | | Basic Earnings Per Share | -0.03 | -0.01 | | Diluted Earnings Per Share | -0.03 | -0.01 | [4. Parent Company Income Statement](index=37&type=section&id=4、母公司利润表) 2025 semi-annual parent company operating revenue was 5.30 million yuan, flat year-on-year; net profit was 1.88 million yuan, down 65.47% year-on-year; and total profit was 2.12 million yuan, down 61.21% year-on-year Parent Company Income Statement Key Data | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | I. Operating Revenue | 5,300,468.58 | 5,300,468.58 | | II. Operating Profit (Loss indicated by "—") | 2,163,978.14 | 5,456,215.50 | | III. Total Profit (Total Loss indicated by "—") | 2,116,105.33 | 5,456,215.16 | | IV. Net Profit (Net Loss indicated by "—") | 1,884,134.12 | 5,456,215.16 | | V. Net Other Comprehensive Income After Tax | -934,400.90 | -1,608,390.42 | | VI. Total Comprehensive Income | 949,733.22 | 3,847,824.74 | [5. Consolidated Cash Flow Statement](index=39&type=section&id=5、合并现金流量表) 2025 semi-annual net cash flow from operating activities was 38.91 million yuan, turning positive with a significant 164.69% year-on-year increase; net cash flow from investing activities was -46.82 million yuan, a 193.01% year-on-year decrease; and net increase in cash and cash equivalents was -8.33 million yuan Consolidated Cash Flow Statement Key Data | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 38,910,674.35 | -60,151,013.32 | | Net Cash Flow from Investing Activities | -46,822,698.89 | 50,339,294.19 | | Net Cash Flow from Financing Activities | -421,580.91 | -641,443.93 | | Effect of Exchange Rate Changes on Cash and Cash Equivalents | -1,238.80 | 1,417.26 | | Net Increase in Cash and Cash Equivalents | -8,334,844.25 | -10,451,745.80 | | Cash and Cash Equivalents at Period-End | 21,861,087.34 | 11,521,340.17 | [6. Parent Company Cash Flow Statement](index=40&type=section&id=6、母公司现金流量表) 2025 semi-annual parent company net cash flow from operating activities was 6.28 million yuan, up 251.04% year-on-year; net cash flow from investing activities was -139.42 million yuan, down 128.36% year-on-year; and net cash flow from financing activities was 135.28 million yuan, up 138.60% year-on-year Parent Company Cash Flow Statement Key Data | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 6,277,607.36 | 1,788,879.78 | | Net Cash Flow from Investing Activities | -139,419,707.42 | -61,065,671.01 | | Net Cash Flow from Financing Activities | 135,284,457.16 | 56,700,000.00 | | Net Increase in Cash and Cash Equivalents | 2,142,357.10 | -2,576,791.23 | | Cash and Cash Equivalents at Period-End | 9,668,739.18 | 380,654.13 | [7. Consolidated Statement of Changes in Owners' Equity](index=41&type=section&id=7、合并所有者权益变动表) 2025 semi-annual consolidated total owners' equity decreased to 824.92 million yuan, primarily due to a 26.22 million yuan reduction in share capital from restricted stock repurchases and cancellations, a 59.05 million yuan decrease in capital reserves, and a 97.00 million yuan decrease in treasury stock, alongside net losses Consolidated Statement of Changes in Owners' Equity | Item | Period-Beginning Balance (yuan) | Change in Current Period (yuan) | Period-End Balance (yuan) | | :--- | :--- | :--- | | Share Capital | 642,720,000.00 | -26,220,000.00 | 616,500,000.00 | | Capital Reserves | 307,134,293.20 | -59,049,491.26 | 248,084,801.94 | | Less: Treasury Stock | 168,458,660.00 | -97,003,600.00 | 71,455,060.00 | | Other Comprehensive Income | -79,205,371.28 | -935,639.70 | -80,141,010.98 | | Undistributed Profits | 96,813,863.94 | -17,061,684.85 | 79,752,179.09 | | Total Owners' Equity Attributable to Parent Company | 833,592,705.87 | -6,263,215.81 | 827,329,490.06 | | Minority Interests | -1,110,449.84 | -1,296,419.59 | -2,406,869.43 | | Total Owners' Equity | 832,482,256.03 | -7,559,635.40 | 824,922,620.63 | [8. Parent Company Statement of Changes in Owners' Equity](index=45&type=section&id=8、母公司所有者权益变动表) 2025 semi-annual parent company total owners' equity increased to 870.86 million yuan; share capital decreased by 26.22 million yuan, capital reserves decreased by 59.05 million yuan, treasury stock