证券日报网讯华星创业（300025）9月10日在互动平台回答投资者提问时表示，公司将依托多年在通信 行业领域积累的经验，积极追踪布局新的行业机遇。 ...

Group 1 - The core point of the news is that Huaxing Chuangye's stock price has dropped by 5.08%, currently trading at 6.91 CNY per share, with a total market capitalization of 3.516 billion CNY [1] - Huaxing Chuangye, established on June 5, 2003, and listed on October 30, 2009, is primarily engaged in providing mobile communication technology services and related product R&D, production, and sales [1] - The company's revenue composition is as follows: 93.75% from network optimization and services, 4.15% from other sources, and 2.10% from system products [1] Group 2 - From the perspective of fund holdings, Dachen Fund has a significant position in Huaxing Chuangye, with its Dachen Dynamic Quantitative Allocation Strategy Mixed A Fund holding 43,100 shares, accounting for 1.09% of the fund's net value [2] - The Dachen Dynamic Quantitative Allocation Strategy Mixed A Fund has a total scale of 13.0132 million CNY and has achieved a year-to-date return of 46.2%, ranking 1003 out of 8184 in its category [2] - The fund manager, Xia Gao, has been in position for 10 years and 274 days, with the best fund return during his tenure being 219.94% and the worst being -71.74% [2]

Financial Performance - The company's operating revenue for the current reporting period is approximately 292.84 million yuan, down from 343.85 million yuan in the same period last year, representing a decline of about 14.85% [1] - The net profit attributable to shareholders is -26.32 million yuan, compared to -22.76 million yuan in the previous year, indicating a worsening loss [1] - The net profit after deducting non-recurring gains and losses is -25.63 million yuan, slightly worse than -24.31 million yuan from the previous year [1] - The net cash flow from operating activities is -34.54 million yuan, an improvement from -62.02 million yuan year-on-year [1][27] - The basic and diluted earnings per share are both -0.0517 yuan, compared to -0.0447 yuan in the previous year [1] Asset and Liability Changes - Total assets at the end of the current reporting period amount to approximately 895.32 million yuan, down from 970.22 million yuan at the end of the previous year [1] - The net assets attributable to shareholders decreased to 552.84 million yuan from 580.42 million yuan [1] - Significant changes in liabilities include a 148.45% increase in other payables, while short-term borrowings decreased by 26.01% [42] Shareholder Structure - The top ten shareholders include new entrants 温展锋 and 孙天娇, replacing previous shareholders [52] - As of August 29, 2025, 12.91% of the company's shares are under pledge, with the second-largest shareholder 李剑 pledging 95.8% of his holdings [52] Valuation Metrics - As of the closing price on August 29, the company's price-to-earnings ratio (TTM) is approximately -44.28, the price-to-book ratio (LF) is about 6.57, and the price-to-sales ratio (TTM) is around 5.68 [1]

Financial Performance - The company reported total revenue of 293 million yuan for the first half of 2025, a year-on-year decrease of 14.84% [1] - The net profit attributable to shareholders was -26.32 million yuan, down 15.65% year-on-year [1] - In Q2 2025, total revenue was 158 million yuan, a decline of 14.41% compared to the same quarter last year [1] - The net profit for Q2 2025 was -11.74 million yuan, reflecting a 21.0% decrease year-on-year [1] Key Financial Ratios - Gross margin decreased to 11.33%, down 6.1% year-on-year [1] - Net margin was -9.57%, a decline of 38.12% compared to the previous year [1] - The ratio of selling, administrative, and financial expenses to revenue was 14.58%, an increase of 6.02% year-on-year [1] Balance Sheet Highlights - Accounts receivable accounted for 62.51% of the latest annual revenue [1] - Cash and cash equivalents decreased by 4.64% to 91.26 million yuan [1] - The company’s net asset value per share was 1.09 yuan, down 15.3% year-on-year [1] Historical Performance - The company has recorded a median ROIC of -2.18% over the past decade, indicating poor investment returns [3] - The company has reported losses in 6 out of its 15 annual reports since going public [3] Cash Flow and Financial Health - The cash flow situation is concerning, with cash and cash equivalents to current liabilities at only 33.74% [3] - Financial expenses have reached 120.97% of the average operating cash flow over the past three years [3]

法定代表人：朱东成 主管会计工作的负责人：项峰 会计机构负责人：项峰 编制单位：杭州华星创业通信技术股份有限公司 单位：人民币万元 | 非经营性资金占用 | 资金占用方名称 | 占用方与上市公 | 上市公司核算的 | 2025年期初 | 2025年1-6月往 | 2025年1-6月往 | 2025年1-6月 | 2025年6月期末 | 占用形成原因 | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 司的关联关系 | 会计科目 | 往来资金余额 | 来累计发生金额 （不含利息） | 来资金的利息 （如有） | 偿还累计发生 金额 | 往来资金余额 | | | | 控股股东、实际控制人及其附 | | | | | | | | | | 非经营性占用 | | 属企业 | | | | | | | | | | 非经营性占用 | | 小 计 | - | - | - | | | | | | | - | | 前控股股东、实际控制人及其 | | | | | | | | | | 非经营性占用 | | 附属企业 | | ...

[Part I Important Notes, Table of Contents, and Definitions](index=2&type=section&id=Part%20I%20Important%20Notes%2C%20Table%20of%20Contents%2C%20and%20Definitions) [Important Notes](index=2&type=section&id=Important%20Notes) The company's board and senior management guarantee the semi-annual report's truthfulness, accuracy, and completeness, while forward-looking statements do not constitute substantial commitments - The company's board of directors and senior management guarantee the **truthfulness, accuracy, and completeness** of the semi-annual report content and assume legal responsibility[4](index=4&type=chunk) - Forward-looking statements regarding future plans or projections in the report do not constitute a **substantial commitment** to investors, who should maintain sufficient risk awareness[4](index=4&type=chunk) [Risk Factors](index=2&type=section&id=Risk%20Factors) The company faces intense market competition, high client dependence, rapid technological upgrades, talent loss, and accounts receivable risks, alongside uncertainties in its new virtual reality business - The company operates in a highly competitive third-party mobile communication technology service industry, characterized by numerous small-scale enterprises[4](index=4&type=chunk) Sales Revenue Proportion to Major Clients | Client | 2022 | 2023 | 2024 | H1 2025 | | :--- | :--- | :--- | :--- | :--- | | China Mobile, Huawei, ZTE | 81.13% | 81.50% | 76.00% | 74.71% | - The company faces risks from continuous technological and product upgrades in the communication service industry, necessitating sustained R&D to maintain applicability and advanced capabilities[6](index=6&type=chunk) - The development of new virtual reality business involves significant uncertainties, including the product development cycle for "The Three-Body Problem" IP, low market acceptance, and intangible asset impairment risks[7](index=7&type=chunk)[8](index=8&type=chunk) [Table of Contents](index=5&type=section&id=Table%20of%20Contents) This section lists the structured table of contents for the semi-annual report, covering eight main chapters [Reference Documents](index=6&type=section&id=Reference%20Documents) This section provides a list of reference documents for the semi-annual report, including signed financial statements and original disclosure documents - Reference documents include financial statements signed and sealed by the company's responsible person, chief accountant, and head of accounting department[12](index=12&type=chunk) - All company documents and announcements publicly disclosed on the CSRC-designated website are listed as reference documents[12](index=12&type=chunk) [Definitions](index=7&type=section&id=Definitions) This section defines common terms used in the report, covering company names, subsidiary names, and communication and emerging technology terms - "Listed Company," "Company," and "Huaxing Venture" all refer to **Hangzhou Huaxing Venture Communication Technology Co., Ltd**[14](index=14&type=chunk) - Defines names of multiple subsidiaries, such as **Shanghai Wanrui Chuangxiang** and **Zhejiang Mingxun Network Technology Co., Ltd**[14](index=14&type=chunk) - Explains communication industry related terms, such as **network optimization, 4G, 5G, Internet of Things (IoT), and Extended Reality (XR)**[14](index=14&type=chunk) [Part II Company Profile and Key Financial Indicators](index=8&type=section&id=Part%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) [1. Company Profile](index=8&type=section&id=1.%20Company%20Profile) The company's stock abbreviation is Huaxing Venture, stock code 300025, listed on the Shenzhen Stock Exchange, with Zhu Dongcheng as its legal representative - Stock abbreviation is **Huaxing Venture**, stock code **300025**, listed on the Shenzhen Stock Exchange[17](index=17&type=chunk) - The company's full Chinese name is **Hangzhou Huaxing Venture Communication Technology Co., Ltd.