证券代码：002757 证券简称：南兴股份 公告编号：2025-026 号 公司已依照中国证券监督管理委员会《公开发行证券的公司信息披露内容与 格式准则第 3 号——半年度报告的内容与格式》之规定编制了公司 2025 年半年 度报告及其摘要。 《 2025 年 半 年 度 报 告 》 内 容 详 见 2025 年 8 月 28 日 巨 潮 资 讯 网 （www.cninfo.com.cn）。 《2025 年半年度报告摘要》内容详见 2025 年 8 月 28 日《证券时报》《中 国证券报》《上海证券报》及巨潮资讯网（www.cninfo.com.cn）。 表决结果：7 票同意，0 票否决，0 票弃权。 上述《2025 年半年度报告》及《2025 年半年度报告摘要》中的财务会计报 告、财务信息已经公司董事会审计委员会全票审议通过，同意提交董事会审议。 二、审议通过了《关于 2025 年半年度利润分配预案的议案》 第五届董事会第五次会议决议的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 南兴装备股份有限公司 南兴装备股份有限公司（以下简称"公司"）第五届董 ...

证券代码：002757 证券简称：南兴股份 公告编号：2025-030 号 南兴装备股份有限公司 2025 年半年度利润分配预案的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、审议程序 南兴装备股份有限公司 董事会 二〇二五年八月二十八日 2025 年半年度，公司合并报表实现归属于上市公司股东的净利润为 59,795,858.71 元，母公司实现净利润为 167,617,606.02 元。根据《中华人民共和 国公司法》和《公司章程》的规定，公司不再提取 10%法定公积金。截至 2025 年 6 月 30 日，合并报表可供分配的利润为 667,068,754.58 元，母公司可供分配 的利润为 1,134,512,659.58 元。根据合并报表和母公司报表中可供分配利润孰低 的原则，截至 2025 年 6 月 30 日，公司可供股东分配的利润为 667,068,754.58 元。 公司 2025 年半年度利润分配预案为：拟以实施权益分派股权登记日登记的 总股本为基数，向全体股东每 10 股派发现金红利 1.5 元（含税），截至本次公 告日，公司总股本 ...

Group 1 - The company's operating revenue for the first half of 2025 is 1.608 billion yuan, representing a year-on-year decrease of 10.51% [1] - The net profit for the same period is 59.7959 million yuan, showing a significant year-on-year decline of 63.84% [1] - The board of directors has approved a profit distribution plan, proposing a cash dividend of 1.5 yuan per 10 shares (including tax), without capitalizing reserves to increase share capital [1]

Section I Important Notice, Table of Contents, and Definitions This section provides essential disclaimers, a comprehensive report index, and definitions of key terms for clarity [Important Notice](index=2&type=section&id=Important%20Notice) The company's board, supervisors, and senior management guarantee the report's accuracy, with the financial head confirming financial statement integrity - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content, assuming individual and joint legal responsibility[5](index=5&type=chunk) - Company head Zhan Jianxing, chief accountant Li Chong, and accounting department head Ou Yibin declare that the financial report in this semi-annual report is true, accurate, and complete[5](index=5&type=chunk) - The profit distribution plan approved by the board of directors is to distribute a cash dividend of **1.5 yuan (tax inclusive) per 10 shares** to all shareholders, based on 295,455,913 shares[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) The report is structured into nine clear sections, covering key information, company profile, management discussion, governance, and financial statements - The report is divided into nine sections, including important notices, company profile and key financial indicators, management discussion and analysis, corporate governance, environment and society, significant matters, share changes and shareholder information, bond-related information, financial report, and other submitted data[8](index=8&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines key terms used in the report, including company entities, regulatory bodies, and industry-specific terminology for better understanding - "Company," "the Company," "Nanxing Equipment," "Nanxing Shares" refer to Nanxing Equipment Co., Ltd[12](index=12&type=chunk) - "Nanxing Investment," "Controlling Shareholder" refer to Dongguan Nanxing Industrial Investment Co., Ltd., the company's controlling shareholder[12](index=12&type=chunk) - "Weiyi Network" refers to Guangdong Weiyi Network Technology Co., Ltd., a wholly-owned subsidiary of the company[12](index=12&type=chunk) - "IDC" refers to Internet Data Center, providing services such as domain name application, virtual host space rental, server co-location, and cloud host services[13](index=13&type=chunk) Section II Company Profile and Key Financial Indicators This section presents the company's basic information, contact details, and a summary of its key financial performance and position [1. Company Profile](index=7&type=section&id=1.%20Company%20Profile) Nanxing Equipment Co., Ltd. (stock code: 002757) is listed on the Shenzhen Stock Exchange, specializing in smart furniture equipment and IDC/cloud computing Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Nanxing Shares | | Stock Code | 002757 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | Nanxing Equipment Co., Ltd. | | Legal Representative | Zhan Jianxing | [2. Contact Persons and Information](index=7&type=section&id=2.%20Contact%20Persons%20and%20Information) The company's Board Secretary is Ye Yuping, and the Securities Affairs Representative is Wang Cuishan, both located at No. 8 Jinggang Middle Road, Shatian Town, Dongguan City, Guangdong Province Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Ye Yuping | No. 8 Jinggang Middle Road, Shatian Town, Dongguan City, Guangdong Province | 0769-88803333-850 | 0769-88803333-838 | investor@nanxing.com | | Securities Affairs Representative | Wang Cuishan | No. 8 Jinggang Middle Road, Shatian Town, Dongguan City, Guangdong Province | 0769-88803333-850 | 0769-88803333-838 | investor@nanxing.com | [3. Other Information](index=7&type=section&id=3.%20Other%20Information) During the reporting period, there were no changes in the company's contact information, information disclosure, or document availability - The company's registered address, office address and postal code, website, and email remained unchanged during the reporting period, as detailed in the 2024 annual report[17](index=17&type=chunk) - The securities exchange website and media name/URL for the company's semi-annual report disclosure, and the location for report availability, remained unchanged during the reporting period, as detailed in the 2024 annual report[18](index=18&type=chunk) [4. Key Accounting Data and Financial Indicators](index=8&type=section&id=4.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This reporting period saw a 10.51% decrease in operating revenue and a significant 63.84% drop in net profit attributable to shareholders, while total assets and net assets slightly increased Key Accounting Data and Financial Indicators (Current Period vs. Prior Year) | Indicator | Current Period (yuan) | Prior Year (yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,608,025,612.23 | 1,796,914,272.66 | -10.51% | | Net Profit Attributable to Shareholders of Listed Company | 59,795,858.71 | 165,373,421.45 | -63.84% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | 56,526,000.46 | 159,998,527.25 | -64.67% | | Net Cash Flow from Operating Activities | 227,674,660.25 | 230,846,791.57 | -1.37% | | Basic Earnings Per Share (yuan/share) | 0.2024 | 0.5597 | -63.84% | | Diluted Earnings Per Share (yuan/share) | 0.2024 | 0.5597 | -63.84% | | Weighted Average Return on Net Assets | 2.96% | 6.92% | -3.96% | | **Current Period End vs. Prior Year End** | | | | | Total Assets | 3,528,165,484.31 | 3,466,666,292.97 | 1.77% | | Net Assets Attributable to Shareholders of Listed Company | 2,005,777,770.00 | 2,001,984,537.40 | 0.19% | [5. Differences in Accounting Data Under Domestic and International Accounting Standards](index=8&type=section&id=5.%20Differences%20in%20Accounting%20Data%20Under%20Domestic%20and%20International%20Accounting%20Standards) The company reported no differences in net profit and net assets between international/overseas accounting standards and Chinese accounting standards during the period - The company reported no differences in net profit and net assets between financial reports disclosed under international accounting standards and those under Chinese accounting standards during the reporting period[21](index=21&type=chunk) - The company reported no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and those under Chinese accounting standards during the reporting period[22](index=22&type=chunk) [6. Non-Recurring Gains and Losses Items and Amounts](index=8&type=section&id=6.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) Non-recurring gains and losses for this period totaled 3.27 million yuan, primarily from non-current asset disposal, government grants, entrusted investment income, and other non-operating items Non-Recurring Gains and Losses Items and Amounts | Item | Amount (yuan) | Explanation | | :--- | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | -951,018.04 | Gains/losses from disposal of fixed assets | | Government Grants Included in Current Profit or Loss | 2,067,249.17 | Government grants | | Gains/Losses from Entrusted Investment or Asset Management | 3,340,206.45 | Investment income from structured deposits | | Other Non-Operating Income and Expenses Apart from the Above | -631,779.29 | | | Less: Income Tax Impact | 573,698.74 | | | Minority Interest Impact (After Tax) | -18,898.70 | | | Total | 3,269,858.25 | | Section III Management Discussion and Analysis This section provides an in-depth analysis of the company's main businesses, core competencies, financial performance, and risk factors [1. Main Businesses During the Reporting Period](index=10&type=section&id=1.