Core Insights - Runjian Co., Ltd. (002929.SZ) reported a revenue of 4.867 billion yuan for the first half of 2025, representing a year-on-year growth of 10.02% [1] - The net profit attributable to shareholders of the listed company was 39.2324 million yuan, a significant year-on-year decline of 83.37% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 32.1561 million yuan, down 85.95% year-on-year [1] - The basic earnings per share stood at 0.14 yuan [1]

润建股份有限公司 2025 年半年度财务报告 润建股份有限公司 2025 年半年度财务报告 一、审计报告 半年度报告是否经过审计 □是 否 公司半年度财务报告未经审计。 二、财务报表 财务附注中报表的单位为：元 2025 年 8 月 1 润建股份有限公司 2025 年半年度财务报告 1、合并资产负债表 编制单位：润建股份有限公司 2025 年 06 月 30 日 单位：元 | 项目 | 期末余额 | 期初余额 | | --- | --- | --- | | 流动资产： | | | | 货币资金 | 1,280,802,749.68 | 1,987,989,472.78 | | 结算备付金 | | | | 拆出资金 | | | | 交易性金融资产 | 15,711,790.78 | 37,670,488.50 | | 衍生金融资产 | | | | 应收票据 | 467,723,470.23 | 279,180,999.09 | | 应收账款 | 6,991,707,662.08 | 6,054,131,732.23 | | 应收款项融资 | 47,581,921.20 | 9,538,359.89 | | 预付 ...

3-1 3-2 润建股份有限公司 2025半年度非经营性资金占用及其他关联资金往来情况汇总表 | 其他关联资金往来 | 资金往来方名称 | 往来方与上市公 | 上市公司核算的会计 | 2025年初往来资金余额 | 2025半年度往来累计发生 | 2025半年度往来 | 2025半年度偿还 | 2025半年期末往来资金余额 | 往来形成原因 | 往来性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 司的关联关系 | 科目 | | 金额(不含利息) | 资金的利息 | 累计发生金额 | | | | | | R&J Technologies GmbH | 全资子公司 | 其他应收款 | 2,655,161.82 | 300,708.10 | 12,326.11 | | 2,968,196.03 | 资金拆借 | 非经营性往来 | | | 广东卓联检测技术有限公司 | 全资子公司 | 其他应收款 | 2,299,248.90 | | | 19,150.04 | 2,280,098.86 | 资金拆借 | 非经营 ...

出席本次业绩说明会的人员有：公司副董事长、总经理许文杰先生，董事、 董事会秘书罗剑涛先生，财务总监黄宇先生，独立董事黄维干女士。 润建股份有限公司 证券代码：002929 证券简称：润建股份 公告编号：2025-053 润建股份有限公司 关于举行 2025 年半年度报告网上业绩说明会的公告 为充分尊重投资者、提升交流的针对性，投资者可于2025年8月31日（星期 日）17:00前访问https://ir.p5w.net/zj/，进入问题征集专题页面向公司提问。公司 将通过本次2025年半年度业绩说明会，在信息披露允许范围内就投资者普遍关注 的问题进行回答。 欢迎广大投资者积极参与！ 特此公告。 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、误导性陈述或者重大遗漏。 为便于广大投资者全面深入了解润建股份有限公司（以下简称"公司"）所 处行业状况、发展战略、生产经营、财务状况等相关情况，进一步加强投资者关 系管理，增进公司与投资者的沟通与交流，公司定于2025年9月1日（星期一）下 午15:00-17:00召开2025年半年度业绩说明会。本次业绩说明会将采用网络远程的 方式举行，投资者 ...

润建股份有限公司 2025 年半年度募集资金存放与使用情况专项报告 润建股份有限公司 2025 年半年度募集资金存放与使用情况的专项报告 根据深圳证券交易所《深圳证券交易所上市公司自律监管指引第 1 号——主 板上市公司规范运作》及《深圳证券交易所上市公司自律监管指南第 2 号——公 告格式》的规定，将润建股份有限公司（以下简称"公司"）2025 年半年度募集 资金存放与使用情况报告如下： 一、募集资金基本情况 （一）首次公开发行募集资金 1、实际募集资金金额、资金到位时间 鉴于公司首次公开发行股票募集资金投资项目已于 2021 年度实施完毕，本报 告后文不再对首次公开发行股票募集资金事项进行列示说明。 （二）可转换公司债券发行募集资金 1、实际募集资金金额、资金到位时间 经中国证券监督管理委员会证监发行字[2018]262 号文核准，公司于 2018 年 2 月向社会公开发行人民币普通股（A 股）5,518.66 万股，每股发行价为 23.95 元， 应募集资金总额为人民币 132,171.9070 万元，根据有关规定扣除发行费用 6,575.8491 万元后，实际募集资金净额为 125,596.0579 ...

经审核，监事会认为：董事会编制和审核公司《2025年半年度报告及摘要》 的程序符合法律、行政法规和中国证监会的规定，报告内容真实、准确、完整地 反映了公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 证券代码：002929 证券简称：润建股份 公告编号：2025-051 润建股份有限公司 第五届监事会第二十二次会议决议公告 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、误导性陈述或者重大遗漏。 润建股份有限公司（以下简称"公司"）第五届监事会第二十二次会议于2025 年8月26日现场结合通讯会议的方式召开。本次会议的召开事宜由公司监事会于 2025年8月16日以电话、电子邮件等方式通知公司全体监事及其他列席人员。会 议应到监事3名，实到监事3名，会议由监事会主席唐敏主持。本次会议的召开符 合《公司法》及《公司章程》的有关规定。经与会监事讨论，会议以书面表决方 式审议通过了如下决议： 一、审议通过了《2025 年半年度报告及摘要》 详见公司于2025年8月27日刊登在巨潮资讯网www.cninfo.com.cn及《证券时 报》《中国证券报》《上海证券报》和《证券日报》上的 ...

证券代码：002929 证券简称：润建股份 公告编号：2025-050 润建股份有限公司 第五届董事会第二十四次会议决议公告 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、误导性陈述或者重大遗漏。 润建股份有限公司（以下简称"公司"）第五届董事会第二十四次会议于2025 年8月26日以现场结合通讯会议的方式召开。本次会议的召开事宜由公司董事会 于2025年8月16日以电话、电子邮件等方式通知公司全体董事及其他列席人员。 会议应到董事9名，实到董事9名，会议由公司董事长李建国先生主持。本次会议 的召开符合《公司法》及《公司章程》的有关规定。经与会董事讨论，会议以书 面表决方式审议通过了如下决议： 一、审议通过了《2025 年半年度报告及摘要》 表决结果：9 票同意，0 票反对，0 票弃权。 润建股份有限公司 董 事 会 2025年8月27日 《2025 年半年度报告》全文及摘要于 2025 年 8 月 27 日刊登在巨潮资讯网 www.cninfo.com.cn，《2025 年半年度报告摘要》同时刊登于 2025 年 8 月 27 日 的《证券时报》《中国证券报》《上海证券报》和《证 ...

每经AI快讯，润建股份（SZ 002929，收盘价：51.29元）8月26日晚间发布公告称，公司第五届第二十 四次董事会会议于2025年8月26日以现场结合通讯会议的方式召开。会议审议了《2025年半年度报告及 摘要》等文件。 截至发稿，润建股份市值为146亿元。 2024年1至12月份，润建股份的营业收入构成为：管维业务占比99.99%，其他业务占比0.01%。 每经头条（nbdtoutiao）——能给主人"打电话"的宠物智能手机也来了！宠物产业3000亿元市场大爆 发，行业上市公司"涨"声一片 （记者 王晓波） ...

