银江技术股份有限公司章程 银江技术股份有限公司 章 程 二〇二五年十月 银江技术股份有限公司章程 目 录 第一章 总则 第二章 经营宗旨和范围 第三章 股 份 第四章 股东和股东会 第五章 董事会 第六章 高级管理人员 第七章 财务会计制度、利润分配和审计 第八章 通知和公告 第九章 合并、分立、增资、减资、解散和清算 第十章 修改章程 第十一章 附则 银江技术股份有限公司章程 第一章 总则 第一条 为维护银江技术股份有限公司（以下简称"公司"）、股东、职工和债权 人的合法权益，规范公司的组织和行为，根据《中华人民共和国公司法》（以下简称《公 司法》）、《中华人民共和国证券法》（以下简称《证券法》）、《上市公司章程指引》 和其他有关规定，制订本章程。 第二条 公司系依照《公司法》和其他有关规定，由杭州银江电子有限公司整体变 更发起设立的股份有限公司。 第八条 总经理为公司的法定代表人。 担任法定代表人的总经理辞任的，视为同时辞去法定代表人。法定代表人辞任的， 公司将在法定代表人辞任之日起三十日内确定新的法定代表人。 法定代表人以公司名义从事的民事活动，其法律后果由公司承受。本章程或者股东 会对法定代表人职权的 ...

董事会议事规则 银江技术股份有限公司 董事会议事规则 （2025年10月修订） 第一章 总则 第一条 为规范银江技术股份有限公司（以下简称"公司"）董事会议事方 式和决策程序，保障董事会的高效运作和科学决策，根据《中华人民共和国公司 法》（以下简称《公司法》）、《中华人民共和国证券法》（以下简称《证券法》）、 《深圳证券交易所创业板股票上市规则》（以下简称《上市规则》）等有关法律、 法规、规范性文件和《银江技术股份有限公司章程》（以下简称《公司章程》） 的规定，制定本规则。 第二条 本规则自生效之日起，即成为规范公司董事会的组织与行为，规范 公司董事长、董事、董事会下设的各专门委员会、董事会秘书职权、职责、权利 与义务的具有法律约束力的文件。 第二章 董事会的组成和职权 第三条 董事会由 7 名董事组成，其中独立董事 3 名。公司董事会设董事长 1 人，由董事会以全体董事的过半数选举产生。 第四条 董事会行使如下职权： （五）制订公司增加或者减少注册资本、发行债券或其他证券及上市方案； （六）拟订公司重大收购、收购本公司股票或者合并、分立、解散及变更公 司形式的方案； （七）在股东会授权范围内，决定公司对外投 ...

证券代码：300020 证券简称：ST 银江 公告编号：2025-072 银江技术股份有限公司 关于调整董事会成员人数并修订《公司章程》 除修改上述条款外，原《公司章程》其他条款不变。上述变更最终以工商登 记机关核准的内容为准，修订后的《公司章程》于同日在巨潮资讯网 （www.cninfo.com.cn）予以披露。本事项尚需提交公司股东会审议。 二、《董事会议事规则》的修订情况 根据《中华人民共和国公司法》《深圳证券交易所创业板股票上市规则》等 最新相关法律、法规、规范性文件的规定，为优化提高董事会的决策效率，公司 的治理结构，同步修订《董事会议事规则》，修订内容如下： | 修订前 | | | | | 修订后 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 第三条 董事会由 | 9 | 名董事组成，其中独立董 | | 第三条 | 董事会由 7 | 名董事组成，其中独立董 | | | 事 3 名。公司董事会设董事长 1 | | | 人，由董事 | 事 3 | 名。公司董事会设董事长 | 1 | 人，由董事 | | 会以全体董事的过半数选举产生。 ...

关于召开 2025 年第五次临时股东会的通知 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。 证券代码：300020 证券简称：ST 银江 公告编号：2025-073 银江技术股份有限公司 根据《公司法》和《公司章程》的有关规定，经银江技术股份有限公司（以 下简称"公司"或"银江技术"）第六届董事会第二十四次会议审议通过，决定 于 2025 年 10 月 31 日（星期五）下午 14:30 召开 2025 年第五次临时股东会，现 将会议有关事项通知如下： 一、召开会议的基本情况 1、股东会届次：银江技术股份有限公司 2025 年第五次临时股东会。 2、股东会召集人：银江技术股份有限公司董事会。 3、会议召开的合法、合规性：经公司第六届董事会第二十四次会议审议通 过，决定召开 2025 年第五次临时股东会，召集程序符合有关法律、行政法规、 部门规章、规范性文件和公司章程的规定。 4、会议召开的时间、日期： 现场会议召开日期和时间：2025 年 10 月 31 日（星期五）下午 14:30 网络投票日期和时间：2025 年 10 月 31 日。其中，通过深圳证券交 ...

一、审议通过《关于修订<公司章程>的议案》 证券代码：300020 证券简称：ST 银江 公告编号：2025-071 银江技术股份有限公司 第六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、 误导性陈述或重大遗漏。 银江技术股份有限公司（以下简称"公司"或"银江技术"）第六届董事会 第二十四次会议于 2025 年 10 月 15 日在公司会议室以现场表决的方式召开。会 议应参与表决董事 9 名，实际参与表决董事 7 名，2 名董事因公出差未参加本次 会议。本次会议的召开和表决程序符合《中华人民共和国公司法》和《公司章程》 等有关规定。 会议由董事长韩振兴先生主持，经与会董事讨论，通过如下决议： 特此公告。 本议案以 7 票同意，0 票反对，0 票弃权获得通过。 本议案尚需提交公司股东会审议。 三、审议通过《关于召开 2025 年第五次临时股东会的议案》 具体内容详见公司于同日披露于中国证监会创业板指定信息披露网站的《关 于召开 2025 年第五次临时股东会的通知》。 本议案以 7 票同意，0 票反对，0 票弃权获得通过。 根据《公司法》《上市公司章程指 ...

中泰证券股份有限公司 关于银江技术股份有限公司 2025 年半年度持续督导跟踪报告 | 保荐机构名称：中泰证券股份有限公司 | 被保荐公司简称：ST 银江 | | --- | --- | | 保荐代表人姓名：孙晓刚 | 联系电话：0531-68889236 | | 保荐代表人姓名：盛苑 | 联系电话：0531-68889236 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1、公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 次 0 | | 2、督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括但不限于防 | | | 止关联方占用公司资源的制度、募集资金管理制度、内控 | 是 | | 制度、内部审计制度、关联交易制度） | | | （2）公司是否有效执行相关规章制度 | 否 | | 3、募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 次 6 | | | 否，具体情况详见"二、保荐机构发现公司存在的问题及 | | （2）公司募集资金项目 ...

Core Viewpoint - The emergency command and dispatch system is a crucial tool for responding to sudden events and has become an essential part of the national emergency management system in China [1][10]. Industry Definition and Classification - The emergency command and dispatch system integrates modern communication, computer, network, GIS, big data, and artificial intelligence technologies to create an intelligent information platform for information collection, transmission, processing, analysis, decision-making, command, and dispatch [2]. - It can be classified into natural disaster, accident disaster, public health, and social security emergency command systems, as well as by administrative level and core function [2][3]. Industry Development Status - The emergency command and dispatch system industry is experiencing positive growth in China, with the market size expected to reach 930 million yuan in 2024 and potentially exceed 1 billion yuan in 2025 [1][6]. - The global emergency command and dispatch system market is projected to grow to 13.46 billion yuan in 2024, an increase of 780 million yuan from 2023, and is expected to reach approximately 14.28 billion yuan in 2025 [4][6]. Market Structure - In China, the market is primarily dominated by government and public safety departments (56%), followed by the military (21%), enterprises (13%), and others (10%) [1][6]. - The global market is led by North America (32.2%), followed by China (30%) and Europe (21%) [6]. Industry Chain - The emergency command and dispatch system is a technology-intensive industry with a long supply chain, including upstream hardware and software providers, midstream system integrators, and downstream users such as government departments and public safety agencies [7][8]. Policy Environment - The Chinese government is enhancing public safety and emergency management infrastructure through supportive policies and increased funding, creating a favorable environment for the development of the emergency command and dispatch system industry [10]. Competitive Landscape - Major players in the global market include Motorola, Zhenyou Technology, and Zhongxing Gaoda, with Zhenyou Technology leading the domestic market by covering emergency platforms in over 50 districts and counties [10]. Development Trends - The demand for emergency command and dispatch systems is increasing, driven by the "14th Five-Year Plan" and the "Digital China" strategy, leading to rapid industry growth and advancements in technology [10][11].