%20Main%20Businesses%20During%20the%20Reporting%20Period) The company operates in smart furniture equipment and IDC/cloud computing, driven by market upgrades and AI demand, respectively - Nanxing Shares is positioned as a "home intelligent manufacturing system solution provider," focusing on R&D, production, sales, and service of home intelligent manufacturing equipment and smart production lines[35](index=35&type=chunk) - Weiyi Network is a leading digital economy infrastructure service provider in China, primarily engaged in cloud computing (including edge cloud, public cloud, hybrid cloud, private cloud, and cloud value-added services), intelligent computing, and AI services[69](index=69&type=chunk) [(I) Smart Furniture Equipment Business](index=10&type=section&id=(I)%20Smart%20Furniture%20Equipment%20Business) This business benefits from market renewal and customization trends, offering integrated smart production lines and maintaining leading core technologies - The furniture industry is gradually shifting from "new home driven" to "existing home renovation," with improvement-oriented demand becoming mainstream, driving production manufacturing towards single-piece flow and intelligent upgrades[27](index=27&type=chunk)[28](index=28&type=chunk) - The panel furniture equipment industry is undergoing a strategic leap from "domestic market" to "global layout," with intelligence, integration, and green practices becoming core directions for industrial upgrading[30](index=30&type=chunk) - The company has successfully built a full-process production equipment system covering "cutting → edge banding → drilling → sorting → packaging" and provides customers with full-link system solutions from product manufacturing to terminal delivery[35](index=35&type=chunk) [(II) IDC and Cloud Computing Business](index=19&type=section&id=(II)%20IDC%20and%20Cloud%20Computing%20Business) Driven by AI technology innovation and surging computing power demand, the IDC and cloud computing market continues to expand, with Weiyi Network providing comprehensive digital infrastructure services - In 2024, the global cloud computing market size was **$692.9 billion**, a year-on-year increase of **20.2%**, projected to approach **$2 trillion by 2030**; China's market size reached **828.8 billion yuan**, a year-on-year increase of **34.4%**, expected to exceed **3 trillion yuan by 2030**[59](index=59&type=chunk) - Demand for intelligent computing power is exploding, with the scale of intelligent computing power expected to reach **1,037.3 EFLOPS by 2025**, growing at an annual rate of over **46%**, far exceeding the growth of general computing power[60](index=60&type=chunk) - Weiyi Network has established and operates data center nodes covering **16 provinces, over 30 cities** in China, and some overseas regions, possessing **3,110 standard cabinets and 1,602 high-standard cabinets** in the Guangdong-Hong Kong-Macao Greater Bay Area[70](index=70&type=chunk) [2. Analysis of Core Competencies](index=24&type=section&id=2.%20Analysis%20of%20Core%20Competencies) The company's competitive edge stems from its comprehensive product lines, R&D, brand, and extensive service network in smart furniture, coupled with IDC's national resources and technological expertise - The company has built a three-tier product architecture covering the entire panel furniture production chain: "core single products—smart workstations—smart production lines and solutions," meeting the needs of all customer scenarios[85](index=85&type=chunk)[86](index=86&type=chunk) - The company has accumulated **128 authorized invention patents, 363 utility model patents, 18 design patents, and 61 computer software copyrights**, and participated in drafting multiple national standards for the woodworking industry[87](index=87&type=chunk) - Weiyi Network holds operating licenses for IDC, ISP, CDN, VPN, ICP, fixed network domestic data transmission, and internet resource collaboration (cloud services), and has established a nationwide "cloud-network-edge" integrated service node through deep cooperation with the three major basic operators[93](index=93&type=chunk) [(I) Smart Furniture Equipment Business](index=24&type=section&id=(I)%20Smart%20Furniture%20Equipment%20Business) Core strengths include a complete product matrix, continuous R&D, strong brand recognition, global sales and service channels, and an experienced management team - The company is the **first domestic brand to implement smart production line projects for home manufacturing**, with smart production lines deployed in over **300 benchmark factories globally**, including Sophia and IKEA OEM systems[86](index=86&type=chunk)[52](index=52&type=chunk) - The company's products are widely used by renowned home furnishing brands such as Sophia,慕思,顾家, and欧派, and are gradually replacing imported products[88](index=88&type=chunk) [(II) IDC and Cloud Computing Services](index=26&type=section&id=(II)%20IDC%20and%20Cloud%20Computing%20Services) Weiyi Network boasts nationwide resource advantages, a complete product ecosystem, extensive service experience, and continuous R&D investment, ensuring industry-leading technical support - Weiyi Network's business nodes cover multiple provinces and cities in China, as well as some overseas regions, enabling the rapid deployment of solutions across different basic telecom operator networks[93](index=93&type=chunk) - Weiyi Network and its subsidiaries have launched automated O&M, multi-cloud management, network asset mapping, and other products, possessing **213 copyrights, 30 utility patents, and 9 invention patents**[97](index=97&type=chunk)[98](index=98&type=chunk) - Weiyi Network has a technical service team of nearly a hundred people, providing **7x24-hour O&M technical support**, with customer support response times reaching industry-leading levels[98](index=98&type=chunk) [3. Analysis of Main Business](index=27&type=section&id=3.%20Analysis%20of%20Main%20Business) This reporting period, the company's main business revenue decreased by 10.51%, with specialized equipment revenue down 29.89% and IDC business revenue up 16.32% Key Financial Data Year-on-Year Change | Item | Current Period (yuan) | Prior Year (yuan) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,608,025,612.23 | 1,796,914,272.66 | -10.51% | Primarily due to a decrease in specialized equipment business revenue this period | | Net Profit Attributable to Shareholders of Listed Company | 59,795,858.71 | 165,373,421.45 | -63.84% | Primarily due to a decrease in operating profit this period | | R&D Investment | 61,563,133.06 | 75,254,255.52 | -18.19% | | | Net Cash Flow from Investing Activities | 11,586,363.77 | -132,186,954.62 | 108.77% | Primarily due to more redemptions of bank structured deposits this period | Operating Revenue Composition (by Industry) | Industry | Current Period Amount (yuan) | Proportion of Operating Revenue | Prior Year Amount (yuan) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Specialized Equipment | 731,452,280.19 | 45.49% | 1,043,302,053.02 | 58.06% | -29.89% | | IDC Business | 876,573,332.04 | 54.51% | 753,612,219.64 | 41.94% | 16.32% | Operating Revenue Composition (by Product) | Product | Current Period Amount (yuan) | Proportion of Operating Revenue | Prior Year Amount (yuan) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Automatic Edge Banding Machine | 334,584,308.06 | 20.81% | 508,230,909.34 | 28.28% | -34.17% | | CNC Drilling, Multi-Row Drilling | 154,791,497.90 | 9.63% | 226,801,638.73 | 12.62% | -31.75% | | IDC and Cloud Computing Related Services | 867,641,947.19 | 53.96% | 741,016,039.02 | 41.24% | 17.09% | [4. Analysis of Non-Core Business](index=29&type=section&id=4.%20Analysis%20of%20Non-Core%20Business) The impact of non-core business on total profit primarily includes positive contributions from investment income (structured deposits) and negative impacts from asset impairment (inventory write-downs) Impact of Non-Core Business on Total Profit | Item | Amount (yuan) | Proportion of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 3,340,206.45 | 4.53% | Wealth management income from bank structured deposits | No | | Asset Impairment | -2,894,091.27 | -3.93% | Primarily provision for inventory write-downs | No | | Non-Operating Income | 47,014.18 | 0.06% | Primarily gains from disposal of fixed assets | No | | Non-Operating Expenses | 1,585,284.56 | 2.15% | Primarily losses from fixed asset scrap | No | [5. Analysis of Assets and Liabilities](index=29&type=section&id=5.