证券代码：300264 证券简称：佳创视讯 公告编号：2025-034 深圳市佳创视讯技术股份有限公司 第六届监事会第十次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 一、监事会会议召开情况 根据《公司法》及公司章程，深圳市佳创视讯技术股份有限公司（以下简称 "公司"）于2025年8月26日在深圳市南山区深圳国际创新谷1栋A座15楼公司会 议室以现场与通讯的方式召开了公司第六届监事会第十次会议。公司监事刘军先 生、胡勇先生、吴畏先生出席会议，召开程序、参加会议监事人数及表决程序符 合有关法律规定及公司章程规定。 二、监事会会议审议情况 本次会议由公司监事刘军先生召集和主持。会议以书面表决的方式，审议并 通过了如下议案： 1、审议通过了《2025 年半年度报告全文及摘要的议案》； 经审核，监事会认为，公司《2025 年半年度报告全文及摘要》编制和审核 程序符合法律、行政法规和中国证监会的规定，报告内容真实、准确、完整地反 映了公司 2025 年半年度经营的实际情况，不存在任何虚假记载、误导性陈述或 者重大遗漏。 公司《2025 年半年度报告全文及 ...

证券代码：300264 证券简称：佳创视讯 公告编号：2025-033 深圳市佳创视讯技术股份有限公司 第六届董事会第十一次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 深圳市佳创视讯技术股份有限公司（以下简称"公司"）第六届董事会第十一次会 议通知已于2025年8月15日以书面方式通知全体董事，与会的各位董事已知悉与所议事 项相关的必要信息。会议于2025年8月26日在深圳市南山区国际创新谷1栋A座15楼公司 会议室以现场与通讯的方式召开。本次会议应到董事7人，实到董事7人。公司监事列席 了本次会议。 本次董事会会议召开程序、参加董事人数及表决程序符合有关法律规定及本公司 《章程》规定。本次会议由公司董事长陈坤江先生召集和主持。会议以书面表决的方式， 逐项审议并通过了如下议案： 一、审议通过了《2025年半年度报告全文及摘要的议案》； 经审议，董事会认为公司《2025年半年度报告全文及摘要》的编制程序符合法律、 行政法规的规定，报告内容真实、准确、完整地反映了公司2025年半年度的实际经营情 况，不存在虚假记载、误导性陈述或者重大遗漏。 公司 ...

Core Viewpoint - The company reported a revenue of 82.0162 million yuan for the first half of 2025, reflecting a year-on-year growth of 23.16% [1] Financial Performance - The net profit attributable to shareholders of the listed company was -7.4256 million yuan [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -11.6330 million yuan [1] - The basic earnings per share were -0.0172 yuan [1]

Group 1 - The company reported an operating revenue of 82.0162 million yuan for the first half of 2025, representing a year-on-year increase of 23.16% [1] - The net loss for the company was 7.4256 million yuan, which is a significant improvement compared to the net loss of 25.7186 million yuan in the same period last year, narrowing by 71.13% [1]

[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=第一节%20重要提示、目录和释义) This section provides essential disclaimers, a comprehensive table of contents, and definitions of key terms used throughout the report to ensure clarity and accuracy [Important Notice](index=2&type=section&id=重要提示) The Board of Directors, Supervisory Board, and senior management guarantee the accuracy and completeness of the semi-annual report, with no plans for cash dividends or bonus shares - The company's Board of Directors, Supervisory Board, and senior management guarantee the report's content is true, accurate, and complete, assuming legal responsibility[5](index=5&type=chunk) - Company head Chen Kunjiang, chief accountant Huang Min, and accounting department head Li Dan declare the financial report is true, accurate, and complete[5](index=5&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=目录) This report's clear table of contents lists eight main chapters, facilitating quick information retrieval for investors - The report comprises eight main chapters, structured clearly[7](index=7&type=chunk) [Catalogue of Reference Documents](index=4&type=section&id=备查文件目录) Reference documents include signed and sealed financial statements, along with original copies of all publicly disclosed company documents from the reporting period, available at the Board Secretary's office - Reference documents include signed and sealed financial statements and original copies of publicly disclosed documents[9](index=9&type=chunk) - Reference documents are available at the company's Board Secretary's office[10](index=10&type=chunk) [Definitions](index=5&type=section&id=释义) This section defines key terms used in the report, including company names, currency units, reporting periods, regulatory bodies, and XR technology acronyms, ensuring accurate understanding - The reporting period is defined as January 1, 2025, to June 30, 2025[11](index=11&type=chunk) - Definitions for extended reality technologies such as VR, MR, AR, and XR are provided[11](index=11&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=第二节%20公司简介和主要财务指标) This section provides an overview of the company's fundamental information, contact details, and a summary of its key financial performance and position during the reporting period [Company Profile](index=6&type=section&id=一、公司简介) Shenzhen Avit Technology Co., Ltd. (stock code: 300264) is listed on the Shenzhen Stock Exchange, with Chen Kunjiang as its legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Avit Technology | | Stock Code | 300264 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | 深圳市佳创视讯技术股份有限公司 | | Legal Representative | Chen Kunjiang | [Contact Persons and Methods](index=6&type=section&id=二、联系人和联系方式) Contact information for the company's Board Secretary Qiu Yijun and Securities Affairs Representative Li Jianhong is disclosed, including address, phone, fax, and email, for investor communication Contact Information | Position | Name | Phone | Email | | :--- | :--- | :--- | :--- | | Board Secretary | Qiu Yijun | 0755-83575056 | avit@avit.com.cn | | Securities Affairs Representative | Li Jianhong | 0755-83575056 | avit@avit.com.cn | [Other Information](index=6&type=section&id=三、其他情况) During the reporting period, there were no changes in the company's contact information, information disclosure, document storage locations, or registration details, as referenced in the 2024 annual report - The company's registered address, office address, website, and email remained unchanged during the reporting period[15](index=15&type=chunk) - Information disclosure and document storage locations remained unchanged during the reporting period[16](index=16&type=chunk) - The company's registration status remained unchanged during the reporting period[17](index=17&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=四、主要会计数据和财务指标) During the reporting period, the company's operating revenue increased by 23.16% year-on-year, and net loss attributable to shareholders significantly narrowed by 71.13%, though net cash flow from operating activities decreased by 59.78% Key Accounting Data and Financial Indicators (Year-on-Year) | Indicator | Current Period (RMB) | Prior Year Period (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 82,016,200.50 | 66,594,703.07 | 23.16% | | Net Profit Attributable to Shareholders of Listed Company | -7,425,581.80 | -25,718,600.68 | 71.13% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Items) | -11,633,016.41 | -28,539,430.69 | 59.24% | | Net Cash Flow from Operating Activities | -17,519,681.46 | -10,964,644.25 | -59.78% | | Basic Earnings Per Share (RMB/share) | -0.0172 | -0.0597 | 71.19% | | Diluted Earnings Per Share (RMB/share) | -0.0172 | -0.0597 | 71.19% | | Weighted Average Return on Net Assets | -31.73% | -35.55% | 3.82% | Key Accounting Data and Financial Indicators (Period-End) | Indicator | Current Period End (RMB) | Prior Year End (RMB) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 227,851,684.30 | 236,575,267.24 | -3.69% | | Net Assets Attributable to Shareholders of Listed Company | 19,686,161.53 | 27,111,852.33 | -27.39% | [Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=7&type=section&id=五、境内外会计准则下会计数据差异) During the reporting period, the company reported no differences in net profit and net assets between international or overseas accounting standards and Chinese accounting standards - The company reported no differences in accounting data under domestic and overseas accounting standards during the reporting period[19](index=19&type=chunk)[20](index=20&type=chunk) [Non-Recurring Gains and Losses and Amounts](index=7&type=section&id=六、非经常性损益项目及金额) The company's non-recurring gains and losses for the reporting period primarily include disposal gains/losses on non-current assets and government subsidies, totaling RMB 4,207,434.61 Non-Recurring Gains and Losses and Amounts | Item | Amount (RMB) | | :--- | :--- | | Disposal Gains/Losses on Non-Current Assets | 648,485.59 | | Government Subsidies Included in Current Period Profit/Loss | 3,558,749.02 | | Other Non-Operating Income and Expenses Apart from the Above | 200.00 | | **Total** | **4,207,434.61** | [Management Discussion and Analysis](index=9&type=section&id=第三节%20管理层讨论与分析) This section analyzes the company's business operations, core competencies, financial performance, investment activities, and risk factors during the reporting period, along with corresponding management strategies [Main Businesses Engaged in During the Reporting Period](index=9&type=section&id=一、报告期内公司从事的主要业务) The company's main businesses are categorized into audio-video software products and solutions, system integration and services, gaming and cloud services, and VR business products and services, with continuous innovation and market