Core Viewpoint - Jin Aobo (002917.SZ) reported its semi-annual results for 2025, indicating a total institutional ownership of 69.9872 million shares, representing 20.13% of the company's total equity, with a slight decline in institutional holding percentage compared to the previous quarter [1] Institutional Investors - As of August 5, 2025, seven institutional investors disclosed their holdings in Jin Aobo, with a combined shareholding of 69.9872 million shares, accounting for 20.13% of the total share capital [1] - The institutional ownership percentage decreased by 0.79 percentage points compared to the previous quarter [1] Public Funds - Two new public funds were disclosed in this period compared to the previous quarter, including the E Fund National Robot Industry ETF and the Oriental Red CSI Advantage Growth Index Fund A [1] Foreign Investment Attitude - No new foreign institutional investors were disclosed in this period compared to the previous quarter, including Goldman Sachs International, Morgan Stanley & Co. International PLC, and CITIC Securities Asset Management (Hong Kong) Limited [1]

Core Viewpoint - The company, Jin Aobo Technology Co., Ltd., reported a revenue increase of 10.47% year-on-year, driven by significant growth in specialized equipment and chemical materials, while maintaining a strong focus on technological innovation and digital transformation in the civil explosive industry [7][9]. Company Overview - Jin Aobo is a leading enterprise in the civil explosive intelligent equipment sector in China, involved in research, design, manufacturing, and service [5][6]. - The company has received multiple accolades, including being recognized as a "Shenzhen Top 500 Enterprise" and a "Specialized and Innovative 'Little Giant' Enterprise" in Guangdong Province [6]. Financial Performance - The company achieved total operating revenue of 824.80 million yuan, with specialized equipment revenue growing by 62.46% and chemical materials revenue increasing by 28.23% compared to the previous year [7]. - The net profit attributable to shareholders was 86.73 million yuan, reflecting a 20.91% increase year-on-year [7]. Business Operations - The company has a comprehensive industrial chain that includes research, production, sales, transportation, and blasting services, with an annual production capacity of 117,000 tons for industrial explosives and 85.22 million digital electronic detonators [6][9]. - The company has successfully integrated technology and services in five application cases recognized by the Ministry of Industry and Information Technology, showcasing its capabilities in digital transformation [7]. Technological Advancements - The company has developed several advanced production technologies, including the JWL-ZW type intelligent unmanned production process for emulsified explosives, which has been recognized as internationally leading [19][20]. - The company focuses on high-end intelligent manufacturing and has developed various industrial robots and automation systems that have been widely applied in the civil explosive industry [22][23]. Product Offerings - The main products include emulsified explosives, ammonium oil explosives, digital electronic detonators, and various types of industrial robots and automation systems [32][36]. - The company has established over 300 production lines domestically and more than 30 overseas, demonstrating its strong market presence [11]. Environmental and Safety Initiatives - The company is committed to environmental sustainability and has developed energy-saving and environmentally friendly equipment and processes to support the industry's transition towards carbon neutrality [37].

截至发稿，金奥博市值为52亿元。 每经头条（nbdtoutiao）——理想i8和乘龙卡车对撞测试，由中国汽研"操刀"！权威机构如何确保权威， 测试要不要公证？业内人士解读 （记者 曾健辉） 每经AI快讯，金奥博（SZ 002917，收盘价：14.93元）8月5日晚间发布公告称，公司第三届第二十次董 事会会议于2025年8月4日在公司会议室召开。会议审议了《关于2025年半年度报告及其摘要的议案》等 文件。 2024年1至12月份，金奥博的营业收入构成为：民爆产品占比55.0%，化工材料占比29.79%，专用设备 占比13.39%，工程爆破占比1.03%，其他业务收入占比0.79%。 ...

Core Viewpoint - The company Jin Aobo reported a year-on-year increase in revenue and net profit for the first half of 2025, indicating positive financial performance and growth potential [2]. Financial Performance - The company's operating revenue for the first half of 2025 is approximately 825 million yuan, representing a year-on-year increase of 10.47% [2]. - The net profit attributable to shareholders is around 86.73 million yuan, showing a year-on-year increase of 20.91% [2]. - Basic earnings per share are reported at 0.2534 yuan, which is a year-on-year increase of 21.48% [2].

