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ST任子行2025年中报简析:营收上升亏损收窄
Zheng Quan Zhi Xing· 2025-08-26 22:39
Core Viewpoint - ST Renzihang (300311) reported an increase in revenue and a reduction in losses for the first half of 2025, with total operating revenue reaching 111 million yuan, a year-on-year increase of 29.36%, and a net profit attributable to shareholders of -69.29 million yuan, an improvement of 28.59% compared to the previous year [1] Financial Performance Summary - Total operating revenue for 2025 reached 111 million yuan, up 29.36% from 85.84 million yuan in 2024 [1] - Net profit attributable to shareholders improved to -69.29 million yuan from -97.03 million yuan, reflecting a 28.59% year-on-year increase [1] - The gross profit margin was 53.66%, a slight decrease of 0.13% from the previous year [1] - The net profit margin improved significantly to -64.00%, an increase of 43.97% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 70.94 million yuan, accounting for 63.88% of revenue, a decrease of 33.3% compared to the previous year [1] - Earnings per share improved to -0.10 yuan, a 28.54% increase from -0.14 yuan in the previous year [1] Cash Flow and Debt Management - Operating cash flow per share improved to -0.06 yuan, a 49.26% increase from -0.12 yuan [1] - The company reported a significant reduction in interest-bearing debt, decreasing by 58.69% to 20.89 million yuan [1] - Cash and cash equivalents decreased by 6.64% to 143 million yuan [1] Cost Structure Analysis - Operating costs increased by 29.55%, attributed to the rise in revenue [2] - Selling expenses decreased by 21.39%, primarily due to reduced wage expenses [2] - Management expenses fell by 8.58%, also due to lower wage costs [3] - Financial expenses surged by 129.19%, mainly due to increased exchange losses [3] Investment and Cash Flow Activities - Research and development expenses decreased by 18.72%, attributed to reduced wage costs [5] - Net cash flow from operating activities increased by 49.26%, driven by higher cash receipts from sales [5] - Net cash flow from investing activities plummeted by 604.85%, due to increased purchases of financial products [5] - Net cash flow from financing activities decreased by 197.1%, due to reduced cash from borrowings and increased cash outflows for loan repayments [6] - The net increase in cash and cash equivalents fell by 170.11%, reflecting higher cash outflows from investment and financing activities [6] Business Model and Historical Performance - The company's performance relies heavily on research and development, necessitating a thorough examination of the underlying drivers [6] - Historical data indicates a median Return on Invested Capital (ROIC) of -3.11% over the past decade, with a particularly poor performance in 2016 at -34.31% [6] - The company has reported losses in 6 out of 12 annual reports since its listing, indicating a generally weak financial history [6]
ST任子行(300311.SZ):上半年净亏损6929.01万元
Ge Long Hui A P P· 2025-08-25 12:27
Core Viewpoint - ST Renzi Hang (300311.SZ) reported a significant increase in revenue for the first half of 2025, with total operating income reaching 111.04 million yuan, a year-on-year growth of 29.36%, while the net profit attributable to shareholders showed a reduced loss of 69.29 million yuan, a decrease in loss of 28.59% [1] Group 1: Financial Performance - The company achieved total operating revenue of 111.04 million yuan, reflecting a year-on-year increase of 29.36% [1] - The net profit attributable to shareholders was -69.29 million yuan, indicating a reduction in loss by 28.59% compared to the previous year [1] Group 2: Business Growth Drivers - The net asset management business generated revenue of 53.20 million yuan, marking an impressive year-on-year growth of 80.52% [1] - Growth in the net asset management sector was attributed to earlier signing of bidding and procurement framework agreements in the telecommunications industry, leading to increased collection and revenue [1] - Successful projects in areas such as anti-fraud, IDC, ISP, and classification and grading contributed to revenue growth due to client recognition in the telecommunications sector [1] Group 3: Operational Efficiency - The company has made progress in enhancing internal management and optimizing organizational structure, which has improved overall operational efficiency [1] - Effective collaboration among departments has ensured smooth project execution, leading to reduced project delivery cycles and acceptance times [1] - Overall expenses have been effectively lowered as part of the operational improvements [1]
ST任子行(300311) - 2025年半年度非经营性资金占用及其他关联资金往来情况汇总表
2025-08-25 11:47
单位:人民币元 非经营性资金占用 资金占用方名称 占用方与上市公 司的关联关系 上市公司核 算的会计科 目 2025年期初 占用资金余 额 2025年半年 度占用累计 发生金额( 不含利息) 2025年 半年度 占用资 金的利 息(如 有) 2025年半年 度偿还累计 发生金额 2025年半年 度期末占用 资金余额 占用形成原因 占用性质 控股股东、实际控制 人及其附属企业 小计 - - - - - 前控股股东、实际控 制人及其附属企业 小计 - - - - - 其他关联方及其附属 企业 小计 总计 - - - - - 其他关联资金往来 资金往来方名称 往来方与上市公 司的关联关系 上市公司核 算的会计科 目 2025年期初 往来资金余 额 2025半年度 往来累计发 生金额(不 含利息) 2025半 年度往 来资金 的利息( 如有) 2025年半年 度偿还累计 发生金额 2025半年度 往来资金余 额 往来形成原因 往来性质(经 营性往来、 非 经营性往来) 控股股东、实际控制 人及其附属企业 上市公司的子公司及 其附属企业 深圳市任子行科技开发 有限公司 子公司 应收账款 234,041.09 251,5 ...
ST任子行(300311) - 董事会决议公告
2025-08-25 11:45
证券代码:300311 证券简称:ST 任子行 公告编号:2025-027 任子行网络技术股份有限公司 关于第六届董事会第二次会议决议的公告 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。 一、董事会会议召开情况 任子行网络技术股份有限公司(以下简称"公司")第六届董事会第二次会 议于 2025 年 8 月 22 日在公司会议室以现场及通讯相结合的方式召开,会议通知 于 2025 年 8 月 11 日以邮件等方式送达参会人员。本次会议应出席董事 7 名,实 际出席董事 7 名。 会议由董事长景晓军先生主持,公司高级管理人员列席了本次会议。本次会 议的召开符合国家有关法律、法规及《任子行网络技术股份有限公司章程》的规 定,本次会议的召开合法有效。 二、董事会会议审议情况 具体内容详见公司在中国证券监督管理委员会指定的创业板信息披露网站 巨潮资讯网(http://www.cninfo.com.cn)上披露的《2025 年半年度报告摘要》(公 告编号:2025-028)、《2025 年半年度报告》(公告编号:2025-029)。 三、备查文件 (一)《第六届董事会第 ...
任子行(300311) - 2025 Q2 - 季度财报
2025-08-25 11:40
[Part I Important Notice, Table of Contents and Definitions](index=2&type=section&id=Part%20I%20Important%20Notice%2C%20Table%20of%20Contents%20and%20Definitions) This section provides crucial company notices, the report's comprehensive table of contents, and definitions for key terms [Important Notice](index=2&type=section&id=Important%20Notice) The board and senior management guarantee the report's accuracy, with the company head and accounting officer affirming financial report integrity - The company's board of directors and senior management guarantee the truthfulness, accuracy, and completeness of the report content, assuming legal responsibility[3](index=3&type=chunk) - Company head Jing Xiaojun and chief accounting officer Zhong Haichuan declare the financial report to be true, accurate, and complete[3](index=3&type=chunk) - The company plans not to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital[4](index=4&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) The report is clearly structured into eight main chapters, covering important notices, company profile, management discussion, corporate governance, significant matters, share changes, bond information, and financial reports - The report is clearly structured into eight main chapters[6](index=6&type=chunk) [List of Reference Documents](index=4&type=section&id=List%20of%20Reference%20Documents) Reference documents include signed and sealed financial statements, original copies of all publicly disclosed company documents, and other relevant materials - Reference documents include signed and sealed financial statements, original copies of publicly disclosed documents, and other relevant materials[8](index=8&type=chunk)[9](index=9&type=chunk)[10](index=10&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines common terms used in the report, including company names, subsidiaries, institutions, industry-specific technical terms, and clarifies the reporting period as January-June 2025 - "Renzi Technology," "the Company," or "this Company" refers to Renzi Technology Network Technology Co., Ltd[11](index=11&type=chunk) - Lists the names and abbreviations of major subsidiaries and associate companies[11](index=11&type=chunk) - Defines industry terms such as IDC/Center, ISP, Industrial Internet, 5G, and Data Security[11](index=11&type=chunk) - "This reporting period" refers to January-June 2025[11](index=11&type=chunk) [Part II Company Profile and Key Financial Indicators](index=6&type=section&id=Part%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information, contact details, and key financial performance metrics for the reporting period [I. Company Profile](index=6&type=section&id=I.