**, and its legal representative is **Zhu Dongcheng**[17](index=17&type=chunk) [2. Contact Persons and Information](index=8&type=section&id=2.%20Contact%20Persons%20and%20Information) The company's Board Secretary is Zhang Yan, Securities Affairs Representative is Yu Jiali, with consistent contact details - The Board Secretary is **Zhang Yan**, and the Securities Affairs Representative is **Yu Jiali**[18](index=18&type=chunk) - The company's contact address is **No. 500 Jucai Road, Changhe Street, Binjiang District, Hangzhou**, and its email is **hxcy_1@hxcy.com.cn**[18](index=18&type=chunk) [3. Other Information](index=8&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 locations - The company's contact information, information disclosure and reference locations, and registration status remained **unchanged** during the reporting period[19](index=19&type=chunk)[20](index=20&type=chunk)[21](index=21&type=chunk) [4. Key Accounting Data and Financial Indicators](index=9&type=section&id=4.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) Operating revenue decreased by 14.83% to 293 million yuan, net profit attributable to shareholders was a 26.32 million yuan loss, and operating cash flow loss narrowed by 44.30% Key Accounting Data and Financial Indicators (Consolidated Statements) | Indicator | Current Period (yuan) | Prior Year (yuan) | Change from Prior Year | | :--- | :--- | :--- | :--- | | Operating Revenue | 292,836,718.36 | 343,846,306.34 | -14.83% | | Net Profit Attributable to Listed Company Shareholders | -26,318,162.60 | -22,756,585.84 | -15.65% | | Net Profit Attributable to Listed Company Shareholders Excluding Non-Recurring Gains and Losses | -25,628,075.20 | -24,306,312.49 | -5.44% | | Net Cash Flow from Operating Activities | -34,544,878.85 | -62,019,506.46 | 44.30% | | Basic Earnings Per Share (yuan/share) | -0.0517 | -0.0447 | -15.66% | | Diluted Earnings Per Share (yuan/share) | -0.0517 | -0.0447 | -15.66% | | Weighted Average Return on Net Assets | -4.64% | -3.44% | -1.20% | | Indicator | Period-End (yuan) | Prior Year-End (yuan) | Change from Prior Year-End | | :--- | :--- | :--- | :--- | | Total Assets | 895,315,980.53 | 970,217,287.74 | -7.72% | | Net Assets Attributable to Listed Company Shareholders | 552,839,824.80 | 580,420,376.05 | -4.75% | [5. Differences in Accounting Data under Domestic and Overseas Accounting Standards](index=9&type=section&id=5.%20Differences%20in%20Accounting%20Data%20under%20Domestic%20and%20Overseas%20Accounting%20Standards) The company had no differences in net profit and net assets between financial reports disclosed under international or overseas accounting standards and Chinese standards - The company had **no differences** in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards during the reporting period[23](index=23&type=chunk) - The company had **no differences** in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese Accounting Standards during the reporting period[24](index=24&type=chunk) [6. Non-Recurring Gains and Losses and Amounts](index=9&type=section&id=6.%20Non-Recurring%20Gains%20and%20Losses%20and%20Amounts) Total non-recurring gains and losses amounted to -0.69 million yuan, mainly from asset disposal, government subsidies, and fair value changes Non-Recurring Gains and Losses and Amounts | Item | Amount (yuan) | | :--- | :--- | | Disposal gains and losses on non-current assets | -1,506,107.50 | | Government subsidies recognized in profit or loss for the current period | 93,297.09 | | Fair value changes and disposal gains/losses from financial assets and liabilities held by non-financial enterprises, excluding effective hedge accounting related to normal business operations | 17,739.73 | | Reversal of impairment provisions for accounts receivable subject to separate impairment testing | 207,270.21 | | Other non-operating income and expenses apart from the above | 45,961.38 | | Less: Income tax impact | 598.66 | | Minority interest impact (after tax) | -452,350.35 | | Total | -690,087.40 | [Part III Management Discussion and Analysis](index=11&type=section&id=Part%20III%20Management%20Discussion%20and%20Analysis) [1. Main Business Activities During the Reporting Period](index=11&type=section&id=1.%20Main%20Business%20Activities%20During%20the%20Reporting%20Period) Operating revenue decreased by 14.83%, with net profit loss due to reduced 5G demand, IP amortization, and virtual reality business losses, while actively exploring 5G applications and overseas markets - Operating revenue was **293 million yuan**, a **14.83% year-on-year decrease**; net profit attributable to listed company shareholders was a loss of **26.3182 million yuan**, a **15.65% year-on-year decrease**[29](index=29&type=chunk) - Losses were primarily due to decreased business demand and gross profit after the 5G construction peak, **6.1321 million yuan** amortization of "The Three-Body Problem" IP license, and the virtual reality business being in a loss-making state without achieving scale[29](index=29&type=chunk) - The company actively explores 5G+ application development opportunities, with its virtual reality business focusing on cultural tourism, education, new retail, and expanding into overseas markets including Thailand, Sri Lanka, Indonesia, and Myanmar[29](index=29&type=chunk)[30](index=30&type=chunk) - Communication industry policies support **large-scale 5G network deployment** and evolution to **5G-A**, while virtual reality industry policies encourage **metaverse industrial innovation** and **immersive interactive digital life applications**[31](index=31&type=chunk)[32](index=32&type=chunk)[33](index=33&type=chunk) [2. Analysis of Core Competencies](index=13&type=section&id=2.%20Analysis%20of%20Core%20Competencies) Core competencies include strong service technology, a "service + product" combination with big data analysis, and robust business division and regional advantages - The company possesses **long-term accumulation and rich experience** in network optimization services, with a complete technical system continuously improving from 2G to 5G[40](index=40&type=chunk) - The company developed a network big data analysis system based on underlying probe signaling, achieving a **"service + product" combination advantage** for intelligent network optimization and business data analysis[41](index=41&type=chunk) - The company established a **sound parent-subsidiary structure**, with business covering most provinces nationwide and significant advantages in economically developed regions like East and North China[41](index=41&type=chunk) [3. Analysis of Main Business](index=13&type=section&id=3.%20Analysis%20of%20Main%20Business) Main business revenue decreased by 14.83%, with network optimization as the primary source, and continued R&D investment in 5G-A, UWB, and XR technologies Year-on-Year Changes in Key Financial Data | Indicator | Current Period (yuan) | Prior Year (yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 292,836,718.36 | 343,846,306.34 | -14.83% | | Operating Costs | 259,671,748.78 | 302,373,240.07 | -14.12% | | Selling Expenses | 7,332,867.39 | 8,386,864.78 | -12.57% | | Administrative Expenses | 32,690,512.77 | 36,433,815.13 | -10.27% | | Financial Expenses | 2,677,929.68 | 2,473,120.60 | 8.28% | | Income Tax Expense | 86,485.39 | -987,808.81 | 108.76% | | R&D Investment | 15,302,401.97 | 17,636,200.58 | -13.23% | | Net Cash Flow from Operating Activities | -34,544,878.85 | -62,019,506.46 | 44.30% | | Net Cash Flow from Investing Activities | 47,038,830.02 | -997,348.34 | 4,816.39% | | Net Cash Flow from Financing Activities | -53,534,073.12 | -8,611,982.50 | -521.62% | Product or Service Accounting for Over 10% (by Product/Service) | Product or Service | Operating Revenue (yuan) | Operating Costs (yuan) | Gross Margin | Year-on-Year Change in Operating Revenue | | :--- | :--- | :--- | :--- | :--- | | Network Optimization and Services | 271,185,895.24 | 241,849,953.50 | 10.82% | -18.01% | - The company's R&D investment focuses on **5G-A network applications and optimization**, **UWB technology in LBE positioning**, **XR operation and broadcast control systems**, **cell traffic monitoring and diversion early warning systems**, and the **China Telecom/China Unicom 4G/5G co-construction and sharing operation system platform**[49](index=49&type=chunk) [4. Analysis of Non-Core Business](index=15&type=section&id=4.