报告期利润增长的主要原因为公司紧密围绕公司发展战略和经营管理目标开展各项运营工作，不断加强 装备和化工板块的市场拓展，专用设备和关键原辅材料实现产销量增加，带动业绩增长;同时公司进一 步优化经营管理，加强成本控制，协同效应得到进一步释放，促进公司效益增长。公司持续加强各业务 板块之间的融合与协作，实现资源共享、优势互补的最大化，增强公司持续经营能力，提升综合竞争能 力。 智通财经APP讯，金奥博(002917.SZ)发布2025年半年度报告，该公司营业收入为8.25亿元，同比增长 10.47%。归属于上市公司股东的净利润为8672.5万元，同比增长20.91%。归属于上市公司股东的扣除非 经常性损益的净利润为8484.17万元，同比增长24.82%。基本每股收益为0.2534元。 ...

格隆汇8月5日丨金奥博(002917.SZ)公布2025年半年度报告，上半年公司实现营业收入8.25亿元，同比增 长10.47%；归属于上市公司股东的净利润8672.50万元，同比增长20.91%；归属于上市公司股东的扣除 非经常性损益的净利润8484.17万元，同比增长24.82%；基本每股收益0.2534元。 ...

证券代码：002917 证券简称：金奥博 公告编号：2025-040 深圳市金奥博科技股份有限公司 第三届监事会第十八次会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 深圳市金奥博科技股份有限公司(以下简称"公司")第三届监事会第十八次 会议于 2025 年 8 月 4 日在公司会议室以现场结合通讯表决方式召开。本次会议 通知于 2025 年 7 月 24 日以电子邮件、电话等方式向各位监事发出。本次会议由 公司监事会主席吴龙祥先生召集并主持，会议应参加监事 3 人，实际参加监事 3 人，其中监事吴龙祥先生、翟雄鹰先生以通讯方式参加。本次会议的召集、召开 和表决程序符合《中华人民共和国公司法》及《公司章程》的有关规定。 二、监事会会议审议情况 1、审议通过《关于 2025 年半年度报告及其摘要的议案》 表决结果：同意 3 票，反对 0 票，弃权 0 票。 三、备查文件 公司第三届监事会第十八次会议决议。 特此公告。 经审核，监事会认为董事会编制和审核公司 2025 年半年度报告的程序符合 法律、行政法规和中国证监会的规定， ...

证券代码：002917 证券简称：金奥博 公告编号：2025-039 深圳市金奥博科技股份有限公司 第三届董事会第二十次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 深圳市金奥博科技股份有限公司(以下简称"公司")第三届董事会第二十次 会议于 2025 年 8 月 4 日在公司会议室召开。本次会议通知于 2025 年 7 月 24 日 通过电子邮件、电话等方式向各位董事发出，会议采取现场结合通讯方式召开， 会议应参加董事 8 人，实际参加表决董事 8 人，其中董事梁金刚先生、明景谷先 生、张洪文先生、肖忠良先生以通讯方式参会。会议由公司董事长明刚先生召集 并主持，公司部分监事及高级管理人员列席了本次会议。本次会议的召集、召开 和表决程序符合《中华人民共和国公司法》及《公司章程》的有关规定，合法有 效。 二、董事会会议审议情况 1、审议通过《关于 2025 年半年度报告及其摘要的议案》 表决结果：同意 8 票，反对 0 票，弃权 0 票。 2、审议通过《关于 2025 年半年度募集资金存放、管理与使用情况专项报告 的议案》 ...

金奥博公告，2025年上半年营业收入8.25亿元，同比增长10.47%。净利润8672.5万元，同比增长 20.91%。 ...