Part I Important Notice, Table of Contents, and Definitions [Important Notice](index=2&type=section&id=Important%20Notice) The company's board, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report and assume legal responsibility, while also highlighting key operational risks - Company's board, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content, and assume legal responsibility[4](index=4&type=chunk) - Key risks include market competition, reliance on major customers, management challenges from rapid growth, technology and product updates, and goodwill impairment[5](index=5&type=chunk) - The company plans no cash dividends, bonus shares, or capital reserve conversions for share capital increase[6](index=6&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This report's clear table of contents lists nine main chapters, covering important notices, company profile, management discussion and analysis, corporate governance, significant matters, share changes, bond information, financial reports, and other submitted data, providing comprehensive information navigation for investors - The report's table of contents comprises nine main chapters, from important notices to financial reports, with a clear structure[8](index=8&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines common terms used in the report, including company names, major clients, technical concepts, and financial and legal terms, ensuring accurate understanding of the report's content - The report defines key entities such as company names and major clients (e.g., China Mobile, China Telecom, China Southern Power Grid, State Grid)[11](index=11&type=chunk) - Technical and industry terms like AI, AIOps, QuChi Platform, 5G, IoT, IDC, PUE, and XR are explained[11](index=11&type=chunk) - The meanings of the "Company Law," "Securities Law," the reporting period (January to June 2025), and currency units are clarified[12](index=12&type=chunk) Part II Company Profile and Key Financial Indicators [1. Company Profile](index=7&type=section&id=1.%20Company%20Profile) Runjian Co., Ltd. (stock code 002929) is listed on the Shenzhen Stock Exchange, with Xu Wenjie as its legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Runjian Co., Ltd. | | Stock Code | 002929 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | 润建股份有限公司 | | Legal Representative | Xu Wenjie | [2. Contact Persons and Information](index=7&type=section&id=2.%20Contact%20Persons%20and%20Information) The company's Board Secretary is Luo Jiantao, and the Securities Affairs Representative is Wang Peijia, both located at 4501, Fuli Yingkai Plaza, 16 Huaxia Road, Zhujiang New Town, Guangzhou Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Luo Jiantao | 4501, Fuli Yingkai Plaza, 16 Huaxia Road, Zhujiang New Town, Guangzhou | 020-87596583 | 0771-5560518 | rjtxdsh@163.com | | Securities Affairs Representative | Wang Peijia | 4501, Fuli Yingkai Plaza, 16 Huaxia Road, Zhujiang New Town, Guangzhou | 0771-2869133 | 0771-5560518 | rjtxdsh@163.com | [3. Other Information](index=7&type=section&id=3.%20Other%20Information) During the reporting period, there were no changes in the company's registered address, office address, website, email, or information disclosure and archiving locations, as detailed in the 2024 annual report - Company contact information remained unchanged during the reporting period, refer to the 2024 annual report for details[16](index=16&type=chunk) - Information disclosure and archiving locations remained unchanged during the reporting period, refer to the 2024 annual report for details[17](index=17&type=chunk) [4. Key Accounting Data and Financial Indicators](index=8&type=section&id=4.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In the first half of 2025, the company's operating revenue increased by 10.02% to **4.867 billion yuan**, but net profit attributable to shareholders significantly decreased by 83.37% to **39.23 million yuan** Key Accounting Data and Financial Indicators for H1 2025 | Indicator | Current Reporting Period (Yuan) | Prior Year Period (Yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 4,866,724,463.80 | 4,423,668,138.51 | 10.02% | | Net Profit Attributable to Shareholders of Listed Company | 39,232,432.63 | 235,913,220.70 | -83.37% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains and Losses) | 32,156,146.20 | 228,864,603.47 | -85.95% | | Net Cash Flow from Operating Activities | -2,526,858,758.09 | -2,398,869,794.36 | -5.34% | | Basic Earnings Per Share (Yuan/Share) | 0.14 | 0.84 | -83.33% | | Diluted Earnings Per Share (Yuan/Share) | 0.14 | 0.84 | -83.33% | | Weighted Average Return on Net Assets | 0.63% | 3.89% | Decreased by 3.26 percentage points | | **Indicator** | **End of Current Reporting Period (Yuan)** | **End of Prior Year (Yuan)** | **Change from End of Prior Year** | | Total Assets | 20,432,000,635.74 | 17,574,711,482.60 | 16.26% | | Net Assets Attributable to Shareholders of Listed Company | 6,273,916,320.49 | 6,168,066,048.27 | 1.72% | - Net profit after deducting the impact of share-based payments was **129.5595 million yuan**[19](index=19&type=chunk) [5. Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=8&type=section&id=5.%20Differences%20in%20Accounting%20Data%20Under%20Domestic%20and%20Overseas%20Accounting%20Standards) During the reporting period, the company reported no differences in net profit and net assets between financial statements prepared under international or overseas accounting standards and those under Chinese accounting standards - The company reported no differences in net profit and net assets between financial statements prepared under international accounting standards and Chinese accounting standards during the reporting period[20](index=20&type=chunk) - The company reported no differences in net profit and net assets between financial statements prepared under overseas accounting standards and Chinese accounting standards during the reporting period[21](index=21&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) The company's total non-recurring gains and losses for the first half of 2025 amounted to **7.07628643 million yuan**, primarily from government subsidies, fair value changes of financial assets, and interest from financial assistance to related companies, after deducting income tax and minority interest impacts Non-Recurring Gains and Losses Items and Amounts for H1 2025 | Item | Amount (Yuan) | Explanation | | :--- | :--- | :--- | | Gains and losses from disposal of non-current assets | 705,994.66 | Primarily gains from disposal of long-term assets | | Government subsidies recognized in current profit or loss | 9,318,692.41 | Primarily government subsidies received during the reporting period | | Gains and losses from changes in fair value of financial assets and liabilities, and from disposal of financial assets and liabilities, excluding effective hedging activities related to normal business operations | 978,502.86 | Primarily gains and losses from wealth management products and other fund management | | Capital occupation fees charged to non-financial enterprises recognized in current profit or loss | 900,101.57 | Primarily interest accrued on financial assistance to related companies during the reporting period | | Reversal of impairment provisions for accounts receivable subject to separate impairment testing | 74,532.49 | Primarily reversal of impairment provisions upon recovery of customer accounts receivable during the reporting period | | Other non-operating income and expenses apart from the above | -4,209,354.10 | Primarily donation expenses and losses from disposal of fixed assets | | Other profit and loss items that meet the definition of non-recurring gains and losses | 932,279.97 | Primarily individual income tax handling fee refunds | | Less: Income tax impact | 1,222,057.69 | | | Minority interest impact (after tax) | 402,405.74 | | | Total | 7,076,286.43 | | - The company does not classify non-recurring gains and losses items as recurring gains and losses[24](index=24&type=chunk) Part III Management Discussion and Analysis [1. Principal Business Activities During the Reporting Period](index=10&type=section&id=1.