expansion in each area - The company's businesses are categorized into four main areas: audio-video software products and solutions, system integration and services, gaming and cloud services, and VR business products and services[25](index=25&type=chunk) [Audio-Video Software Products and Solutions](index=9&type=section&id=1、音视频软件产品及解决方案) The company provides end-to-end solutions for the large video industry, including the Avit Smart Video Cloud Platform (Chuangshi Cloud), Avit Changliu Live Streaming products, and telecom 5G audio-video application solutions, supporting multi-terminal, ultra-HD, low-latency, and AI applications, while actively supporting domestic IT innovation - Avit Smart Video Cloud Platform "Chuangshi Cloud" supports multi-mode video playback and multi-terminal business authentication, is geared towards future AI and VR/metaverse applications, and has obtained OpenEuler@Kunpeng 920 platform compatibility certification[25](index=25&type=chunk) - Avit Changliu Live Streaming products offer sub-second ultra-low latency and 4K/8K high-quality live streaming, suitable for TV broadcasts and sports events[27](index=27&type=chunk) - Telecom 5G audio-video applications and solutions provide 5G audio-video SaaS applications, including live streaming, cloud desktop, and cloud gaming, to government and enterprise clients via operators[27](index=27&type=chunk) [System Integration and Services](index=10&type=section&id=2、系统集成及服务) The company specializes in system integration for the broadcasting industry, offering comprehensive services from consulting and design to operation and maintenance, covering digital TV IP front-ends, CDNs, optical networks, IT systems, and cloud platforms, while embracing trends in video processing IP-based, cloud-based, and intelligent technologies - The company provides system integration sales and services in the broadcasting industry, integrating mainstream manufacturer products to form a complete service system[28](index=28&type=chunk) - Products cover digital TV IP front-end systems, CDNs, optical networks, data networks, IT information systems, and cloud platforms[28](index=28&type=chunk) [Gaming and Cloud Services](index=10&type=section&id=3、游戏及云服务) The gaming business primarily focuses on TV games, transitioning towards virtual reality games, and has developed XR-based virtual simulation cultural experience products and digital human broadcasting applications for government and enterprise clients, while PaaS cloud services provide network acceleration and video streaming based on operator infrastructure - Subsidiary Shaanxi Fenteng Interactive's main business is TV games based on operator networks, currently upgrading to the virtual reality gaming industry[30](index=30&type=chunk) - The company has completed a mixed reality cultural experience product based on Xi'an's intangible cultural heritage and developed digital human broadcasting applications for telecom government and enterprise clients[30](index=30&type=chunk) - PaaS cloud services provide network acceleration and video-on-demand streaming services based on operator cloud computing and bandwidth resources[31](index=31&type=chunk) [VR Business Products and Services](index=11&type=section&id=4、VR%20业务产品及服务) The company specializes in 8K stereoscopic panoramic video content production and VR/MR content creation and operation, with the Full-Sense Theater project adding "Dinosaur Park" and continuing development of "Sword and Fairy XR," while also focusing on technology accumulation, XR content ecosystem building, multi-mode market expansion, and international IP collaborations - The company is dedicated to 8K stereoscopic panoramic video content production, holding multiple patented technologies[31](index=31&type=chunk) - The Full-Sense Theater project has launched "Dinosaur Park" and continues to develop "Sword and Fairy XR"[32](index=32&type=chunk) - Market expansion employs various models including self-operated stores, pop-up stores, partner stores, and authorized stores, alongside pursuing international renowned IP collaborations[33](index=33&type=chunk) [Core Competitiveness Analysis](index=12&type=section&id=二、核心竞争力分析) The company's core competitiveness lies in its outstanding R&D capabilities, rich software products, platform-based development strategy, resource advantages from focusing on high-value clients, and industry-leading brand reputation, with no significant changes to core competitiveness during the reporting period - The company is a national high-tech enterprise, key software enterprise, and specialized "little giant" enterprise, holding multiple invention patents related to audio-video and virtual reality technologies[35](index=35&type=chunk) - The company leverages the broadcasting industry as its parent platform, integrating resources to expand into emerging niche markets such as 5G+, ultra-HD, VR, and AIoT, building a new media integrated ecosystem of "platform + content + application + terminal + service"[37](index=37&type=chunk)[38](index=38&type=chunk) - Customers include several large provincial broadcasting network operators with over 100 million users, and the company collaborates with China Mobile Migu, China Unicom Online, and China Telecom IPTV to expand its market[38](index=38&type=chunk) - The company holds high recognition and a leading market position in digital TV system overall solutions, possessing multiple national-level honors and qualifications[38](index=38&type=chunk) - The company's core competitiveness did not undergo significant changes during the reporting period[39](index=39&type=chunk) [Main Business Analysis](index=14&type=section&id=三、主营业务分析) During the reporting period, the company's operating revenue increased by 23.16%, primarily driven by significant growth in audio-video software products and solutions revenue; management expenses and R&D investment decreased due to personnel structure optimization, but net cash flow from operating activities sharply declined due to delayed collections Major Financial Data Year-on-Year Changes | Indicator | Current Period (RMB) | Prior Year Period (RMB) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 82,016,200.50 | 66,594,703.07 | 23.16% | | | Operating Cost | 63,000,970.12 | 60,750,024.25 | 3.71% | | | Selling Expenses | 8,640,756.62 | 11,112,008.74 | -22.24% | | | Administrative Expenses | 8,809,145.93 | 13,278,145.18 | -33.66% | Reduced labor costs due to personnel structure optimization in the prior year | | Financial Expenses | 2,179,887.56 | 1,684,344.11 | 29.42% | | | Income Tax Expense | -39,887.50 | -18,875.67 | -111.32% | | | R&D Investment | 8,594,895.36 | 13,354,175.69 | -35.64% | Reduced labor costs due to personnel structure optimization in the prior year | | Net Cash Flow from Operating Activities | -17,519,681.46 | -10,964,644.25 | -59.78% | Delayed customer collections | | Net Cash Flow from Investing Activities | -3,512,063.15 | -16,791,849.63 | 79.08% | More idle funds used for bank wealth management in the prior year | | Net Cash Flow from Financing Activities | -512,604.90 | -5,367,507.60 | 90.45% | Repayment of controlling shareholder loans lower than prior year | | Net Increase in Cash and Cash Equivalents | -21,544,444.50 | -33,123,423.61 | 34.96% | | Revenue by Customer Industry | Industry | Operating Revenue (RMB) | Operating Cost (RMB) | Gross Margin | YoY Change in Operating Revenue | YoY Change in Operating Cost | YoY Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Broadcasting Industry | 79,699,470.05 | 60,547,508.58 | 24.03% | 25.19% | 1.78% | 17.48% | Revenue by Product | Product | Operating Revenue (RMB) | Operating Cost (RMB) | Gross Margin | YoY Change in Operating Revenue | YoY Change in Operating Cost | YoY Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | System Integration and Services | 67,642,611.49 | 55,232,016.37 | 18.35% | 6.87% | -6.94% | 12.12% | | Audio-Video Software Products and Solutions | 12,056,858.56 | 5,315,492.21 | 55.91% | 3,194.40% | 3,683.52% | -5.70% | Cost of Main Business Composition | Cost Component | Current Period Amount (RMB) | Proportion of Operating Cost | Prior Year Period Amount (RMB) | Proportion of Operating Cost | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Materials and Services | 60,547,508.58 | 96.11% | 59,349,930.96 | 97.70% | 2.02% | | Labor and Other | 2,453,461.54 | 3.89% | 1,400,093.29 | 2.30% | 75.24% | | Total | 63,000,970.12 | 100.00% | 60,750,024.25 | 100.00% | 3.71% | - Labor and other costs increased by **75.24%** year-on-year, primarily due to the subsidiary's