%20Analysis%20of%20Non-Core%20Business) Non-core business impact on total profit primarily stemmed from non-operating expenses and credit impairment losses, with minor contributions from investment and asset disposal gains Impact of Non-Core Business on Total Profit | Item | Amount (yuan) | Proportion of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 17,739.73 | -0.06% | | No | | Asset Impairment | -132,307.39 | 0.47% | | No | | Non-Operating Income | 266,621.03 | -0.95% | | No | | Non-Operating Expenses | 1,884,511.89 | -6.75% | Primarily non-current asset write-off losses | No | | Other Income | 200,119.67 | -0.72% | | No | | Credit Impairment Losses | 306,878.89 | -1.10% | | No | | Asset Disposal Gains | 157,744.74 | -0.56% | | No | [5. Analysis of Assets and Liabilities](index=16&type=section&id=5.%20Analysis%20of%20Assets%20and%20Liabilities) Total assets decreased by 7.72%, with shifts in cash, receivables, and payables, and 145 million yuan in restricted assets pledged as collateral Significant Changes in Asset Composition (Period-end vs. Year-end) | Item | Period-End Amount (yuan) | Proportion of Total Assets | Prior Year-End Amount (yuan) | Proportion of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 91,263,809.28 | 10.19% | 132,001,528.20 | 13.61% | -3.42% | | Accounts Receivable | 431,893,786.28 | 48.24% | 444,850,443.20 | 45.85% | 2.39% | | Short-Term Borrowings | 129,615,500.10 | 14.48% | 175,187,362.54 | 18.06% | -3.58% | | Other Payables | 64,814,895.43 | 7.24% | 26,087,591.03 | 2.69% | 4.55% | Assets and Liabilities Measured at Fair Value | Item | Beginning-of-Period (yuan) | Fair Value Change Gain/Loss for Current Period (yuan) | Period-End (yuan) | | :--- | :--- | :--- | :--- | | Other Equity Instrument Investments | 76,064,470.26 | -10,500,855.74 | 74,803,063.58 | Asset Restrictions at Period-end | Item | Period-End Book Value (yuan) | Restriction Type | Restriction Details | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 2,093,259.29 | Pledge | Various margin deposits | | Fixed Assets | 109,330,192.68 | Mortgage | Used for mortgage-backed borrowings | | Intangible Assets | 3,593,469.17 | Mortgage | Used for mortgage-backed borrowings | | Accounts Receivable | 29,687,500.00 | Pledge | Used for pledge-backed borrowings | | Total | 144,704,421.14 | | | [6. Analysis of Investment Status](index=17&type=section&id=6.%20Analysis%20of%20Investment%20Status) Total investment increased by 270.46% to 11.29 million yuan, with 74.80 million yuan in fair value financial assets and 10 million yuan in entrusted wealth management Overall Investment Status | Indicator | Investment Amount for Current Period (yuan) | Investment Amount for Prior Year (yuan) | Change Rate | | :--- | :--- | :--- | :--- | | Investment Amount | 11,293,092.50 | 3,048,404.62 | 270.46% | Financial Assets Measured at Fair Value | Asset Category | Period-End Amount (yuan) | Source of Funds | | :--- | :--- | :--- | | Other Equity Instrument Investments | 74,803,063.58 | Own funds | Overview of Entrusted Wealth Management | Specific Type | Entrusted Wealth Management Amount (million yuan) | Unmatured Balance (million yuan) | | :--- | :--- | :--- | | Bank Wealth Management Products | 1,000 | 0 | [7. Significant Asset and Equity Sales](index=19&type=section&id=7.%20Significant%20Asset%20and%20Equity%20Sales) During the reporting period, the company did not engage in any sales of significant assets or equity - Company did not sell **significant assets** during the reporting period[65](index=65&type=chunk) - Company did not sell **significant equity** during the reporting period[66](index=66&type=chunk) [8. Analysis of Major Holding and Participating Companies](index=19&type=section&id=8.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) Mingxun Network reported 181 million yuan revenue with a 1.56 million yuan net loss, while Shanghai Guanglingshe had minimal revenue and an 8.88 million yuan net loss Major Subsidiaries and Associates with Over 10% Impact on Company's Net Profit | Company Name | Company Type | Main Business | Operating Revenue (million yuan) | Net Profit (million yuan) | | :--- | :--- | :--- | :--- | :--- | | Mingxun Network | Subsidiary | Communication Services | 18,081.80 | -155.95 | | Shanghai Guanglingshe | Subsidiary | Content Development | 1.08 | -888.09 | - The company established a new subsidiary, **Huaxing Indonesia**, during the reporting period, with **no significant impact** on overall production, operations, and performance this period[67](index=67&type=chunk) [9. Structured Entities Controlled by the Company](index=19&type=section&id=9.%20Structured%20Entities%20Controlled%20by%20the%20Company) During the reporting period, the company had no structured entities under its control - The company had **no structured entities** under its control during the reporting period[68](index=68&type=chunk) [10. Risks Faced by the Company and Countermeasures](index=19&type=section&id=10.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company's risks and countermeasures are fully disclosed in Part I Important Notes, Table of Contents, and Definitions - Risks faced by the company and countermeasures are detailed in **Part I Important Notes, Table of Contents, and Definitions**[68](index=68&type=chunk) [11. Registration Form for Investor Relations Activities During the Reporting Period](index=19&type=section&id=11.%20Registration%20Form%20for%20Investor%20Relations%20Activities%20During%20the%20Reporting%20Period) The company hosted an online communication event on May 13, 2025, discussing its 2024 operating performance and results - The company held an **online briefing on its 2024 annual performance** via a network platform on **May 13, 2025**[69](index=69&type=chunk) - This event primarily discussed the company's **2024 operating performance and results**[69](index=69&type=chunk) [12. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=19&type=section&id=12.%20Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) During the reporting period, the company did not formulate a market value management system nor disclose a valuation enhancement plan - The company did **not formulate a market value management system** during the reporting period[71](index=71&type=chunk) - The company did **not disclose a valuation enhancement plan** during the reporting period[71](index=71&type=chunk) [13. Implementation of "Quality and Return Dual Enhancement" Action Plan](index=21&type=section&id=13.%20Implementation%20of%20%22Quality%20and%20Return%20Dual%20Enhancement%22%20Action%20Plan) During the reporting period, the company did not disclose an announcement regarding the "Quality and Return Dual Enhancement" action plan - The company did **not disclose an announcement** regarding the "Quality and Return Dual Enhancement" action plan during the reporting period[71](index=71&type=chunk) [Part IV Corporate Governance, Environment, and Society](index=21&type=section&id=Part%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) [1. Changes in Directors, Supervisors, and Senior Management](index=21&type=section&id=1.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) Directors and senior management changes included Zhu Dongcheng's appointment as Chairman and General Manager, Shen Li's resignation, and Qu Zhensheng's appointment as Deputy General Manager Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Zhu Dongcheng | Chairman, General Manager (New) | Appointment | June 10, 2025 | Job transfer | | Shen Li | Director, General Manager | Resignation | June 09, 2025 | Personal reasons | | Qu Zhensheng | Deputy General Manager | Appointment | June 10, 2025 | Job transfer | [2. Profit Distribution and Capital Reserve Conversion to Share Capital During the Reporting Period](index=21&type=section&id=2.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20During%20the%20Reporting%20Period) The company plans not to distribute cash dividends, bonus shares, or convert capital reserves to share capital for the semi-annual period - The company plans **not to distribute cash dividends**, **not to issue bonus shares**, and **not to convert capital reserves to share capital** for the semi-annual period[74](index=74&type=chunk) [3. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=21&type=section&id=3.%20Implementation%20of%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The company approved the cancellation of 7.93 million unvested restricted shares from its 2022 equity incentive plan - The company cancelled a total of **7.93148 million restricted shares** that were granted but not yet vested, including **6.85648 million** from the initial grant and **1.07500 million** from the reserved portion[75](index=75&type=chunk) [4. Environmental Information Disclosure](index=21&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[76](index=76&type=chunk) [5. Social Responsibility](index=21&type=section&id=5.