%20Analysis%20of%20Assets%20and%20Liabilities) Monetary funds and accounts receivable significantly increased due to reduced inventory and higher IDC receivables, while inventory decreased and short-term borrowings rose Significant Changes in Asset Composition | Item | Current Period End Amount (yuan) | Proportion of Total Assets | Prior Year End Amount (yuan) | Proportion of Total Assets | Proportion Change | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 509,174,011.64 | 14.43% | 336,594,838.67 | 9.71% | 4.72% | Primarily due to reduced inventory backlog and increased cash recovery this period | | Accounts Receivable | 541,183,533.47 | 15.34% | 391,831,994.70 | 11.30% | 4.04% | Primarily due to increased IDC business customer receivables | | Inventories | 318,581,641.04 | 9.03% | 425,339,149.79 | 12.27% | -3.24% | No significant change | | Short-Term Borrowings | 47,000,000.00 | 1.33% | 21,455,851.00 | 0.62% | 0.71% | Primarily due to increased bank working capital loans | Financial Assets Measured at Fair Value | Item | Beginning Balance (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | | Trading Financial Assets | 380,302,994.50 | 340,000,000.00 | | Subtotal of Financial Assets | 380,302,994.50 | 340,000,000.00 | Asset Rights Restriction Status | Item | Book Value (yuan) | Reason for Restriction | | :--- | :--- | :--- | | Bank Deposits | 10,162,797.50 | Frozen due to litigation | | Fixed Assets | 21,669,973.66 | Bank mortgage loan | | Total | 31,832,771.16 | | [6. Analysis of Investment Status](index=30&type=section&id=6.%20Analysis%20of%20Investment%20Status) Total investment for the period was 41.75 million yuan, a 35.16% decrease, with no significant equity, non-equity, securities, or derivative investments Investment Amount During the Reporting Period | Indicator | Current Period Investment Amount (yuan) | Prior Year Investment Amount (yuan) | Change Rate | | :--- | :--- | :--- | :--- | | Investment Amount | 41,747,063.07 | 64,388,075.60 | -35.16% | - The company had no securities investments, derivative investments, or use of raised funds during the reporting period[113](index=113&type=chunk)[114](index=114&type=chunk)[115](index=115&type=chunk) [7. Significant Asset and Equity Sales](index=31&type=section&id=7.%20Significant%20Asset%20and%20Equity%20Sales) No significant asset or equity sales occurred during the reporting period - The company did not sell significant assets during the reporting period[116](index=116&type=chunk) - The company did not sell significant equity during the reporting period[117](index=117&type=chunk) [8. Analysis of Major Holding and Participating Companies](index=31&type=section&id=8.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) Key subsidiaries like Nanxing Equipment (Shaoguan), Wuxi Nanxing Equipment, and Guangdong Weiyi Network Technology significantly contribute to revenue and net profit in their respective sectors Major Subsidiary Financial Information | Company Name | Company Type | Main Business | Registered Capital (yuan) | Total Assets (yuan) | Net Assets (yuan) | Operating Revenue (yuan) | Operating Profit (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Nanxing Equipment (Shaoguan) Co., Ltd. | Subsidiary | Manufacturing and sales of wood and bamboo processing machinery and parts | 100,000,000.00 | 202,755,113.86 | 92,052,039.54 | 86,247,167.91 | 21,153,776.82 | 17,562,176.62 | | Wuxi Nanxing Equipment Co., Ltd. | Subsidiary | Manufacturing and sales of wood and bamboo processing machinery and parts | 150,000,000.00 | 405,553,667.34 | 33,725,124.47 | 43,463,386.22 | -22,211,779.93 | -22,208,503.87 | | Guangdong Weiyi Network Technology Co., Ltd. | Subsidiary | IDC, cloud computing (including public cloud, hybrid cloud, private cloud, and cloud value-added services), cloud networking, digital solutions, etc. | 100,000,000.00 | 998,003,349.50 | 436,161,014.94 | 876,573,332.04 | 30,450,446.92 | 26,444,561.69 | [9. Structured Entities Controlled by the Company](index=32&type=section&id=9.%20Structured%20Entities%20Controlled%20by%20the%20Company) 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[119](index=119&type=chunk) [10. Risks Faced by the Company and Countermeasures](index=32&type=section&id=10.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces market volatility and inventory impairment risks in smart furniture, and intensified competition, performance growth, accounts receivable, and regulatory risks in IDC/cloud computing - The smart furniture equipment business faces market risks influenced by the macroeconomic environment, industrial policies, real estate regulations, and urbanization, which may adversely affect operating performance; the company will continue to advance technological innovation and R&D investment, optimizing products to enhance market competitiveness[120](index=120&type=chunk) - The IDC and cloud computing business faces performance growth risks due to intensified market competition and potential declines in gross margins; there are also risks of bandwidth resource procurement restrictions and cost increases; the company will enhance core product capabilities and strengthen risk control[121](index=121&type=chunk) - The company's accounts receivable are growing rapidly, posing a risk of delayed or uncollectible payments from some customers due to operational difficulties; the company will strengthen risk control and improve collection mechanisms[124](index=124&type=chunk) - The IDC data center business is affected by national "dual carbon" policies, with increased energy consumption requirements potentially raising construction costs, and stricter regulation posing challenges to business expansion; the company will respond through R&D in energy conservation and refined operations[124](index=124&type=chunk) [(I) Operational Risks of Smart Furniture Equipment Business](index=32&type=section&id=(I)%20Operational%20Risks%20of%20Smart%20Furniture%20Equipment%20Business) This business is vulnerable to macroeconomic and real estate market fluctuations, alongside inventory impairment risks from increased stocking for cost reduction and faster delivery - The company's panel furniture equipment business is affected by changes in the domestic macroeconomic environment, industrial policies, real estate regulations, and urbanization process, which may have an adverse impact on operating performance[120](index=120&type=chunk) - To reduce production costs and shorten delivery times, the company increases raw material stocking; if the market or downstream customer demand changes significantly, the company will face inventory impairment risks[120](index=120&type=chunk) [(II) Operational Risks of IDC and Cloud Computing Services](index=32&type=section&id=(II)%20Operational%20Risks%20of%20IDC%20and%20Cloud%20Computing%20Services) Risks include intensified market competition, technology iteration, operator policy changes affecting performance, increased accounts receivable collection risk, and regulatory impacts on data center expansion - Lower entry barriers for IDC services and the influx of external capital intensify market competition, potentially leading to the iteration of traditional internet businesses by new technologies, loss of market share, and a decline in overall industry gross margins[121](index=121&type=chunk) - As a digital economy infrastructure service provider, the company needs to procure basic network resources; if basic operator market management policies are adjusted, the company may face risks of bandwidth resource procurement restrictions and increased costs[121](index=121&type=chunk) - With the rapid expansion of business scale, accounts receivable are growing quickly, posing a risk that some customers may delay payments or face operational difficulties, leading to uncollectible accounts receivable[124](index=124&type=chunk) - National "dual carbon" policies impose increasingly stringent energy consumption requirements on data centers, which may increase actual project construction costs, and tightening IDC industry regulation and restrictions will also bring challenges to business expansion[124](index=124&type=chunk) [11. Implementation of Market Value Management System and Valuation Enhancement Plan](index=33&type=section&id=11.