[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=Item%20I.%20Important%20Notice%2C%20Table%20of%20Contents%2C%20and%20Definitions) [Important Notice](index=2&type=section&id=Important%20Notice) The company's management assures the accuracy and completeness of this semi-annual report and financial statements, with no profit distribution planned for the period - Company management guarantees the truthfulness, accuracy, and completeness of this report and financial statements[4](index=4&type=chunk) - The company plans no cash dividends, bonus shares, or capital increase from capital reserves for the 2025 semi-annual period[5](index=5&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines key terms and abbreviations of company entities and industry-specific terminology used throughout the report - The reporting period is defined as January 1, 2025, to June 30, 2025[13](index=13&type=chunk) - Abbreviations for the company and its main wholly-owned and controlling subsidiaries, such as Jin'aobo Information, Shandong Shengshida, and Beijing Jin'aobo Jingmei, are clarified[13](index=13&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=Item%20II.%20Company%20Profile%20and%20Key%20Financial%20Indicators) [Company Profile](index=6&type=section&id=I.%20Company%20Profile) Shenzhen Jin'aobo Technology Co., Ltd. (stock code 002917) is a Shenzhen Stock Exchange-listed company with Ming Gang as its legal representative Company Basic Information | Item | Content | | :--- | :--- | | Stock Abbreviation | Jin'aobo | | Stock Code | 002917 | | Listing Exchange | Shenzhen Stock Exchange | | Legal Representative | Ming Gang | [Key Accounting Data and Financial Indicators](index=7&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In H1 2025, the company achieved robust growth with operating revenue up 10.47% to **825 million yuan** and net profit attributable to shareholders up 20.91% to **86.725 million yuan**, while operating cash flow significantly improved Key Accounting Data and Financial Indicators | Key Financial Indicator | Current Reporting Period (Yuan) | Prior Year Period (Yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 824,799,273.49 | 746,609,430.56 | 10.47% | | Net Profit Attributable to Shareholders | 86,725,007.79 | 71,724,893.28 | 20.91% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 84,841,705.21 | 67,970,490.41 | 24.82% | | Net Cash Flow from Operating Activities | 142,887,362.79 | 58,804.29 | 242,887.99% | | Basic Earnings Per Share (Yuan/Share) | 0.2534 | 0.2086 | 21.48% | | Total Assets (End of Reporting Period) | 3,280,802,661.03 | 3,187,684,244.98 (End of Prior Year) | 2.92% | | Net Assets Attributable to Shareholders (End of Reporting Period) | 1,669,694,860.62 | 1,570,825,767.46 (End of Prior Year) | 6.29% | [Non-recurring Gains and Losses and Amounts](index=7&type=section&id=VI.%20Non-recurring%20Gains%20and%20Losses%20and%20Amounts) Non-recurring gains and losses totaled **1.8833 million yuan**, primarily from government grants and wealth management income, partially offset by asset disposal losses and other non-operating items Non-recurring Gains and Losses Items | Item | Amount (Yuan) | Explanation | | :--- | :--- | :--- | | Gains/Losses from Disposal of Non-current Assets | -223,901.64 | Primarily from disposal of fixed assets by controlling subsidiaries | | Government Grants Recognized in Current Profit/Loss | 2,962,793.10 | Government grants received by the company and controlling subsidiaries | | Gains/Losses from Entrusted Investment or Asset Management | 993,471.42 | Investment income from wealth management using temporarily idle funds | | Net Other Non-operating Income and Expenses | -473,536.62 | - | | **Total** | **1,883,302.58** | - | [Management Discussion and Analysis](index=9&type=section&id=Item%20III.%20Management%20Discussion%20and%20Analysis) [Principal Business and Operations](index=9&type=section&id=I.