%20Principal%20Business%20Activities%20During%20the%20Reporting%20Period) Runjian Co., Ltd., as a digital intelligent operation and maintenance service provider, is deepening its AI development strategy, leveraging computing power and data services, and empowering communication, digital, and energy networks through its "QuChi" platform - Runjian Co., Ltd. is committed to becoming an industry-leading AI industry model and computing power service provider, based on computing power and data services, empowering communication, digital, and energy networks through its self-developed "QuChi" generative AI industry model development platform[26](index=26&type=chunk) - The company's communication network business is highly correlated with the existing communication infrastructure (5G base stations, data communication, core networks, transmission networks, access networks) and the operating expenditures of operators and China Tower, ensuring strong business stability and continuity[61](index=61&type=chunk) - In the energy network sector, as the total installed capacity of new energy continues to increase, the company's key business segment O&M demand will continue to grow, and new energy, virtual power plant, and other business segments are accelerating integrated development[63](index=63&type=chunk) [(I) Business Introduction](index=10&type=section&id=(I)%20Business%20Introduction) The company's business encompasses computing power services, data services, platform services ("QuChi" multimodal industry model development platform), and AI-enabled communication, digital, energy, and overseas businesses, building comprehensive digital intelligent O&M and AI solution capabilities [1. Computing Power Services](index=10&type=section&id=1.%20Computing%20Power%20Services) The company enhances computing power services based on IDC, providing full lifecycle one-stop O&M for computing centers, and invested **1.09 billion yuan** to build the Wuxiang Cloud Valley Intelligent Computing Center for AI model training, inference, and graphics rendering - The company provides full lifecycle one-stop services for computing centers and IDCs, focusing on improving operational efficiency and offering full-stack computing power O&M services[28](index=28&type=chunk) - The company raised **1.09 billion yuan** through a public offering of A-share convertible corporate bonds to construct the Wuxiang Cloud Valley Intelligent Computing Center project, which will provide AI large model training, inference, and graphics rendering computing power services[28](index=28&type=chunk)[29](index=29&type=chunk) [2. Data Services](index=11&type=section&id=2.%20Data%20Services) Leveraging over 20 years of O&M business, the company has accumulated massive proprietary sample data in communication, energy, and digital networks, providing a solid foundation for AI industry model development and integrated AI model and data services to clients - The company has accumulated massive proprietary sample data over **20 years** of O&M business, providing a solid data foundation for AI industry model development[31](index=31&type=chunk) - Communication network O&M datasets exceed **10 million annually**, with image and video datasets over **20 million**; energy network time-series data exceeds **5 billion data points**; digital networks possess over **30 million** government and enterprise industry-specific scenario datasets[31](index=31&type=chunk) - The company offers integrated AI model and data services to clients, including data governance, training, fine-tuning, and algorithm toolkits[31](index=31&type=chunk) [3. Platform Services](index=11&type=section&id=3.%20Platform%20Services) The company's self-developed "QuChi" generative AI industry model development platform, sharing resources from the Wuxiang Cloud Valley Intelligent Computing Center, focuses on visual, voice, and text AI algorithm training, incorporating large model and AI agent capabilities, and offering dataset management, algorithm marketplace, large language model and AI agent development, and integrated software-hardware algorithm delivery - The "QuChi" platform is the company's self-developed generative AI industry model development platform, sharing resources from the Wuxiang Cloud Valley Intelligent Computing Center, focusing on training visual, voice, and text AI algorithms, and incorporating large language model (LLM) and AI agent capabilities[35](index=35&type=chunk) - The platform provides dataset management tools, a comprehensive algorithm and model application platform (algorithm marketplace), supports full lifecycle large model development, and can deploy models to various servers or edge computing devices for integrated software-hardware algorithm delivery[37](index=37&type=chunk) [4. Business Empowerment](index=12&type=section&id=4.%20Business%20Empowerment) The company empowers its three major business segments—communication networks, digital networks, and energy networks—with artificial intelligence, while actively expanding into overseas markets - Artificial intelligence empowers the three major business segments: communication networks, digital networks, and energy networks[38](index=38&type=chunk) - Communication network business launched AI+communication O&M solutions, focusing on digital employees, digital equipment, and digital management to achieve intelligent O&M capabilities such as fault prediction, predictive maintenance, automatic dispatch, and resource scheduling[39](index=39&type=chunk) - Digital network business, based on the "QuChi" platform, has developed over **100 intelligent agent applications**, creating multiple specialized and innovative industry models and benchmark applications in areas like zero-carbon smart parks, social comprehensive governance, education digitalization, rural revitalization, and XR applications[41](index=41&type=chunk)[43](index=43&type=chunk) - Energy network O&M business covers new energy power station and grid O&M services on the generation side (applying large language models and AI predictive analysis algorithms) and virtual power plant and integrated energy management services on the user side (RunDoBidder virtual power plant, integrated energy management platform)[45](index=45&type=chunk)[46](index=46&type=chunk)[49](index=49&type=chunk)[51](index=51&type=chunk) - Overseas business focuses on digital economy development in the ASEAN region, including AI agents, AI robots, and AI applications in vertical fields, with successful implementation of multiple large data center projects in Malaysia and Indonesia[55](index=55&type=chunk) [1. Computing Power Sector](index=16&type=section&id=1.%20Computing%20Power%20Sector) The establishment of the Nanning International Communication Business Gateway in Guangxi will create development opportunities for the company and the Wuxiang Cloud Valley Intelligent Computing Center, with China's general computing power expected to grow by 20% and intelligent computing power by 43% in 2025 - The establishment of the Nanning International Communication Business Gateway in Guangxi will make Guangxi the shortest and fastest data transmission province from China to ASEAN, bringing good development opportunities for the company and the Wuxiang Cloud Valley Intelligent Computing Center[58](index=58&type=chunk) - China's general computing power scale is projected to grow by **20%** in 2025, and intelligent computing power by **43%**, with the company committed to providing green computing power services[58](index=58&type=chunk) [2. Data Services Sector](index=17&type=section&id=2.%20Data%20Services%20Sector) China's data industry is expected to maintain high growth, and Guangxi is accelerating the construction of the China-ASEAN AI Innovation Cooperation Center, positioning the company to continue deep cultivation in this field with its extensive proprietary data and data asset governance services - In 2024, China's data enterprises exceeded **400,000**, with the data industry scale reaching **5.86 trillion yuan**, a **117% increase** from the end of the "13th Five-Year Plan" period, and is expected to maintain high growth in the coming years[59](index=59&type=chunk) - Guangxi is accelerating the construction of the China-ASEAN AI Innovation Cooperation Center, and the company will continue to deeply cultivate the data services sector[59](index=59&type=chunk) [3. AI Application Sector](index=17&type=section&id=3.%20AI%20Application%20Sector) National policies support the "AI+" action, promoting the large-scale commercial application of AI, with China's AI industry projected to maintain a **32.1% CAGR** from 2025 to 2029, indicating broad market prospects - The "Opinions on Deeply Implementing the 'AI+' Action" emphasize vigorously promoting the large-scale commercial application of artificial intelligence[60](index=60&type=chunk) - Some institutions predict that China's AI industry will maintain an average annual compound growth rate of **32.1%** from 2025 to 2029[60](index=60&type=chunk) [4. Communication Network Sector](index=17&type=section&id=4.%20Communication%20Network%20Sector) The company's communication network business is highly correlated with 5G base station and data communication infrastructure operating expenditures, with the industry maintaining stable development - As of the end of June, the total length of optical cable lines nationwide reached **73.77 million kilometers**, a **9.9% increase** year-on-year; the total number of 5G base stations reached **4.549 million**, a net increase of **298,000** from the end of last year, indicating overall stable industry development[61](index=61&type=chunk) - The company is the largest private enterprise in the communication network management and O&M sector, with broad development space and potential for continuous market share increase in the future[61](index=61&type=chunk) [5. Digital Network Sector](index=17&type=section&id=5.