Financial Performance - In the first half of 2025, the company's revenue was 121,496,561 yuan, a decrease of 76.4% year-on-year [2][3] - The net loss attributable to shareholders was 320,979,842.85 yuan, an increase in loss of 369.14% compared to the same period last year [2][3] - The net loss after deducting non-recurring gains and losses was 323,588,730.68 yuan, with an increase in loss of 370.16% year-on-year [2][3] - As of the end of the reporting period, total assets were 5,601,077,804.09 yuan, down 5.46% year-on-year [2][3] - The net assets attributable to shareholders were 2,899,482,299.82 yuan, a decrease of 9.97% compared to the previous year [2][3] Business Overview - The company's main business involves two key areas in smart city development: social governance and services for digital grassroots government, and project construction and services in smart city subfields, including smart transportation and smart health [2] - The "Yinjiang City Brain" utilizes big data, artificial intelligence, and IoT technologies, structured around a system architecture of "1+1+N+1" to meet both vertical industry management needs and horizontal cross-departmental business requirements [4][5] - In the smart transportation sector, the company implemented pilot projects that improved traffic efficiency by over 15% at key intersections through real-time data analysis and dynamic signal optimization [4] - In the smart health sector, the company developed several data products that successfully entered the "Zhejiang Data Exchange" and "Shanghai Data Exchange," exploring the application value of health data [4] - The company focused on projects such as the Urumqi City Mi Dong District's complaint handling and the second phase of the Shaoxing City Brain during the reporting period [4]

证券代码：300020 证券简称：ST 银江 公告编号：2025-069 银江技术股份有限公司 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。 第六届董事会第二十三次会议决议公告 银江技术股份有限公司（以下简称"公司"或"银江技术"）第六届董事会 第二十三次会议于 2025 年 8 月 28 日在公司会议室以现场表决的方式召开，会议 通知于 2025 年 8 月 21 日以直接送达或传真方式送达。会议应参与表决董事 9 名，实际参与表决董事 9 名。本次会议的召开和表决符合《中华人民共和国公司 法》和《公司章程》等有关规定。 表决结果：本议案以 9 票同意、0 票反对、0 票弃权获得通过。 特此公告。 本议案在提交董事会审议前已经公司董事会审计委员会 2025 年第四次会议 审议通过。 表决结果：本议案以 9 票同意、0 票反对、0 票弃权获得通过。 二、审议通过《关于公司<2025 年半年度募集资金存放与实际使用情况专项 报告>的议案》 具体内容详见 2025 年 8 月 29 日中国证监会指定创业板信息披露网站。 本议案在提交董事会审议前已经公司董事会审计 ...

Part I Important Notice, Table of Contents and Definitions [Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The company's board and senior management guarantee the accuracy and completeness of the semi-annual report, assuming legal responsibility, while also highlighting various operational and financial risks - Company's board of directors and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, bearing individual and joint legal responsibility[3](index=3&type=chunk) - Company's head Han Zhenxing, chief accountant Sun Zhilin, and head of accounting department Sun Zhilin declare that the financial report in this semi-annual report is true, accurate, and complete[3](index=3&type=chunk) - The company faces policy risks, core personnel loss risks, smart city business model risks, investment, M&A and management risks, and business model innovation risks[3](index=3&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for this semi-annual period[4](index=4&type=chunk) [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) The report's clear table of contents outlines eight main chapters, providing a comprehensive navigation for investors through key information - The report comprises eight main chapters, covering important notices, company profile and key financial indicators, management discussion and analysis, corporate governance, environment and society, significant matters, share changes and shareholder information, bond-related matters, and financial reports[7](index=7&type=chunk) [List of Documents for Inspection](index=4&type=section&id=%E5%A4%87%E6%9F%A5%E6%96%87%E4%BB%B6%E7%9B%AE%E5%BD%95) The company's inspection documents include signed financial statements, original audit reports, publicly disclosed company documents, and other relevant materials, available at the company's securities management department office - Documents for inspection include financial statements signed and sealed by the company's head, chief accountant, and head of accounting department (accounting manager)[9](index=9&type=chunk) - Documents for inspection include original audit reports sealed by the accounting firm and signed and sealed by certified public accountants[10](index=10&type=chunk) - Documents for inspection include originals of all company documents and announcements publicly disclosed on the website designated by the China Securities Regulatory Commission during the reporting period[11](index=11&type=chunk) - The aforementioned documents for inspection are available at the company's securities management department office[13](index=13&type=chunk) [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section defines key terms used in the report, including company names, the reporting period (January 1 to June 30, 2025), currency units, audit institutions, regulatory bodies, and internal entities, ensuring accurate understanding - The reporting period refers to **January 1, 2025, to June 30, 2025**[14](index=14&type=chunk) - Definitions include entities such as the Company, this Company, Enjoyor Technology, the Issuer, and the Group[14](index=14&type=chunk) - Definitions include relevant parties such as the audit institution (Zhongxi Certified Public Accountants), the China Securities Regulatory Commission, and the controlling shareholder (Enjoyor Technology Group)[14](index=14&type=chunk) Part II Company Profile and Key Financial Indicators [I. Company Profile](index=6&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) The company, listed on the Shenzhen Stock Exchange as "ST Enjoyor" (stock code 300020), is officially named Enjoyor Technology Co., Ltd., with Han Zhenxing as its legal representative - Stock Abbreviation: ST Enjoyor, Stock Code: **300020**[17](index=17&type=chunk) - Stock Exchange where listed: Shenzhen Stock Exchange[17](index=17&type=chunk) - Company's Chinese Name: 银江技术股份有限公司 (Enjoyor Technology Co., Ltd.), Legal Representative: Han Zhenxing[17](index=17&type=chunk) [II. Contact Persons and Information](index=6&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) The company's Board Secretary is Wang Ningdan and Securities Affairs Representative is Yu Lihang, both located at No. 2 Xiyuan 8th Road, Xihu District, Hangzhou, Zhejiang, with consistent contact numbers and email - Board Secretary: Wang Ningdan, Securities Affairs Representative: Yu Lihang[18](index=18&type=chunk) - Contact Address: No. 2 Xiyuan 8th Road, Xihu District, Hangzhou, Zhejiang Province[18](index=18&type=chunk) - Phone: **0571-89716117**, Email: **enjoyor@enjoyor.net**[18](index=18&type=chunk) [III. Other Information](index=6&type=section&id=%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E6%83%85%E5%86%B5) During the reporting period, there were no changes in the company's registered address, office address, website, email, information disclosure, or registration status, as detailed in the 2024 annual report - The company's registered address, office address and postal code, website, email, etc., remained unchanged during the reporting period, as detailed in the 2024 annual report[19](index=19&type=chunk) - Information disclosure and storage locations remained unchanged during the reporting period, as detailed in the 2024 annual report[20](index=20&type=chunk) - The company's registration status remained unchanged during the reporting period, as detailed in the 2024 annual report[21](index=21&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=7&type=section&id=%E5%9B%9B%E3%80%81%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This reporting period saw a **76.40% year-on-year decrease** in operating revenue, a **369.14% expansion** in net loss attributable to shareholders, and a basic EPS of **-0.40 RMB/share**, while operating cash flow improved by **68.06%** Key Accounting Data and Financial Indicators (Consolidated Statements) | Indicator | Current Reporting Period (RMB) | Prior Year Period (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 121,496,561.00 | 514,815,936.42 | -76.40% | | Net Profit Attributable to Listed Company Shareholders | -320,979,842.85 | -68,418,381.84 | -369.14% | | Net Profit Attributable to Listed Company Shareholders After Deducting Non-Recurring Gains and Losses | -323,588,730.68 | -68,824,687.66 | -370.16% | | Net Cash Flow from Operating Activities | -56,842,276.21 | -177,981,691.31 | 68.06% | | Basic Earnings Per Share (RMB/share) | -0.40 | -0.09 | -344.44% | | Diluted Earnings Per Share (RMB/share) | -0.40 | -0.09 | -344.44% | | Weighted Average Return on Net Assets | -10.49% | -1.65% | -8.84% | | **At End of Current Reporting Period** | | **At End of Prior Year** | **Change at Period-end vs. Prior Year-end** | | Total Assets | 5,601,077,804.09 | 5,924,640,581.55 | -5.46% | | Net Assets Attributable to Listed Company Shareholders | 2,899,482,299.82 | 3,220,462,142.67 | -9.97% | [V. Differences in Accounting Data under Domestic and Overseas Accounting Standards](index=7&type=section&id=%E4%BA%94%E3%80%81%E5%A2%83%E5%86%85%E5%A4%96%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99%E4%B8%8B%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%B7%AE%E5%BC%82) During the reporting period, the company reported no differences in net profit or net assets between financial statements prepared under international/overseas accounting standards and Chinese accounting standards - The company reported no differences in net profit and net assets between financial statements disclosed under International Accounting Standards and Chinese Accounting Standards during the reporting period[23](index=23&type=chunk) - The company reported no differences in net profit and net assets between financial statements disclosed under overseas accounting standards and Chinese Accounting Standards during the reporting period[24](index=24&type=chunk) [VI. Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=%E5%85%AD%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) Non-recurring gains and losses totaled **2,608,887.83 RMB** for the reporting period, primarily from non-current asset disposal gains, government subsidies, and other non-operating income and expenses, after tax and minority interest adjustments Non-Recurring Gains and Losses Items and Amounts | Item | Amount (RMB) | | :--- | :--- | | Non-current asset disposal gains and losses (including the reversal of asset impairment provisions already made) | 611,305.62 | | Government grants recognized in current profit or loss (excluding government grants closely related to the company's normal operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on the company's profit or loss) | 893,501.82 | | Other non-operating income and expenses apart from the above items | 1,565,185.85 | | Less: Income tax impact | 460,873.90 | | Minority interest impact (after tax) | 231.56 | | **Total** | **2,608,887.83** | - The company has no other specific situations that meet the definition of non-recurring gains and losses[27](index=27&type=chunk) Part III Management Discussion and Analysis [I. Main Businesses Engaged by the Company During the Reporting Period](index=9&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company, as a "Digital City Construction and Operation Service Provider," leverages its "Enjoyor City Brain" products and solutions to drive smart city development, focusing on digital grassroots governance and specialized smart city projects - The company adheres to its core strategic positioning as a "Digital City Construction and Operation Service Provider," empowering the construction, operation, and services of smart cities through its independently developed "Enjoyor City Brain" series of products, industry solutions, and overall solutions[29](index=29&type=chunk) - The company's main businesses involve two major areas of smart cities: social governance and services for digital grassroots governments (grassroots governance comprehensive business) and project construction and services in subdivided smart city fields (smart city industry business)[29](index=29&type=chunk) - "Enjoyor City Brain" utilizes core technologies such as big data, artificial intelligence, and IoT, with a "1+1+N+1" system architecture, to meet the needs of in-depth management in subdivided fields and cross-industry linkage in comprehensive scenarios[29](index=29&type=chunk) [1. "Enjoyor City Brain" Support Platform](index=9&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E2%80%9C%E9%93%B6%E6%B1%9F%E5%9F%8E%E5%B8%82%E5%A4%A7%E8%84%91%E2%80%9D%E6%94%AF%E6%92%91%E5%B9%B3%E5%8F%B0) The company enhanced its City Brain support platform with data and intelligent hubs, launched digital governance models and an AI model marketplace, built a 500 PFLOPS intelligent computing center, and released "Enjoyor Tongming" large models for health, traffic, and government services - The company further developed the City Brain support platform with data and intelligent hubs as its core, providing one-stop services for data governance and technical support for intelligent business innovation[29](index=29&type=chunk) - Enloop-Hub Data Hub, centered on the "Enjoyor Enloop-Hub Platform," achieves orderly aggregation, horizontal integration, deep sharing, and value release of urban information resources, and has passed certifications from CAICT, Huawei Kunpeng, etc[30](index=30&type=chunk) - Enloop-Ana Intelligent Hub forms a capability sharing pool through the research and application of general support systems, data intelligent applications, and AI algorithm models, and has developed an urban digital twin platform[31](index=31&type=chunk) - Enjoyor Intelligent Computing Center is a key initiative for the company to build AI computing infrastructure, with a planned computing power of **500 PFLOPS**, and the first phase has been completed and put into use[32](index=32&type=chunk) - The company launched the "Enjoyor Tongming Health," "Enjoyor Tongming Ask," and "Enjoyor Tongming Government Affairs" series of large models, aiming to comprehensively enhance the intelligence level in multiple key areas such as health management, smart transportation, and government services through AI empowerment and technological innovation[32](index=32&type=chunk)[34](index=34&type=chunk)[35](index=35&type=chunk) [2. Smart City Industry Business](index=11&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E6%99%BA%E6%85%A7%E5%9F%8E%E5%B8%82%E8%A1%8C%E4%B8%9A%E4%B8%9A%E5%8A%A1) In smart transportation, the company upgraded its "Tongming" large model and deployed vehicle-road-cloud products, improving traffic efficiency by **over 15%** and reducing accident rates by **over 30%**. In smart healthcare, it developed data products, secured multiple smart hospital projects, and partnered with Huawei to create an "AI+ Smart Research Ward" for non-contact patient monitoring - In the smart transportation sector, the company upgraded its "Tongming" urban traffic large model, improving traffic efficiency at pilot intersections by **over 15%** and reducing accident rates by **over 30%**[35](index=35&type=chunk) - In vehicle-road-cloud, the company deployed core products with independent intellectual property rights such as RSU, MEC, and OBU, achieving "beyond-line-of-sight" information interaction with autonomous vehicles[35](index=35&type=chunk) - In the smart healthcare sector, relying on its accumulated experience in the medical and health industry, the company developed several data products successfully listed on "Zhejiang Data Exchange" and "Shanghai Data Exchange," and deeply cultivated overall smart hospital construction[36](index=36&type=chunk) - The company successfully won bids for smart hospital construction projects such as the "Phase II Project of China Center for Disease Control and Prevention (China CDC)" and "Tongling City People's Hospital Xihu Campus"[37](index=37&type=chunk) - The company collaborated with Huawei and Hangzhou First People's Hospital to create a leading "AI+ Smart Research Ward" in China, achieving **24-hour non-contact and non-invasive monitoring** of patients' vital signs such as breathing and heartbeat[37](index=37&type=chunk) [3. Grassroots Governance Comprehensive Business](index=12&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E5%9F%BA%E5%B1%82%E6%B2%BB%E7%90%86%E7%BB%BC%E5%90%88%E4%B8%9A%E5%8A%A1) The company is actively developing benchmark grassroots governance projects, including Urumqi Midong District's "Call-to-Action" and Shaoxing City Brain Phase II. It is also expanding into data element markets across several provinces, launching core products like grassroots data collaboration platforms and smart industrial park platforms, and introducing five new solutions to empower digital city development - The company actively develops benchmark grassroots governance projects, focusing on Urumqi Midong District's "Call-to-Action" and Shaoxing City Brain Phase II projects[37](index=37&type=chunk) - The company actively expands into data element markets in Xinjiang, Fujian, Shaanxi, Jiangsu, and other provinces, deeply exploring data potential[38](index=38&type=chunk) - Launched core products such as grassroots data collaboration platform, integrated smart industrial park digital operation platform, one-code-pass platform, tourism public service system, scenic area comprehensive management system, and smart tourism marketing system[38](index=38&type=chunk) - Introduced hidden danger governance solution, adaptive signal control solution, and other **five new solutions**, and completed product upgrades related to cloud medical consortia[38](index=38&type=chunk) [II. Analysis of Core Competitiveness](index=12&type=section&id=%E4%BA%8C%E3%80%81%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) As a digital city construction and operation service provider, the company demonstrates strong competitiveness in the digital transformation trend, leveraging its robust data foundation, excellent data