%20Principal%20Business%20Activities%20During%20the%20Reporting%20Period) The company, a leader in civil explosive intelligent equipment, achieved revenue growth of **10.47%** and net profit growth of **20.91%** driven by strong performance in specialized equipment and chemical materials, alongside strategic acquisitions and technological advancements - The company's core business revolves around four major segments: civil explosive integration, fine chemicals, intelligent manufacturing, and Jin'aobo Smart Cloud[28](index=28&type=chunk) Revenue Growth by Business Segment | Business Segment | YoY Revenue Growth | | :--- | :--- | | Specialized Equipment | 62.46% | | Chemical Materials | 28.23% | - During the reporting period, the acquisition of 100% equity in Shijiazhuang Chenggong Electromechanical Co., Ltd. was completed, deepening resource integration in the intelligent equipment business segment[30](index=30&type=chunk) - The company's co-developed 'JWL-ZW Emulsion Explosive Intelligent Unmanned Production Process Technology and Equipment' project passed scientific and technological achievement appraisal, with overall technology reaching international leading levels[31](index=31&type=chunk) [Core Competitiveness Analysis](index=21&type=section&id=II.%20Core%20Competitiveness%20Analysis) The company's core competitiveness stems from its leading intelligent equipment, integrated R&D and production, customized solutions, advanced industrial internet systems, robust customer base, and expert talent team - Technological innovation advantage: The company is a leading enterprise in domestic civil explosive intelligent equipment system integration, possessing multiple core technology patents and scientific awards, and recognized as a national-level 'Specialized, Refined, Unique, and New 'Little Giant' Enterprise'[88](index=88&type=chunk)[89](index=89&type=chunk) - Information service advantage: The company's 'Industrial Internet + Safety Production' system and 'Electronic Detonator Production Execution System' were successfully included in the Ministry of Industry and Information Technology's 'List of Typical Cases for Digital Transformation in Key Scenarios of the Civil Explosives Industry'[94](index=94&type=chunk) - Customer resource advantage: The company has over 300 production line application cases domestically and has expanded its business to multiple overseas countries and regions, undertaking over 30 production lines[96](index=96&type=chunk) [Main Business Analysis](index=23&type=section&id=III.%20Main%20Business%20Analysis) Main business revenue shifted with **62.46%** growth in specialized equipment and **28.23%** in chemical materials, while civil explosive products declined; overseas revenue surged **701.73%** to **8.75%** of total, and civil explosive gross margin improved due to cost control Key Financial Indicators and Changes | Financial Indicator | Current Reporting Period (Yuan) | YoY Change | Primary Reason for Change | | :--- | :--- | :--- | :--- | | Financial Expenses | 4,715,441.34 | -30.22% | Decrease in borrowing interest expenses | | Income Tax Expense | 15,299,894.48 | 165.50% | Increase in total profit and full utilization of deductible losses by some subsidiaries | | Net Cash Flow from Operating Activities | 142,887,362.79 | 242,887.99% | Increase in cash received from sales of goods and provision of services | | Net Cash Flow from Investing Activities | -135,194,870.41 | -297.40% | Increase in investment payments for newly consolidated subsidiaries and purchase of wealth management principal | Revenue Composition by Industry Segment | Revenue Composition (by Industry) | Current Reporting Period Amount (Yuan) | Proportion of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | | Specialized Equipment | 148,141,822.65 | 17.96% | 62.46% | | Chemical Materials | 265,302,811.66 | 32.17% | 28.23% | | Civil Explosive Products | 388,091,729.14 | 47.05% | -11.28% | | Engineering Blasting | 16,007,470.37 | 1.94% | 175.96% | - Overseas business revenue reached **72.1403 million yuan**, accounting for **8.75%** of total revenue, a **701.73%** year-on-year increase, indicating a gradual expansion of overseas business scale[103](index=103&type=chunk)[111](index=111&type=chunk) [Analysis of Assets and Liabilities](index=26&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) Total assets reached **3.281 billion yuan**, up **2.92%** from year-end, with stable asset structure, while long-term borrowings increased from **43 million yuan** to **89 million yuan** - Long-term borrowings increased by **46 million yuan** compared to the end of the previous year, representing the only significant change in the balance sheet[112](index=112&type=chunk) [Analysis of Investment Status](index=27&type=section&id=VI.