%20Digital%20Network%20Sector) China possesses a complete industrial system and rich application scenarios, accelerating the popularization of artificial intelligence, positioning Runjian Co., Ltd. to drive digitalization towards intelligence with broad market prospects - China possesses advantages such as a complete industrial system, large market scale, and rich application scenarios, with artificial intelligence accelerating its popularization and deep integration across various fields of economic and social development[62](index=62&type=chunk) - Runjian Co., Ltd. focuses on national strategies like "innovation-driven development," "rural revitalization," and "science and education for national prosperity," providing comprehensive artificial intelligence solutions and intelligent agents to further advance digitalization towards intelligence, with broad market prospects[62](index=62&type=chunk) [6. Energy Network Sector](index=17&type=section&id=6.%20Energy%20Network%20Sector) China's new energy installed capacity continues to grow, with clear development goals for virtual power plants, offering broad prospects as the company's energy network O&M demand rises and new energy businesses accelerate integration - As of the end of June, China's solar power installed capacity reached **1.1 billion kilowatts**, a **54.2% increase** year-on-year; wind power installed capacity was approximately **570 million kilowatts**, a **22.7% increase** year-on-year[63](index=63&type=chunk) - The National Development and Reform Commission and the National Energy Administration have set targets for virtual power plant development: national virtual power plant regulation capacity to reach over **20 million kilowatts** by 2027 and over **50 million kilowatts** by 2030[63](index=63&type=chunk) - As the total installed capacity of new energy continues to increase, the company's key business segment O&M demand will continue to grow, and new energy, virtual power plant, and other business segments are accelerating integrated development, with broad future prospects[63](index=63&type=chunk) [2. Analysis of Core Competencies](index=17&type=section&id=2.%20Analysis%20of%20Core%20Competencies) Runjian Co., Ltd.'s core competencies include strong R&D and rapid industry model development capabilities, massive industry data accumulation, leading AI model and computing power services, extensive application scenarios, and a platform-based organizational advantage for rapid market response - The company has established **6 global R&D bases** and **15 R&D centers**, with over **1,500 R&D personnel**, approximately **900 million yuan** in R&D investment over the past three years, and over **800 intellectual property rights** including patents and software copyrights[65](index=65&type=chunk) - The company developed the proprietary "'QuChi' Artificial Intelligence Open Platform," incorporating large language model capabilities, focusing on generating intelligent algorithms in various visual, voice, and text domains, accelerating the construction of integrated software-hardware industry solutions[65](index=65&type=chunk) - The company's **20+ years** of O&M experience have accumulated massive proprietary sample data, with millions to hundreds of millions of datasets in communication networks, digital networks, and energy networks, providing a solid foundation for AI algorithm development[66](index=66&type=chunk) - The company provides integrated AI model and computing power services, including computing power leasing, construction and maintenance, data governance, training, fine-tuning, and algorithm toolkits, and is building the Runjian Co., Ltd. Intelligent Computing Power Center[67](index=67&type=chunk) - The company's business covers multiple fields such as communication, new energy, policing, urban management, education, and rural revitalization, with digital products covering **12 product series** and **65 application scenarios**, and service outlets covering **29 key provinces**, **200 cities**, and **1,200 counties**, possessing extensive application scenarios and localized channel access[68](index=68&type=chunk) [3. Analysis of Principal Business](index=19&type=section&id=3.%20Analysis%20of%20Principal%20Business) In the first half of 2025, Runjian Co., Ltd. continued to implement its AI strategy, achieving operating revenue of **4.867 billion yuan**, a 10.02% year-on-year increase, but net profit decreased by 83.37% - In the first half of 2025, the company achieved operating revenue of **4.867 billion yuan**, maintaining industry-leading business scale, and net profit of **39.23 million yuan**, with net profit after deducting the impact of share-based payments at **129.5595 million yuan**[71](index=71&type=chunk) - Communication network business fully promoted AI empowerment, with the communication O&M industry model officially launched and operating after filing with the Ministry of Industry and Information Technology; in the first half, it won multiple centralized procurement projects from China Mobile and China Unicom, steadily increasing market share[71](index=71&type=chunk) - Digital network business, based on the "QuChi" platform, incubated over **100 intelligent agent applications**, with commercial application of AI technology becoming a major driver, and AI application revenue proportion continuously increasing[71](index=71&type=chunk) - Energy network business saw new energy management and O&M total capacity rapidly increase to over **23 GW**, with rapid growth in integrated energy business and virtual power plant business[71](index=71&type=chunk) - Computing power network business saw continuous increase in outstanding computing power scale and achieved high-speed growth; overseas business focused on AI application export, intelligent computing center services in the ASEAN region, and new energy business, having participated in **24 computing center technical service projects** in ASEAN countries like Malaysia and Indonesia, achieving high-speed business growth[72](index=72&type=chunk) Year-on-Year Changes in Key Financial Data | Indicator | Current Reporting Period (Yuan) | Prior Year Period (Yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 4,866,724,463.80 | 4,423,668,138.51 | 10.02% | Primarily due to rapid growth in computing power network and energy network businesses | | Operating Cost | 4,210,801,988.60 | 3,682,239,658.47 | 14.35% | Primarily due to increased cost input corresponding to operating revenue growth | | Selling Expenses | 146,510,957.25 | 126,141,643.57 | 16.15% | Primarily due to increased share-based payment expenses during the reporting period | | Administrative Expenses | 115,808,204.92 | 140,862,487.30 | -17.79% | Primarily due to strengthened cost control and improved operational efficiency, resulting in reduced associated expenses | | Financial Expenses | 19,792,666.42 | -8,438,679.44 | 334.55% | Primarily due to increased bank loans to meet operational needs as business volume expanded, leading to higher loan interest | | R&D Investment | 170,961,463.31 | 166,170,983.27 | 2.88% | Primarily due to increased R&D investment to enhance competitive advantage and increased share-based payment expenses for R&D personnel during the reporting period | | Net Cash Flow from Operating Activities | -2,526,858,758.09 | -2,398,869,794.36 | -5.34% | Primarily due to investments in new business segments like computing power and energy, with customer collections concentrated in the second half of the year | | Net Cash Flow from Investing Activities | -717,605,153.56 | -214,003,473.35 | -235.32% | Primarily due to purchase of wealth management products during the reporting period | | Net Cash Flow from Financing Activities | 2,669,396,153.40 | 1,448,944,570.24 | 84.23% | Primarily due to increased bank loans to meet operational needs during the reporting period | | Net Increase in Cash and Cash Equivalents | -575,037,126.02 | -1,164,495,656.15 | 50.62% | Primarily due to investments in new business segments like computing power and energy, with customer collections concentrated in the second half of the year | Operating Revenue Composition (by Product) | Product Segment | Current Reporting Period Amount (Yuan) | Proportion of Operating Revenue | Prior Year Period Amount (Yuan) | Proportion of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Communication Network Business | 2,120,590,133.82 | 43.57% | 2,076,965,220.42 | 46.95% | 2.10% | | Information Network Business | 1,065,837,372.23 | 21.90% | 1,341,432,064.38 | 30.32% | -20.54% | | Energy Network Business | 1,331,577,963.79 | 27.36% | 779,608,510.70 | 17.62% | 70.80% | | Computing Power Network Business | 345,421,592.04 | 7.10% | 225,373,780.28 | 5.09% | 53.27% | | Other Businesses | 3,297,401.92 | 0.07% | 288,562.73 | 0.01% | 1,042.70% | Composition of Principal Business Costs | Cost Component | Current Reporting Period Amount (Yuan) | Proportion of Operating Cost | Prior Year Period Amount (Yuan) | Proportion of Operating Cost | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Employee Compensation | 394,359,875.08 | 9.37% | 229,421,232.84 | 6.23% | 71.89% | | Outsourcing Fees | 1,843,291,670.38 | 43.80% | 1,763,663,837.88 | 47.90% | 4.51% | | Technical Service Fees | 650,918,752.25 | 15.47% | 587,005,141.94 | 15.94% | 10.89% | | Material Costs | 1,166,473,084.60 | 27.70% | 953,518,299.50 | 25.90% | 22.33% | | Indirect Costs | 153,858,615.02 | 3.66% | 148,237,751.11 | 4.03% | 3.79% | | Total | 4,208,901,997.33 | 100.00% | 3,681,846,263.27 | 100.00% | 14.31% | - **Employee compensation** increased by **71.89%** year-on-year, primarily due to the company's efforts to enhance project delivery and service capabilities, a higher proportion of software delivery personnel in digital network and computing power network segments, and talent acquisition in AI and computing power to improve independent delivery capabilities[80](index=80&type=chunk) [4. Analysis of Non-Principal Business](index=22&type=section&id=4.