offline large-space content operations during the reporting period[46](index=46&type=chunk) [Non-Main Business Analysis](index=16&type=section&id=四、非主营业务分析) During the reporting period, the company had no non-main businesses - The company had no non-main businesses during the reporting period[47](index=47&type=chunk) [Analysis of Assets and Liabilities](index=16&type=section&id=五、资产及负债状况分析) At the end of the reporting period, the company's total assets and net assets attributable to shareholders both decreased; monetary funds decreased, while accounts receivable and contract assets significantly grew due to increased revenue and slower collections, and inventory decreased due to project acceptance and revenue recognition Significant Changes in Asset Composition | Item | Current Period End Amount (RMB) | Proportion of Total Assets | Prior Year End Amount (RMB) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 11,415,947.87 | 5.01% | 33,016,393.73 | 13.96% | -8.95% | Used for operating expenses | | Accounts Receivable | 103,210,271.37 | 45.30% | 58,823,535.53 | 24.86% | 20.44% | Increased revenue and slower customer collections | | Contract Assets | 17,998,622.89 | 7.90% | 5,794,645.02 | 2.45% | 5.45% | Increased revenue, some payments not yet due for settlement | | Inventories | 30,356,087.85 | 13.32% | 63,512,672.34 | 26.85% | -13.53% | Revenue recognized and inventory transferred for some large projects upon acceptance | | Short-term Borrowings | 95,393,638.88 | 41.87% | 94,481,373.55 | 39.94% | 1.93% | | | Contract Liabilities | 5,946,772.26 | 2.61% | 12,615,148.01 | 5.33% | -2.72% | Revenue recognized for some projects upon acceptance, reducing advance receipts | | Notes Receivable | 752,149.60 | 0.33% | 6,799,624.00 | 2.87% | -2.54% | Some notes matured and were cashed | | Prepayments | 1,695,025.67 | 0.74% | 10,443,349.99 | 4.41% | -3.67% | Prepayments for supplier purchases delivered and warehoused | | Other Non-current Assets | 11,032,768.59 | 4.84% | 5,112,038.49 | 2.16% | 2.68% | Some contracts entered warranty period, reclassification of accounts receivable | | Notes Payable | 0.00 | 0.00% | 422,479.00 | 0.18% | -0.18% | Bank acceptance bills matured and were cashed | | Taxes Payable | 1,795,920.22 | 0.79% | 585,044.20 | 0.25% | 0.54% | Increased revenue | | Other Current Liabilities | 486,269.60 | 0.21% | 1,494,576.00 | 0.63% | -0.42% | Endorsement of bank acceptance bills with lower credit ratings matured | - The measurement attributes of the company's main assets did not undergo significant changes during the reporting period[51](index=51&type=chunk) - As of the end of the reporting period, **RMB 486,269.60** of the company's notes receivable were restricted due to bank note endorsement[51](index=51&type=chunk) [Investment Status Analysis](index=18&type=section&id=六、投资状况分析) The company had no significant equity or non-equity investments during the reporting period; regarding raised funds, the original "Ultra-HD Video Cloud Platform Project for 5G Applications (Phase I)" was terminated due to market changes, and the remaining funds were permanently used to supplement working capital - The company had no significant equity or non-equity investments during the reporting period[52](index=52&type=chunk) Overall Utilization of Raised Funds | Total Raised Capital (RMB 10,000) | Net Raised Capital (RMB 10,000) | Total Accumulated Used Raised Capital (RMB 10,000) | Total Raised Capital with Changed Use in Current Period (RMB 10,000) | Proportion of Raised Capital with Changed Use | | :--- | :--- | :--- | :--- | :--- | | 9,446.99 | 9,033.25 | 6,017.11 | 6,320.36 | 69.97% | - The company terminated the "Ultra-HD Video Cloud Platform Project for 5G Applications (Phase I)" and permanently used the remaining **RMB 64.57 million** of raised funds to supplement working capital, with the special account already canceled[55](index=55&type=chunk) - The feasibility of the raised fund project "Ultra-HD Video Cloud Platform Project for 5G Applications (Phase I)" underwent significant changes, leading to its termination[57](index=57&type=chunk)[61](index=61&type=chunk)[62](index=62&type=chunk) [Significant Asset and Equity Sales](index=22&type=section&id=七、重大资产和股权出售) During the reporting period, the company did not engage in any significant asset or equity sales - The company did not sell any significant assets or equity during the reporting period[66](index=66&type=chunk)[67](index=67&type=chunk) [Analysis of Major Holding and Participating Companies](index=22&type=section&id=八、主要控股参股公司分析) The company's major holding subsidiaries include Beijing Yijing Technology Co., Ltd. (VR/MR content operations) and Shaanxi Fenteng Interactive Network Technology Co., Ltd. (gaming products and services), both of which are currently operating at a loss Financial Performance of Major Subsidiaries | Company Name | Company Type | Main Business | Registered Capital (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | :--- | | Beijing Yijing Technology Co., Ltd. | Subsidiary | VR video and panoramic video content shooting, editing, conversion, and related technology development for broadcasting network transmission | 100,000,000.00 | -10,506,260.42 | | Shaanxi Fenteng Interactive Network Technology Co., Ltd. | Subsidiary | Gaming products and services | 10,000,000.00 | -10,367,567.38 | - Beijing Yijing Technology Co., Ltd. is actively engaged in MR large-space content operations and other related work[69](index=69&type=chunk) - Shaanxi Fenteng Interactive Network Technology Co., Ltd. focuses on TV game product development and operations, currently concentrating on VR community, VR game development, virtual-real interaction technology development, and the development and sales of existing IPTV game businesses[70](index=70&type=chunk) [Information on Structured Entities Controlled by the Company](index=23&type=section&id=九、公司控制的结构化主体情况) During the reporting period, the company did not control any structured entities - The company had no controlled structured entities during the reporting period[71](index=71&type=chunk) [Risks Faced by the Company and Countermeasures](index=24&type=section&id=十、公司面临的风险和应对措施) The company faces industry policy and market competition, financial risks, and technology iteration and investment risks; to address these, it plans to enhance profitability and market competitiveness through policy research, consolidating advantageous markets, expanding new businesses, optimizing cash flow, adjusting debt structure, accelerating R&D commercialization, and increasing R&D investment - The broadcasting industry is significantly affected by policies, requiring the company to continuously monitor policy dynamics and adjust business strategies, leveraging audio-video service technology reserves to promote 5G, virtual reality, and metaverse application collaborations[72](index=72&type=chunk) - Net profit attributable to shareholders for the reporting period was **-RMB 7.43 million**, with non-recurring net profit being negative for seven consecutive years, posing a risk of negative net assets[73](index=73&type=chunk) - The company will focus on "increasing profitability, optimizing structure, reducing pressure, and promoting transformation" by exploring new business markets, optimizing project management, strengthening accounts receivable management, suspending non-core business investments, adjusting debt structure, applying for government subsidies, promoting equity financing, and accelerating R&D commercialization to address financial risks[73](index=73&type=chunk)[74](index=74&type=chunk) - The industry in which the company operates experiences rapid technological iteration; failure to keep pace or insufficient R&D investment will lead to a decline in market competitiveness, thus the company will continue to increase R&D investment, focusing on ultra-HD, spatial computing, and smart industry applications, as well as talent development[74](index=74&type=chunk)[75](index=75&type=chunk) [Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period](index=25&type=section&id=十一、报告期内接待调研、沟通、采访等活动登记表) During the reporting period, the company did not host any research, communication, or interview activities - The company did not host any research, communication, or interview activities during the reporting period[76](index=76&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=25&type=section&id=十二、市值管理制度和估值提升计划的制定落实情况) The company has not disclosed its market value management system and valuation enhancement plan - The company has not disclosed its market value management