decreased by 97.00 million yuan, and undistributed profits increased by 1.88 million yuan Parent Company Statement of Changes in Owners' Equity | Item | Period-Beginning Balance (yuan) | Change in Current Period (yuan) | Period-End Balance (yuan) | | :--- | :--- | :--- | | Share Capital | 642,720,000.00 | -26,220,000.00 | 616,500,000.00 | | Capital Reserves | 306,955,990.32 | -59,049,491.26 | 247,906,499.06 | | Less: Treasury Stock | 168,458,660.00 | -97,003,600.00 | 71,455,060.00 | | Other Comprehensive Income | -79,896,748.04 | -934,400.90 | -80,831,148.94 | | Undistributed Profits | 122,264,844.48 | 1,884,134.12 | 124,148,978.60 | | Total Owners' Equity | 858,174,006.77 | 12,683,841.96 | 870,857,848.73 | [3. Company Basic Information](index=48&type=section&id=三、公司基本情况) The company, formerly "Chenghai Yunda Metrology Instrument Factory," was listed on April 22, 2011; its current registered capital is 616.50 million yuan, with Zhang Jincheng as legal representative, and its main businesses during the reporting period were intelligent computing, liquor sales, and property leasing and management services - The company, formerly "Chenghai Yunda Metrology Instrument Factory," was established on September 2, 1996, and first publicly issued shares and listed on April 22, 2011[140](index=140&type=chunk)[141](index=141&type=chunk) - The company's current registered capital is **616.50 million yuan**, and its legal representative is **Zhang Jincheng**[141](index=141&type=chunk) - During the reporting period, the company's principal businesses were intelligent computing, liquor sales, and property leasing and management services[142](index=142&type=chunk) [4. Basis of Financial Statement Preparation](index=49&type=section&id=四、财务报表的编制基础) The Group's financial statements are prepared on a going concern basis, in accordance with enterprise accounting standards and relevant CSRC regulations, using the accrual basis of accounting, and measured at historical cost except for specific financial instruments and investment properties - The Group's financial statements are prepared on a going concern basis, in accordance with the "Enterprise Accounting Standards" issued by the Ministry of Finance and the China Securities Regulatory Commission's "Rules for the Preparation of Information Disclosure by Companies Issuing Public Securities No. 15 - General Provisions for Financial Reports," based on actual transactions and events[144](index=144&type=chunk) - The Group's accounting is based on the accrual method, and except for certain financial instruments and investment properties, all items are measured at historical cost[144](index=144&type=chunk) - The Group reasonably expects to maintain its going concern ability within the next 12 months[145](index=145&type=chunk) [5. Significant Accounting Policies and Accounting Estimates](index=49&type=section&id=五、重要会计政策及会计估计) This section details the company's significant accounting policies and estimates used in financial statement preparation, covering business combinations, financial instruments, revenue recognition, asset impairment, and share-based payments, also explaining materiality criteria and changes in accounting estimates - The financial statements prepared by the company comply with the requirements of enterprise accounting standards, accurately and completely reflecting the financial position, operating results, and cash flows[147](index=147&type=chunk) - The Group's accounting year is the calendar year, with 12 months as one operating cycle, and the bookkeeping currency is RMB[148](index=148&type=chunk)[149](index=149&type=chunk)[150](index=150&type=chunk) - Materiality criteria include accounts receivable for which bad debt provisions are individually recognized, construction in progress, and non-wholly owned subsidiaries[151](index=151&type=chunk) - Detailed accounting methods for business combinations under common control and non-common control are explained[152](index=152&type=chunk)[153](index=153&type=chunk)[155](index=155&type=chunk)[156](index=156&type=chunk)[157](index=157&type=chunk) - Financial assets are classified into three categories: measured at amortized cost, measured at fair value with changes recognized in other comprehensive income, and measured at fair value with changes recognized in profit or loss for the current period[172](index=172&type=chunk) - Revenue recognition principle is to recognize revenue when performance obligations are fulfilled and the customer obtains control of the related goods or services[243](index=243&type=chunk) - There were no significant changes in accounting policies or significant changes in accounting estimates during the current reporting period[268](index=268&type=chunk) [6. Taxation](index=72&type=section&id=六、税项) This section lists the company's main tax categories and rates, including VAT, urban maintenance and construction tax, corporate income tax, and property tax, with some subsidiaries benefiting from small and micro-profit enterprise income tax preferential policies Main Tax Categories and Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Taxable income is calculated at rates of 1%, 3%, 5%, 6%, 13% for output tax, and VAT is calculated based on the difference after deducting input tax allowed for the current period | 1%, 3%, 5%, 6%, 13% | | Urban Maintenance and Construction Tax | Calculated at 7% of the actual turnover tax paid | 7% | | Property Tax | For properties leased externally, property tax is based on property leasing income at a rate of 12%; for self-used properties, property tax is based on 70% of the original value of the property at a rate of 1.2% | 12%, 1.2% | Corporate Income Tax Rates | Taxpayer Name | Income Tax Rate | | :--- | :--- | | Guangdong Qunxing Toys Co., Ltd. | 25% | | Suzhou Haojiujiu Industry Co., Ltd. | 25% | | Anhui Haojiu Haojiu Industry Co., Ltd. | 20% | | Ningbo Haojiujiu Digital Service Co., Ltd. | 20% | | Shantou Tonglele Toys Co., Ltd. | 25% | | Hangzhou Yadehui Property Management Co., Ltd. | 20% | | Hangzhou Westin Property Management Co., Ltd. | 20% | | Suzhou Daxin Chip Technology Co., Ltd. | 25% | | Suzhou Yisheng Wanwu Electronic Technology Co., Ltd. | 25% | | Hangzhou Turing Engine Technology Co., Ltd. | 25% | | Hangzhou Jingguan Tianxia Technology Co., Ltd. | 20% | | Hangzhou Turing Zhilian Technology Co., Ltd. | 20% | | Beijing Yicai Data Technology Co., Ltd. | 20% | | Qiaotoubao Technology Innovation Service Group Co., Ltd. | 16.5% | - Some subsidiaries enjoy preferential corporate income tax policies for small and micro-profit enterprises in 2025, where the portion of annual taxable income not exceeding **3 million yuan** is reduced by 25% and taxed at a rate of **20%**[275](index=275&type=chunk)[276](index=276&type=chunk) [7. Notes to Consolidated Financial Statement Items](index=73&type=section&id=七、合并财务报表项目注释) This section provides detailed notes on major items in the consolidated financial statements, including cash and bank balances, trading financial assets, accounts receivable, other receivables, inventories, fixed assets, intangible assets, deferred tax assets/liabilities, operating revenue and costs, and various expenses, disclosing their period-end and period-beginning balances and changes Cash and Bank Balances | Item | Period-End Balance (yuan) | Period-Beginning Balance (yuan) | | :--- | :--- | :--- | | Cash on Hand | 25,333.93 | 46,733.93 | | Bank Deposits | 21,716,810.05 | 30,136,896.41 | | Other Cash and Bank Balances | 118,943.36 | 12,301.25 | | Total | 21,861,087.34 | 30,195,931.59 | | Of which: Total Funds Deposited Overseas | 227,381.57 | 228,433.49 | Trading Financial Assets | Item | Period-End Balance (yuan) | Period-Beginning Balance (yuan) | | :--- | :--- | :--- | | Financial Assets Designated at Fair Value Through Profit or Loss | 57,244,478.01 | 0.00 | | Of which: Debt Instrument Investments | 57,244,478.01 | 0.00 | | Total | 57,244,478.01 | 0.00 | Accounts Receivable by Age | Age | Period-End Book Balance (yuan) | Period-Beginning Book Balance (yuan) | | :--- | :--- | :--- | | Within 1 year (inclusive) | 32,630,077.43 | 54,993,191.07 | | 1 to 2 years | 283,062.40 | 2,764,436.90 | | 2 to 3 years | 699,535.20 | 1,813,455.20 | | Over 3 years | 1,650,400.00 | 435,680.00 | | Total | 35,263,075.03 | 