%20Social%20Responsibility) The company actively fulfills social responsibilities through transparent information disclosure, employee rights protection, network communication support, green operations, and tax compliance - The company strictly adheres to laws and regulations for information disclosure and communicates with investors via **investor hotlines, interactive platforms, and performance briefings**[76](index=76&type=chunk) - The company complies with the **Labor Law** and other regulations, improves employee compensation and welfare systems, and safeguards employee rights[77](index=77&type=chunk) - The company adheres to a sustainable development strategy, embraces green development concepts, and follows **"efficiency, consumption reduction, energy saving, pollution reduction"** as environmental protection principles[77](index=77&type=chunk) [Part V Significant Matters](index=23&type=section&id=Part%20V%20Significant%20Matters) [1. Commitments Fulfilled and Overdue Unfulfilled by Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=23&type=section&id=1.%20Commitments%20Fulfilled%20and%20Overdue%20Unfulfilled%20by%20Actual%20Controller%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%20During%20and%20as%20of%20the%20End%20of%20the%20Reporting%20Period) Commitments by the controlling shareholder and actual controller regarding non-competition, related-party transactions, and fund occupation are being fulfilled, with share lock-up expiring on July 26, 2025 - Controlling shareholder **Wanrui Chuangxiang** and actual controller **Zhu Dongcheng's** commitments regarding non-competition, related-party transactions, and fund occupation are being fulfilled normally[79](index=79&type=chunk) - Wanrui Chuangxiang's share lock-up commitment for subscribed shares will be fulfilled on **July 26, 2025**[80](index=80&type=chunk) - All equity incentive commitments by participants and the company under the **2022 restricted stock incentive plan** have been strictly fulfilled[80](index=80&type=chunk) [2. Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties](index=24&type=section&id=2.%20Non-Operating%20Fund%20Occupation%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties) During the reporting period, there was no non-operating fund occupation by the controlling shareholder or other related parties of the listed company - There was **no non-operating fund occupation** by the controlling shareholder or other related parties of the listed company during the reporting period[81](index=81&type=chunk) [3. Irregular External Guarantees](index=24&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[82](index=82&type=chunk) [4. Appointment and Dismissal of Accounting Firms](index=24&type=section&id=4.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual financial report was unaudited - The company's semi-annual report was **unaudited**[83](index=83&type=chunk) [5. Board of Directors' and Audit Committee's Explanation of "Non-Standard Audit Report" for the Current Period](index=24&type=section&id=5.%20Board%20of%20Directors'%20and%20Audit%20Committee's%20Explanation%20of%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Current%20Period) During the reporting period, there was no explanation from the Board of Directors or Audit Committee regarding a "non-standard audit report" for the current period - There was **no explanation** from the Board of Directors or Audit Committee regarding a "non-standard audit report" for the current period[84](index=84&type=chunk) [6. Board of Directors' Explanation of "Non-Standard Audit Report" for the Previous Year](index=25&type=section&id=6.%20Board%20of%20Directors'%20Explanation%20of%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Previous%20Year) During the reporting period, there was no explanation from the Board of Directors regarding a "non-standard audit report" for the previous year - There was **no explanation** from the Board of Directors regarding a "non-standard audit report" for the previous year[84](index=84&type=chunk) [7. Bankruptcy and Reorganization Matters](index=25&type=section&id=7.%20Bankruptcy%20and%20Reorganization%20Matters) During the reporting period, the company did not experience any bankruptcy or reorganization matters - The company did **not experience any bankruptcy or reorganization matters** during the reporting period[85](index=85&type=chunk) [8. Litigation Matters](index=25&type=section&id=8.%20Litigation%20Matters) The company won a 28.10 million yuan dispute with Xingyao Zhiju, acquiring 99.99% of Jiesheng Communication's equity, and had other minor litigation matters Significant Litigation and Arbitration Matters | Litigation (Arbitration) Basic Information | Amount Involved (million yuan) | Litigation (Arbitration) Outcome and Impact | Litigation (Arbitration) Judgment Execution Status | | :--- | :--- | :--- | :--- | | Company vs. Xingyao Zhiju creditor's rights and subrogation dispute | 2,810.44 | Won the case | Fulfilled, 99.99% equity of Jiesheng Communication held by Xingyao Zhiju has been transferred to the company | Other Litigation Matters | Litigation (Arbitration) Basic Information | Amount Involved (million yuan) | | :--- | :--- | | Other litigation and arbitration | 49.5 | [9. Penalties and Rectification](index=25&type=section&id=9.%20Penalties%20and%20Rectification) During the reporting period, the company had no penalties or rectification situations - The company had **no penalties or rectification situations** during the reporting period[87](index=87&type=chunk) [10. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=25&type=section&id=10.%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) During the reporting period, there was no statement regarding the integrity status of the company, its controlling shareholder, or actual controller - There was **no statement** regarding the integrity status of the company, its controlling shareholder, or actual controller during the reporting period[88](index=88&type=chunk) [11. Significant Related-Party Transactions](index=25&type=section&id=11.%20Significant%20Related-Party%20Transactions) No significant related-party transactions occurred, but 5.62 million yuan in receivables from associate Xingyao Zhiju were fully impaired - The company had **no related-party transactions** related to daily operations, asset or equity acquisitions/disposals, or joint external investments during the reporting period[88](index=88&type=chunk)[89](index=89&type=chunk)[90](index=90&type=chunk) Receivables from Related Parties | Related Party | Reason for Related Party Relationship | Non-Operating Fund Occupation | Period-End Balance (million yuan) | | :--- | :--- | :--- | :--- | | Xingyao Zhiju | Associate's right of recourse | Yes | 561.74 | - The company has made a **full impairment provision** for receivables from Xingyao Zhiju[91](index=91&type=chunk) [12. Significant Contracts and Their Performance](index=26&type=section&id=12.%20Significant%20Contracts%20and%20Their%20Performance) The company leased out office space for 7.24 million yuan, provided 69.50 million yuan in subsidiary guarantees, and had major contracts with China Mobile Jiangsu and Guangdong performing well - The company had **no entrustment or contracting situations** during the reporting period[95](index=95&type=chunk)[97](index=97&type=chunk) - The company leased out vacant parts of its headquarters office building at No. 500 Jucai Road, Binjiang District, Hangzhou, generating **7,242,249.88 yuan** in rental and property-related income this reporting period[98](index=98&type=chunk) Company's Guarantees for Subsidiaries | Guaranteed Party Name | Guarantee Limit (million yuan) | Actual Guarantee Amount (million yuan) | Guarantee Type | | :--- | :--- | :--- | :--- | | Mingxun Network | 1,000 | 950 | Mortgage, joint liability guarantee | | Mingxun Network | 5,000 | 3,000 | Joint liability guarantee | | Mingxun Network | 2,000 | 2,000 | Joint liability guarantee | | Bohong Communication | 1,000 | 1,000 | Joint liability guarantee | | Total Actual Guarantee Balance for Subsidiaries at Period-End | | 6,950 | | | Proportion of Total Actual Guarantee Amount to Company's Net Assets | | 12.57% | | Significant Daily Operation Contracts | Company Name | Counterparty Name | Total Contract Amount (million yuan) | Contract Performance Progress | Sales Revenue Recognized This Period (million yuan) | | :--- | :--- | :--- | :--- | :--- | | Hangzhou Huaxing Venture Communication Technology Co., Ltd. | China Mobile Communications Group Jiangsu Co., Ltd. | 6,856.56 | 53.47% | 844.49 | | Hangzhou Huaxing Venture Communication Technology Co., Ltd. | China Mobile Communications Group Guangdong Co., Ltd. | 9,860.16 | 57.66% | 1,396.47 | [13. Explanation of Other Significant Matters](index=29&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[106](index=106&type=chunk) [14. Significant Matters of Company Subsidiaries](index=29&type=section&id=14.