%20Analysis%20of%20Non-Principal%20Business) Non-principal business significantly impacted the company's total profit, with asset impairment and credit impairment losses together exceeding negative 600% of total profit, mainly due to inventory write-downs, contract asset impairment, and bad debt provisions for receivables Impact of Non-Principal Business on Total Profit | Item | Amount (Yuan) | Proportion of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | -3,364,816.52 | -12.02% | Primarily investment losses from associate companies recognized under equity method during the reporting period | No | | Fair Value Change Gains and Losses | 549,027.52 | 1.96% | Primarily fair value changes of wealth management products during the reporting period | No | | Asset Impairment | -65,816,079.49 | -235.13% | Primarily inventory write-downs and contract asset impairment losses accrued based on prudence principle during the reporting period | Yes | | Non-Operating Income | 316,285.04 | 1.13% | Primarily compensation for breach of contract received during the reporting period | No | | Non-Operating Expenses | 4,584,126.14 | 16.38% | Primarily donation expenses during the reporting period | No | | Other Income | 10,333,772.38 | 36.92% | Primarily government subsidies received during the reporting period | No | | Asset Disposal Gains | 773,320.75 | 2.76% | Primarily gains from disposal of fixed assets during the reporting period | No | | Credit Impairment Losses | -102,849,976.87 | -367.43% | Primarily bad debt provisions for accounts receivable accrued based on prudence principle during the reporting period | Yes | [5. Analysis of Assets and Liabilities](index=22&type=section&id=5.%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's total assets reached **20.432 billion yuan**, an increase of 16.26% from the end of the previous year, with monetary funds decreasing and borrowings significantly growing to meet operational needs Significant Changes in Asset Composition | Item | Amount at End of Current Reporting Period (Yuan) | Proportion of Total Assets | Amount at End of Prior Year (Yuan) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 1,280,802,749.68 | 6.27% | 1,987,989,472.78 | 11.31% | -5.04% | Primarily due to increased investment in computing power and other business segments, with customer collections concentrated in the second half of the year | | Accounts Receivable | 6,991,707,662.08 | 34.22% | 6,054,131,732.23 | 34.45% | -0.23% | Primarily due to customer investment planning and annual budget factors, with collections relatively concentrated in the second half of the year | | Inventories | 2,639,456,098.42 | 12.92% | 1,920,761,023.15 | 10.93% | 1.99% | Primarily due to increased project reserves and computing power assets | | Short-Term Borrowings | 5,242,764,825.26 | 25.66% | 2,767,141,948.86 | 15.75% | 9.91% | Primarily due to increased bank loans to meet operational needs | | Contract Liabilities | 634,742,889.11 | 3.11% | 410,527,383.45 | 2.34% | 0.77% | Primarily due to advance payments for some projects not yet meeting revenue recognition conditions | | Long-Term Borrowings | 146,836,250.00 | 0.72% | 46,817,500.00 | 0.27% | 0.45% | Primarily due to increased bank loans to meet operational needs | | Notes Payable | 3,814,477,857.90 | 18.67% | 3,146,027,784.97 | 17.90% | 0.77% | Primarily due to settlement of payables with suppliers to rapidly advance project implementation during the reporting period | | Accounts Payable | 2,886,776,502.87 | 14.13% | 3,756,521,173.34 | 21.37% | -7.24% | Primarily due to settlement of payables with suppliers to rapidly advance project implementation during the reporting period | Asset Rights Restricted at Period End | Item | Book Balance (Yuan) | Book Value (Yuan) | Restriction Type | Restriction Details | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 18,134,951.22 | 18,134,951.22 | Pledge | Bank acceptance bill deposits, etc. | | Notes Receivable | 427,324,726.22 | 405,958,489.91 | Pledge | Bill discounting | | Fixed Assets | 294,645,216.28 | 294,645,216.28 | Finance Lease | Borrowings obtained through finance lease | | Intangible Assets | 41,041,859.27 | 41,041,859.27 | Mortgage | Borrowings obtained through mortgage | | Other Current Assets | 155,120,000.00 | 155,120,000.00 | Pledge | Pledge for issuing acceptance bills | | Other Non-Current Assets | 2,387,380,000.00 | 2,387,380,000.00 | Pledge | Pledge for issuing acceptance bills | | Non-Current Assets Due Within One Year | 1,352,057,965.02 | 1,352,057,965.02 | Pledge | Pledge for issuing acceptance bills | | Construction in Progress | 185,621,624.61 | 185,621,624.61 | Finance Lease | Borrowings obtained through finance lease | | Accounts Receivable | 15,349,145.25 | 13,509,431.23 | Pledge | Factoring finance | | Total | 4,876,675,487.87 | 4,853,469,537.54 | | | [6. Analysis of Investment Status](index=24&type=section&id=6.%20Analysis%20of%20Investment%20Status) During the reporting period, the company's investment decreased significantly by 75.12% year-on-year, with raised funds primarily used for the Wuxiang Cloud Valley Intelligent Computing Center project, some projects delayed, and a portion of funds reallocated Investment Amount During the Reporting Period | Indicator | Investment Amount in Current Reporting Period (Yuan) | Investment Amount in Prior Year Period (Yuan) | Change Rate | | :--- | :--- | :--- | :--- | | Investment Amount | 39,228,368.77 | 157,661,000.00 | -75.12% | - The company's strategic investment, Yunzhisheng Intelligent Technology Co., Ltd., was listed on the Hong Kong Stock Exchange on **June 30, 2025**[93](index=93&type=chunk) - The company had no derivative investments during the reporting period[94](index=94&type=chunk) Overall Utilization of Raised Funds | Year of Raising | Method of Raising | Total Raised Funds (10,000 Yuan) | Net Raised Funds (10,000 Yuan) | Total Raised Funds Used in Current Period (10,000 Yuan) | Total Raised Funds Cumulatively Used (10,000 Yuan) | Proportion of Raised Funds Used at End of Reporting Period | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 2020 | Public Issuance of Corporate Bonds | 109,000.00 | 108,022.30 | 5,605.97 | 95,893.58 | 88.77% | - As of **June 30, 2025**, the company's unused raised funds balance was **167.4701 million yuan**, which will be used for the Wuxiang Cloud Valley Cloud Computing Center project[97](index=97&type=chunk) - The raised fund investment project "Wuxiang Cloud Valley Cloud Computing Center Project" was partially delayed until the end of 2025 due to the need for gradual installation of cabinets based on customized customer requirements[100](index=100&type=chunk) - The company plans to reallocate **200 million yuan** of raised funds to the "Runjian Co., Ltd. Intelligent Computing Power Center Project" to provide P-level computing power node services to customers; this proposal has not yet been reviewed by the general meeting of shareholders[101](index=101&type=chunk) [7. Significant Asset and Equity Disposals](index=28&type=section&id=7.%20Significant%20Asset%20and%20Equity%20Disposals) During the reporting period, the company did not dispose of any significant assets or equity - The company did not dispose of significant assets during the reporting period[103](index=103&type=chunk) - The company did not dispose of significant equity during the reporting period[104](index=104&type=chunk) [8. Analysis of Major Holding and Associate Companies](index=28&type=section&id=8.%20Analysis%20of%20Major%20Holding%20and%20Associate%20Companies) During the reporting period, the company had no important holding or associate company information that required disclosure - The company had no important holding or associate company information requiring disclosure during the reporting period[104](index=104&type=chunk) [9. Structured Entities Controlled by the Company](index=28&type=section&id=9.%20Structured%20Entities%20Controlled%20by%20the%20Company) During the reporting period, the company had no controlled structured entities - The company had no controlled structured entities during the reporting period[105](index=105&type=chunk) [10. Risks Faced by the Company and Countermeasures](index=28&type=section&id=10.