system and valuation enhancement plan[77](index=77&type=chunk)[78](index=78&type=chunk) [Implementation of "Quality and Return Dual Improvement" Action Plan](index=26&type=section&id=十三、“质量回报双提升”行动方案贯彻落实情况) The company has not disclosed an announcement regarding its "Quality and Return Dual Improvement" action plan - The company has not disclosed an announcement regarding its "Quality and Return Dual Improvement" action plan[78](index=78&type=chunk) [Corporate Governance, Environment, and Social Responsibility](index=27&type=section&id=第四节%20公司治理、环境和社会) This section details changes in the company's directors, supervisors, and senior management, profit distribution plans, employee incentive schemes, environmental information disclosure, and social responsibility initiatives [Changes in Directors, Supervisors, and Senior Management](index=27&type=section&id=一、公司董事、监事、高级管理人员变动情况) During the reporting period, there were no changes in the company's directors, supervisors, and senior management, with specific details available in the 2024 annual report - The company's directors, supervisors, and senior management did not change during the reporting period[80](index=80&type=chunk) [Profit Distribution and Capital Reserve to Share Capital Conversion During the Reporting Period](index=27&type=section&id=二、本报告期利润分配及资本公积金转增股本情况) The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period[81](index=81&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=27&type=section&id=三、公司股权激励计划、员工持股计划或其他员工激励措施的实施情况) During the reporting period, the company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures, nor any implementation thereof - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures during the reporting period[82](index=82&type=chunk) [Environmental Information Disclosure](index=28&type=section&id=四、环境信息披露情况) The listed 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[83](index=83&type=chunk) [Social Responsibility Status](index=28&type=section&id=五、社会责任情况) This report does not disclose social responsibility information - This report does not disclose social responsibility information[83](index=83&type=chunk) [Significant Matters](index=29&type=section&id=第五节%20重要事项) This section covers the fulfillment of commitments, non-operating fund occupation, illegal external guarantees, auditor appointments, non-standard audit reports, bankruptcy reorganization, litigation, penalties, integrity status, related party transactions, and major contracts [Fulfillment of Commitments](index=29&type=section&id=一、公司实际控制人、股东、关联方、收购人以及公司等承诺相关方在报告期内履行完毕及截至报告期末超期未履行完毕的承诺事项) During the reporting period, there were no commitments made by the company's actual controller, shareholders, related parties, acquirers, or the company itself that were either fulfilled or overdue and unfulfilled as of the end of the reporting period - During the reporting period, there were no overdue and unfulfilled commitments by the company's commitment-related parties[85](index=85&type=chunk) [Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties](index=29&type=section&id=二、控股股东及其他关联方对上市公司的非经营性占用资金情况) During the reporting period, there was no non-operating occupation of the listed company's funds by the controlling shareholder or other related parties - The company had no non-operating fund occupation by controlling shareholders or other related parties during the reporting period[86](index=86&type=chunk) [Illegal External Guarantees](index=29&type=section&id=三、违规对外担保情况) During the reporting period, the company had no illegal external guarantees - The company had no illegal external guarantees during the reporting period[87](index=87&type=chunk) [Appointment and Dismissal of Accounting Firms](index=29&type=section&id=四、聘任、解聘会计师事务所情况) The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[88](index=88&type=chunk) [Explanation of "Non-Standard Audit Report" by Board of Directors, Supervisory Board, and Audit Committee](index=29&type=section&id=五、董事会、监事会、审计委员会对会计师事务所本报告期“非标准审计报告”的说明) During the reporting period, the company had no "non-standard audit report" - The company had no "non-standard audit report" during the reporting period[89](index=89&type=chunk) [Board of Directors' Explanation of "Non-Standard Audit Report" from Previous Year](index=29&type=section&id=六、董事会对上年度“非标准审计报告”相关情况的说明) During the reporting period, the company had no explanation regarding the "non-standard audit report" from the previous year - The company had no explanation regarding the "non-standard audit report" from the previous year during the reporting period[89](index=89&type=chunk) [Bankruptcy Reorganization Matters](index=29&type=section&id=七、破产重整相关事项) During the reporting period, the company did not undergo any bankruptcy reorganization matters - The company did not undergo any bankruptcy reorganization matters during the reporting period[89](index=89&type=chunk) [Litigation Matters](index=29&type=section&id=八、诉讼事项) The company has a significant contract dispute with Jishi Media Co., Ltd., involving **RMB 23.57 million**, which has been resolved through court mediation, with Jishi Media obligated to pay the contract amount by June 30, 2024, though the case acceptance fee remains unpaid Major Litigation and Arbitration Matters | Basic Information of Litigation (Arbitration) | Amount Involved (RMB 10,000) | Provision for Estimated Liabilities Formed | Progress of Litigation (Arbitration) | Outcome and Impact of Litigation (Arbitration) | Status of Judgment Enforcement for Litigation (Arbitration) | | :--- | :--- | :--- | :--- | :--- | :--- | | Contract dispute with Jishi Media Co., Ltd. | 2,357.02 | No | Already mediated by Jingyue District People's Court | Jishi Media Co., Ltd. was ordered to pay the company contract funds of RMB 23,570,159.88 and case acceptance fees of RMB 79,825 by June 30, 2024 | As of the disclosure date, contract funds of RMB 23,570,159.88 have been received, but the case acceptance fee of RMB 79,825 has not yet been received | [Penalties and Rectification Status](index=30&type=section&id=九、处罚及整改情况) During the reporting period, the company had no penalties or rectification situations - The company had no penalties or rectification situations during the reporting period[91](index=91&type=chunk) [Integrity Status](index=30&type=section&id=十、公司及其控股股东、实际控制人的诚信状况) During the reporting period, the company, its controlling shareholder, and actual controller had no unfulfilled effective court judgments or large overdue debts - The company, its controlling shareholder, and actual controller maintain good integrity, with no unfulfilled effective court judgments or similar situations[92](index=92&type=chunk) [Significant Related Party Transactions](index=30&type=section&id=十一、重大关联交易) During the reporting period, the company had no related party transactions related to daily operations, asset or equity acquisitions/disposals, joint external investments, related party creditor-debtor relationships, or dealings with financial companies - The company had no related party transactions related to daily operations during the reporting period[92](index=92&type=chunk) - The company had no related party transactions involving asset or equity acquisitions or disposals during the reporting period[93](index=93&type=chunk) - The company had no related party creditor-debtor relationships during the reporting period[95](index=95&type=chunk) [Major Contracts and Their Performance](index=31&type=section&id=十二、重大合同及其履行情况) During the reporting period, the company had no entrustment, contracting, leasing, or significant guarantee matters; in its daily operations, the company has a major contract with China Construction Co., Ltd. totaling **RMB 200.92 million**, which is currently being executed, with **RMB 180.13 million** in sales revenue cumulatively recognized - The company had no entrustment, contracting, or leasing situations during the reporting period[99](index=99&type=chunk)[100](index=100&type=chunk)[101](index=101&type=chunk) - The company had no significant guarantee situations during the reporting period[102](index=102&type=chunk) Major Contracts in Daily Operations | Company Party to Contract | Counterparty to Contract | Total Contract Amount (RMB 10,000) | Contract Performance Progress | Sales Revenue Recognized in Current Period (RMB 10,000) | Cumulative Sales Revenue Recognized (RMB 10,000) | Accounts Receivable Collection Status | Significant Risk of Contract Non-Performance | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shenzhen Avit Technology Co., Ltd. | China Construction Co., Ltd. | 20,092.00 | In progress | 4,065.35 | 18,013.20 | 16,563.89 | No | [Explanation of Other Significant Matters](index=32&type=section&id=十三、其他重大事项的说明) 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) [Significant Matters of Company Subsidiaries](index=32&type=section&id=十四、公司子公司重大事项) During the reporting period, the company's subsidiaries had no significant matters - The company's subsidiaries had no significant matters during the reporting period[107](index=107&type=chunk) [Share Changes and Shareholder Information](index=33&type=section&id=第六节%20股份变动及股东情况) This section details changes in the company's share capital, securities issuance, shareholder numbers, and holdings, as well as changes in directors', supervisors', and senior management's shareholdings and controlling shareholder information [Share Changes](index=33&type=section&id=一、股份变动情况) During the reporting period, the company's restricted shares decreased by 16,681, unrestricted shares increased by 16,681, and total share capital remained unchanged, primarily due to the release of restricted shares into circulation Share Changes | Item | Quantity Before Change (shares) | Proportion | Increase/Decrease in This Change (shares) | Quantity After Change (shares) | Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 60,445,246 | 14.03% | -16,681 | 60,428,565 | 14.03% | | Of which: Shares held by domestic natural persons | 60,445,246 | 14.03% | -16,681 | 60,428,565 | 14.03% | | II. Unrestricted Shares | 370,412,272 | 85.97% | 16,681 | 370,428,953 | 85.97% | | Of which: RMB ordinary shares | 370,412,272 | 85.97% | 16,681 | 370,428,953 | 85.97% | | III. Total Shares | 430,857,518 | 100.00% | 0 | 430,857,518 | 100.00% | - During the reporting period, the reasons for share changes, approval status, transfer status, and progress of share repurchases were either not applicable or did not occur[111](index=111&type=chunk) [Securities Issuance and Listing](index=34&type=section&id=二、证券发行与上市情况) 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) [Company Shareholder Numbers and Shareholding Status](index=34&type=section&id=三、公司股东数量及持股情况) As of the end of the reporting period, the total number of ordinary shareholders was 34,703; among the top ten shareholders, Chen Kunjiang was the largest shareholder with 18.63% of shares, having pledged **7.1 million** shares, and held **20,062,441** unrestricted circulating shares - As of the end of the reporting period, the total number of ordinary shareholders was **34,703**[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) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Chen Kunjiang | Domestic Natural Person | 18.63% | 80,249,765 | 60,187,324 | 20,062,441 | Pledged | 7,100,000 | | Qiu Jiafen | Domestic Natural Person | 1.57% | 6,770,898 | 4,450,800 | 6,770,898 | Not Applicable | 0 | | Liu Jinxia | Domestic Natural Person | 0.84% | 3,600,000 | 3,599,900 | 3,600,000 | Not Applicable | 0 | | MORGAN STANLEY & CO. INTERNATIONAL PLC. | Overseas Legal Person | 0.83% | 3,557,864 | 1,932,052 | 3,557,864 | Not Applicable | 0 | | BARCLAYS BANK PLC | Overseas Legal Person | 0.80% | 3,433,630 | 2,637,013 | 3,433,630 | Not Applicable | 0 | - The company is unaware if the aforementioned shareholders have any关联关系 (related party relationships) or are acting in concert[113](index=113&type=chunk) - Shareholders Yang Xu and Liu Yong hold shares through both ordinary securities accounts and margin trading accounts[114](index=114&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=36&type=section&id=四、董事、监事和高级管理人员持股变动) During the reporting period, there were no changes in the shareholdings of the company's directors, supervisors, and senior management, as detailed in the 2024 annual report - The company's directors, supervisors, and senior management had no changes in shareholdings during the reporting period[115](index=115&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=36&type=section&id=五、控股股东或实际控制人变更情况) During the reporting period, there were no changes in the company's controlling shareholder or actual controller - The company's controlling shareholder and actual controller did not change during the reporting period[116](index=116&type=chunk) [Preferred Share Information](index=37&type=section&id=六、优先股相关情况) 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) [Bond-Related Information](index=38&type=section&id=第七节%20债券相关情况) This section confirms that the company had no bond-related activities or outstanding bonds during the reporting period [Bond-Related Information](index=38&type=section&id=债券相关情况) 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) [Financial Report](index=39&type=section&id=第八节%20财务报告) This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with detailed notes on accounting policies, tax items, and financial statement items [Audit Report](index=39&type=section&id=一、审计报告) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[121](index=121&type=chunk) [Financial Statements](index=39&type=section&id=二、财务报表) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, comprehensively presenting the financial position and operating results at the end of the reporting period - Financial statements include the consolidated balance sheet, parent company balance sheet, consolidated income statement, parent company income statement, consolidated cash flow statement, parent company cash flow statement, consolidated statement of changes in owners' equity, and parent company statement of changes in owners' equity[122](index=122&type=chunk)[126](index=126&type=chunk)[130](index=130&type=chunk)[134](index=134&type=chunk)[137](index=137&type=chunk)[140](index=140&type=chunk)[142](index=142&type=chunk)[148](index=148&type=chunk) [Company Basic Information](index=56&type=section&id=三、公司基本情况) Shenzhen Avit Technology Co., Ltd. was established on October 22, 2000, with a registered capital of **RMB 430.86 million**, and Chen Kunjiang as its legal representative; the company operates in the digital TV industry, focusing on R&D and sales of digital TV equipment and software, value-added telecom services, and video surveillance products, with a history of multiple capital changes, most recently a private placement in 2022 - The company's Chinese name is 深圳市佳创视讯技术股份有限公司, established on October 22, 2000, with a registered capital of **RMB 430.86 million**, and Chen Kunjiang as its legal representative[153](index=153&type=chunk) - The company operates in the digital TV industry, with a main business scope including R&D and system integration of digital TV multi-functional equipment and software, value-added telecom services, and video surveillance products[159](index=159&type=chunk) - The company's historical evolution shows multiple capital changes, most recently a private placement of **17,757,518** shares in 2022, increasing capital by **RMB 17,757,518.00**[159](index=159&type=chunk) [Basis of Financial Statement Preparation](index=57&type=section&id=四、财务报表的编制基础) The company's financial statements are prepared on a going concern basis, in accordance with enterprise accounting standards and relevant regulations from the China Securities Regulatory Commission, using the accrual basis of accounting, and measured at historical cost except for financial instruments - Financial statements are prepared on a going concern basis, in accordance with enterprise accounting standards and CSRC's "Information Disclosure and Compilation Rules for Companies Issuing Securities to the Public No. 15"[162](index=162&type=chunk) - Accounting is based on the accrual method, and except for certain financial instruments, all items are measured at historical cost[162](index=162&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 the 12 months following the end of the reporting period[163](index=163&type=chunk) [Significant Accounting Policies and Accounting Estimates](index=58&type=section&id=五、重要会计政策及会计估计) This section details the company's adherence to enterprise accounting standards, accounting periods, operating cycles, functional currency, materiality criteria, business combinations, consolidated financial statement preparation, financial instruments, and revenue recognition, ensuring transparency and comparability of financial information - The financial statements prepared by the company comply with enterprise accounting standards, accurately and completely reflecting its financial position, operating results, and cash flows[165](index=165&type=chunk) - The accounting year follows the calendar year, from January 1 to December 31 annually[166](index=166&type=chunk) - RMB is the functional