%20Significant%20Matters%20of%20Company%20Subsidiaries) During the reporting period, there were no significant matters concerning the company's subsidiaries - There were **no significant matters** concerning company subsidiaries during the reporting period[107](index=107&type=chunk) [Part VI Share Changes and Shareholder Information](index=30&type=section&id=Part%20VI%20Share%20Changes%20and%20Shareholder%20Information) [1. Share Change Status](index=30&type=section&id=1.%20Share%20Change%20Status) Restricted shares increased by 501,398 due to senior management changes, while total share capital remained unchanged Share Change Status | Share Category | Quantity Before This Change (shares) | Increase/Decrease in This Change (+, -) (shares) | Quantity After This Change (shares) | | :--- | :--- | :--- | :--- | | I. Restricted Shares | 77,019,403 | 501,398 | 77,520,801 | | Of which: Shares held by domestic natural persons | 1,899,403 | 501,398 | 2,400,801 | | II. Unrestricted Shares | 431,773,519 | -501,398 | 431,272,121 | | III. Total Shares | 508,792,922 | 0 | 508,792,922 | - The increase of **501,398 restricted shares** was due to increased lock-up shares for senior management changes[111](index=111&type=chunk) [2. Securities Issuance and Listing](index=31&type=section&id=2.%20Securities%20Issuance%20and%20Listing) During the reporting period, the company had no securities issuance or listing activities - The company had **no securities issuance or listing activities** during the reporting period[111](index=111&type=chunk) [3. Number of Shareholders and Shareholding Status](index=31&type=section&id=3.%20Number%20of%20Shareholders%20and%20Shareholding%20Status) Total common shareholders were 23,578, with Shanghai Wanrui Chuangxiang as the largest shareholder (15.82%) and some shareholders using margin trading - The total number of common shareholders at the end of the reporting period was **23,578**[112](index=112&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) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | Share Status | Quantity (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Wanrui Chuangxiang Network Technology Co., Ltd. | Domestic Non-State-Owned Legal Person | 15.82% | 80,494,010 | 75,120,000 | 5,374,010 | Pledged | 14,500,000 | | Li Jian | Domestic Natural Person | 7.11% | 36,186,400 | 0 | 36,186,400 | Pledged, Frozen | 34,666,130 | - Some of the top 10 common shareholders held shares through **credit trading margin accounts** for margin trading and securities lending business[114](index=114&type=chunk) [4. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=33&type=section&id=4.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) Deputy General Manager Qu Zhensheng's shareholding decreased by 60,000 shares, holding 320,000 shares at period-end Changes in Shareholdings of Directors, Supervisors, and Senior Management | Name | Position | Employment Status | Beginning-of-Period Shareholding (shares) | Number of Shares Reduced This Period (shares) | Period-End Shareholding (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Qu Zhensheng | Deputy General Manager | Current | 380,000 | 60,000 | 320,000 | | Total | -- | -- | 380,000 | 60,000 | 320,000 | [5. Changes in Controlling Shareholder or Actual Controller](index=34&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[116](index=116&type=chunk) - The company's actual controller did **not change** during the reporting period[116](index=116&type=chunk) [6. Preferred Share Information](index=35&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[117](index=117&type=chunk) [Part VII Bond-Related Information](index=36&type=section&id=Part%20VII%20Bond-Related%20Information) [Bond-Related Information](index=36&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[119](index=119&type=chunk) [Part VIII Financial Report](index=37&type=section&id=Part%20VIII%20Financial%20Report) [1. Audit Report](index=37&type=section&id=1.%20Audit%20Report) The company's semi-annual financial report was unaudited - The company's semi-annual financial report was **unaudited**[121](index=121&type=chunk) [2. Financial Statements](index=37&type=section&id=2.%20Financial%20Statements) This section presents the company's consolidated and parent company financial statements for H1 2025, detailing financial position, operating results, and cash flows [1. Consolidated Balance Sheet](index=37&type=section&id=1.%20Consolidated%20Balance%20Sheet) Consolidated total assets decreased by 7.72% to 895 million yuan, liabilities decreased by 11.81% to 342 million yuan, and parent owners' equity decreased by 4.75% to 553 million yuan - As of June 30, 2025, consolidated total assets were **895,315,980.53 yuan**, a **7.72% decrease** from the beginning of the period's **970,217,287.74 yuan**[124](index=124&type=chunk) - Consolidated total liabilities were **342,058,418.26 yuan**, an **11.81% decrease** from the beginning of the period's **387,838,106.35 yuan**[125](index=125&type=chunk) - Owners' equity attributable to the parent company totaled **552,839,824.80 yuan**, a **4.75% decrease** from the beginning of the period's **580,420,376.05 yuan**[125](index=125&type=chunk) [2. Parent Company Balance Sheet](index=39&type=section&id=2.%20Parent%20Company%20Balance%20Sheet) Parent company total assets decreased by 2.57% to 813 million yuan, liabilities decreased by 3.33% to 277 million yuan, and owners' equity decreased by 2.17% to 536 million yuan - As of June 30, 2025, parent company total assets were **812,989,350.00 yuan**, a **2.57% decrease** from the beginning of the period's **834,404,360.41 yuan**[127](index=127&type=chunk) - Parent company total liabilities were **276,834,651.21 yuan**, a **3.33% decrease** from the beginning of the period's **286,382,743.78 yuan**[128](index=128&type=chunk) - Parent company total owners' equity was **536,154,698.79 yuan**, a **2.17% decrease** from the beginning of the period's **548,021,616.63 yuan**[128](index=128&type=chunk) [3. Consolidated Income Statement](index=42&type=section&id=3.%20Consolidated%20Income%20Statement) Consolidated operating revenue decreased by 14.83% to 293 million yuan, with net profit attributable to parent shareholders showing a 26.32 million yuan loss - For the first half of 2025, consolidated total operating revenue was **292,836,718.36 yuan**, a **14.83% year-on-year decrease**[129](index=129&type=chunk) - Consolidated operating profit was **-26,305,836.19 yuan**, and net profit was **-28,010,212.44 yuan**[129](index=129&type=chunk)[130](index=130&type=chunk) - Net profit attributable to parent company shareholders was **-26,318,162.60 yuan**, a **15.65% year-on-year decrease**[130](index=130&type=chunk) [4. Parent Company Income Statement](index=44&type=section&id=4.%20Parent%20Company%20Income%20Statement) Parent company operating revenue decreased by 18.47% to 79.44 million yuan, with net profit loss of 10.61 million yuan, a 34.68% reduction in loss - For the first half of 2025, parent company operating revenue was **79,441,362.29 yuan**, an **18.47% year-on-year decrease**[132](index=132&type=chunk) - Parent company operating profit was **-10,535,454.94 yuan**, and net profit was **-10,605,511.16 yuan**[132](index=132&type=chunk) - Parent company net profit loss decreased by **34.68%** year-on-year (2024 H1 net profit was -16,235,196.94 yuan)[132](index=132&type=chunk) [5. Consolidated Cash Flow Statement](index=45&type=section&id=5.%20Consolidated%20Cash%20Flow%20Statement) Consolidated operating cash flow loss narrowed by 44.30% to -34.54 million yuan, with positive investing cash flow from recoveries and negative financing cash flow from loan repayments - Consolidated net cash flow from operating activities was **-34,544,878.85 yuan**, with the loss narrowing by **44.30%** year-on-year[135](index=135&type=chunk) - Consolidated net cash flow from investing activities was **47,038,830.02 yuan**, primarily due to the company's recovery of investment funds this period[45](index=45&type=chunk)[135](index=135&type=chunk) - Consolidated net cash flow from financing activities was **-53,534,073.12 yuan**, primarily due to the company's repayment of bank loans this period[45](index=45&type=chunk)[135](index=135&type=chunk) [6. Parent Company Cash Flow Statement](index=47&type=section&id=6.%20Parent%20Company%20Cash%20Flow%20Statement) Parent company operating cash flow turned positive at 3.79 million yuan, with 35.40 million yuan from investing activities and -45.98 million yuan from financing activities - Parent company net cash flow from operating activities was **3,786,475.91 yuan**, compared to **-46,026,322.92 yuan** in the prior year, achieving positive inflow[136](index=136&type=chunk) - Parent company net cash flow from investing activities was **35,396,592.73 yuan**[136](index=136&type=chunk) - Parent company net cash flow from financing activities was **-45,980,029.85 yuan**[136](index=136&type=chunk) [7. Consolidated Statement of Changes in Owners' Equity](index=48&type=section&id=7.