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces market competition, major customer reliance, management challenges from rapid growth, technology and product updates, and goodwill impairment risks, which it addresses through technological advantages, business expansion, digital management, increased R&D, and strengthened post-investment management - The company's business involves multiple specialties such as communication, energy, and information, with numerous enterprises and fierce competition, posing a risk of impacting the company's profitability due to intense industry competition[106](index=106&type=chunk) - The company mitigates the risk of reliance on major customers by expanding different types of network O&M businesses (communication networks, energy networks, digital networks, computing power networks), with the proportion of communication network business continuously decreasing[106](index=106&type=chunk) - The company enhances management capabilities and operational efficiency, reducing management risks from rapid development, through standardized, regulated, and process-oriented management concepts combined with digital platforms and intelligent O&M equipment[107](index=107&type=chunk) - The company has established **6 R&D centers** and **15 R&D bases globally**, with over **1,500 R&D personnel**, approximately **900 million yuan** in R&D investment over the past three years, and over **1,000 intellectual property rights** including patents and software copyrights, to address risks of technology and product updates[108](index=108&type=chunk) - The company strives to improve merger and acquisition benefits and alleviate goodwill impairment pressure by strengthening acquisition cost control and post-investment management[108](index=108&type=chunk) [11. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=29&type=section&id=11.%20Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company has not formulated a market value management system nor disclosed a valuation enhancement plan - The company has not formulated a market value management system[109](index=109&type=chunk) - The company has not disclosed a valuation enhancement plan[109](index=109&type=chunk) [12. Implementation of 'Quality and Return Dual Enhancement' Action Plan](index=29&type=section&id=12.%20Implementation%20of%20'Quality%20and%20Return%20Dual%20Enhancement'%20Action%20Plan) The company has not disclosed an announcement regarding the "Quality and Return Dual Enhancement" action plan - The company has not disclosed an announcement regarding the "Quality and Return Dual Enhancement" action plan[110](index=110&type=chunk) Part IV Corporate Governance, Environment, and Society [1. Changes in Directors, Supervisors, and Senior Management](index=30&type=section&id=1.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, there were no changes in the company's directors, supervisors, and senior management, as detailed in the 2024 annual report - The company's directors, supervisors, and senior management had no changes during the reporting period; refer to the 2024 annual report for details[111](index=111&type=chunk) [2. Profit Distribution and Capital Reserve Conversion to Share Capital in Current Reporting Period](index=30&type=section&id=2.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20in%20Current%20Reporting%20Period) The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period[112](index=112&type=chunk) [3. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=30&type=section&id=3.%20Implementation%20of%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The company implemented a stock option and restricted stock incentive plan in the first half of 2025, granting stock options and restricted stock to **347 incentive recipients** and completing the registration of restricted stock grants - On **January 14, 2025**, the company's board of directors approved the "2025 Stock Option and Restricted Stock Incentive Plan (Draft)" and its summary[113](index=113&type=chunk) - On **March 14, 2025**, the company's board of directors approved the adjusted incentive plan, granting **4.98665 million stock options** to **347 incentive recipients** at an exercise price of **22.97 yuan/share**; and granting **4.98665 million restricted shares** at a grant price of **15.31 yuan/share**[115](index=115&type=chunk)[116](index=116&type=chunk) - The registration of restricted stock grants has been completed, with **2.252013 million shares** issued through private placement and **2.734637 million shares** from repurchased stock, both listed on **March 25, 2025**[116](index=116&type=chunk) [4. Environmental Information Disclosure](index=31&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[117](index=117&type=chunk) [5. Social Responsibility](index=31&type=section&id=5.%20Social%20Responsibility) Runjian Co., Ltd. upholds social responsibility, building a standardized management system for economic value, social benefits, and environmental protection, and actively fulfills its social responsibilities in corporate governance, green energy saving, cooperation, rights protection, and public welfare - The company continuously optimizes its governance structure, improves internal control systems, builds a comprehensive risk management system, and is committed to diverse, transparent, and smooth information disclosure, actively responding to stakeholder expectations[118](index=118&type=chunk) - The company deeply implements national "dual carbon" strategic goals, accelerating its transformation to the new energy sector, deeply cultivating clean energy fields such as photovoltaic and wind power, driven by intelligent O&M and smart operations, achieving energy savings of **15% to 30%**[118](index=118&type=chunk)[120](index=120&type=chunk) - The company adheres to the "customer-centric" service philosophy, establishing mutually beneficial partnerships with customers and suppliers to jointly promote supply chain collaborative innovation[120](index=120&type=chunk) - The company is committed to creating a diverse, equal, and inclusive work environment, providing market-competitive compensation and benefits, focusing on employee career development and growth, and building harmonious labor relations[121](index=121&type=chunk) - In the first half of 2025, the company's total public welfare investment was **3.3825 million yuan**, with cumulative public welfare activity hours reaching **11,376 hours**, including **3 million yuan** for student aid and **372,500 yuan** for rural revitalization; the company also participated in emergency rescue work for natural disasters, valued at **1.986 million yuan**[122](index=122&type=chunk) Part V Significant Matters [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=33&type=section&id=1.%20Commitments%20Fulfilled%20or%20Overdue%20by%20Controlling%20Shareholder%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%20During%20and%20as%20of%20the%20End%20of%20the%20Reporting%20Period) During the reporting period, there were no commitments fulfilled or overdue by the company's controlling shareholder, shareholders, related parties, acquirers, or the company itself - During the reporting period, there were no commitments fulfilled or overdue by the company's controlling shareholder, shareholders, related parties, acquirers, or the company itself[125](index=125&type=chunk) [2. Non-Operating Funds Occupied by Controlling Shareholder and Other Related Parties from the Listed Company](index=33&type=section&id=2.%20Non-Operating%20Funds%20Occupied%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties%20from%20the%20Listed%20Company) During the reporting period, there were no non-operating funds occupied by the controlling shareholder or other related parties from the listed company - During the reporting period, there were no non-operating funds occupied by the controlling shareholder or other related parties from the listed company[126](index=126&type=chunk) [3. Irregular External Guarantees](index=33&type=section&id=3.%20Irregular%20External%20Guarantees) During the reporting period, the company had no irregular external guarantees - The company had no irregular external guarantees during the reporting period[127](index=127&type=chunk) [4. Appointment and Dismissal of Accounting Firms](index=33&type=section&id=4.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual report was not audited - The company's semi-annual report was not audited[128](index=128&type=chunk) [5. Board of Directors' and Supervisory Board's Explanations on 'Non-Standard Audit Report' for the Current Period](index=33&type=section&id=5.%20Board%20of%20Directors'%20and%20Supervisory%20Board's%20Explanations%20on%20'Non-Standard%20Audit%20Report'%20for%20the%20Current%20Period) During the reporting period, there were no explanations from the board of directors or supervisory board regarding a "non-standard audit report" for the current period - During the reporting period, there were no explanations from the board of directors or supervisory board regarding a "non-standard audit report" for the current period[129](index=129&type=chunk) [6. Board of Directors' Explanations on 'Non-Standard Audit Report' for the Previous Year](index=33&type=section&id=6.