currency for the company and its domestic subsidiaries, while Hong Kong Dollar is the functional currency for overseas subsidiaries[168](index=168&type=chunk) - The classification, recognition, and measurement of financial assets are detailed, including those measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss[185](index=185&type=chunk)[186](index=186&type=chunk)[187](index=187&type=chunk) - Revenue recognition principles state that revenue is recognized when the customer obtains control of the related goods, and performance progress is determined using either the input method or output method based on the nature of the performance obligation[249](index=249&type=chunk)[250](index=250&type=chunk) - Inventory classifications include work-in-progress, finished goods, and goods in transit, valued using the moving weighted average method and measured at the lower of cost or net realizable value[205](index=205&type=chunk)[206](index=206&type=chunk) [Taxes](index=82&type=section&id=六、税项) This section discloses the company's main tax categories and rates, including VAT, urban maintenance and construction tax, enterprise income tax, and education surcharges; the company benefits from VAT refunds for software and integrated circuit products, receiving **RMB 490,027.59** in refunds this period Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Taxable Value-Added Amount | 13%, 6% | | Urban Maintenance and Construction Tax | Based on Actual Paid Turnover Tax | 7% | | Enterprise Income Tax | Taxable Income for Enterprise Income Tax | 15%, 25% | | Education Surcharge / Local Education Surcharge | Based on Actual Paid Turnover Tax | 3%, 2% | | Profits Tax | Taxable Profits for Profits Tax | 8.25% | Taxable Entities with Different Enterprise Income Tax Rates | Taxable Entity Name | Income Tax Rate | | :--- | :--- | | Shenzhen Avit Technology Co., Ltd. | 15% | | Shaanxi Fenteng Interactive Network Technology Co., Ltd. | 15% | | Avit Technology (Hong Kong) Trading Co., Ltd. | 8.25% | | Other Subsidiaries | 25% | - The company received **RMB 490,027.59** in VAT refunds for software and integrated circuit products this period, compared to **RMB 80,128.82** in the prior year period[274](index=274&type=chunk) [Notes to Consolidated Financial Statement Items](index=83&type=section&id=七、合并财务报表项目注释) This section provides detailed notes on various consolidated financial statement items, including assets, liabilities, owners' equity, income, costs, and expenses, explaining the reasons for changes in period-end balances compared to period-beginning balances - Monetary funds at period-end were **RMB 11.42 million**, a **65.42%** decrease from the beginning of the year, primarily due to operating expenditures during the reporting period[275](index=275&type=chunk) - Accounts receivable at period-end were **RMB 207.86 million**, a **29.58%** increase from the beginning of the year, mainly due to increased revenue from project acceptance and slower customer collections during the reporting period[288](index=288&type=chunk)[291](index=291&type=chunk) - Inventories at period-end were **RMB 30.36 million**, a **52.19%** decrease from the beginning of the year, primarily due to revenue recognition and inventory transfer for some large projects upon acceptance during the reporting period[332](index=332&type=chunk) - Other non-current assets at period-end were **RMB 11.03 million**, a **115.82%** increase from the beginning of the year, mainly due to some contracts entering the warranty period and reclassification of accounts receivable to other non-current assets[378](index=378&type=chunk) - Investment income for the current reporting period was **-RMB 2.05 million**, primarily due to the amount of obligations assumed from equity-accounted external investments during the reporting period[432](index=432&type=chunk) [Research and Development Expenses](index=120&type=section&id=八、研发支出) During the reporting period, the company's total R&D investment was **RMB 8.59 million**, a **35.64%** year-on-year decrease, comprising **RMB 6.95 million** in expensed R&D and **RMB 1.64 million** in capitalized R&D, primarily due to reduced labor costs from personnel structure optimization in the prior year R&D Expenditure | Item | Amount in Current Period (RMB) | Amount in Prior Period (RMB) | | :--- | :--- | :--- | | Labor Costs | 6,899,211.07 | 9,988,712.68 | | Travel Expenses | 220,072.17 | 203,895.33 | | Depreciation and Amortization | 229,580.02 | 194,138.54 | | Office Expenses | 39,907.64 | 36,828.37 | | Materials and Tools | 529.63 | 12,725.59 | | Other | 1,205,594.83 | 2,917,875.18 | | **Total** | **8,594,895.36** | **13,354,175.69** | | Of which: Expensed R&D | 6,951,999.26 | 9,742,091.44 | | Capitalized R&D | 1,642,896.10 | 3,612,084.25 | - R&D investment decreased by **35.64%** year-on-year, primarily due to reduced labor costs from personnel structure optimization in the prior year[41](index=41&type=chunk) Capitalized R&D Projects | Project | Beginning Balance (RMB) | Amount Increased in Current Period (Internal Development Expenditure) (RMB) | Recognized as Intangible Assets (RMB) | Transferred to Current Period Profit/Loss (RMB) | Ending Balance (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | | Ultra-Low Latency Live Streaming System Project | 0 | 781,051.86 | 0 | 338,582.65 | 442,469.21 | | Ultra-HD Video Platform System Project | 0 | 1,586,548.60 | 0 | 541,210.50 | 1,045,338.10 | | XR Content Production Platform System | 1,210,770.69 | 250,156.14 | 1,365,859.48 | 95,067.35 | 0 | | **Total** | **1,210,770.69** | **2,617,756.60** | **1,365,859.48** | **974,860.50** | **1,487,807.31** | [Changes in Consolidation Scope](index=121&type=section&id=九、合并范围的变更) During the reporting period, the company did not experience changes in its consolidation scope due to non-same-control business combinations, same-control business combinations, reverse acquisitions, or disposal of subsidiaries - During the reporting period, the company did not experience non-same-control business combinations[473](index=473&type=chunk) - During the reporting period, the company did not experience same-control business combinations[477](index=477&type=chunk) - During the reporting period, the company did not experience reverse acquisitions[480](index=480&type=chunk) - During the reporting period, the company did not experience transactions or events leading to loss of control over subsidiaries[480](index=480&type=chunk) [Interests in Other Entities](index=125&type=section&id=十、在其他主体中的权益) This section discloses the company's interests in subsidiaries, joint ventures, and associates; the company has seven subsidiaries, including Shanghai Midiya Cloud Technology Co., Ltd., which is consolidated despite 40% ownership due to the company's control over its operations, and two significant associates: Henan Smart Zhongyuan Information Technology Co., Ltd. and Beijing Huanjing Shuyan Technology Co., Ltd Composition of Enterprise Group | Subsidiary Name | Registered Capital (RMB) | Business Nature | Shareholding Proportion (Direct) | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | | Shenzhen Avit Software Co., Ltd. | 20,000,000.00 | Software development industry | 100.00% | Investment Establishment | | Avit Technology (Hong Kong) Trading Co., Ltd. | HKD 543,809.00 | Import and export trade of system products and software | 100.00% | Investment Establishment | | Shenzhen Avit Technology Culture Media Co., Ltd. | 50,350,000.00 | Technical consulting | 100.00% | Investment Establishment | | Shenzhen Illusion Line Technology Co., Ltd. | 50,000,000.00 | Operating virtual reality (metaverse) related businesses; developing and operating VR live streaming application platforms, etc. | 100.00% | Investment Establishment | | Shanghai Midiya Cloud Technology Co., Ltd. | 10,000,000.00 | R&D of cloud video communication systems and operation of business platforms | 40.00% | Investment Establishment | | Beijing Yijing Technology Co., Ltd. | 100,000,000.00 | VR video and panoramic video content shooting, editing, conversion, and related technology development for broadcasting network transmission | 100.00% | Investment Establishment | | Shaanxi Fenteng Interactive Network Technology Co., Ltd. | 10,000,000.00 | Gaming products and services | 100.00% | Business Combination Not Under Common Control | - Although Shanghai Midiya Cloud Technology Co., Ltd. is 40% owned, the company has control over it and includes it in the consolidation scope due to its ability to recommend executive directors and determine business plans and investment