%20Consolidated%20Statement%20of%20Changes%20in%20Owners'%20Equity) Consolidated owners' equity decreased by 29.12 million yuan, primarily due to net losses attributable to parent and minority shareholders - Consolidated total owners' equity decreased by **29,121,619.12 yuan** this period[138](index=138&type=chunk) - Total comprehensive income attributable to parent company owners was **-27,579,569.28 yuan**, and total comprehensive income attributable to minority shareholders was **-1,692,049.84 yuan**[138](index=138&type=chunk) [8. Parent Company Statement of Changes in Owners' Equity](index=51&type=section&id=8.%20Parent%20Company%20Statement%20of%20Changes%20in%20Owners'%20Equity) Parent company owners' equity decreased by 11.87 million yuan, mainly due to net profit loss and reduced other comprehensive income - Parent company total owners' equity decreased by **11,866,917.84 yuan** this period[145](index=145&type=chunk) - Parent company total comprehensive income was **-11,866,917.84 yuan**[145](index=145&type=chunk) [3. Company Basic Information](index=55&type=section&id=3.%20Company%20Basic%20Information) Established in 2003 and listed in 2009, the company has 509 million yuan registered capital, primarily providing mobile communication network optimization services - **Hangzhou Huaxing Venture Communication Technology Co., Ltd.** was established on **June 5, 2003**, and listed on the Shenzhen Stock Exchange on **October 30, 2009**[150](index=150&type=chunk) - The company has a registered capital of **508,792,922.00 yuan** and a total of **508,792,922 shares**[150](index=150&type=chunk) - The company belongs to the communication services industry, primarily providing **mobile communication technology services** and related product R&D, production, and sales, with **network optimization and services** as its main product/service[150](index=150&type=chunk) [4. Basis of Financial Statement Preparation](index=55&type=section&id=4.%20Basis%20of%20Financial%20Statement%20Preparation) The company's financial statements are prepared on a going concern basis, with no significant doubts about its ability to continue operations - The company's financial statements are prepared on a **going concern basis**[151](index=151&type=chunk) - There are **no matters or circumstances** that would cause significant doubt about the company's ability to continue as a going concern for 12 months from the end of the reporting period[152](index=152&type=chunk) [5. Significant Accounting Policies and Estimates](index=55&type=section&id=5.%20Significant%20Accounting%20Policies%20and%20Estimates) The company adheres to enterprise accounting standards, detailing policies for financial instruments, inventories, fixed assets, intangible assets, and revenue recognition - The company's financial statements comply with enterprise accounting standards, accurately and completely reflecting **financial position, operating results, and cash flows**[154](index=154&type=chunk) - The company has formulated specific accounting policies and estimates based on its actual production and operating characteristics, covering **financial instrument impairment, inventories, fixed asset depreciation, construction in progress, intangible assets, and revenue recognition**[153](index=153&type=chunk) - The company classifies, recognizes, measures, and derecognizes financial assets and liabilities, and makes loss provisions based on **expected credit losses**[166](index=166&type=chunk)[178](index=178&type=chunk) - Intangible assets include **land use rights, application software, IP licenses**, etc., amortized using the straight-line method; R&D expenditures are accounted for by distinguishing between **research and development phases**[199](index=199&type=chunk)[203](index=203&type=chunk) - Revenue recognition principles are based on whether a single performance obligation is satisfied over time or at a point in time, and revenue is measured at the **transaction price allocated to each performance obligation**[214](index=214&type=chunk)[215](index=215&type=chunk) [6. Taxation](index=71&type=section&id=6.%20Taxation) The company's main taxes include VAT and corporate income tax, with some entities enjoying high-tech or small/micro-enterprise tax benefits and VAT exemptions Major Taxes and Tax Rates | Tax Type | Tax Rate | | :--- | :--- | | Value-Added Tax (VAT) | 15%, 13%, 9%, 6%, 5%, 3% | | Urban Maintenance and Construction Tax | 7%, 5% | | Corporate Income Tax | 15%, 16.5%, 20%, 22%, 25%, 28%, 30% | | Property Tax | 1.2%, 12% | | Education Surcharge | 3% | | Local Education Surcharge | 2% | - The company, Mingxun Network, and Bohong Communication are recognized as high-tech enterprises, paying corporate income tax at a **15%** rate[229](index=229&type=chunk) - Zhiju Technology and 10 other subsidiaries qualify for small and micro-enterprise preferential policies, paying corporate income tax at a **20%** rate[230](index=230&type=chunk) - Chuanyou Network, Moen Network, and Guangzhou Yuanshi qualify for VAT small-scale taxpayer preferential policies, enjoying **VAT exemption**[230](index=230&type=chunk) [7. Notes to Consolidated Financial Statement Items](index=72&type=section&id=7.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section details period-end balances and changes for major consolidated financial statement items, including cash, receivables, inventories, fixed assets, and liabilities [1. Cash and Cash Equivalents](index=72&type=section&id=1.%20Cash%20and%20Cash%20Equivalents) Period-end cash and cash equivalents totaled 91.26 million yuan, a 30.86% decrease, including 2.09 million yuan in restricted deposits and 10.30 million yuan in overseas funds Composition of Cash and Cash Equivalents | Item | Period-End Balance (yuan) | Beginning-of-Period Balance (yuan) | | :--- | :--- | :--- | | Cash on Hand | 8,784.09 | 7,136.43 | | Bank Deposits | 89,153,829.59 | 130,078,905.27 | | Other Cash and Cash Equivalents | 2,101,195.60 | 1,915,486.50 | | Total | 91,263,809.28 | 132,001,528.20 | | Of which: Total funds deposited overseas | 10,300,100.96 | 9,370,134.87 | - Period-end other cash and cash equivalents include restricted deposits of **2,093,259.29 yuan**[232](index=232&type=chunk) [2. Notes Receivable](index=72&type=section&id=2.%20Notes%20Receivable) Period-end notes receivable balance was 0, with a full impairment provision of 0.0169 million yuan reversed this period Classification of Notes Receivable | Item | Period-End Balance (yuan) | Beginning-of-Period Balance (yuan) | | :--- | :--- | :--- | | Commercial Acceptance Bills | | 321,708.00 | | Total | | 321,708.00 | - Impairment provision of **16,932.00 yuan** for notes receivable, calculated by portfolio, was fully recovered or reversed this period[238](index=238&type=chunk) [3. Accounts Receivable](index=73&type=section&id=3.%20Accounts%20Receivable) Period-end accounts receivable book balance was 532 million yuan, with 62.48% under 1 year aging, and a 101 million yuan impairment provision Accounts Receivable by Aging | Aging | Period-End Book Balance (yuan) | Beginning-of-Period Book Balance (yuan) | | :--- | :--- | :--- | | Within 1 year (inclusive) | 332,656,348.73 | 374,785,750.22 | | 1 to 2 years | 87,718,916.95 | 57,174,090.49 | | 2 to 3 years | 26,215,934.05 | 31,335,314.29 | | Over 3 years | 85,815,471.88 | 82,609,900.44 | | Total | 532,406,671.61 | 545,905,055.44 | Classification of Accounts Receivable Impairment Provision Methods | Category | Period-End Book Balance (yuan) | Period-End Impairment Provision (yuan) | Provision Rate | | :--- | :--- | :--- | :--- | | Accounts receivable for which impairment provision is made individually | 12,976,854.60 | 12,976,854.60 | 100.00% | | Accounts receivable for which impairment provision is made by portfolio | 519,429,817.01 | 87,536,030.73 | 16.85% | | Total | 532,406,671.61 | 100,512,885.33 | 18.88% | - Period-end top five accounts receivable and contract assets totaled **323,399,807.03 yuan**, accounting for **60.75%** of the total period-end accounts receivable and contract assets[247](index=247&type=chunk) [4. Receivables Financing](index=75&type=section&id=4.