%20Board%20of%20Directors'%20Explanations%20on%20'Non-Standard%20Audit%20Report'%20for%20the%20Previous%20Year) During the reporting period, there were no explanations from the board of directors regarding a "non-standard audit report" for the previous year - During the reporting period, there were no explanations from the board of directors regarding a "non-standard audit report" for the previous year[129](index=129&type=chunk) [7. Bankruptcy and Reorganization Matters](index=33&type=section&id=7.%20Bankruptcy%20and%20Reorganization%20Matters) During the reporting period, the company had no bankruptcy and reorganization matters - The company had no bankruptcy and reorganization matters during the reporting period[129](index=129&type=chunk) [8. Litigation Matters](index=33&type=section&id=8.%20Litigation%20Matters) During the reporting period, the company had no significant litigation, arbitration, or other litigation matters - The company had no significant litigation or arbitration matters during the current reporting period[130](index=130&type=chunk) - The company had no other litigation matters during the reporting period[130](index=130&type=chunk) [9. Penalties and Rectification Status](index=34&type=section&id=9.%20Penalties%20and%20Rectification%20Status) During the reporting period, the company had no penalties or rectification situations - The company had no penalties or rectification situations during the reporting period[131](index=131&type=chunk) [10. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=34&type=section&id=10.%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) During the reporting period, there were no integrity issues concerning the company, its controlling shareholder, or actual controller - During the reporting period, there were no integrity issues concerning the company, its controlling shareholder, or actual controller[132](index=132&type=chunk) [11. Significant Related Party Transactions](index=34&type=section&id=11.%20Significant%20Related%20Party%20Transactions) During the reporting period, the company had no related party transactions related to daily operations, asset or equity acquisitions/disposals, joint external investments, related party creditor-debtor relationships, or dealings with affiliated financial companies - The company had no related party transactions related to daily operations during the reporting period[132](index=132&type=chunk) - The company had no related party transactions involving asset or equity acquisitions or disposals during the reporting period[133](index=133&type=chunk) - The company had no related party creditor-debtor relationships during the reporting period[135](index=135&type=chunk) - The company had no deposits, loans, credit lines, or other financial business with affiliated financial companies[136](index=136&type=chunk) [12. Significant Contracts and Their Performance](index=35&type=section&id=12.%20Significant%20Contracts%20and%20Their%20Performance) During the reporting period, the company had no entrustment, contracting, or leasing matters, but had significant guarantees for subsidiaries and outstanding wealth management balances - The company had no entrustment, contracting, or leasing situations during the reporting period[139](index=139&type=chunk)[140](index=140&type=chunk)[141](index=141&type=chunk) Company Guarantees for Subsidiaries | Name of Guaranteed Party | Guarantee Limit (10,000 Yuan) | Actual Occurrence Date | Actual Guarantee Amount (10,000 Yuan) | Guarantee Period | Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | | Guangzhou Luoli Energy Technology Co., Ltd. | 1,000 | January 29, 2022 | 1,000 | 3 years | Yes | | Guangzhou Saihaoda Intelligent Technology Co., Ltd. | 1,000 | January 13, 2022 | 1,000 | 3 years | Yes | | Guangdong Boshen Consulting Co., Ltd. | 500 | March 04, 2022 | 47.5 | 3 years | Yes | | Guangzhou Xingguangyuan Power Design Co., Ltd. | 3,000 | February 16, 2022 | 0 | 3 years | Yes | | Guangzhou Saihaoda Intelligent Technology Co., Ltd. | 1,000 | December 07, 2022 | 800 | 5 years | No | | Guangzhou Luoli Energy Technology Co., Ltd. | 1,000 | February 03, 2023 | 1,000 | 3 years | No | | Guangzhou Xingguangyuan Power Design Co., Ltd. | 1,000 | June 20, 2023 | 1,000 | 3 years | No | | Wuxiang Cloud Valley Co., Ltd. | 70,000 | July 30, 2024 | 26,314.29 | 7 years | No | | Guangzhou Luoli Energy Technology Co., Ltd. | 1,000 | June 25, 2025 | 1,000 | 3 years | No | | Guangzhou Saihaoda Intelligent Technology Co., Ltd. | 1,000 | June 25, 2025 | 1,000 | 3 years | No | Total Guarantee Situation of the Company | Indicator | Amount (10,000 Yuan) | | :--- | :--- | | Total Approved Guarantee Limit in Current Reporting Period | 0 | | Total Actual Guarantee Amount in Current Reporting Period | 2,000 | | Total Approved Guarantee Limit at End of Reporting Period | 147,226 | | Total Actual Guarantee Balance at End of Reporting Period | 33,161.79 | | Proportion of Actual Total Guarantee Amount to Company's Net Assets | 5.29% | | Debt Guarantee Balance Provided Directly or Indirectly for Guaranteed Parties with Asset-Liability Ratio Exceeding 70% | 33,161.79 | | Total of the Above Three Guarantee Amounts (D+E+F) | 33,161.79 | Wealth Management Situation | Specific Type | Source of Wealth Management Funds | Amount of Wealth Management Occurred (10,000 Yuan) | Outstanding Balance (10,000 Yuan) | Overdue Unrecovered Amount (10,000 Yuan) | | :--- | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Funds | 6.15 | 231.04 | 0 | | Brokerage Wealth Management Products | Own Funds | 1,500 | 1,200.04 | 0 | | Total | | 1,506.15 | 1,431.08 | 0 | - The company had no other significant contracts during the reporting period[148](index=148&type=chunk) [13. Explanation of Other Significant Matters](index=38&type=section&id=13.%20Explanation%20of%20Other%20Significant%20Matters) During the reporting period, the company had no other significant matters requiring explanation - The company had no other significant matters requiring explanation during the reporting period[149](index=149&type=chunk) [14. Significant Matters of Company Subsidiaries](index=38&type=section&id=14.%20Significant%20Matters%20of%20Company%20Subsidiaries) During the reporting period, the company had no significant matters concerning its subsidiaries - The company had no significant matters concerning its subsidiaries during the reporting period[150](index=150&type=chunk) Part VI Share Changes and Shareholder Information [1. Share Change Situation](index=39&type=section&id=1.%20Share%20Change%20Situation) During the reporting period, the company's total share capital increased by **2,252,013 shares** to **284,083,084 shares** due to the implementation of an equity incentive plan, which diluted earnings per share and net assets per share Share Change Situation | Share Class | Quantity Before Change (Shares) | Proportion Before Change | Increase/Decrease in This Change (+, -) | Quantity After Change (Shares) | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 68,535,689 | 24.32% | 4,986,652 | 73,522,341 | 25.88% | | Shares held by domestic natural persons | 68,535,689 | 24.32% | 4,986,652 | 73,522,341 | 25.88% | | II. Unrestricted Shares | 213,295,382 | 75.68% | -2,734,639 | 210,560,743 | 74.12% | | RMB Ordinary Shares | 213,295,382 | 75.68% | -2,734,639 | 210,560,743 | 74.12% | | III. Total Shares | 281,831,071 | 100.00% | 2,252,013 | 284,083,084 | 100.00% | - The main reasons for share changes were the recalculation of transferable quotas for directors, supervisors, and senior management based on shares held at the end of the previous year, and the completion of restricted stock grant registration under the 2025 stock option and restricted stock incentive plan[154](index=154&type=chunk)[155](index=155&type=chunk) - The company completed a share repurchase on **July 25, 2023**, cumulatively repurchasing **2,734,637 shares**, accounting for **1.12%** of the total share capital, with a total transaction amount of **104.989453 million yuan**, all used for the grant of restricted stock under the 2025 stock option and restricted stock incentive plan[160](index=160&type=chunk)[161](index=161&type=chunk) - During the reporting period, the increase in the company's total share capital due to the implementation of the equity incentive plan diluted financial indicators such as earnings per share, diluted earnings per share, and net assets per share attributable to ordinary shareholders for the most recent year and period[162](index=162&type=chunk) [2. Securities Issuance and Listing](index=41&type=section&id=2.%20Securities%20Issuance%20and%20Listing) During the reporting period, the company had no securities issuance and listing - The company had no securities issuance and listing during the reporting period[164](index=164&type=chunk) [3. Number of Shareholders and Shareholding](index=41&type=section&id=3.