proposals[481](index=481&type=chunk)[483](index=483&type=chunk) Significant Associates | Associate Name | Main Operating Location | Business Nature | Shareholding Proportion (Direct) | Accounting Method | | :--- | :--- | :--- | :--- | :--- | | Henan Smart Zhongyuan Information Technology Co., Ltd. | Henan Province | Construction and operation of broadcasting network digital TV platforms, construction and operation of smart broadcasting platforms | 35.00% | Equity Method | | Beijing Huanjing Shuyan Technology Co., Ltd. | Beijing | Technical services, technology development, technical consulting, software development; animation game development; network technical services, etc. | 36.00% | Equity Method | [Government Grants](index=131&type=section&id=十一、政府补助) During the reporting period, the company's government grants were primarily recognized in other income, totaling **RMB 4,048,776.61** this period, compared to **RMB 2,667,273.38** in the prior period; government grants in deferred income had an ending balance of **RMB 198,098.22** Government Grants Included in Current Period Profit/Loss | Accounting Item | Amount in Current Period (RMB) | Amount in Prior Period (RMB) | | :--- | :--- | :--- | | Other Income | 4,048,776.61 | 2,667,273.38 | Liability Items Involving Government Grants | Accounting Item | Beginning Balance (RMB) | New Grants in Current Period (RMB) | Amount Included in Non-Operating Income in Current Period (RMB) | Amount Transferred to Other Income in Current Period (RMB) | Ending Balance (RMB) | Related to Assets/Income | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 225,248.10 | 0.00 | 0.00 | 27,149.88 | 198,098.22 | Related to Assets/Income | [Risks Related to Financial Instruments](index=132&type=section&id=十二、与金融工具相关的风险) The company faces market risks (exchange rate risk, interest rate risk, other price risks), credit risk, and liquidity risk, which it manages through sensitivity analysis, holding diversified equity portfolios, and monitoring cash and borrowing utilization - The company's main financial instruments include accounts receivable, notes receivable, borrowings, and accounts payable, with risk management aiming to balance risk and return while minimizing negative impacts[501](index=501&type=chunk) - The company faces market risks (exchange rate risk, interest rate risk, other price risks); exchange rate risk is primarily related to HKD and USD, while interest rate risk mainly arises from RMB-denominated fixed-rate bank borrowings[502](index=502&type=chunk)[503](index=503&type=chunk)[504](index=504&type=chunk) - Credit risk primarily stems from financial assets, with the company measuring impairment provisions based on expected credit losses, considering historical statistical data and forward-looking information[508](index=508&type=chunk) - Liquidity risk is managed by maintaining sufficient cash and cash equivalents and monitoring bank borrowing utilization; as of June 30, 2025, the company had an unused bank borrowing facility of **RMB 11.00 million**[509](index=509&type=chunk) [Disclosure of Fair Value](index=134&type=section&id=十三、公允价值的披露) This section discloses the fair value of the company's assets and liabilities measured at fair value at period-end, explaining the valuation methods, with short-term notes receivable valued at their face amount - For notes receivable held, due to their short term, the company determines their fair value using the face amount[515](index=515&type=chunk) [Related Parties and Related Party Transactions](index=135&type=section&id=十四、关联方及关联交易) The company has no parent company, with natural person Chen Kunjiang as the ultimate controlling party; this section discloses subsidiaries, associates, and other related parties, detailing related party leases, guarantees, and fund transfers during the reporting period, including Chen Kunjiang providing guarantees for multiple company borrowings and engaging in fund transfers with the company - The company has no parent company, and natural person Chen Kunjiang, holding **18.63%** of the company's equity, is the ultimate controlling party[518](index=518&type=chunk) The Company as the Guaranteed Party (Related Party Guarantees) | Guarantor | Guaranteed Amount (RMB) | Guarantee Start Date | Guarantee End Date | Guarantee Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Chen Kunjiang | 2,000,000.00 | 2024-01-15 | 2025-01-23 | Yes | | Chen Kunjiang | 10,000,000.00 | 2024-03-05 | 2025-02-04 | Yes | | Chen Kunjiang | 10,000,000.00 | 2023-11-08 | 2026-11-07 | No | | Chen Kunjiang and Family | 15,000,000.00 | 2023-12-20 | 2025-08-29 | No | | Chen Kunjiang, Chen Xusheng | 60,000,000.00 | 2024-01-15 | 2026-03-27 | No | | Chen Kunjiang, Shenzhen Hi-Tech Investment Guarantee Co., Ltd. | 12,000,000.00 | 2024-08-15 | 2025-08-15 | No | | Chen Kunjiang | 16,000,000.00 | 2024-11-26 | 2025-11-20 | No | | Chen Kunjiang | 20,000,000.00 | 2025-03-07 | 2026-03-07 | No | | Chen Kunjiang | 10,000,000.00 | 2025-04-03 | 2026-04-03 | No | Related Party Fund Borrowings (Borrowed In) | Related Party | Borrowed Amount (RMB) | Start Date | End Date | Description | | :--- | :--- | :--- | :--- | :--- | | Chen Kunjiang | 1,000,000.00 | 2024-06-27 | 2024-07-31 | Repaid | | Chen Kunjiang | 1,400,000.00 | 2024-06-27 | 2024-11-06 | Repaid | | Chen Kunjiang | 500,000.00 | 2024-06-27 | 2025-01-23 | Repaid | | Chen Kunjiang | 200,000.00 | 2024-06-27 | 2025-03-07 | Repaid | | Chen Kunjiang | 5,900,000.00 | 2024-06-27 | 2025-07-26 | Unrepaid | | Chen Kunjiang | 13,000,000.00 | 2022-12-28 | 2025-07-26 | Unrepaid | Related Party Fund Borrowings (Lent Out) | Related Party | Lent Amount (RMB) | Start Date | End Date | Description | | :--- | :--- | :--- | :--- | :--- | | Chen Kunjiang | 9,000,000.00 | 2024-06-27 | 2025-07-26 | Unrepaid | Key Management Personnel Remuneration | Item | Amount in Current Period (RMB) | Amount in Prior Period (RMB) | | :--- | :--- | :--- | | Key Management Personnel Remuneration | 1,963,889.74 | 2,910,936.13 | Related Party Payables | Item Name | Related Party | Ending Book Balance (RMB) | Beginning Book Balance (RMB) | | :--- | :--- | :--- | :--- | | Other Payables | Chen Kunjiang | 28,582,073.96 | 28,940,415.28 | [Commitments and Contingencies](index=139&type=section&id=十五、承诺及或有事项) During the reporting period, the company had no significant commitments or important contingencies requiring disclosure - During the reporting period, the company had no significant commitments[538](index=538&type=chunk) - The company had no important contingencies requiring disclosure[538](index=538&type=chunk) [Post-Balance Sheet Events](index=140&type=section&id=十六、资产负债表日后事项) After the reporting period, the company experienced no significant non-adjusting events, profit distribution, sales returns, or other post-balance sheet events - After the reporting period, the company experienced no significant non-adjusting events, profit distribution, sales returns, or other post-balance sheet events[540](index=540&type=chunk) [Other Significant Matters](index=140&type=section&id=十七、其他重要事项) During the reporting period, the company had no other significant matters such as prior period accounting error corrections, debt restructuring, asset swaps, annuity plans, discontinued operations, or segment information - During the reporting period, the company had no other significant matters such as prior period accounting error corrections, debt restructuring, asset swaps, annuity plans, discontinued operations, or segment information[541](index=541&type=chunk)[542](index=542&type=chunk)[543](index=543&type=chunk)[545](index=545&type=chunk)[546](index=546&type=chunk)[547](index=547&type=chunk) [Notes to Parent Company Financial Statement Major Items](index=142&type=section&id=十八、母公司财务报表主要项目注释) This section provides detailed notes on major items in the parent company's financial statements, including accounts receivable, other receivables, long-term equity investments, operating revenue and cost, and investment income, explaining the reasons for changes in period-end balances compared to period-beginning balances - Parent company accounts receivable at period-end were **RMB 199.36 million**, a **31.96%** increase from the beginning of the year, primarily due to increased revenue from project acceptance and slower customer collections[550](index=550&type=chunk)[552](index=552&type=chunk) - Parent company other receivables at period-end were **RMB 9.02 million**, a **56.50%** decrease from the beginning of the year, primarily due to the repayment of subsidiary loans[562](index=562&type=chunk)[564](index=564&type=chunk) - Parent company long-term equity investments at period-end had a book value of **RMB 70.72 million**, a **0.81%** increase from the beginning of the year, primarily due to increased investment in associates during the current period[578](index=578&type=chunk) - Parent company operating revenue for the current period was **RMB 79.70 million**, a **25.75%** increase from the prior period[582](index=582&type=chunk) - Parent company investment income for the current period was **-RMB 1.33 million**, primarily due to negative investment income from long-term equity investments accounted for using the equity method[587](index=587&type=chunk) [Supplementary Information](index=151&type=section&id=十九、补充资料) This section provides supplementary information, including a detailed statement of non-recurring gains and losses, net asset return, and earnings per share; during the reporting period, the company's total non-recurring gains and losses amounted to **RMB 4,207,434.61**, with a weighted average return on net assets of **-31.73%** and basic earnings per share of **-0.0172 RMB/share** Current Period Non-Recurring Gains and Losses Details | Item | Amount (RMB) | | :--- | :--- | | Disposal Gains/Losses on Non-Current Asset