%20Analysis%20of%20Investment%20Status) Investments totaled **25.6804 million yuan**, up **12.40%**, with several major non-equity projects delayed; of the **685 million yuan** raised in 2022, **434 million yuan** remains unused, primarily for cash management and working capital - Multiple fundraising projects, including the 'Blasting Engineering Service Project' and 'Civil Explosive Material Production Line Technical Transformation and Informatization Project,' have been resolved to be postponed[118](index=118&type=chunk)[128](index=128&type=chunk) - As of the end of the reporting period, **434 million yuan** of the funds raised from the 2022 non-public offering remain unused, with **430 million yuan** allocated for cash management and **38 million yuan** for temporary working capital replenishment[123](index=123&type=chunk)[125](index=125&type=chunk) [Analysis of Major Holding and Participating Companies](index=34&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) Major controlling subsidiaries Shandong Shengshida, Anhui Jin'aobo, and Beijing Jin'aobo Jingmei were profitable, while the acquisition of Shijiazhuang Chenggong Electromechanical added **3.6140 million yuan** in net profit, and Shandong Shengshida Technology Service Co., Ltd. was deregistered Performance of Major Subsidiaries | Major Subsidiary | Operating Revenue (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | | Shandong Shengshida Chemical Co., Ltd. | 198,004,952.45 | 14,140,950.10 | | Anhui Jin'aobo New Material Technology Co., Ltd. | 167,573,459.54 | 9,580,996.87 | | Beijing Jin'aobo Jingmei Technology Co., Ltd. | 192,719,371.60 | 14,907,372.52 | - During the reporting period, the newly acquired subsidiary, Shijiazhuang Chenggong Electromechanical Co., Ltd., contributed **3.6140 million yuan** in net profit, accounting for **4.14%** of consolidated net profit attributable to the parent company[137](index=137&type=chunk) [Risks and Countermeasures](index=35&type=section&id=X.%20Risks%20and%20Countermeasures%20Faced%20by%20the%20Company) The company addresses risks such as macroeconomic volatility, market competition, supply chain management, production safety, and raw material price fluctuations through strategic market analysis, continuous innovation, and robust internal controls - The company identified five major risks: macroeconomic fluctuations, industry and market competition, supply chain extension and expansion, production safety, and raw material price volatility[137](index=137&type=chunk)[138](index=138&type=chunk)[139](index=139&type=chunk)[140](index=140&type=chunk) [Corporate Governance, Environment, and Society](index=37&type=section&id=Item%20IV.%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) [Corporate Governance and Social Responsibility](index=37&type=section&id=Corporate%20Governance%20and%20Social%20Responsibility) No changes occurred in the company's governance or profit distribution plans, while the company and four subsidiaries were listed for environmental disclosure, actively fulfilling social responsibilities across various stakeholder and environmental areas - The company and its major subsidiaries, including Jiangsu Tianming, Zhangjiakou Ziyun, Shandong Taishan Civil Explosives, and Shimen Chenggong Polymer, totaling four enterprises, were included in the list of enterprises required to disclose environmental information by law[147](index=147&type=chunk) - The company actively participated in rural revitalization, donating **50 computers** to Nimu Township Primary School in Nimu County, while its subsidiary Jiangsu Tianming donated funds and supported the installation of streetlights in its paired assistance village[150](index=150&type=chunk) [Significant Matters](index=39&type=section&id=Item%20V.%20Significant%20Matters) [Overview of Significant Matters](index=39&type=section&id=Overview%20of%20Significant%20Matters) The company had no unfulfilled commitments or illegal fund occupation by controlling shareholders, and its share repurchase plan, initiated in February 2024, was completed in February 2025, repurchasing **3.062 million shares** for **25.0073 million yuan** - The company completed its share repurchase plan on February 18, 2025, cumulatively repurchasing **3,062,000 shares**, accounting for **0.88%** of total share capital, with a total transaction amount of **25,007,260.00 yuan**[176](index=176&type=chunk)[177](index=177&type=chunk) - The company has no non-operating fund occupation by controlling shareholders or other related parties, nor any illegal external guarantees[153](index=153&type=chunk)[154](index=154&type=chunk) [Share Changes and Shareholder Information](index=44&type=section&id=Item%20VI.%20Share%20Changes%20and%20Shareholder%20Information) [Share Change Status](index=44&type=section&id=I.