governance capabilities, and extensive industry experience, with core advantages in technology, brand, talent, and assets - As a professional digital city construction and operation service provider, the company demonstrates strong competitive strength in the digital economy wave, relying on its solid data foundation, excellent data governance capabilities, and rich industry practical experience[39](index=39&type=chunk) - The company is increasing investment in AI technology application research and development, especially strengthening the integration of AI large model related technologies with existing products and service systems to enhance market competitiveness[39](index=39&type=chunk) [1. Technological Advantages](index=12&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E6%8A%80%E6%9C%AF%E4%BC%98%E5%8A%BF) With nearly **30 years** of R&D experience, the company has a mature R&D system, national-level innovation platforms, and, as of June 30, 2025, holds **254 patents** (including **239 invention patents**) and **1,216 software copyrights** - The company has formed a mature and effective R&D system, possessing major technological innovation platforms such as a national-level enterprise technology center, a national-level postdoctoral research workstation, Zhejiang Provincial Intelligent Transportation Engineering Technology Research Center, and Zhejiang Provincial Smart Medical Key Enterprise Research Institute[40](index=40&type=chunk) - As of June 30, 2025, the company and its subsidiaries collectively hold **254 patents**, including **239 invention patents**, and **1,216 software copyrights**[40](index=40&type=chunk) [2. Brand Advantages](index=13&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E5%93%81%E7%89%8C%E4%BC%98%E5%8A%BF) In the first half of 2025, the company received multiple significant awards, including "Top 80 Intelligent Building Industry Engineering Enterprises of 2024," "Zhejiang Provincial IoT Product Innovation Award of 2024," and "Top 100 Hangzhou AI Artificial Intelligence Enterprises of 2025," reinforcing its industry position and market competitiveness - In the first half of 2025, the company received multiple significant honors, including "Top 80 Intelligent Building Industry Engineering Enterprises of 2024," "Zhejiang Provincial IoT Product Innovation Award of 2024," and "Top 100 Hangzhou AI Artificial Intelligence Enterprises of 2025"[40](index=40&type=chunk) - These honors further consolidated the company's industry position and market competitiveness[40](index=40&type=chunk) [3. Talent Advantages](index=13&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E4%BA%BA%E6%89%8D%E4%BC%98%E5%8A%BF) The company optimizes its talent structure and vigorously promotes talent strategy planning, strengthening talent development to solidify its foundation for growth, while also reforming mechanisms and innovating policies to stimulate creativity and attract high-end talent - The company, guided by performance, focuses on long-term goals, optimizes its talent structure, and vigorously promotes talent strategic planning[40](index=40&type=chunk) - The company strengthens talent development, solidifying its foundation for growth and laying a firm basis for its development in the industry[40](index=40&type=chunk) - The company promotes institutional and mechanism reforms and policy innovations, fully stimulating the creativity of various talents, attracting high-end talents, and vigorously promoting its employer brand image[40](index=40&type=chunk) [4. Core Asset Advantages](index=13&type=section&id=%EF%BC%88%E5%9B%9B%EF%BC%89%E6%A0%B8%E5%BF%83%E8%B5%84%E4%BA%A7%E4%BC%98%E5%8A%BF) The company possesses multiple industrial land and property assets with land use rights extending to **2053-2061**. As of June 30, 2025, it holds **65 registered trademarks**, **118 qualification certificates**, **254 patents** (with **5 new** in this period), and **1,216 computer software copyrights** (with **1 new**) - The company owns multiple industrial land and property assets, with land use rights termination dates mostly between **2053 and 2061**[41](index=41&type=chunk)[42](index=42&type=chunk) - As of June 30, 2025, the company has a total of **65 registered trademarks**[42](index=42&type=chunk) - As of June 30, 2025, the company holds a total of **118 qualification certificates**[43](index=43&type=chunk) - As of June 30, 2025, the company has obtained **254 patents**, with **5 new authorized patents** in the first half of 2025; it owns **1,216 computer software copyrights**, with **1 new** in the first half of 2025[43](index=43&type=chunk) [III. Analysis of Main Business](index=14&type=section&id=%E4%B8%89%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) The company's main business revenue **decreased by 76.40%** year-on-year, with operating costs down **73.99%**, primarily due to funding constraints after being designated "ST," impacting project acquisition and progress, leading to declines in revenue and gross profit margins across all product and service segments Changes in Key Financial Data Year-on-Year | Indicator | Current Reporting Period (RMB) | Prior Year Period (RMB) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 121,496,561.00 | 514,815,936.42 | -76.40% | The company was designated ST, leading to funding constraints, reduced project performance, and slower progress on ongoing projects | | Operating Cost | 110,574,020.17 | 425,128,388.40 | -73.99% | Decrease in operating revenue led to a decrease in input costs | | Selling Expenses | 12,230,775.65 | 25,150,339.47 | -51.37% | Decrease in performance led to a decrease in expenses | | Net Cash Flow from Operating Activities | -56,842,276.21 | -177,981,691.31 | 68.06% | Decrease in operating capital investment | | Net Cash Flow from Investing Activities | -2,915,569.00 | -279,187,432.88 | 98.96% | Funds were occupied in the prior period | - The company's profit structure or sources of profit did not undergo significant changes during the reporting period[46](index=46&type=chunk) Product or Service Accounting for Over 10% of Revenue | Product or Service | Operating Revenue (RMB) | Operating Cost (RMB) | Gross Profit Margin | YoY Change in Operating Revenue | YoY Change in Operating Cost | YoY Change in Gross Profit Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Smart Transportation | 54,819,248.32 | 46,717,523.52 | 14.78% | -75.98% | -74.63% | -4.54% | | Smart Healthcare | 12,611,343.03 | 10,205,982.06 | 19.07% | -82.21% | -80.76% | -6.10% | | Smart City | 41,107,533.50 | 36,939,787.06 | 10.14% | -74.32% | -74.20% | -0.42% | | Grassroots Governance | 5,515,943.87 | 4,732,568.06 | 14.20% | -88.04% | -85.57% | -14.70% | | Comprehensive Service Income | 7,442,492.28 | 11,978,159.46 | -60.94% | 12.48% | 0.00% | 20.09% | [IV. Analysis of Non-Core Business](index=15&type=section&id=%E5%9B%9B%E3%80%81%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) The company had no non-core business analysis content during the reporting period - The company had no non-core business analysis during the reporting period[49](index=49&type=chunk) [V. Analysis of Assets and Liabilities](index=15&type=section&id=%E4%BA%94%E3%80%81%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%A2%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) At the end of the reporting period, both total assets and net assets attributable to shareholders decreased. The company has significant asset restrictions, with over **1 billion RMB** in monetary funds, fixed assets, intangible assets, investment properties, accounts receivable, and long-term receivables being restricted Significant Changes in Asset Composition (Period-end vs. Prior Year-end) | Item | Amount at Period-end (RMB) | % of Total Assets | Amount at Prior Year-end (RMB) | Prior Year-end % of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 236,098,852.36 | 4.22% | 431,799,252.67 | 7.29% | -3.07% | | Accounts Receivable | 1,267,151,403.37 | 22.62% | 1,319,171,415.29 | 22.27% | 0.35% | | Contract Assets | 1,728,438,487.07 | 30.86% | 1,813,680,652.89 | 30.61% | 0.25% | | Short-term Borrowings | 1,457,753,764.08 | 26.03% | 1,504,522,301.99 | 25.39% | 0.64% | - The company reported no differences in accounting data under overseas accounting standards during the reporting period[52](index=52&type=chunk) - The company's main asset measurement attributes did not undergo significant changes during the reporting period[53](index=53&type=chunk) Asset Restrictions as of the End of the Reporting Period | Item | Book Balance (RMB) | Book Value (RMB) | Restriction Status | | :--- | :--- | :--- | :--- | | Monetary Funds | 217,014,869.10 | 217,014,869.10 | Deposits, litigation preservation | | Fixed Assets | 218,094,201.75 | 182,225,376.95 | Property title not yet processed | | Intangible Assets | 9,887,240.88 | 8,980,910.73 | Land use rights for mortgage | | Investment Properties | 393,978,328.14 | 320,514,271.27 | Property title not yet processed | | Investment Properties | 279,042,702.50 | 178,909,042.79 | Buildings for mortgage | | Accounts Receivable | 