%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company did not establish a market value management system or disclose a valuation enhancement plan during the reporting period - The company did not establish a market value management system during the reporting period[125](index=125&type=chunk) - The company did not disclose a valuation enhancement plan during the reporting period[125](index=125&type=chunk) [12. Implementation of "Quality and Return Dual Improvement" Action Plan](index=33&type=section&id=12.%20Implementation%20of%20%22Quality%20and%20Return%20Dual%20Improvement%22%20Action%20Plan) The company did not disclose an announcement regarding the "Quality and Return Dual Improvement" action plan during the reporting period - The company did not disclose an announcement regarding the "Quality and Return Dual Improvement" action plan during the reporting period[125](index=125&type=chunk) Section IV Corporate Governance, Environment, and Society This section covers changes in company leadership, profit distribution, employee incentives, environmental disclosures, and social responsibility initiatives [1. Changes in Directors, Supervisors, and Senior Management](index=34&type=section&id=1.%20Changes%20in%20Directors,%20Supervisors,%20and%20Senior%20Management) Zheng Kejun, Deputy General Manager, resigned on April 17, 2025, due to personal reasons Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Zheng Kejun | Deputy General Manager | Resignation | April 17, 2025 | Personal reasons | [2. Profit Distribution and Capital Reserve Conversion to Share Capital During the Reporting Period](index=34&type=section&id=2.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20During%20the%20Reporting%20Period) The board approved a 2025 interim profit distribution plan of 1.5 yuan cash dividend per 10 shares (tax inclusive), totaling 44.32 million yuan, with no bonus shares or capital reserve conversion Profit Distribution Plan | Indicator | Amount | | :--- | :--- | | Number of Bonus Shares per 10 Shares (shares) | 0 | | Cash Dividend per 10 Shares (yuan) (tax inclusive) | 1.5 | | Share Capital Base for Distribution Plan (shares) | 295,455,913.00 | | Total Cash Dividend Amount (yuan) (tax inclusive) | 44,318,386.95 | | Proportion of Total Cash Dividend (including other methods) to Total Profit Distribution | 100% | - The company's 2025 semi-annual profit distribution plan is to distribute a cash dividend of **1.5 yuan (tax inclusive) per 10 shares** to all shareholders based on the total share capital registered on the equity distribution record date, with no bonus shares or capital reserve conversion to share capital[130](index=130&type=chunk) [3. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=34&type=section&id=3.%20Implementation%20of%20Equity%20Incentive%20Plans,%20Employee%20Stock%20Ownership%20Plans,%20or%20Other%20Employee%20Incentive%20Measures) The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[131](index=131&type=chunk) [4. Environmental Information Disclosure](index=34&type=section&id=4.%20Environmental%20Information%20Disclosure) The company and its major subsidiaries are 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[132](index=132&type=chunk) [5. Social Responsibility](index=34&type=section&id=5.%20Social%20Responsibility) The company actively fulfills social responsibilities by protecting shareholder and employee rights through sound governance and fair policies, and by contributing to public welfare initiatives - The company effectively safeguards the legitimate rights and interests of all shareholders through standardized operations, improved internal control systems, timely and accurate information disclosure, and strict implementation of insider information management systems[133](index=133&type=chunk) - The company formulates scientific compensation policies, provides equal development opportunities, emphasizes employee training, fosters a harmonious and friendly atmosphere, and established an "Employee Mutual Aid Foundation" to care for employees[135](index=135&type=chunk) - The company adheres to sharing development achievements, actively engages in public welfare, and has long focused on education assistance, poverty alleviation, and community development, giving back to society through cash and material donations[137](index=137&type=chunk) Section V Significant Matters This section details important events, commitments, related party transactions, and legal proceedings affecting the company [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=36&type=section&id=1.%20Commitments%20Fulfilled%20or%20Overdue%20by%20Controlling%20Shareholder,%20Shareholders,%20Related%20Parties,%20Acquirers,%20and%20the%20Company%20During%20and%20as%20of%20the%20End%20of%20the%20Reporting%20Period) No commitments by the controlling shareholder, shareholders, related parties, acquirers, or the company were fulfilled or overdue during the reporting period - The company reported no commitments by its actual controller, shareholders, related parties, acquirers, or the company that were fulfilled during the reporting period or overdue as of the end of the reporting period[140](index=140&type=chunk) [2. Non-Operating Funds Occupied by Controlling Shareholder and Other Related Parties from the Listed Company](index=36&type=section&id=2.%20Non-Operating%20Funds%20Occupied%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties%20from%20the%20Listed%20Company) No non-operating funds were occupied by the controlling shareholder or other related parties from the listed company during the reporting period - The company reported no non-operating funds occupied by the controlling shareholder or other related parties from the listed company during the reporting period[141](index=141&type=chunk) [3. Irregular External Guarantees](index=36&type=section&id=3.%20Irregular%20External%20Guarantees) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[142](index=142&type=chunk) [4. Appointment and Dismissal of Accounting Firms](index=36&type=section&id=4.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's interim financial report was not audited - The company's semi-annual report was unaudited[143](index=143&type=chunk) [5. Board of Directors' and Supervisory Board's Explanations on "Non-Standard Audit Report" for the Current Period](index=36&type=section&id=5.%20Board%20of%20Directors'%20and%20Supervisory%20Board's%20Explanations%20on%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Current%20Period) The board and supervisory board had no explanations regarding a "non-standard audit report" for the current period - The company reported no explanations from the board of directors or supervisory board regarding a "non-standard audit report" for the current reporting period[144](index=144&type=chunk) [6. Board of Directors' Explanations on "Non-Standard Audit Report" for the Previous Year](index=36&type=section&id=6.%20Board%20of%20Directors'%20Explanations%20on%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Previous%20Year) The board had no explanations regarding a "non-standard audit report" for the previous year - The company reported no explanations from the board of directors regarding a "non-standard audit report" for the previous year[144](index=144&type=chunk) [7. Bankruptcy and Reorganization Matters](index=36&type=section&id=7.%20Bankruptcy%20and%20Reorganization%20Matters) No bankruptcy or reorganization matters occurred during the reporting period - The company had no bankruptcy or reorganization matters during the reporting period[144](index=144&type=chunk) [8. Litigation Matters](index=36&type=section&id=8.%20Litigation%20Matters) No major litigation or arbitration cases occurred; other minor cases totaling 27.11 million yuan are ongoing or resolved, with no significant impact expected - The company had no major litigation or arbitration matters during this reporting period[145](index=145&type=chunk) Overview of Other Litigation Matters | Litigation (Arbitration) Basic Information | Amount Involved (10,000 yuan) | Provision for Liabilities Formed | Litigation (Arbitration) Progress | Litigation (Arbitration) Outcome and Impact | | :--- | :--- | :--- | :--- | :--- | | Other litigation and arbitration cases of the company not meeting the disclosure threshold for major litigation as of June 30, 2025 | 2,710.53 | No | Closed; 2 cases settled through mediation, 1 case executed; 5 cases still in progress | The amount involved is relatively small and is not expected to have a significant adverse impact on the company's production and operations; 5 cases are still in progress | [9. Penalties and Rectification](index=37&type=section&id=9.%20Penalties%20and%20Rectification) The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[147](index=147&type=chunk) [10. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=37&type=section&id=10.