%20Company%20Profile) The company, listed on the Shenzhen Stock Exchange under stock code 300311, maintains unchanged registration, office, and contact information during the reporting period Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | ST Renzi Technology | | Stock Code | 300311 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | Renzi Technology Network Technology Co., Ltd. | | Legal Representative | Jing Xiaojun | - The company's contact information, information disclosure and placement locations, and registration changes remained unchanged during the reporting period[15](index=15&type=chunk)[16](index=16&type=chunk)[17](index=17&type=chunk) [II. Contact Persons and Information](index=6&type=section&id=II.%20Contact%20Persons%20and%20Information) The company's board secretary and securities affairs representative share the same contact address, phone, fax, and email Company Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Zhang Wen | 6th Floor, Building 2, Software Park, Keji Zhong 2nd Road, High-tech Zone, Nanshan District, Shenzhen City | 0755-86156779 | 0755-86168355 | rzxshenzhen@1218.com.cn | | Securities Affairs Representative | Zhu Lisha | 6th Floor, Building 2, Software Park, Keji Zhong 2nd Road, High-tech Zone, Nanshan District, Shenzhen City | 0755-86156779 | 0755-86168355 | rzxshenzhen@1218.com.cn | [IV. Key Accounting Data and Financial Indicators](index=7&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In H1 2025, revenue grew by **29.36%** to **CNY 111.04 million**, net loss attributable to shareholders decreased by **28.59%** to **CNY 69.29 million**, and operating cash flow improved by **49.26%** Key Accounting Data and Financial Indicators for H1 2025 | Indicator | Current Period (CNY) | Prior Period (CNY) | YoY Change in Current Period | | :--- | :--- | :--- | :--- | | Operating Revenue | 111,042,124.19 | 85,842,735.14 | 29.36% | | Net Profit Attributable to Shareholders | -69,290,079.60 | -97,025,986.45 | 28.59% | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) | -70,699,265.54 | -103,171,096.43 | 31.47% | | Net Cash Flow from Operating Activities | -42,541,338.57 | -83,843,892.31 | 49.26% | | Basic Earnings Per Share (CNY/share) | -0.1029 | -0.1440 | 28.54% | | Diluted Earnings Per Share (CNY/share) | -0.1029 | -0.1440 | 28.54% | | Weighted Average Return on Net Assets | -11.20% | -14.69% | 3.49% | | Indicator | End of Current Period (CNY) | End of Prior Year (CNY) | Change from Prior Year-End | | :--- | :--- | :--- | :--- | | Total Assets | 1,205,607,635.85 | 1,321,812,633.00 | -8.79% | | Net Assets Attributable to Shareholders | 598,162,518.82 | 653,413,972.28 | -8.46% | [V. Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=7&type=section&id=V.%20Differences%20in%20Accounting%20Data%20Under%20Domestic%20and%20Overseas%20Accounting%20Standards) The company reports no differences in net profit and net assets between international/overseas accounting standards and Chinese accounting standards for the period - 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) [VI. Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=VI.