%20Receivables%20Financing) Period-end receivables financing was 1.26 million yuan, a 74.88% decrease, all bank acceptance bills, with the company retaining joint liability Classification of Receivables Financing | Item | Period-End Balance (yuan) | Beginning-of-Period Balance (yuan) | | :--- | :--- | :--- | | Bank Acceptance Bills | 1,262,389.18 | 5,021,958.71 | | Total | 1,262,389.18 | 5,021,958.71 | - The company derecognizes endorsed or discounted bank acceptance bills, but if unpaid at maturity, the company will still bear **joint liability** to the holder[250](index=250&type=chunk) [5. Other Receivables](index=75&type=section&id=5.%20Other%20Receivables) Period-end other receivables book value was 5.99 million yuan, a 16.72% increase, primarily from advances, deposits, and temporary advances, with a 7.67 million yuan impairment provision Classification of Other Receivables by Nature | Nature of Amount | Period-End Book Balance (yuan) | Beginning-of-Period Book Balance (yuan) | | :--- | :--- | :--- | | Receivables for Advances | 5,617,431.36 | 5,617,431.36 | | Deposits and Guarantees | 4,326,066.77 | 4,679,980.24 | | Temporary Advances | 3,724,533.69 | 2,243,851.25 | | Total | 13,668,031.82 | 12,557,610.53 | Classification of Other Receivables Impairment Provision Methods | Category | Period-End Book Balance (yuan) | Period-End Impairment Provision (yuan) | Provision Rate | | :--- | :--- | :--- | :--- | | Impairment provision made individually | 6,268,232.20 | 6,268,232.20 | 100.00% | | Impairment provision made by portfolio | 7,399,799.62 | 1,406,619.02 | 19.01% | | Total | 13,668,031.82 | 7,674,851.22 | 56.15% | - Period-end top five other receivables totaled **7,863,512.43 yuan**, accounting for **57.54%** of the total period-end other receivables[266](index=266&type=chunk) [7. Inventories](index=78&type=section&id=7.%20Inventories) Period-end inventories book value was 50.96 million yuan, a 5.07% increase, mainly from contract fulfillment costs with a 20.88 million yuan impairment provision Inventory Classification | Item | Period-End Book Value (yuan) | Beginning-of-Period Book Value (yuan) | | :--- | :--- | :--- | | Merchandise Inventory | 4,553,593.81 | 3,106,144.97 | | Contract Fulfillment Costs | 46,405,100.34 | 45,392,110.95 | | Total | 50,958,694.15 | 48,498,255.92 | - Period-end impairment provision for contract fulfillment costs was **20,877,843.33 yuan**, with an increase of **132,307.39 yuan** and a decrease of **519,915.93 yuan** this period[274](index=274&type=chunk) [9. Other Equity Instrument Investments](index=79&type=section&id=9.%20Other%20Equity%20Instrument%20Investments) Period-end other equity instrument investments were 74.80 million yuan, a 1.66% decrease, with a 1.26 million yuan loss recognized in other comprehensive income Other Equity Instrument Investments | Project Name | Beginning-of-Period Balance (yuan) | Loss Recognized in Other Comprehensive Income This Period (yuan) | Period-End Balance (yuan) | | :--- | :--- | :--- | :--- | | Shanghai Xinzong Communication Technology Co., Ltd. | 25,684,544.20 | 1,236,545.54 | 24,447,998.66 | | Beijing Youxian Online Technology Co., Ltd. | 102,535.99 | 4,983.74 | 97,552.25 | | Beijing Yingshi Technology Co., Ltd. | 141,467.89 | 19,877.40 | 121,590.49 | | Chengdu Siyuan Enterprise Management Partnership (Limited Partnership) | 50,135,922.18 | 0 | 50,135,922.18 | | Total | 76,064,470.26 | 1,261,406.68 | 74,803,063.58 | - All other equity instrument investments are designated as **non-trading equity instruments measured at fair value with changes recognized in other comprehensive income**[277](index=277&type=chunk)[279](index=279&type=chunk)[280](index=280&type=chunk) [11. Fixed Assets](index=80&type=section&id=11.%20Fixed%20Assets) Period-end fixed assets book value was 122 million yuan, a 3.44% decrease, with 109 million yuan in buildings and structures Fixed Asset Information | Item | Period-End Book Value (yuan) | Beginning-of-Period Book Value (yuan) | | :--- | :--- | :--- | | Buildings and Structures | 109,330,192.68 | 111,806,230.62 | | General Equipment | 2,723,263.99 | 3,191,642.29 | | Specialized Equipment | 8,598,974.56 | 9,695,429.01 | | Transportation Vehicles | 1,022,168.74 | 1,319,585.80 | | Total | 121,674,599.97 | 126,012,887.72 | - Fixed asset original cost increased by **400,149.95 yuan** (acquisitions) and decreased by **6,586,753.11 yuan** (disposals or write-offs) this period[284](index=284&type=chunk) - Accumulated depreciation increased by **4,148,976.30 yuan** and decreased by **5,997,291.71 yuan** this period[284](index=284&type=chunk) - The book value of buildings and structures leased out under operating leases at period-end was **95,412,458.96 yuan**[286](index=286&type=chunk) [14. Intangible Assets](index=83&type=section&id=14.%20Intangible%20Assets) Period-end intangible assets book value was 98.04 million yuan, a 6.10% decrease, with 6.53 million yuan in amortization, including 6.13 million yuan for IP licenses Intangible Asset Information | Item | Period-End Book Value (yuan) | Beginning-of-Period Book Value (yuan) | | :--- | :--- | :--- | | Land Use Rights | 3,593,469.17 | 3,643,036.25 | | Application Software | 1,445,282.17 | 1,631,125.95 | | IP Licenses | 93,003,144.61 | 99,135,220.09 | | Total | 98,041,895.95 | 104,409,382.29 | - Total intangible asset amortization for the period was **6,525,661.44 yuan**, of which IP license amortization was **6,132,075.48 yuan**[295](index=295&type=chunk)[296](index=296&type=chunk) - Intangible assets formed through internal R&D accounted for **4.95%** of the intangible asset balance at period-end[296](index=296&type=chunk) [15. Goodwill](index=84&type=section&id=15.%20Goodwill) Period-end goodwill original cost was 46.85 million yuan, with a 46.59 million yuan impairment provision, mainly for Mingxun Network and Moen Network Goodwill Original Cost | Name of Investee or Goodwill-Generating Event | Beginning-of-Period Balance (yuan) | Period-End Balance (yuan) | | :--- | :--- | :--- | | Mingxun Network | 45,796,789.69 | 45,796,789.69 | | Zhiju Technology | 252,663.50 | 252,663.50 | | Moen Network | 795,888.96 | 795,888.96 | | Total | 46,845,342.15 | 46,845,342.15 | Goodwill Impairment Provision | Name of Investee or Goodwill-Generating Event | Beginning-of-Period Balance (yuan) | Period-End Balance (yuan) | | :--- | :--- | :--- | | Mingxun Network | 45,796,789.69 | 45,796,789.69 | | Moen Network | 795,888.96 | 795,888.96 | | Total | 46,592,678.65 | 46,592,678.65 | - Information regarding the asset group or asset group combination to which goodwill belongs is **consistent with prior years**, primarily communication services and mobile game businesses[301](index=301&type=chunk) [17. Deferred Tax Assets/Deferred Tax Liabilities](index=85&type=section&id=17.%20Deferred%20Tax%20Assets%2FDeferred%20Tax%20Liabilities) Period-end deferred tax assets were 1.75 million yuan, liabilities were 1.70 million yuan, with 771 million yuan in unconfirmed deductible temporary differences and losses Deferred Tax Assets Before Offset | Item | Period-End Deductible Temporary Differences (yuan) | Period-End Deferred Tax Assets (yuan) | | :--- | :--- | :--- | | Asset Impairment Provisions | 230,492.53 | 57,623.13 | | Lease Liabilities | 6,926,190.56 | 1,690,792.94 | | Total | 7,156,683.09 | 1,748,416.07 | Deferred Tax Liabilities Before Offset | Item | Period-End Taxable Temporary Differences (yuan) | Period-End Deferred Tax Liabilities (yuan) | | :--- | :--- | :--- | | Right-of-Use Assets | 6,953,660.94 | 1,694,913.50 | | Fixed Asset Depreciation | 37,534.73 | 5,630.21 | | Total | 6,991,195.67 | 1,700,543.71 | - The company has unconfirmed deductible temporary differences and deductible losses for deferred tax assets totaling **770,986,734.40 yuan**[311](index=311&type=chunk) [18. Assets with Restricted Ownership or Use Rights](index=86&type=section&id=18.%20Assets%20with%20Restricted%20Ownership%20or%20Use%20Rights) Period-end restricted assets totaled 195 million yuan in gross value and 145 million yuan in book value, including pledged cash, mortgaged fixed and intangible assets, and pledged receivables Assets with Restricted Ownership or Use Rights | Item | Period-End Book Balance (yuan) | Period-End Book Value (yuan) | Restriction Type | Restriction Details | | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 2,093,259.29 | 2,093,259.29 | Pledge | Various margin deposits | | Fixed Assets | 156,381,345.60 | 109,330,192.68 | Mortgage | Used for mortgage-backed borrowings | | Intangible Assets | 4,956,705.00 | 3,593,469.17 | Mortgage | Used for mortgage-backed borrowings | | Accounts Receivable | 31,250,000.00 | 29,687,500.00 | Pledge | Used for pledge-backed borrowings | | Total | 194,681,309.89 | 144,704,421.14 | | | [19. Short-Term Borrowings](index=87&type=section&id=19.