%20Integrity%20Status%20of%20the%20Company,%20its%20Controlling%20Shareholder,%20and%20Actual%20Controller) During the reporting period, the company, its controlling shareholder, and actual controller maintained good integrity, with no unfulfilled legal obligations or overdue large debts - During the reporting period, the company, its controlling shareholder, and actual controller had no unfulfilled obligations determined by effective legal documents, nor any large overdue debts[148](index=148&type=chunk) [11. Significant Related Party Transactions](index=37&type=section&id=11.%20Significant%20Related%20Party%20Transactions) Daily related party transactions with the controlling shareholder for factory leasing amounted to 0.44 million yuan, within approved limits, with no other significant related party transactions Related Party Transactions Related to Daily Operations | Related Party | Related Party Relationship | Type of Related Party Transaction | Content of Related Party Transaction | Amount of Related Party Transaction (10,000 yuan) | Proportion of Similar Transactions | | :--- | :--- | :--- | :--- | :--- | :--- | | Dongguan Nanxing Industrial Investment Co., Ltd. | Controlling Shareholder | Lease of property from related party | Rent for Phase II factory building | 44.26 | 8.89% | - The company had no related party transactions involving asset or equity acquisition/disposal during the reporting period[151](index=151&type=chunk) - The company had no non-operating related party creditor-debtor transactions during the reporting period[153](index=153&type=chunk) [12. Significant Contracts and Their Performance](index=39&type=section&id=12.%20Significant%20Contracts%20and%20Their%20Performance) The company leases factory premises from its controlling shareholder and provides guarantees totaling 306.01 million yuan for subsidiaries, representing 15.26% of net assets, and invested 390 million yuan in bank wealth management products - The company leases factory premises from its controlling shareholder Nanxing Investment, with a lease term from September 1, 2023, to August 31, 2026, and for Phase II factory premises from May 1, 2025, to April 30, 2026[159](index=159&type=chunk) Company Guarantees for Subsidiaries | Name of Guaranteed Entity | Guarantee Limit (10,000 yuan) | Actual Guarantee Amount (10,000 yuan) | Guarantee Period | | :--- | :--- | :--- | :--- | | Guangdong Weiyi Network Technology Co., Ltd. | 6,000 | 1,700 | 5 years | | Guangdong Weiyi Network Technology Co., Ltd. | 10,000 | 0 | 5 years | | Guangdong Weiyi Network Technology Co., Ltd. | 5,000 | 1,980 | 3 years | | Guangdong Zhixiang Information Technology Co., Ltd. | 19,000 | 5,081.11 | 8 years | | Nanxing Cloud Computing Co., Ltd. | 13,500 | 9,050 | 11 years | | Wuxi Nanxing Equipment Co., Ltd. | 30,000 | 11,539.44 | 8 years | | Nanxing Equipment (Shaoguan) Co., Ltd. | 9,000 | 1,250.9 | 8 years | | **Total** | **94,750** | **30,601.45** | | Entrusted Wealth Management | Specific Type | Amount of Entrusted Wealth Management (10,000 yuan) | Unexpired Balance (10,000 yuan) | | :--- | :--- | :--- | | Bank Wealth Management Products | 39,000 | 34,000 | [13. Explanation of Other Significant Matters](index=41&type=section&id=13.%20Explanation%20of%20Other%20Significant%20Matters) No other significant matters required explanation during the reporting period - The company reported no other significant matters requiring explanation during the reporting period[166](index=166&type=chunk) [14. Significant Matters of Company Subsidiaries](index=41&type=section&id=14.%20Significant%20Matters%20of%20Company%20Subsidiaries) Wholly-owned subsidiary Guangdong Weiyi Network Technology introduced an employee stock ownership platform through capital increase for an employee stock ownership plan - The company's wholly-owned subsidiary, Guangdong Weiyi Network Technology Co., Ltd., introduced an employee stock ownership platform through capital increase to implement an employee stock ownership plan, and the employee stock ownership platform has been established[167](index=167&type=chunk) Section VI Share Changes and Shareholder Information This section details the company's share capital structure, shareholder numbers, and changes in major shareholder holdings [1. Share Change Information](index=42&type=section&id=1.%20Share%20Change%20Information) The company's total share capital remained unchanged at 295.46 million shares, with consistent proportions of restricted and unrestricted shares Share Change Information | 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 | 13,401,992 | 4.54% | 0 | 13,401,992 | 4.54% | | II. Unrestricted Shares | 282,053,921 | 95.46% | 0 | 282,053,921 | 95.46% | | III. Total Shares | 295,455,913 | 100.00% | 0 | 295,455,913 | 100.00% | - The company had no progress on share repurchases during the reporting period[170](index=170&type=chunk) [2. Securities Issuance and Listing Information](index=43&type=section&id=2.%20Securities%20Issuance%20and%20Listing%20Information) No securities issuance or listing occurred during the reporting period - The company had no securities issuance or listing during the reporting period[171](index=171&type=chunk) [3. Number of Shareholders and Shareholding Information](index=43&type=section&id=3.%20Number%20of%20Shareholders%20and%20Shareholding%20Information) As of the reporting period end, there were 51,295 common shareholders. Controlling shareholder Dongguan Nanxing Industrial Investment Co., Ltd. holds 35.56%, with significant increases in holdings by GF Technology Innovation Mixed Fund and GF Value Core Mixed Fund among top ten shareholders - As of the end of the reporting period, the total number of common shareholders was **51,295**[172](index=172&type=chunk) Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio | Number of Shares Held at Period End (shares) | Change in Holding During Period (shares) | Number of Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Dongguan Nanxing Industrial Investment Co., Ltd. | Domestic Non-State-Owned Legal Person | 35.56% | 105,077,893 | -6,052,100 | 105,077,893 | | China Construction Bank Co., Ltd. - GF Technology Innovation Mixed Securities Investment Fund | Other | 2.95% | 8,725,625 | 8,725,625 | 8,725,625 | | Zhan Renning | Domestic Natural Person | 2.85% | 8,434,473 | -2,811,000 | 368 | | Zhan Jianxing | Domestic Natural Person | 2.09% | 6,173,814 | 0 | 1,543,454 | | China Merchants Bank Co., Ltd. - GF Value Core Mixed Securities Investment Fund | Other | 2.08% | 6,139,500 | 6,139,500 | 6,139,500 | - Lin Wangnan and Zhan Jianxing are a married couple and the actual controllers of Dongguan Nanxing Industrial Investment Co., Ltd.; Zhan Renning and Zhan Jianxing are siblings[173](index=173&type=chunk) [4. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=45&type=section&id=4.%20Changes%20in%20Shareholdings%20of%20Directors,%20Supervisors,%20and%20Senior%20Management) During the reporting period, General Manager Zhan Renning reduced his shareholding by 2,811,000 shares, holding 8,434,473 shares at period-end Changes in Shareholdings of Directors, Supervisors, and Senior Management | Name | Position | Beginning Balance (shares) | Number of Shares Reduced This Period (shares) | Ending Balance (shares) | | :--- | :--- | :--- | :--- | :--- | | Zhan Renning | General Manager | 11,245,473 | 2,811,000 | 8,434,473 | [5. Changes in Controlling Shareholder or Actual Controller](index=45&type=section&id=5.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) No changes occurred in the controlling shareholder or actual controller during the reporting period - The company's controlling shareholder did not change during the reporting period[176](index=176&type=chunk) - The company's actual controller did not change during the reporting period[176](index=176&type=chunk) [6. Preferred Share Information](index=45&type=section&id=6.%20Preferred%20Share%20Information) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[177](index=177&type=chunk) Section VII Bond-Related Information No bond-related information for the company during the reporting period [Bond-Related Information](index=46&type=section&id=Bond-Related%20Information) The company had no bond-related information during the reporting period - The company had no bond-related information during the reporting period[179](index=179&type=chunk) Section VIII Financial Report This section presents the company's unaudited interim financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in equity [1. Audit Report](index=47&type=section&id=1.