51,176,378.00 | 51,176,378.00 | Collection rights for pledge | | Long-term Receivables | 47,847,222.47 | 47,847,222.47 | Collection rights for pledge | | **Total** | **1,217,040,942.84** | **1,006,668,071.31** | | [VI. Analysis of Investment Status](index=17&type=section&id=%E5%85%AD%E3%80%81%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) The company's investment amount **decreased by 95.26%** year-on-year. While **107.58 million RMB** was invested in IPO projects, and funds were temporarily used for working capital, **292.85 million RMB** in raised funds were judicially transferred and remain frozen or unreturned due to litigation, despite prior rectifications of irregular use Overall Investment Status | Indicator | Investment Amount in Reporting Period (RMB) | Investment Amount in Prior Year Period (RMB) | Change Rate | | :--- | :--- | :--- | :--- | | Total Investment Amount | 3,915,569.00 | 82,574,905.03 | -95.26% | - The company had no significant equity investments, non-equity investments, changes in financial assets measured at fair value, entrusted wealth management, derivative investments, or entrusted loans during the reporting period[56](index=56&type=chunk)[65](index=65&type=chunk)[66](index=66&type=chunk)[67](index=67&type=chunk) - As of June 30, 2025, the cumulative amount of raised funds invested in IPO projects was **107.58 million RMB**, and **136.00 million RMB** has been permanently used to supplement working capital[58](index=58&type=chunk) - The company temporarily supplemented working capital with **305.41 million RMB** of raised funds; and **292.853 million RMB** of raised funds were judicially transferred. The balance of the special raised funds account was **151,649,903.57 RMB**[58](index=58&type=chunk) Status of Committed Projects for Raised Funds | Project Name | Total Committed Investment (RMB 10,000) | Cumulative Investment at Period-end (RMB 10,000) | Investment Progress at Period-end | | :--- | :--- | :--- | :--- | | "City Brain" Solution R&D and Implementation Project | 66,550.00 | 8,990.42 | 13.51% | | Smart Hospital Project Based on New Generation Information Technology | 18,500.00 | 1,767.98 | 9.56% | | Supplement Working Capital | 13,600.00 | 13,600.00 | 90.67% | | **Total** | **98,650.00** | **24,358.38** | **24.69%** | - The company had irregular use of raised funds, including funds flowing back to the company's non-raised funds accounts through suppliers, long-term prepayments flowing back through related parties, raised funds used for expenditures not identified as IPO projects, and deducted issuance taxes and fees, all of which have been transferred back to the special raised funds accounts[62](index=62&type=chunk)[527](index=527&type=chunk)[528](index=528&type=chunk)[529](index=529&type=chunk) - As of June 30, 2025, due to litigation preservation, the balances of the company's raised funds accounts are largely judicially frozen, with some accounts also subject to successive freezing, and **292,852,979.00 RMB** has been forcibly executed by the court, which has not yet been unfrozen or returned[63](index=63&type=chunk)[530](index=530&type=chunk)[531](index=531&type=chunk)[532](index=532&type=chunk) - The company has returned **200.00 million RMB** of temporarily supplemented working capital from raised funds, and on April 28, 2025, again approved the use of no more than **400.00 million RMB** of idle raised funds to temporarily supplement working capital, of which **305,410,000.00 RMB** had been used as of June 30, 2025[63](index=63&type=chunk)[532](index=532&type=chunk)[533](index=533&type=chunk) [VII. Significant Asset and Equity Sales](index=22&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E5%92%8C%E8%82%A1%E6%9D%83%E5%87%BA%E5%94%AE) During the reporting period, the company did not engage in any significant asset or equity sales - The company did not sell significant assets during the reporting period[68](index=68&type=chunk) - The company did not sell significant equity during the reporting period[69](index=69&type=chunk) [VIII. Analysis of Major Holding and Participating Companies](index=22&type=section&id=%E5%85%AB%E3%80%81%E4%B8%BB%E8%90%A5%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) The company's major subsidiaries and associates operate in smart transportation, healthcare, and city technology services, showing varied financial performance with some reporting losses, and no acquisitions or disposals of subsidiaries occurred during the period Major Subsidiaries and Associates with Over 10% Impact on Company's Net Profit | Company Name | Company Type | Main Business | Registered Capital (RMB) | Total Assets (RMB) | Net Assets (RMB) | Operating Revenue (RMB) | Operating Profit (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zhejiang Enjoyor Smart Transportation Group Co., Ltd. | Subsidiary | Smart Technology Services | 100,000,000 | 784,321,064.09 | 55,536,088.00 | 962,000.88 | -83,506.82 | -193,468.73 | | Hangzhou Enjoyor Smart Healthcare Group Co., Ltd. | Subsidiary | Smart Technology Services | 50,000,000 | 51,360,178.48 | 9,329,991.66 | 92,716.98 | -2,183,540.00 | -2,205,375.39 | | Hangzhou Enjoyor Smart City Technology Group Co., Ltd. | Subsidiary | Smart Technology Services | 20,000,000 | 204,823,547.99 | 50,636,093.12 | 0.00 | -1,938,559.29 | -1,938,559.29 | | Shenyang Zhixiang Big Health Information Technology Co., Ltd. | Subsidiary | Smart Technology Services | 136,800,000 | 114,071,988.40 | 78,279,176.23 | 37,641.51 | -4,395,915.02 | -4,439,874.17 | | Xi'an Enjoyor Smart City Technology Co., Ltd. | Subsidiary | Smart Technology Services | 10,333,000 | 32,012,680.90 | -7,499,080.25 | 4,291,685.66 | -1,567,472.63 | -1,583,147.36 | | Zhejiang Enjoyor Transportation Technology Co., Ltd. | Subsidiary | Smart Technology Services | 10,000,000 | 102,146,143.14 | 36,648,881.59 | 1,793,753.64 | -2,584,161.35 | -2,635,844.57 | | Jiangsu Enjoyor Smart City Information Technology Co., Ltd. | Subsidiary | Smart Technology Services | 10,000,000 | 12,680,220.27 | -6,832,232.03 | 1,512,012.79 | -1,873,449.64 | -1,892,184.14 | | Jinan Enjoyor Information Technology Co., Ltd. | Subsidiary | Smart Technology Services | 10,000,000 | 98,960,626.98 | 3,935,405.22 | 598,092.03 | -525,631.44 | -525,631.44 | - The company did not acquire or dispose of subsidiaries during the reporting period[70](index=70&type=chunk) [IX. Information on Structured Entities Controlled by the Company](index=23&type=section&id=%E4%B9%9D%E3%80%81%E5%85%AC%E5%8F%B8%E6%8E%A7%E5%88%B6%E7%9A%84%E7%BB%93%E6%9E%84%E5%8C%96%E4%B8%BB%E4%BD%93%E6%83%85%E5%86%B5) The company did not control any structured entities during the reporting period - The company did not control any structured entities during the reporting period[71](index=71&type=chunk) [X. Risks Faced by the Company and Countermeasures](index=23&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company faces policy risks, core personnel loss risks, smart city business model risks, investment/M&A and business model innovation risks, addressed by diversifying industry investments, enhancing talent incentives, prudent project selection, stable M&A strategies, and balancing existing and new business - The company's smart city construction-related industry is closely linked to the national macroeconomic situation, with government departments as its main clients, posing policy risks[71](index=71&type=chunk) - Rapid technological changes and intensified market competition pose challenges to the company's market expansion, technology reserves, and talent reserves, leading to risks of core personnel loss[71](index=71&type=chunk) - Smart city general contracting projects involve large total investments, long construction cycles, and multiple departments, posing smart city business model risks such as government reshuffles, fiscal constraints, ineffective cost control, and cash flow and collection pressures[72](index=72&type=chunk) - Investment and M&A inherently carry high risks, including differences in business models, management systems, corporate cultures, and uncertainties regarding the realization of project-promised profits and changes in market policies, leading to investment, M&A, and management risks[73](index=73&type=chunk) - The company's innovative business models, such as City Brain operation services, have uncertainties, posing business model innovation risks[74](index=74&type=chunk) - Countermeasures include increasing investment in subdivided industries, improving talent incentive mechanisms, prudent project selection, adopting stable investment strategies, and implementing an operating model that balances and optimizes the proportion of "existing" and "new" businesses[71](index=71&type=chunk)[72](index=72&type=chunk)[73](index=73&type=chunk)[74](index=74&type=chunk)[75](index=75&type=chunk) [XI. Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period](index=24&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%8E%A5%E5%BE%85%E8%B0%83%E7%A0%94%E3%80%81%E6%B2%9F%E9%80%9A%E3%80%81%E9%87%87%E8%AE%BF%E7%AD%89%E6%B4%BB%E5%8A%A8%E7%99%BB%E8%AE%B0%E8%A1%A8) The company did not host any research, communication, or interview activities during the reporting period - The company did not host any research, communication, or interview activities during the reporting period[76](index=76&type=chunk) [XII. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=24&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E5%B8%82%E5%80%BC%E7%AE%A1%E7%90%86%E5%88%B6%E5%BA%A6%E5%92%8C%E4%BC%B0%E5%80%BC%E6%8F%90%E5%8D%87%E8%AE%A1%E5%88%92%E7%9A%84%E5%88%B6%E5%AE%9A%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company did not formulate a market value management system or disclose a valuation enhancement plan during the reporting period - The company has not formulated a market value management system[77](index=77&type=chunk) - The company has not disclosed a valuation enhancement plan[77](index=77&type=chunk) [XIII. Implementation of "Quality and Return Dual Enhancement" Action Plan](index=24&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E2%80%9C%E8%B4%A8%E9%87%8F%E5%9B%9E%E6%8A%A5%E5%8F%8C%E6%8F%90%E5%8D%87%E2%80%9D%E8%A1%8C%E5%8A%A8%E6%96%B9%E6%A1%88%E8%B4%AF%E5%BD%BB%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company did not disclose an announcement regarding the "Quality and Return Dual Enhancement" action plan during the reporting period - The company did not disclose an announcement regarding the "Quality and Return Dual Enhancement" action plan[77](index=77&type=chunk) Part IV Corporate Governance, Environment and Society [I. Changes in Directors, Supervisors, and Senior Management](index=25&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company experienced multiple changes in its directors, supervisors, and senior management, with several individuals resigning from their positions in July and August 2025 due to supervisory board reform or personal reasons Changes in Company Directors, Supervisors, and Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Xu Jia | Chairman of Supervisory Board | Resignation | July 01, 2025 | Supervisory board reform | | Wang Jing | Supervisor | Resignation | July 01, 2025 | Supervisory board reform | | Wen Meidi | Supervisor | Resignation | July 01, 2025 | Supervisory board reform | | Wang Teng | Chairman | Resignation | August 08, 2025 | Personal reasons | | Wang Ruikang | Director | Resignation | August 08, 2025 | Personal reasons | | Ren Gangyao | Director, CFO, Deputy General Manager | Resignation | August 08, 2025 | Personal reasons | [II. Profit Distribution and Capital Reserve Conversion to Share Capital for the Current Reporting Period](index=25&type=section&id=%E4%BA%8C%E3%80%81%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E5%8F%8A%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E6%83%85%E5%86%B5) The company plans no cash dividends, bonus shares, or capital reserve conversions to share capital for this semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for this semi-annual period[80](index=80&type=chunk) [III. Implementation of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=25&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E5%AE%9E%E6%96%BD%E6%83%85%E5%86%B5) The company terminated its 2021 stock option and 2023 restricted stock incentive plans on May 23, 2025, completing all stock option cancellations, and had no other employee stock ownership or incentive plans during the reporting period - On May 23, 2025, the company held the twentieth meeting of the sixth board of directors and the nineteenth meeting of the sixth supervisory board, which successively approved the "Proposal on Terminating the Implementation of the 2021 Stock Option Incentive Plan and the 2023 Restricted Stock Incentive Plan"[81](index=81&type=chunk) - The company has completed the cancellation of all the aforementioned stock options[81](index=81&type=chunk) - The company had no employee stock ownership plans during the reporting period[82](index=82&type=chunk) - The company had no other employee incentive measures during the reporting period[82](index=82&type=chunk) [IV. Environmental Information Disclosure](index=26&type=section&id=%E5%9B%9B%E3%80%81%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E6%83%85%E5%86%B5) The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law, thus no such information is disclosed for this reporting period - Whether the listed company and its major subsidiaries are included in the list of enterprises required to disclose environmental information by law: **No**[83](index=83&type=chunk) [V. Social Responsibility](index=26&type=section&id=%E4%BA%94%E3%80%81%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) The company actively fulfills its corporate social responsibility by creating value for shareholders, caring for employees through optimized work environments and training, and contributing to local economic development through legal operations, tax payments, and job creation - The company actively fulfills its corporate obligations and social responsibilities, continuously creating value for shareholders while also actively undertaking responsibilities towards employees, customers, society, and other stakeholders[83](index=83&type=chunk) - The company adheres to a people-oriented talent philosophy, implements its corporate talent strategy, respects and safeguards employees' individual rights, and genuinely cares for employee health, safety, and satisfaction by optimizing the work environment and regularly distributing holiday subsidies[83](index=83&type=chunk) - The company consistently regards legal operation as its fundamental principle, focusing on achieving simultaneous economic and social benefits, strictly complying with national laws, regulations, and policies, actively paying taxes, creating employment opportunities, and supporting local economic development[83](index=83&type=chunk) Part V Significant Matters [I. Fulfilled and Overdue Unfulfilled Commitments by Actual Controllers, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=27&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E3%80%81%E8%82%A1%E4%B8%9C%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E3%80%81%E6%94%B6%E8%B4%AD%E4%BA%BA%E4%BB%A5%E5%8F%8A%E5%85%AC%E5%8F%B8%E7%AD%89%E6%89%BF%E8%AF%BA%E7%9B%B8%E5%85%B3%E6%96%B9%E5%9C%A8%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E5%8F%8A%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%AB%E8%B6%85%E6%9C%9F%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E7%9A%84%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9) During the reporting period, shareholder Li Xin failed to fulfill performance commitments from an asset restructuring in 2015, including share compensation and a pledge restriction, prompting the company to pursue debt recovery through legal channels - Shareholder Li Xin's promised 2015 performance during asset restructuring was not met, involving share compensation matters[86](index=86&type=chunk) - Li Xin pledged **27,813,840 shares** of the company's stock to Zhejiang Zheshang Securities Asset Management Co., Ltd. during the restricted period without the listed company's consent, violating the commitment[86](index=86&type=chunk) - Li Xin failed to fulfill the performance compensation commitment in a timely manner, violating the commitment[87](index=87&type=chunk) - The company has arranged for legal counsel to promptly follow up on Li Xin's performance compensation matters and is currently executing debt recovery procedures to safeguard the company's rightful interests[87](index=87&type=chunk) [II. Non-Operating Fund Occupation by Controlling Shareholders and Other Related Parties of the Listed Company](index=28&type=section&id=%E4%BA%8C%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E5%AF%B9%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E7%9A%84%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) During the reporting period, there was no non-operating occupation of listed company funds by controlling shareholders or other related parties - During the reporting period, there was no non-operating occupation of listed company funds by controlling shareholders or other related parties[88](index=88&type=chunk) [III. Irregular External Guarantees](index=28&type=section&id=%E4%B8%89%E3%80%81%E8%BF%9D%E8%A7%84%E5%AF%B9%E5%A4%96%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[89](index=89&type=chunk) [IV. Appointment and Dismissal of Accounting Firms](index=28&type=section&id=%E5%9B%9B%E3%80%81%E8%81%98%E4%BB%BB%E3%80%81%E8%A7%A3%E8%81%98%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%83%85%E5%86%B5) The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[90](index=90&type=chunk) [V. Explanations by the Board of Directors, Supervisory Board, and Audit Committee Regarding the Accounting Firm's "Non-Standard Audit Report" for the Current Reporting Period](index=28&type=section&id=%E4%BA%94%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E3%80%81%E7%9B%91%E4%BA%8B%E4%BC%9A%E3%80%81%E5%AE%A1%E8%AE%A1%E5%A7%94%E5%91%98%E4%BC%9A%E5%AF%B9%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E2%80%9C%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%E2%80%9D%E7%9A%84%E8%AF%B4%E6%98%8E) As