%20Share%20Change%20Status) The company's total share capital remained unchanged at **347,614,197 shares**, with minor transfers between restricted and unrestricted shares due to changes in executive share lock-up rules - The company's total share capital remained unchanged at **347,614,197 shares**[181](index=181&type=chunk) [Shareholder Numbers and Shareholding Status](index=46&type=section&id=III.%20Shareholder%20Numbers%20and%20Shareholding%20Status) As of the reporting period end, the company had **39,764** common shareholders, with Ming Gang (**24.36%**) and Sichuan Yahua Industrial Group Co., Ltd. (**11.79%**) as top holders, and the repurchase account holding **5.4206 million shares** - The total number of common shareholders at the end of the reporting period was **39,764**[189](index=189&type=chunk) Top Shareholders | Shareholder Name | Shareholding Percentage | Number of Shares Held | | :--- | :--- | :--- | | Ming Gang | 24.36% | 84,678,273 | | Sichuan Yahua Industrial Group Co., Ltd. | 11.79% | 41,000,000 | | Ming Jinggu | 9.02% | 31,352,182 | [Bond-Related Information](index=50&type=section&id=Item%20VII.%20Bond-Related%20Information) [Bond Status](index=50&type=section&id=Bond%20Status) The company had no bond-related matters during the reporting period - The company had no bond-related matters during this reporting period[196](index=196&type=chunk) [Financial Report](index=51&type=section&id=Item%20VIII.%20Financial%20Report) [Financial Statements](index=51&type=section&id=II.%20Financial%20Statements) This unaudited semi-annual financial report shows total assets of **3.281 billion yuan** and equity attributable to parent company owners of **1.670 billion yuan**, with operating revenue of **825 million yuan** and net profit attributable to parent company owners of **86.725 million yuan** Consolidated Balance Sheet Key Items | Consolidated Balance Sheet Key Items | Period-End Balance (Yuan) | Period-Beginning Balance (Yuan) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 415,595,839.77 | 439,420,894.63 | | Accounts Receivable | 720,346,387.06 | 587,904,782.33 | | Total Assets | 3,280,802,661.03 | 3,187,684,244.98 | | Short-term Borrowings | 516,900,000.00 | 536,800,000.00 | | Total Liabilities | 1,355,854,524.39 | 1,361,359,151.02 | | Total Equity Attributable to Parent Company Owners | 1,669,694,860.62 | 1,570,825,767.46 | Consolidated Income Statement Key Items | Consolidated Income Statement Key Items | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 824,799,273.49 | 746,609,430.56 | | Total Operating Costs | 718,385,122.28 | 665,855,866.03 | | Total Profit | 112,942,177.48 | 93,981,646.12 | | Net Profit | 97,642,283.00 | 88,218,971.73 | | Net Profit Attributable to Parent Company Shareholders | 86,725,007.79 | 71,724,893.28 | [Notes to Consolidated Financial Statements](index=89&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statements) This section details consolidated financial statement items, noting a **22.5%** increase in accounts receivable, **8.9945 million yuan** in new goodwill from acquisition, strong revenue growth from specialized equipment and chemical materials, and an **18.63%** increase in R&D expenses to **47.5 million yuan** - As of period-end, **80.3119 million yuan** in company assets had restricted ownership or usage rights, primarily cash, fixed assets, and intangible assets used for deposits and collateral[422](index=422&type=chunk) - During the reporting period, the company acquired Shijiazhuang Chenggong Electromechanical Co., Ltd. for a cost of **66.2424 million yuan** through a non-common control business combination, resulting in goodwill of **8.9945 million yuan**[512](index=512&type=chunk) - The company deregistered its wholly-owned subsidiary, Shandong Shengshida Technology Service Co., Ltd[514](index=514&type=chunk) [Other Submitted Data](index=149&type=section&id=Item%20IX.%20Other%20Submitted%20Data) [Other Significant Information](index=149&type=section&id=Other%20Significant%20Information) The company reported no major social safety issues or administrative penalties, hosted two institutional site visits in March 2025 to discuss operations and strategy, and detailed fund movements with controlling shareholders and related parties - The company hosted two institutional site visits during the reporting period, engaging with multiple brokerage and fund companies to discuss its basic situation and development strategy[607](index=607&type=chunk)