%20Audit%20Report) The company's interim financial report was not audited - The company's semi-annual financial report was unaudited[181](index=181&type=chunk) [2. Financial Statements](index=47&type=section&id=2.%20Financial%20Statements) This section includes the consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the 2025 interim period - As of June 30, 2025, the company's subsidiaries Weiyun Company and Xingnanxing Company had **10,162,797.50 yuan** in bank deposits frozen due to litigation[304](index=304&type=chunk) - This reporting period's operating revenue was **1,608,025,612.23 yuan**, and operating cost was **1,345,910,134.37 yuan**[443](index=443&type=chunk) - This period's R&D expenses were **61,563,133.06 yuan**, compared to **75,254,255.52 yuan** in the prior period, a year-on-year decrease of **18.19%**[452](index=452&type=chunk) [(I) Consolidated Balance Sheet](index=47&type=section&id=1、合并资产负债表) As of June 30, 2025, consolidated total assets were 3.53 billion yuan, up 1.77%; total liabilities were 1.49 billion yuan, and total owners' equity was 2.04 billion yuan Key Data from Consolidated Balance Sheet | Item | Ending Balance (yuan) | Beginning Balance (yuan) | | :--- | :--- | :--- | | Total Assets | 3,528,165,484.31 | 3,466,666,292.97 | | Total Current Assets | 1,836,150,342.24 | 1,709,557,585.14 | | Total Non-Current Assets | 1,692,015,142.07 | 1,757,108,707.83 | | Total Liabilities | 1,492,537,543.68 | 1,433,139,050.26 | | Total Owners' Equity | 2,035,627,940.63 | 2,033,527,242.71 | [(II) Parent Company Balance Sheet](index=51&type=section&id=2、母公司资产负债表) As of June 30, 2025, parent company total assets were 3.12 billion yuan, up 2.19%; total liabilities were 0.65 billion yuan, and total owners' equity was 2.47 billion yuan Key Data from Parent Company Balance Sheet | Item | Ending Balance (yuan) | Beginning Balance (yuan) | | :--- | :--- | :--- | | Total Assets | 3,118,143,255.30 | 3,051,072,453.80 | | Total Current Assets | 1,334,857,246.08 | 1,306,331,181.75 | | Total Non-Current Assets | 1,783,286,009.22 | 1,744,741,272.05 | | Total Liabilities | 651,186,534.26 | 694,393,522.37 | | Total Owners' Equity | 2,466,956,721.04 | 2,356,678,931.43 | [(III) Consolidated Income Statement](index=54&type=section&id=3、合并利润表) For the 2025 interim period, total operating revenue was 1.61 billion yuan, down 10.51%; net profit was 60.10 million yuan, down 64.01%; basic EPS was 0.2024 yuan Key Data from Consolidated Income Statement | Item | 2025 Semi-Annual (yuan) | 2024 Semi-Annual (yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 1,608,025,612.23 | 1,796,914,272.66 | | Operating Profit | 75,264,017.72 | 190,801,470.65 | | Total Profit | 73,725,747.34 | 190,043,438.18 | | Net Profit | 60,103,324.03 | 167,531,301.81 | | Net Profit Attributable to Parent Company Shareholders | 59,795,858.71 | 165,373,421.45 | | Basic Earnings Per Share | 0.2024 | 0.5597 | [(IV) Parent Company Income Statement](index=56&type=section&id=4、母公司利润表) For the 2025 interim period, parent company operating revenue was 0.69 billion yuan, down 28.75%; net profit was 0.17 billion yuan, up 20.66% Key Data from Parent Company Income Statement | Item | 2025 Semi-Annual (yuan) | 2024 Semi-Annual (yuan) | | :--- | :--- | :--- | | Operating Revenue | 693,894,724.63 | 973,813,506.68 | | Operating Profit | 175,193,278.11 | 155,598,209.29 | | Total Profit | 174,427,569.28 | 155,150,316.04 | | Net Profit | 167,617,606.02 | 138,920,025.30 | [(V) Consolidated Cash Flow Statement](index=58&type=section&id=5、合并现金流量表) Net cash from operating activities was 0.23 billion yuan, stable year-on-year; net cash from investing activities turned positive at 11.59 million yuan; net cash from financing activities was -76.84 million yuan Key Data from Consolidated Cash Flow Statement | Item | 2025 Semi-Annual (yuan) | 2024 Semi-Annual (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 227,674,660.25 | 230,846,791.57 | | Net Cash Flow from Investing Activities | 11,586,363.77 | -132,186,954.62 | | Net Cash Flow from Financing Activities | -76,844,648.55 | -59,330,513.14 | | Net Increase in Cash and Cash Equivalents | 162,416,375.47 | 39,329,323.78 | | Ending Balance of Cash and Cash Equivalents | 499,011,214.14 | 518,275,775.38 | [(VI) Parent Company Cash Flow Statement](index=60&type=section&id=6、母公司现金流量表) Net cash from operating activities was 0.14 billion yuan, up 150.52%; net cash from investing activities turned positive at 82.10 million yuan; net cash from financing activities was -69.48 million yuan Key Data from Parent Company Cash Flow Statement | Item | 2025 Semi-Annual (yuan) | 2024 Semi-Annual (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 138,823,138.41 | 55,412,771.81 | | Net Cash Flow from Investing Activities | 82,104,126.75 | -109,738,869.88 | | Net Cash Flow from Financing Activities | -69,484,617.46 | -64,696,881.09 | | Net Increase in Cash and Cash Equivalents | 151,442,647.70 | -119,022,979.16 | | Ending Balance of Cash and Cash Equivalents | 335,151,635.05 | 250,552,794.43 | [(VII) Consolidated Statement of Changes in Owners' Equity](index=61&type=section&id=7、合并所有者权益变动表) Consolidated owners' equity totaled 2.04 billion yuan, with net profit contributing 59.80 million yuan and profit distribution reducing it by 59.09 million yuan Key Data from Consolidated Statement of Changes in Owners' Equity | Item | Beginning Balance (yuan) | Change Amount This Period (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | | Total Owners' Equity Attributable to Parent Company | 2,001,984,537.40 | 3,793,232.60 | 2,005,777,770.00 | | Minority Interests | 31,542,705.31 | -1,692,534.68 | 29,850,170.63 | | Total Owners' Equity | 2,033,527,242.71 | 2,100,697.92 | 2,035,627,940.63 | | Net Profit Attributable to Parent Company Shareholders | 165,373,421.45 (Prior Period) | 59,795,858.71 (Current Period) | | | Distribution to Owners (or Shareholders) | -59,091,182.60 (Prior Period) | -59,091,182.60 (Current Period) | | [(VIII) Parent Company Statement of Changes in Owners' Equity](index=65&type=section&id=8、母公司所有者权益变动表) Parent company owners' equity totaled 2.47 billion yuan, up 4.68%, driven by net profit and reduced by profit distribution Key Data from Parent Company Statement of Changes in Owners' Equity | Item | Beginning Balance (yuan) | Change Amount This Period (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | | Total Owners' Equity | 2,356,678,931.43 | 110,277,789.61 | 2,466,956,721.04 | | Retained Earnings | 1,025,986,236.16 | 108,526,423.42 | 1,134,512,659.58 | | Total Comprehensive Income | 138,920,025.30 (Prior Period) | 167,617,606.02 (Current Period) | | | Distribution to Owners (or Shareholders) | -59,091,182.60 (Prior Period) | -59,091,182.60 (Current Period) | | [3. Company Basic Information](index=68&type=section&id=3.%20Company%20Basic%20Information) Nanxing Equipment Co., Ltd., established in 2011 and listed in 2015, specializes in panel furniture equipment and IDC/cloud services, controlled by Lin Wangnan and Zhan Jianxing - Nanxing Equipment Co., Ltd. was established in January 2011 and listed on the Shenzhen Stock Exchange in May 2015[214](index=214&type=chunk) - As of June 30, 2025, the company's total issued share capital was **295.4559 million shares**, and its registered capital was **295.4559 million yuan**[215](index=215&type=chunk) - The company's main business activities include being a professional supplier of complete sets of panel furniture production line equipment, as well as providing IDC, network security, cloud private line, public cloud, hybrid cloud, and other services[215](index=215&type=chunk) - The company's parent company is Dongguan Nanxing Industrial Investment Co., Ltd., and its actual controllers are Mr. Lin Wangnan and Ms. Zhan Jianxing[215](index=215&type=chunk) [4. Basis of Financial Statement Preparation](index=69&type=section&id=4.%20Basis%20of%20Financial%20Statement%20Preparation) Financial statements are prepared in accordance with PRC accounting standards and CSRC regulations, based on a going concern assumption, accurately reflecting financial position and performance - These financial statements are prepared in accordance with the "Accounting Standards for Business Enterprises - Basic Standards" and various specific accounting standards, application guidelines, interpretations, and other relevant regulations issued by the Ministry of Finance[216](index=216&type=chunk) - These financial statements are prepared on a going concern basis[217](index=217&type=chunk) [5. Significant Accounting Policies and Accounting Estimates](index=69&type=section&id=5.