the company's semi-annual report was unaudited, there are no explanations from the Board, Supervisory Board, or Audit Committee regarding a "non-standard audit report" for this period - The company had no explanations regarding a non-standard audit report during the reporting period[91](index=91&type=chunk) [VI. Board of Directors' Explanation of Matters Related to the "Non-Standard Audit Report" for the Prior Year](index=29&type=section&id=%E5%85%AD%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%B8%8A%E5%B9%B4%E5%BA%A6%E2%80%9C%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%E2%80%9D%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) The company had no explanations from the Board of Directors regarding matters related to the "non-standard audit report" for the prior year during the reporting period - The company had no explanations regarding a non-standard audit report for the prior year during the reporting period[92](index=92&type=chunk) [VII. Bankruptcy and Reorganization Related Matters](index=29&type=section&id=%E4%B8%83%E3%80%81%E7%A0%B4%E4%BA%A7%E9%87%8D%E6%95%B4%E7%9B%B8%E5%85%B3%E4%BA%8B%E9%A1%B9) The company had no bankruptcy and reorganization related matters during the reporting period - The company had no bankruptcy and reorganization related matters during the reporting period[92](index=92&type=chunk) [VIII. Litigation Matters](index=29&type=section&id=%E5%85%AB%E3%80%81%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) The company is involved in multiple significant lawsuits and arbitrations, including shareholder interest disputes, sales contract disputes, loan contract disputes, and factoring contract disputes, with substantial amounts involved, some resolved and others ongoing, alongside numerous other smaller disputes Significant Litigation and Arbitration Matters | Basic Information of Litigation (Arbitration) | Amount Involved (RMB 10,000) | Provision for Liabilities Formed | Litigation (Arbitration) Progress | Litigation (Arbitration) Outcome and Impact | Execution Status of Litigation (Arbitration) Judgment | | :--- | :--- | :--- | :--- | :--- | :--- | | Zhejiang Zheshang Securities Asset Management Co., Ltd. vs. Enjoyor Technology Co., Ltd. for shareholder interest damage liability dispute | 22,045.05 | No | First instance hearing held | Judgment not yet rendered | Not applicable | | Jiangsu Dingchi Electronic Technology Co., Ltd. vs. Enjoyor Technology Co., Ltd. for sales contract dispute | 659.2 | No | First instance ongoing | Judgment not yet rendered | Not applicable | | Beijing Baidu Netcom Technology Co., Ltd. vs. Enjoyor Technology Co., Ltd. for sales contract dispute | 1,480.35 | No | Second instance | Second instance judgment rendered | In progress | | Hangzhou Bank Co., Ltd. Xicheng Branch vs. Enjoyor Technology Co., Ltd., Zhejiang Enjoyor Smart Transportation Group Co., Ltd. for loan contract dispute | 3,507.71 | No | Second instance | Second instance judgment rendered | In progress | | Shanghai Huarui Bank Co., Ltd. vs. Enjoyor Technology Co., Ltd., Wang Hui for factoring contract dispute | 2,995.50 | No | Closed | Mediation | In progress | - The company is involved in multiple other litigation matters, including bill disputes, sales contract disputes, labor contract disputes, and construction project contract disputes, with amounts ranging from tens of thousands to several million RMB[94](index=94&type=chunk)[95](index=95&type=chunk)[96](index=96&type=chunk)[97](index=97&type=chunk)[98](index=98&type=chunk)[99](index=99&type=chunk)[100](index=100&type=chunk)[101](index=101&type=chunk)[102](index=102&type=chunk)[103](index=103&type=chunk) - Most other litigation matters have been closed or resolved through mediation, some are in progress, and a few are still under trial[94](index=94&type=chunk)[95](index=95&type=chunk)[96](index=96&type=chunk)[97](index=97&type=chunk)[98](index=98&type=chunk)[99](index=99&type=chunk)[100](index=100&type=chunk)[101](index=101&type=chunk)[102](index=102&type=chunk)[103](index=103&type=chunk) [IX. Penalties and Rectification Status](index=39&type=section&id=%E4%B9%9D%E3%80%81%E5%A4%84%E7%BD%9A%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) The company, its actual controller, and several directors and senior management received administrative penalties from the CSRC for information disclosure violations. The company is actively rectifying by strengthening internal controls, enhancing compliance, and providing legal training to relevant personnel Penalty Status | Name | Type | Reason | Investigation and Penalty Type | Disclosure Date | | :--- | :--- | :--- | :--- | :--- | | Enjoyor Technology Co., Ltd. | Other | Information disclosure violations | Administrative Penalty | April 22, 2025 | | Wang Hui | Actual Controller | Information disclosure violations | Administrative Penalty | April 22, 2025 | | Wang Teng | Director | Information disclosure violations | Administrative Penalty | April 22, 2025 | | Han Zhenxing | Director | Information disclosure violations | Administrative Penalty | April 22, 2025 | | Ren Gangyao | Director | Information disclosure violations | Administrative Penalty | April 22, 2025 | | Wu Mengli | Other | Information disclosure violations | Administrative Penalty | April 22, 2025 | | Wang Ruikang | Director | Information disclosure violations | Administrative Penalty | April 22, 2025 | | Yu Jungao | Senior Management | Information disclosure violations | Administrative Penalty | April 22, 2025 | | Cheng Ping | Senior Management | Information disclosure violations | Administrative Penalty | April 22, 2025 | | Xu Zhengbo | Senior Management | Information disclosure violations | Administrative Penalty | April 22, 2025 | | Jiang Liliang | Director | Information disclosure violations | Administrative Penalty | April 22, 2025 | - Upon receiving the administrative penalty decision, the company and relevant responsible persons attached great importance to the issues raised, learned serious lessons, and further strengthened the study and training of directors, supervisors, senior management, and relevant staff on laws and regulations such as the "Shenzhen Stock Exchange ChiNext Stock Listing Rules" and "Measures for the Administration of Information Disclosure by Listed Companies," continuously enhancing their awareness of legal compliance in information disclosure[104](index=104&type=chunk) [X. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=39&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E7%9A%84%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5) The company reported no integrity issues requiring explanation for itself, its controlling shareholder, or actual controller during the reporting period - The company reported no integrity issues requiring explanation during the reporting period[105](index=105&type=chunk) [XI. Significant Related Party Transactions](index=40&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) During the reporting period, the company had no significant related party transactions, including those related to daily operations, asset/equity acquisitions/disposals, joint external investments, related party receivables/payables, or financial dealings with affiliated finance companies - The company had no related party transactions related to daily operations during the reporting period[106](index=106&type=chunk) - The company had no related party transactions involving asset or equity acquisitions or disposals during the reporting period[107](index=107&type=chunk) - The company had no related party transactions involving joint external investments during the reporting period[108](index=108&type=chunk) - The company had no related party receivables or payables during the reporting period[109](index=109&type=chunk) - There were no deposits, loans, credit lines, or other financial transactions between the company and affiliated finance companies, or between the company's controlled finance companies and related parties[110](index=110&type=chunk)[111](index=111&type=chunk) - The company had no other significant related party transactions during the reporting period[112](index=112&type=chunk) [XII. Significant Contracts and Their Performance](index=40&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) During the reporting period, the company had no significant contracts related to trusteeship, contracting, leasing, or major guarantees, nor any other significant contracts requiring disclosure - The company had no trusteeship situations during the reporting period[113](index=113&type=chunk) - The company had no contracting situations during the reporting period[114](index=114&type=chunk) - The company had no leasing situations during the reporting period[115](index=115&type=chunk) - The company had no significant guarantee situations during the reporting period[116](index=116&type=chunk) - The company had no other significant contracts during the reporting period[117](index=117&type=chunk) [XIII. Explanation of Other Significant Matters](index=41&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) The