60,006,763.17 | Operating Revenue and Operating Cost | Item | Current Period Revenue (yuan) | Current Period Cost (yuan) | Prior Period Revenue (yuan) | Prior Period Cost (yuan) | | :--- | :--- | :--- | :--- | :--- | | Principal Business | 175,533,587.43 | 178,654,480.84 | 126,832,830.38 | 116,382,128.66 | | Total | 175,533,587.43 | 178,654,480.84 | 126,832,830.38 | 116,382,128.66 | Administrative Expenses | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Employee Compensation | 2,201,226.23 | 1,622,771.62 | | Intermediary Consulting Fees | 1,284,813.62 | 1,101,686.58 | | Depreciation and Amortization | 1,470,780.07 | 739,595.11 | | Business Entertainment Expenses | 527,336.02 | 372,963.53 | | Restricted Stock Incentive Expenses | 11,734,108.74 | 15,050,000.00 | | Total | 17,488,734.29 | 19,444,971.91 | Selling Expenses | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Employee Compensation | 1,202,396.76 | 553,820.41 | | Intermediary Consulting Fees | 760,330.19 | 0.00 | | Advertising and Promotion Expenses | 382,552.91 | 0.00 | | Business Entertainment Expenses | 722,640.62 | 150,701.17 | | Storage Fees | 241,175.20 | 109,405.80 | | Total | 3,838,129.65 | 950,982.98 | [8. Changes in Consolidation Scope](index=99&type=section&id=八、合并范围的变更) The company had no changes in its consolidation scope due to other reasons, such as the establishment or liquidation of subsidiaries, during the reporting period - The company had no other reasons for changes in the consolidation scope during the reporting period[401](index=401&type=chunk) [9. Interests in Other Entities](index=99&type=section&id=九、在其他主体中的权益) This section discloses the company's interests in subsidiaries, including their registered capital, operating locations, business nature, and shareholding percentages; Hangzhou Westin Property Management Co., Ltd. is a significant non-wholly owned subsidiary with a 30% minority interest Composition of the Enterprise Group (Partial Subsidiaries) | Subsidiary Name | Registered Capital (yuan) | Principal Place of Business | Business Nature | Direct Shareholding (%) | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | :--- | | Suzhou Haojiujiu Industry Co., Ltd. | 10,000,000.00 | Suzhou | Commodity Circulation | 100.00% | Acquisition | | Shantou Tonglele Toys Co., Ltd. | 500,000.00 | Shantou | Commodity Circulation and Leasing | 100.00% | Acquisition | | Hangzhou Turing Engine Technology Co., Ltd. | 100,000,000.00 | Hangzhou | Information Processing and Storage Support Services | 100.00% | Investment Establishment | Significant Non-Wholly Owned Subsidiaries | Subsidiary Name | Minority Shareholding Ratio (%) | Current Period Profit/Loss Attributable to Minority Shareholders (yuan) | Period-End Minority Interest Balance (yuan) | | :--- | :--- | :--- | :--- | | Hangzhou Westin Property Management Co., Ltd. | 30.00% | -1,171,136.84 | -2,840,316.84 | [10. Risks Related to Financial Instruments](index=101&type=section&id=十、与金融工具相关的风险) The company faces market risks (exchange rate, interest rate, other price risks), credit risk, and liquidity risk; it monitors exchange rate fluctuations but currently takes no hedging measures, has low interest rate risk due to limited borrowings, and manages credit and liquidity risks by assessing client creditworthiness and monitoring cash flows - The company's objective in risk management is to achieve an appropriate balance between risk and return, minimizing the negative impact of risks on operating performance[405](index=405&type=chunk) - Market risks include exchange rate risk (primarily related to the US dollar, with no hedging measures currently taken), interest rate risk (low risk due to limited borrowings), and other price risks (changes in securities market prices)[406](index=406&type=chunk)[407](index=407&type=chunk)[408](index=408&type=chunk)[409](index=409&type=chunk) - Credit risk primarily arises from financial assets and financial guarantees, controlled by depositing funds in banks with high credit ratings, assessing client creditworthiness, and regularly monitoring credit records[410](index=410&type=chunk)[411](index=411&type=chunk) - Liquidity ri