%20Significant%20Accounting%20Policies%20and%20Accounting%20Estimates) This section details the company's accounting policies and estimates for various items, including accounting period, reporting cycle, functional currency, business combinations, financial instruments, revenue recognition, and government grants - The company adopts RMB as its functional currency, and its operating cycle is 12 months[220](index=220&type=chunk)[221](index=221&type=chunk) - The company recognizes revenue when it satisfies its performance obligations in the contract, which is when the customer obtains control of the related goods or services[280](index=280&type=chunk) - The company applies impairment accounting based on expected credit losses for financial assets measured at amortized cost, financial assets measured at fair value through other comprehensive income (debt instruments), and financial guarantee contracts[239](index=239&type=chunk) [6. Taxation](index=88&type=section&id=6.%20Taxation) Covers major taxes like VAT and corporate income tax. Nanxing Equipment and several subsidiaries enjoy a 15% high-tech enterprise income tax rate, with some also benefiting from VAT input tax deduction policies Major Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Calculated based on sales of goods and taxable services as stipulated by tax law, after deducting current period deductible input VAT, the difference is VAT payable | 13%, 6% | | Urban Maintenance and Construction Tax | Calculated based on actual VAT and consumption tax paid | 7%, 5% | | Corporate Income Tax | Calculated based on taxable income | See below for income tax rates of different taxable entities | | Education Surcharge | Actual turnover tax paid | 3% | | Local Education Surcharge | Actual turnover tax paid | 2% | | Property Tax | Based on 70% of the original value of the property | 1.2% | Income Tax Rates for Different Taxable Entities | Taxable Entity Name | Income Tax Rate | | :--- | :--- | | Nanxing Equipment Co., Ltd. | 15% | | Wuxi Nanxing Equipment Co., Ltd. | 15% | | Nanxing Equipment (Shaoguan) Co., Ltd. | 15% | | Guangdong Weiyi Network Technology Co., Ltd. | 15% | | Guangdong Zhixiang Information Technology Co., Ltd. | 15% | | Beijing Hutong Guanglian Technology Co., Ltd. | 20% | | Dongguan Yaoyao Lingxian Smart Technology Co., Ltd. | 20% | | Nanxing Cloud Computing Co., Ltd. | 25% | | Xiamen Nanxing Industrial Internet Research Institute Co., Ltd. | 25% | | Xiamen Century Netcom Network Service Co., Ltd. | 25% | | Xiamen Weiyun Network Technology Co., Ltd. | 25% | | Shenzhen Qiaolian Network Technology Co., Ltd. | 25% | | Guangzhou Yunsucheng Information Technology Co., Ltd. | 25% | | Guangdong Weiyi Energy Technology Co., Ltd. | 25% | | Xiamen Xingnanxing Smart Technology Co., Ltd. | 25% | | Dongguan Jizhi Smart Equipment Co., Ltd. | 25% | | Nanxing Equipment (Hong Kong) Co., Ltd. | 8.25% | | Weiyi Network International Co., Ltd. | 8.25% | - Nanxing Equipment, Wuxi Nanxing, Shaoguan Nanxing, Weiyi Network, and Zhixiang Technology are all recognized as high-tech enterprises, enjoying a **15% corporate income tax rate** preferential policy for 2025[301](index=301&type=chunk)[302](index=302&type=chunk) - Nanxing Equipment, Wuxi Nanxing, and Shaoguan Nanxing qualify for the advanced manufacturing enterprise VAT input tax deduction policy, allowing a **5% additional deduction** of deductible input VAT from January 1, 2023, to December 31, 2027[302](index=302&type=chunk) [7. Notes to Consolidated Financial Statement Items](index=90&type=section&id=7.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section details the consolidated financial statement items' ending and beginning balances, changes, composition, and accounting methods - As of June 30, 2025, the company's subsidiaries Weiyun Company and Xingnanxing Company had **10,162,797.50 yuan** in bank deposits frozen due to litigation[304](index=304&type=chunk) - This reporting period's operating revenue was **1,608,025,612.23 yuan**, and operating cost was **1,345,910,134.37 yuan**[443](index=443&type=chunk) - This period's R&D expenses were **61,563,133.06 yuan**, compared to **75,254,255.52 yuan** in the prior period, a year-on-year decrease of **18.19%**[452](index=452&type=chunk) [(I) Monetary Funds](index=90&type=section&id=1、货币资金) Period-end monetary funds were 509.17 million yuan, up 51.29%, mainly bank deposits, with 10.16 million yuan frozen due to litigation Monetary Funds Composition | Item | Ending Balance (yuan) | Beginning Balance (yuan) | | :--- | :--- | :--- | | Cash on Hand | 38,325.07 | 17,788.43 | | Bank Deposits | 508,944,699.95 | 336,259,122.38 | | Other Monetary Funds | 190,986.62 | 317,927.86 | | Total | 509,174,011.64 | 336,594,838.67 | - As of June 30, 2025, the company's subsidiaries Weiyun Company and Xingnanxing Company had **10,162,797.50 yuan** in bank deposits frozen due to litigation[304](index=304&type=chunk) [(II) Trading Financial Assets](index=90&type=section&id=2、交易性金融资产) Period-end trading financial assets were 340 million yuan, down from 380.30 million yuan, primarily wealth management products Trading Financial Assets Composition | Item | Ending Balance (yuan) | Beginning Balance (yuan) | | :--- | :--- | :--- | | Financial Assets Measured at Fair Value Through Profit or Loss | 340,000,000.00 | 380,302,994.50 | | Including: Wealth Management Products | 340,000,000.00 | 380,302,994.50 | | Total | 340,000,000.00 | 380,302,994.50 | [(III) Notes Receivable](index=90&type=section&id=3、应收票据) Period-end notes receivable were 4.54 million yuan, down 26.39%, all bank acceptance notes with no bad debt provisions Notes Receivable by Category | Item | Ending Balance (yuan) | Beginning Balance (yuan) | | :--- | :--- | :--- | | Bank Acceptance Notes | 4,544,570.60 | 6,173,946.20 | | Total | 4,544,570.60 | 6,173,946.20 | - As of the balance sheet date, the company's bank acceptance notes that were endorsed or discounted but not yet due amounted to **1,144,570.60 yuan**[313](index=313&type=chunk) [(IV) Accounts Receivable](index=91&type=section&id=4、应收账款) Period-end accounts receivable balance was 605.91 million yuan, up 35.55%; net book value was 541.18 million yuan after 64.73 million yuan in bad debt provisions Accounts Receivable Aging Distribution | Aging | Ending Book Balance (yuan) | Beginning Book Balance (yuan) | | :--- | :--- | :--- | | Within 1 Year (inclusive) | 553,088,633.01 | 397,690,919.45 | | 1 to 2 Years | 16,500,538.96 | 13,287,406.30 | | 2 to 3 Years | 3,354,224.90 | 6,634,444.08 | | Over 3 Years | 32,968,827.62 | 29,854,904.84 | | Total | 605,912,224.49 | 447,467,674.67 | Accounts Receivable Bad Debt Provision | Category | Ending Book Balance (yuan) | Ending Bad Debt Provision (yuan) | Ending Book Value (yuan) | | :--- | :--- | :--- | :--- | | Bad Debt Provision by Individual Item | 26,439,117.62 | 26,439,117.62 | 0.00 | | Bad Debt Provision by Portfolio | 579,473,106.87 | 38,289,573.40 | 541,183,533.47 | | Total | 605,912,224.49 | 64,728,691.02 | 541,183,533.47 | [(V) Contract Assets](index=93&type=section&id=5、合同资产) Period-end contract assets were 9.52 million yuan, slightly down, mainly warranty receivables, with 0.87 million yuan in bad debt provisions Contract Assets Information | Item | Ending Book Balance (yuan) | Ending Bad Debt Provision (yuan) | Ending Book Value (yuan) | | :--- | :--- | :--- | :--- | | Warranty Receivables | 10,397,752.77 | 873,123.58 | 9,524,629.19 | | Total | 10,397,752.77 | 873,123.58 | 9,524,629.19 | [(VI) Receivables Financing](index=94&type=section&id=6、应收款项融资) Period-end receivables financing was 0 yuan, down from 0.29 million yuan, all bank acceptance bills. 