company reported no other significant matters requiring explanation during the reporting period - The company reported no other significant matters requiring explanation during the reporting period[118](index=118&type=chunk) [XIV. Significant Matters of Company Subsidiaries](index=41&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%AC%E5%8F%B8%E5%AD%90%E5%85%AC%E5%8F%B8%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9) The company reported no significant matters concerning its subsidiaries during the reporting period - The company reported no significant matters concerning its subsidiaries during the reporting period[119](index=119&type=chunk) Part VI Share Changes and Shareholder Information [I. Share Change Status](index=42&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company's total share capital remained unchanged at **794,677,974 shares**, with the proportions of restricted and unrestricted shares also stable at **3.53%** and **96.47%**, respectively Share Change Status | Item | Quantity Before Change (Shares) | Proportion Before Change | Net Change (+, -) | Quantity After Change (Shares) | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 28,038,390 | 3.53% | 0 | 28,038,390 | 3.53% | | 3. Other Domestic Holdings | 28,038,390 | 3.53% | 0 | 28,038,390 | 3.53% | | Of which: Domestic Corporate Holdings | 27,813,840 | 3.50% | 0 | 27,813,840 | 3.50% | | Domestic Natural Person Holdings | 224,550 | 0.03% | 0 | 224,550 | 0.03% | | II. Unrestricted Shares | 766,639,584 | 96.47% | 0 | 766,639,584 | 96.47% | | 1. RMB Ordinary Shares | 766,639,584 | 96.47% | 0 | 766,639,584 | 96.47% | | **III. Total Shares** | **794,677,974** | **100.00%** | **0** | **794,677,974** | **100.00%** | - Reasons for share changes, approval status, transfer status, and progress of share repurchases are all not applicable[122](index=122&type=chunk) [II. Securities Issuance and Listing Status](index=43&type=section&id=%E4%BA%8C%E3%80%81%E8%AF%81%E5%88%B8%E5%8F%91%E8%A1%8C%E4%B8%8E%E4%B8%8A%E5%B8%82%E6%83%85%E5%86%B5) The company had no securities issuance or listing activities during the reporting period - The company had no securities issuance or listing activities during the reporting period[122](index=122&type=chunk) [III. Number of Shareholders and Shareholding Status](index=43&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5) As of the reporting period end, the company had **31,032** common shareholders. The controlling shareholder, Enjoyor Technology Group Co., Ltd., holds **10.30%**, with most shares frozen and pledged. No voting rights differences exist, and no agreed repurchase transactions were conducted by the top ten shareholders - Total number of common shareholders at the end of the reporting period: **31,032**[123](index=123&type=chunk) Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Proportion | Number of Shares Held at Period-end (Shares) | Share Status | Quantity (Shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Enjoyor Technology Group Co., Ltd. | Domestic Non-State-Owned Legal Person | 10.30% | 81,883,007 | Frozen | 81,500,000 | | | | | | Pledged | 81,511,368 | | Zhejiang Zheshang Securities Asset Management Co., Ltd. | Domestic Non-State-Owned Legal Person | 3.50% | 27,813,840 | Not applicable | 0 | | Yang Yinfeng | Domestic Natural Person | 0.78% | 6,200,000 | Not applicable | 0 | | Zhou Biyu | Domestic Natural Person | 0.72% | 5,760,600 | Not applicable | 0 | | Liu Wei | Domestic Natural Person | 0.65% | 5,199,000 | Not applicable | 0 | | Qu Fabing | Domestic Natural Person | 0.63% | 4,999,000 | Not applicable | 0 | | Dai Xiaohua | Domestic Natural Person | 0.39% | 3,100,000 | Not applicable | 0 | | Wang Youbai | Domestic Natural Person | 0.37% | 2,936,300 | Not applicable | 0 | | Li Xufang | Domestic Natural Person | 0.36% | 2,829,800 | Not applicable | 0 | | Han Jing | Domestic Natural Person | 0.34% | 2,739,500 | Not applicable | 0 | - Among the company's top 10 shareholders, Enjoyor Technology Group Co., Ltd. is the controlling shareholder; it is unknown whether other top 10 shareholders have any associated relationships[124](index=124&type=chunk) - The company does not have voting rights difference arrangements[125](index=125&type=chunk) - The company's top 10 common shareholders and top 10 unrestricted common shareholders did not engage in agreed repurchase transactions during the reporting period[125](index=125&type=chunk) [IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=45&type=section&id=%E5%9B%9B%E3%80%81%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%8C%81%E8%82%A1%E5%8F%98%E5%8A%A8) The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period, as detailed in the 2024 annual report - The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period, as detailed in the 2024 annual report[126](index=126&type=chunk) [V. Changes in Controlling Shareholder or Actual Controller](index=45&type=section&id=%E4%BA%94%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E6%88%96%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5) 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[127](index=127&type=chunk) - The company's actual controller did not change during the reporting period[127](index=127&type=chunk) [VI. Preferred Share Related Matters](index=45&type=section&id=%E5%85%AD%E3%80%81%E4%BC%98%E5%85%88%E8%82%A1%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[128](index=128&type=chunk) Part VII Bond-Related Matters [Bond-Related Matters](index=46&type=section&id=%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company had no bond-related matters during the reporting period - The company had no bond-related matters during the reporting period[130](index=130&type=chunk) Part VIII Financial Report [I. Audit Report](index=47&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[132](index=132&type=chunk) [II. Financial Statements](index=47&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section provides the company's 2025 semi-annual consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, showing total assets of **5.601 billion RMB**, total liabilities of **2.682 billion RMB**, total owners' equity of **2.919 billion RMB**, a net loss of **322 million RMB**, and net cash flow from operating activities of **-56.84 million RMB** Consolidated Balance Sheet (Period-end Balance) | Item | Amount (RMB) | | :--- | :--- | | Total Assets | 5,601,077,804.09 | | Total Liabilities | 2,681,685,946.72 | | Total Owners' Equity | 2,919,391,857.37 | Consolidated Income Statement (Current Period Occurrence) | Item | 2025 Semi-Annual (RMB) | | :--- | :--- | | Total Operating Revenue | 121,496,561.00 | | Total Operating Cost | 217,180,589.37 | | Total Profit | -333,713,166.46 | | Net Profit | -322,190,543.00 | | Net Profit Attributable to Parent Company Shareholders | -320,979,842.85 | | Basic Earnings Per Share | -0.40 | | Diluted Earnings Per Share | -0.40 | Consolidated Cash Flow Statement (Current Period Occurrence) | Item | 2025 Semi-Annual (RMB) | | :--- | :--- | | Net Cash Flow from Operating Activities | -56,842,276.21 | | Net Cash Flow from Investing Activities | -2,915,569.00 | | Net Cash Flow from Financing Activities | -90,396,993.17 | | Net Increase in Cash and Cash Equivalents | -150,154,838.38 | [III. Company Basic Information](index=64&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) Enjoyor Technology Co., Ltd., established from Hangzhou Enjoyor Electronics Co., Ltd., has a registered capital of **794,677,974.00 RMB** and is headquartered in Hangzhou, Zhejiang, primarily engaged in the development, implementation, and maintenance of smart city, smart transportation, and smart healthcare projects - Enjoyor Technology Co., Ltd. was established as a joint-stock company through the overall restructuring of the former Hangzhou Enjoyor Electronics Co., Ltd.[163](index=163&type=chunk) - After issuance, the registered capital (share capital) changed to **794,677,974.00 RMB**, with a cumulative issuance of **794,677,974 shares**[163](index=163&type=chunk) - Company's registered address: 1st Floor, Building 1, No. 223 Yile Road, Hangzhou, Zhejiang Province; Headquarters address: Building G, No. 2 Xiyuan 8th Road, Xihu District, Hangzhou, Zhejiang Province[163](index=163&type=chunk) - The company and its subsidiaries are primarily engaged in the development, implementation, and maintenance of engineering projects in smart city, smart transportation, and smart healthcare sectors[164](index=164&type=chunk) [IV. Basis of Financial Statement Preparation](index=65&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The company's financial statements are prepared on a going concern basis, adhering to the Ministry of Finance's "Enterprise Accounting Standards" and related regulations, using the accrual basis and historical cost principle, with no significant doubts about its going concern ability during the reporting period - These financial statements are prepared on a going concern basis, in accordance with actual transactions and events, and in compliance with the "Enterprise Accountin