%20Number%20of%20Shareholders%20and%20Shareholding) At the end of the reporting period, the company had **43,775 ordinary shareholders**, with Li Jianguo and his concerted action party holding a combined **29.49%** and **18.34%** respectively, making them major shareholders - At the end of the reporting period, the total number of ordinary shareholders was **43,775**[166](index=166&type=chunk) Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio | Number of Shares Held at End of Reporting Period (Shares) | Number of Restricted Shares Held (Shares) | Number of Unrestricted Shares Held (Shares) | Pledged, Marked, or Frozen Status (Quantity) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Li Jianguo | Domestic Natural Person | 29.49% | 83,775,037 | 62,831,278 | 20,943,759 | 4,100,000 (Pledged) | | Xuzhou Hongzeyuantian Venture Capital Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 18.34% | 52,103,829 | 0 | 52,103,829 | 0 (N/A) | | Xu Wenjie | Domestic Natural Person | 1.52% | 4,326,423 | 3,244,817 | 1,081,606 | 0 (N/A) | | Liang Ji | Domestic Natural Person | 0.92% | 2,609,062 | 1,956,796 | 652,266 | 0 (N/A) | | China Merchants Bank Co., Ltd. - GF Value Core Mixed Securities Investment Fund | Other | 0.73% | 2,068,159 | 0 | 2,068,159 | 0 (N/A) | | Shanghai Pudong Development Bank Co., Ltd. - GF Small Cap Growth Mixed Securities Investment Fund (LOF) | Other | 0.71% | 2,016,200 | 0 | 2,016,200 | 0 (N/A) | | China Construction Bank Co., Ltd. - Invesco Great Wall Research Select Stock Investment Fund | Other | 0.70% | 1,980,000 | 0 | 1,980,000 | 0 (N/A) | | Industrial and Commercial Bank of China Co., Ltd. - Huaan Media Internet Mixed Securities Investment Fund | Other | 0.67% | 1,899,000 | 0 | 1,899,000 | 0 (N/A) | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 0.64% | 1,807,585 | 0 | 1,807,585 | 0 (N/A) | | Industrial and Commercial Bank of China Co., Ltd. - GF Innovation Upgrade Flexible Allocation Mixed Securities Investment Fund | Other | 0.62% | 1,772,000 | 0 | 1,772,000 | 0 (N/A) | - Li Jianguo and Xuzhou Hongzeyuantian Venture Capital Partnership (Limited Partnership) are parties acting in concert; Ms. Jiang Linbei is Mr. Li Jianguo's spouse and a co-actual controller of the company; Ms. Jiang Linbei is the general partner of Xuzhou Hongzeyuantian Venture Capital Partnership (Limited Partnership), and Mr. Li Jianguo is a limited partner, together holding **100%** of the partnership interests[167](index=167&type=chunk)[168](index=168&type=chunk) [4. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=44&type=section&id=4.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, company director Fang Peihao's shareholding increased by **51,950 shares**, with a total of **251,950 shares** at period-end, including **51,950 restricted shares** granted Changes in Shareholdings of Directors, Supervisors, and Senior Management | Name | Position | Employment Status | Shares Held at Beginning of Period (Shares) | Shares Increased in Current Period (Shares) | Shares Decreased in Current Period (Shares) | Shares Held at End of Period (Shares) | Number of Restricted Shares Granted at End of Period (Shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Fang Peihao | Director | Current | 200,000 | 51,950 | 0 | 251,950 | 51,950 | | Total | -- | -- | 200,000 | 51,950 | 0 | 251,950 | 51,950 | [5. Changes in Controlling Shareholder or Actual Controller](index=44&type=section&id=5.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) During the reporting period, there were no changes in the company's controlling shareholder or actual controller - The company's controlling shareholder did not change during the reporting period[170](index=170&type=chunk) - The company's actual controller did not change during the reporting period[170](index=170&type=chunk) [6. Preferred Share Information](index=45&type=section&id=6.%20Preferred%20Share%20Information) During the reporting period, the company had no preferred shares - The company had no preferred shares during the reporting period[171](index=171&type=chunk) Part VII Bond-Related Information [Bond-Related Information](index=46&type=section&id=Bond-Related%20Information) During the reporting period, the company had no bond-related information - The company had no bond-related information during the reporting period[173](index=173&type=chunk) Part VIII Financial Report [1. Audit Report](index=47&type=section&id=1.%20Audit%20Report) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[175](index=175&type=chunk) [2. Financial Statements](index=47&type=section&id=2.%20Financial%20Statements) This section presents Runjian Co., Ltd.'s consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, comprehensively reflecting the company's financial position, operating results, and cash flows at the end of the reporting period - This section includes the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025[176](index=176&type=chunk) [1. Consolidated Balance Sheet](index=47&type=section&id=1.%20Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's consolidated total assets were **20.432 billion yuan**, with current assets of **15.844 billion yuan** and total liabilities of **14.146 billion yuan** Key Data from Consolidated Balance Sheet (Period-End Balance) | Item | Amount (Yuan) | | :--- | :--- | | Total Assets | 20,432,000,635.74 | | Total Current Assets | 15,844,181,450.09 | | Total Non-Current Assets | 4,587,819,185.65 | | Total Liabilities | 14,145,975,818.41 | | Total Current Liabilities | 13,596,390,671.72 | | Total Non-Current Liabilities | 549,585,146.69 | | Total Equity Attributable to Parent Company Owners | 6,273,916,320.49 | | Minority Interests | 12,108,496.84 | | Total Owners' Equity | 6,286,024,817.33 | [2. Parent Company Balance Sheet](index=50&type=section&id=2.%20Parent%20Company%20Balance%20Sheet) As of June 30, 2025, the parent company's total assets were **19.361 billion yuan**, with current assets of **15.610 billion yuan** and total liabilities of **12.714 billion yuan** Key Data from Parent Company Balance Sheet (Period-End Balance) | Item | Amount (Yuan) | | :--- | :--- | | Total Assets | 19,361,167,777.87 | | Total Current Assets | 15,609,830,309.59 | | Total Non-Current Assets | 3,751,337,468.28 | | Total Liabilities | 12,713,796,110.51 | | Total Current Liabilities | 12,481,653,069.02 | | Total Non-Current Liabilities | 232,143,041.49 | | Total Owners' Equity | 6,647,371,667.36 | [3. Consolidated Income Statement](index=52&type=section&id=3.%20Consolidated%20Income%20Statement) In the first half of 2025, the company's consolidated total operating revenue was **4.867 billion yuan**, and net profit attributable to parent company shareholders was **39.2324 million yuan**, a year-on-year decrease of 83.37% Key Data from Consolidated Income Statement (H1 2025) | Item | Amount (Yuan) | | :--- | :--- | | I. Total Operating Revenue | 4,866,724,463.80 | | II. Total Operating Costs | 4,674,089,976.57 | | III. Operating Profit | 32,259,735.00 | | IV. Total Profit | 27,991,893.90 | | V. Net Profit | 17,019,365.82 | | Net Profit Attributable to Parent Company Shareholders | 39,232,432.63 | | Minority Interest Income/Loss | -22,213,066.81 | | VII. Total Comprehensive Income | 17,111,336.71 | | Total Comprehensive Income Attributable to Parent Company Owners | 39,290,042.02 | | VIII. Earnings Per Share: Basic Earnings Per Share | 0.14 | | VIII. Earnings Per Share: Diluted Earnings Per Share | 0.14 | [4. Parent Company Income Statement](index=54&type=sectio

Group 1 - The core viewpoint of the news is that Runjian Co., Ltd. has shown a mixed financial performance with a revenue increase but a significant decline in net profit for the first quarter of 2025 [1] - As of August 25, 2025, Runjian's stock price closed at 51.52 yuan, reflecting a 3.08% increase with a trading volume of 232,400 hands and a transaction amount of 1.195 billion yuan [1] - The company experienced a net inflow of main funds amounting to 49.2819 million yuan, which accounted for 4.12% of the total transaction amount [1] Group 2 - Runjian Co., Ltd. reported total operating revenue of 2.379 billion yuan for Q1 2025, representing a year-on-year growth of 11.24% [1] - The net profit attributable to shareholders was 69.3279 million yuan, showing a year-on-year decrease of 45.62%, while the non-recurring net profit was 67.5003 million yuan, down 46.17% year-on-year [1] - The company's liquidity ratios are as follows: current ratio at 1.209, quick ratio at 1.003, and debt-to-asset ratio at 66.09% [1] Group 3 - Runjian Co., Ltd. was established in 2003 and is primarily engaged in software and information technology services, with a registered capital of 2.20746347 billion yuan and paid-in capital of 1.568 billion yuan [2] - The company has made investments in 102 enterprises and participated in 5,000 bidding projects, holding 67 trademark registrations and 189 patents [2] - Additionally, Runjian possesses 239 administrative licenses [2]