%20Short-Term%20Borrowings) Period-end short-term borrowings totaled 130 million yuan, a 25.99% decrease, comprising guaranteed, mortgaged, and pledged borrowings Classification of Short-Term Borrowings | Item | Period-End Balance (yuan) | Beginning-of-Period Balance (yuan) | | :--- | :--- | :--- | | Guaranteed Borrowings | 70,058,611.22 | 85,590,562.53 | | Mortgaged and Guaranteed Borrowings | 34,532,583.33 | 69,573,272.23 | | Pledged and Guaranteed Borrowings | 25,024,305.55 | 20,023,527.78 | | Total | 129,615,500.10 | 175,187,362.54 | [20. Accounts Payable](index=87&type=section&id=20.%20Accounts%20Payable) Period-end accounts payable totaled 69.52 million yuan, a 27.84% decrease, primarily for outsourced services Accounts Payable Listing | Item | Period-End Balance (yuan) | Beginning-of-Period Balance (yuan) | | :--- | :--- | :--- | | Payables for Outsourced Services | 67,242,363.40 | 91,242,080.55 | | Expense-Related Payables | 1,227,121.38 | 2,873,242.21 | | Project and Equipment Payments | 273,659.87 | 1,476,655.95 | | Material Purchases | 773,834.29 | 745,557.41 | | Total | 69,516,978.94 | 96,337,536.12 | [21. Other Payables](index=87&type=section&id=21.%20Other%20Payables) Period-end other payables totaled 64.81 million yuan, a 148.46% increase, mainly due to temporarily returned investment funds and reimbursed but unpaid expenses Other Payables by Nature | Nature of Amount | Period-End Balance (yuan) | Beginning-of-Period Balance (yuan) | | :--- | :--- | :--- | | Temporarily Returned Investment Funds | 48,240,000.00 | | | Reimbursed but Unpaid Expenses | 13,213,879.42 | 18,354,700.51 | | Intercompany Loans | | 4,193,700.00 | | Deposits and Guarantees | 2,325,700.00 | 2,774,810.00 | | Other | 1,035,316.01 | 764,380.52 | | Total | 64,814,895.43 | 26,087,591.03 | [24. Employee Compensation Payable](index=88&type=section&id=24.%20Employee%20Compensation%20Payable) Period-end employee compensation payable totaled 22.95 million yuan, a 31.39% decrease, including short-term, post-employment, and termination benefits Employee Compensation Payable Listing | Item | Beginning-of-Period Balance (yuan) | Increase This Period (yuan) | Decrease This Period (yuan) | Period-End Balance (yuan) | | :--- | :--- | :--- | :--- | :--- | | I. Short-Term Compensation | 32,065,045.63 | 75,292,194.05 | 85,790,424.46 | 21,566,815.22 | | II. Post-Employment Benefits - Defined Contribution Plans | 1,178,316.72 | 8,157,112.90 | 8,615,948.29 | 719,481.33 | | III. Termination Benefits | 204,000.00 | 3,505,188.65 | 3,045,010.72 | 664,177.93 | | Total | 33,447,362.35 | 86,954,495.60 | 97,451,383.47 | 22,950,474.48 | [25. Taxes Payable](index=89&type=section&id=25.%20Taxes%20Payable) Period-end taxes payable totaled 25.65 million yuan, a 1.31% decrease, primarily for VAT Taxes Payable | Item | Period-End Balance (yuan) | Beginning-of-Period Balance (yuan) | | :--- | :--- | :--- | | Value-Added Tax (VAT) | 24,992,006.95 | 24,600,013.05 | | Corporate Income Tax | 32,972.00 | 19,914.61 | | Individual Income Tax | 255,188.79 | 384,285.34 | | Urban Maintenance and Construction Tax | 184,254.72 | 140,454.19 | | Property Tax | 19,634.58 | 610,768.82 | | Stamp Duty | 33,429.09 | 75,669.39 | | Education Surcharge | 79,085.61 | 60,194.64 | | Land Use Tax | | 49,980.00 | | Local Education Surcharge | 52,723.74 | 40,129.76 | | Other | | 7,277.95 | | Total | 25,649,295.48 | 25,988,687.75 | [29. Share Capital](index=90&type=section&id=29.%20Share%20Capital) Period-end total share capital was 509 million shares, unchanged from the beginning of the period Share Capital | Item | Beginning-of-Period Balance (yuan) | Period-End Balance (yuan) | | :--- | :--- | :--- | | Total Shares | 508,792,922.00 | 508,792,922.00 | [30. Capital Reserves](index=90&type=section&id=30.%20Capital%20Reserves) Period-end capital reserves were 312 million yuan, a slight decrease due to a 981.97 yuan reduction in capital premium Capital Reserves | Item | Beginning-of-Period Balance (yuan) | Decrease This Period (yuan) | Period-End Balance (yuan) | | :--- | :--- | :--- | :--- | | Capital Premium (Share Premium) | 306,477,734.39 | 981.97 | 306,476,752.42 | | Other Capital Reserves | 5,308,032.21 | | 5,308,032.21 | | Total | 311,785,766.60 | 981.97 | 311,784,784.63 | [31. Other Comprehensive Income](index=90&type=section&id=31.%20Other%20Comprehensive%20Income) Period-end other comprehensive income was -10.50 million yuan, a 14.86% decrease, mainly from fair value changes of other equity instrument investments Other Comprehensive Income | Item | Beginning-of-Period Balance (yuan) | Amount Before Tax This Period (yuan) | Attributable to Parent Company After Tax (yuan) | Period-End Balance (yuan) | | :--- | :--- | :--- | :--- | :--- | | I. Other comprehensive income that cannot be reclassified to profit or loss | -9,239,449.06 | -1,261,406.68 | -1,261,406.68 | -10,500,855.74 | | Fair value changes of other equity instrument investments | -6,420,435.41 | -1,261,406.68 | -1,261,406.68 | -7,681,842.09 | | Total Other Comprehensive Income | -9,142,112.97 | -1,261,406.68 | -1,261,406.68 | -10,403,519.65 | [33. Retained Earnings](index=91&type=section&id=33.%20Retained%20Earnings) Period-end retained earnings were -267 million yuan, a 10.95% decrease, primarily due to the net loss attributable to parent company owners Retained Earnings | Item | Current Period (yuan) | Prior Period (yuan) | | :--- | :--- | :--- | | Adjusted Beginning-of-Period Retained Earnings | -24

Group 1 - The core viewpoint of the news is that Huaxing Chuangye (300025) has experienced a decline in stock price and financial performance, indicating potential challenges for the company [1][3] - As of August 25, 2025, Huaxing Chuangye's stock closed at 7.36 yuan, down 0.41%, with a turnover rate of 4.65% and a trading volume of 235,300 hands, amounting to a transaction value of 174 million yuan [1] - The company reported a total operating revenue of 135 million yuan for Q1 2025, a year-on-year decrease of 15.33%, and a net profit attributable to shareholders of 14.58 million yuan, down 11.67% year-on-year [1] Group 2 - The company has a liquidity ratio of 1.689, a quick ratio of 1.532, and a debt-to-asset ratio of 39.84% [1] - Huaxing Chuangye has made investments in 20 enterprises and participated in 593 bidding projects, indicating active engagement in business development [2] - The company holds 9 trademark registrations and 7 patents, along with 60 administrative licenses, showcasing its intellectual property portfolio [2]

Core Viewpoint - The company emphasizes the importance of performance assessment as a management tool and is committed to enhancing market value management while protecting the rights of investors, particularly small and medium-sized investors [1] Group 1 - The company places high importance on market value management [1] - The company aims to protect the legitimate rights and interests of investors, especially small and medium-sized investors [1] - The company is focused on improving operating performance and fostering positive interaction with investors [1] Group 2 - The company is dedicated to enhancing the quality and transparency of information disclosure [1] - The company seeks to increase its investment value [1]

Market Overview - On August 20, the communication services sector rose by 0.39% compared to the previous trading day, with Huaxing Chuangye leading the gains [1] - The Shanghai Composite Index closed at 3766.21, up 1.04%, while the Shenzhen Component Index closed at 11926.74, up 0.89% [1] Individual Stock Performance - Huaxing Chuangye (300025) closed at 7.46, with a gain of 2.75% and a trading volume of 244,900 shares, amounting to a transaction value of 179 million yuan [1] - Yitong Century (300310) closed at 6.91, up 2.22%, with a trading volume of 419,600 shares and a transaction value of 286 million yuan [1] - Zhongfutong (300560) closed at 14.96, gaining 1.56% with a trading volume of 89,700 shares and a transaction value of 132 million yuan [1] - Runze Technology (300442) closed at 56.77, up 1.45%, with a trading volume of 129,530 shares and a transaction value of 1.642 billion yuan [1] - Guanghuan Xinwang (300383) closed at 15.61, gaining 1.43% with a trading volume of 815,200 shares and a transaction value of 1.249 billion yuan [1] Fund Flow Analysis - The communication services sector experienced a net outflow of 353 million yuan from institutional investors and 376 million yuan from speculative funds, while retail investors saw a net inflow of 729 million yuan [2] - China Mobile (600941) had a net inflow of 115 million yuan from institutional investors, while it faced a net outflow of 203 million yuan from speculative funds [3] - North Latitude Technology (002148) saw a net inflow of 59.67 million yuan from institutional investors, with a net outflow of 53.74 million yuan from speculative funds [3]

证券日报网讯华星创业（300025）8月19日在互动平台回答投资者提问时表示，公司高度重视以企业价 值为核心的市值管理工作，并始终将提升企业内在价值与维护股东权益作为核心目标。公司将继续聚焦 主业，利用积累的移动通信和数字孪生等技术能力积极探索5G+应用的发展机会，提升核心竞争力，争 取为股东创造更好的回报。 ...