Core Insights - The stock price of Jiachuan Video (300264) closed at 6.58 yuan on August 25, 2025, down 0.75% with a turnover rate of 8.19% and a trading volume of 303,300 hands, amounting to 200 million yuan in transaction value [1] - The latest financial report for the first quarter of 2025 shows total operating revenue of 56.1027 million yuan, a year-on-year increase of 207.34%, and a net profit attributable to shareholders of 1.9401 million yuan, up 115.85% year-on-year [1] - The company has a high asset-liability ratio of 87.79%, with a current ratio of 0.882 and a quick ratio of 0.699 [1] Financial Performance - Total operating revenue for Q1 2025: 56.1027 million yuan, up 207.34% year-on-year [1] - Net profit attributable to shareholders: 1.9401 million yuan, up 115.85% year-on-year [1] - Deducted non-recurring profit and loss net profit: 1.2535 million yuan, up 90.80% year-on-year [1] - Current ratio: 0.882, quick ratio: 0.699, asset-liability ratio: 87.79% [1] Capital Flow - Main capital outflow today: 20.3253 million yuan, accounting for 10.17% of transaction value [1] - Large single orders net outflow: 5.9121 million yuan, accounting for 2.96% of transaction value [1] - Small single orders net inflow: 15.5924 million yuan, accounting for 7.8% of transaction value [1] Company Overview - Jiachuan Video Technology Co., Ltd. was established in 2000 and is located in Shenzhen, primarily engaged in software and information technology services [2] - The company has invested in 12 enterprises and participated in 362 bidding projects [2] - Intellectual property includes 9 trademarks and 61 patents, along with 14 administrative licenses [2]

Group 1 - The core viewpoint of the article highlights the financial performance and market activity of Jiachuan Vision Technology Co., Ltd. as of August 19, 2025, showing significant revenue growth and a positive stock performance [1][3] - Jiachuan Vision reported a total operating revenue of 56.10 million yuan for Q1 2025, representing a year-on-year increase of 207.34% [1] - The company's net profit attributable to shareholders reached 1.94 million yuan, up 115.85% year-on-year, while the non-recurring net profit was 1.25 million yuan, reflecting a 90.80% increase [1] Group 2 - The company has a registered capital of 4.31 billion yuan and was established in 2000, primarily engaged in software and information technology services [1] - Jiachuan Vision has made investments in 12 enterprises and participated in 362 bidding projects, indicating active engagement in business development [2] - The company holds 9 trademark registrations and 61 patents, along with 14 administrative licenses, showcasing its commitment to innovation and compliance [2]

Core Viewpoint - The control change at Jiachuan Vision (佳创视讯) has drawn significant attention, reflecting the company's ongoing financial struggles and the strategic shift of its controlling shareholders [1][3][5] Control Change Details - On August 10, Jiachuan Vision announced a change in its controlling shareholder from Chen Kunjiang to the couple Mao Guangfu and Li Li, with the control transfer executed through a voting rights delegation rather than direct share transfer [2][3] - Chen Kunjiang will transfer 4.6564% of shares to Li Li and delegate voting rights for an additional 13.9692% of shares to Mao Guangfu [3] Financial Performance - Jiachuan Vision has reported losses for six consecutive years, with a projected net profit of -58.05 million yuan for 2024 [8] - The company's revenue heavily relies on the broadcasting system integration business, which has a low gross margin of only 3.55% in 2024, significantly below the industry average [9] Debt and Cash Flow Issues - The company has a high debt ratio, reaching 89.15% by the end of 2024, and has consistently negative cash flow from operating activities since 2020 [10][11] - The reliance on external financing has increased due to persistent cash flow issues, with significant amounts tied up in accounts receivable and high operational costs [11][12] Strategic Implications - The new controlling shareholders may seek to leverage Jiachuan Vision as a platform for their lithium battery equipment business, potentially facilitating future asset injections [5][6] - The previous controlling shareholder's exit reflects a strategic decision in response to the company's deteriorating financial health and the need for new resources [4][5]

Group 1 - The core point of the article is the change of control at Jiachuan Video, where the actual controller will shift from Chen Kunjian to Mao Guangfu and Li Li, who are also the controlling shareholders of Ruineng Co., Ltd [3][7] - Ruineng Co., Ltd has been attempting to go public since 2017, undergoing three rounds of guidance from different securities firms, and has shifted its target from the Growth Enterprise Market to the Beijing Stock Exchange [1][8] - The control transfer plan for Jiachuan Video consists of share transfer, voting rights delegation, and a directed share issuance, aiming to raise up to 354 million yuan for working capital and debt repayment [4] Group 2 - Chen Kunjian will transfer 4.66% of his shares in Jiachuan Video to Li Li and delegate the voting rights of his remaining 13.97% shares to Mao Guangfu [4] - Jiachuan Video has faced continuous losses since 2019, with a net profit of -599 million yuan as of the end of 2024, and is at risk of delisting if certain financial thresholds are not met [6][10] - The new controlling shareholders, Mao Guangfu and Li Li, are also linked to Ruineng Co., Ltd, which has faced challenges in its IPO process due to insufficient profit margins and multiple inquiries from the Shenzhen Stock Exchange [8][9] Group 3 - Ruineng Co., Ltd's financial performance has been declining, with net profits of 99 million yuan, 52 million yuan, and 65 million yuan from 2019 to 2021, representing a cumulative drop of over 30% [9] - The company has resumed its IPO efforts in December 2023 with Guosen Securities as the new advisor, targeting the Beijing Stock Exchange [8][10] - The industry outlook for Ruineng Co., Ltd appears challenging, with many comparable companies in the lithium battery equipment sector experiencing revenue declines [9][10]

Group 1 - The core viewpoint of the article highlights the recent performance and financial metrics of Jiachuan Video Technology Co., Ltd. as of August 12, 2025, indicating a decline in stock price and significant revenue growth [1] - The company's stock closed at 6.67 yuan, down 2.06%, with a turnover rate of 13.37% and a trading volume of 495,100 hands, amounting to a transaction value of 328 million yuan [1] - The net outflow of main funds was 12.61 million yuan, accounting for 3.85% of the transaction value, with large orders showing a net outflow of 14.09 million yuan [1] Group 2 - For the first quarter of 2025, the company reported total operating revenue of 56.1 million yuan, representing a year-on-year growth of 207.34%, and a net profit attributable to shareholders of 1.94 million yuan, up 115.85% [1] - The company has a current ratio of 0.882, a quick ratio of 0.699, and a debt-to-asset ratio of 87.79% [1] - Jiachuan Video has invested in 12 companies, participated in 361 bidding projects, and holds 9 trademarks and 61 patents, along with 14 administrative licenses [2]