1.99 million yuan in endorsed/discounted but not yet due receivables financing Receivables Financing by Category | Item | Ending Balance (yuan) | Beginning Balance (yuan) | | :--- | :--- | :--- | | Bank Acceptance Bills | | 285,240.00 | | Total | | 285,240.00 | - As of the balance sheet date, the company's bank acceptance bills that were endorsed or discounted but not yet due amounted to **1,995,070.00 yuan**[329](index=329&type=chunk) [(VII) Other Receivables](index=95&type=section&id=7、其他应收款) Period-end other receivables book value was 9.79 million yuan, up 46.13%, mainly deposits/guarantees, advances, and intercompany balances, with 16.93 million yuan in bad debt provisions Other Receivables by Nature of Payment | Nature of Payment | Ending Book Balance (yuan) | Beginning Book Balance (yuan) | | :--- | :--- | :--- | | Deposits/Guarantees | 11,859,959.00 | 7,611,080.32 | | Petty Cash | 459,091.17 | 51,275.21 | | Advances | 1,201,839.51 | 1,435,331.07 | | Intercompany Balances and Others | 13,198,326.14 | 13,914,509.37 | | Total | 26,719,215.82 | 23,012,195.97 | Other Receivables Bad Debt Provision | Category | Ending Book Balance (yuan) | Ending Bad Debt Provision (yuan) | Ending Book Value (yuan) | | :--- | :--- | :--- | :--- | | Bad Debt Provision by Individual Item | 12,695,539.73 | 12,695,539.73 | 0.00 | | Bad Debt Provision by Portfolio | 14,023,676.09 | 4,232,482.60 | 9,791,193.49 | | Total | 26,719,215.82 | 16,928,022.33 | 9,791,193.49 | [(VIII) Prepayments](index=98&type=section&id=8、预付款项) Period-end prepayments were 21.70 million yuan, down 56.83%, with 99.73% due within one year Prepayments by Aging | Aging | Ending Balance (yuan) | Proportion | | :--- | :--- | :--- | | Within 1 Year | 21,643,276.13 | 99.73% | | 1 to 2 Years | 57,242.95 | 0.26% | | 2 to 3 Years | 762.21 | 0.01% | | Total | 21,701,281.29 | | [(IX) Inventories](index=98&type=section&id=9、存货) Period-end inventories were 318.58 million yuan, down 25.06%, comprising raw materials, WIP, finished goods, and semi-finished goods, with 23.92 million yuan in impairment provisions Inventory Classification | Item | Ending Book Balance (yuan) | Ending Inventory Impairment Provision (yuan) | Ending Book Value (yuan) | | :--- | :--- | :--- | :--- | | Raw Materials | 38,617,955.85 | 8,699,148.85 | 29,918,807.00 | | Work in Progress | 51,599,575.44 | | 51,599,575.44 | | Finished Goods | 106,545,679.95 | 9,036,855.47 | 97,508,824.48 | | Goods Sent Out | 71,622,289.21 | | 71,622,289.21 | | Semi-Finished Goods | 69,359,473.82 | 6,179,000.62 | 63,180,473.20 | | Total | 342,496,645.98 | 23,915,004.94 | 318,581,641.04 | [(X) Other Current Assets](index=99&type=section&id=10、其他流动资产) Period-end other current assets were 81.65 million yuan, down 19.99%, mainly uncertified/deductible input VAT Other Current Assets Composition | Item | Ending Balance (yuan) | Beginning Balance (yuan) | | :--- | :--- | :--- | | Uncertified/Deductible Input VAT | 75,279,370.28 | 94,784,449.37 | | Overpaid VAT | 1,731,542.69 | 56,085.58 | | Prepaid Expenses Due Within One Year | 160,393.55 | 91,236.26 | | Other | 4,478,175.00 | 5,240,840.00 | | Total | 81,649,481.52 | 102,060,022.36 | [(XI) Long-Term Equity Investments](index=99&type=section&id=11、长期股权投资) Period-end long-term equity investments were 7.53 million yuan, stable, primarily investment in associate Changzhou Wenqin Ventur

Core Viewpoint - AI-related stocks showed strong performance on August 27, with notable gains in several companies, indicating a positive market sentiment towards the AI sector [1]. Company Performance - Nengke Technology (能科科技) reached a limit-up, marking its second consecutive trading day of gains, with a rise of 10% [2]. - Kute Intelligent (酷特智能) increased by over 8%, reflecting strong investor interest [1]. - Yinkang Life (盈康生命) and Wanxing Technology (万兴科技) also experienced upward movement, contributing to the overall positive trend in AI stocks [1]. - Other companies such as Doushen Education (豆神教育) and Huichan Technology (慧辰股份) also reported gains, with the latter showing a rise of 6.14% [2]. Percentage Changes - Nengke Technology (能科科技) recorded a significant increase of 53.02% in its stock price [2]. - Kute Intelligent (酷特智能) saw a rise of 25.90% [2]. - Yinkang Life (盈康生命) and Wanxing Technology (万兴科技) had increases of 11.27% and 89.88%, respectively [2]. - Doushen Education (豆神教育) experienced a gain of 10.10% [2].

Group 1 - The State Council released opinions on the implementation of the "Artificial Intelligence +" initiative, aiming for over 70% application penetration of new intelligent terminals and intelligent agents by 2027, and over 90% by 2030 [1] - The initiative includes building national AI application pilot bases, promoting the intelligent transformation of software and information service companies, and developing AI application service providers [1] - The focus is on creating a smart product ecosystem, with significant development in smart connected vehicles, AI smartphones and computers, smart robots, smart homes, and wearable devices [1] Group 2 - Huatai Securities believes that generative AI is entering a new development stage dominated by AI agents, which are seen as "digital employees" capable of understanding, planning, and executing complex tasks [2] - The demand for energy and semiconductors is rapidly increasing as AI agents transition from experimental to large-scale deployment, making these resources strategic and bottleneck factors for AI development [2] - Northeast Securities highlights that edge AI is evolving terminal devices from "single-function" to "scene intelligence," creating a core technology foundation for the Internet of Everything [2] Group 3 - Companies involved in AI applications across various sectors include: - AI + Government: Taiji Co., South威 Software, Newpoint Software, Digital Government, and Tuoer Si [3] - AI + Justice: Jinqiao Information, Huayu Software, and Tongda Hai [3] - AI + Finance and Tax: Tax Friend Co., Zhongke Jiangnan, and Bosi Software [3] - AI + Enterprise Services: Kingsoft Office, Yonyou Network, Kingdee International, Inspur Digital Enterprise, Guangyun Technology, Zhiyuan Interconnection, and Fanwei Network [3] - AI + Programming: Jin Modern and Puyuan Information [3] Group 4 - Companies such as Kute Intelligent and Nanxing Co. are identified as active entities in the AI agent space [4]

Group 1 - The stock price of Nanxing Co., Ltd. closed at 19.86 yuan on August 14, 2025, down 4.01% from the previous trading day, with a trading volume of 233,800 lots and a transaction amount of 471 million yuan [1] - Nanxing Co., Ltd. is primarily engaged in the manufacturing of specialized equipment, with its subsidiary, Unique Network, focusing on data center construction and operation. The company's business spans multiple areas, including computing power and China-Russia trade [1] - Unique Network's self-built data center employs advanced water-cooling and air-cooling technology combined with an intelligent control system, effectively enhancing operational efficiency and reducing energy consumption. The data center's PUE value has decreased to 1.3, which is better than the industry average [1] Group 2 - On August 14, 2025, the net outflow of main funds was 73.38 million yuan, with a cumulative net outflow of 233 million yuan over the past five trading days [2]

Core Viewpoint - The company emphasizes its commitment to building and operating energy-efficient and low-carbon data centers through advanced cooling technologies and intelligent control systems [1] Group 1 - The company's subsidiary, Yiwang Network, follows energy-saving and low-carbon principles in the construction and operation of its data center [1] - The data center utilizes advanced water-cooling and air-cooling technologies to enhance operational efficiency and reduce energy consumption [1] - The focus is on creating a green data center that aligns with industry standards for sustainability [1]

Group 1 - The company Naxing Co., Ltd. (002757.SZ) has stated that its subsidiary, Weiyi Network, adheres to energy-saving and low-carbon principles in the construction and operation of its self-built data centers [1] - Weiyi Network has implemented advanced water-cooling and air-cooling technologies, along with intelligent control systems, to enhance operational efficiency and reduce energy consumption, thereby creating a green data center [1] - In the Guangdong-Hong Kong-Macao Greater Bay Area, Weiyi Network has built two green data centers with a total of 4,712 cabinets, achieving a Power Usage Effectiveness (PUE) of 1.3, which is significantly better than the industry average PUE of 1.5 [3]

Core Viewpoint - Nanxing Co., Ltd. reported a stock price of 20.44 yuan on August 12, with a slight decline of 0.34% from the previous trading day, and a trading volume of 335 million yuan [1] Group 1: Company Overview - Nanxing Co., Ltd. specializes in the manufacturing of specialized equipment and owns a subsidiary named Unique Network, which is positioned as a provider of digital economy infrastructure services [1] - The company's business spans multiple sectors, including artificial intelligence, the internet, and digital entertainment [1] Group 2: Business Partnerships - On August 12, the company responded to investor inquiries on an interactive platform, clarifying that Unique Network currently has no business collaboration with OpenAI [1] - As a digital economy infrastructure service provider, Unique Network aims to continuously seek joint innovation opportunities with various partners [1] Group 3: Financial Performance - On August 12, the net inflow of main funds into Nanxing Co., Ltd. was 2.9451 million yuan, accounting for 0.05% of the circulating market value [1] - Over the past five days, the net outflow of main funds reached 283 million yuan, representing 4.92% of the circulating market value [1]