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) Non-recurring gains and losses totaled **CNY 1.41 million**, primarily from asset disposals, government grants, fair value changes, debt restructuring, and other non-operating income/expenses Non-Recurring Gains and Losses Items and Amounts for H1 2025 | Item | Amount (CNY) | Explanation | | :--- | :--- | :--- | | Gains/Losses on Disposal of Non-Current Assets | 462,972.55 | Disposal of fixed assets | | Government Grants Recognized in Current Profit/Loss | 4,637,902.13 | Government grants | | Gains/Losses from Fair Value Changes and Disposal of Financial Assets and Liabilities Held by Non-Financial Enterprises | 2,270,970.19 | Investment income from other equity instrument investments, investment income from trading financial assets during holding period, fair value changes from trading financial assets | | Debt Restructuring Gains/Losses | 269,281.01 | | | Other Non-Operating Income and Expenses Apart from the Above | -6,421,402.09 | | | Other Gains/Losses Items Meeting the Definition of Non-Recurring | 189,462.15 | Refund of personal income tax withholding service fees | | **Total** | **1,409,185.94** | | - The company does not classify non-recurring gains and losses as recurring gains and losses[23](index=23&type=chunk) [Part III Management Discussion and Analysis](index=9&type=section&id=Part%20III%20Management%20Discussion%20and%20Analysis) This section analyzes the company's main business operations, core competencies, financial performance, investment activities, and risk factors during the reporting period [I. Main Business Activities During the Reporting Period](index=9&type=section&id=I.%20Main%20Business%20Activities%20During%20the%20Reporting%20Period) The company operates in network crime governance, cyberspace resource security, and information security, offering solutions across public safety, communication, industrial big data security, enterprise network security, and open-source intelligence analysis - The company's business primarily covers three major areas: network crime governance, cyberspace resource security governance, and information security governance, positioning it as one of the most comprehensive large-scale cyberspace security solution providers in China[34](index=34&type=chunk) - The company's business is divided into four major modules: public safety, communication and industrial big data security, enterprise network security, and open-source intelligence analysis[34](index=34&type=chunk) Software Industry and Cybersecurity Market Data for H1 2025 | Indicator | H1 2025 | YoY Growth | | :--- | :--- | :--- | | Software Business Revenue | CNY 7,058.5 billion | 11.9% | | Software Industry Total Profit | CNY 858.1 billion | 12.0% | | Software Business Export Value | USD 28.3 billion | 5.3% | | China Cybersecurity Market Size (2024) | CNY 73.56 billion | - | | China Cybersecurity Market Size (Estimated 2025) | CNY 78.64 billion | Approx. 7% | | China Industrial Internet Security Market Size (2024) | CNY 45 billion | 35% | | China Industrial Internet Security Market Size (Estimated 2025) | CNY 60 billion | Approx. 33% | - In 2025, China saw a dense release of cybersecurity and data governance policies, including legislative advancements for the "Cybersecurity Law (Amendment)" and "Regulations on Network Data Security Management," providing clear direction for industry development[31](index=31&type=chunk)[52](index=52&type=chunk)[53](index=53&type=chunk)[54](index=54&type=chunk) [1. Overview of the Industry](index=9&type=section&id=1.%20Overview%20of%20the%20Industry) In H1 2025, the software and information technology services industry showed robust growth, with the cybersecurity market, especially industrial internet security, expanding rapidly amidst policy support - In H1 2025, China's software business revenue reached **CNY 7,058.5 billion**, a **11.9%** year-on-year increase; total profit was **CNY 858.1 billion**, up **12.0%** year-on-year[26](index=26&type=chunk) - Global cybersecurity IT investment reached **USD 244.4 billion** in 2024, projected to grow to **USD 416.2 billion** by 2029, with a five-year CAGR of **11.2%**[29](index=29&type=chunk) - China's cybersecurity market is expected to grow from **USD 11.2 billion** in 2024 to **USD 17.8 billion** by 2029, with a five-year CAGR of **9.7%**[30](index=30&type=chunk) - China's industrial internet security market reached **CNY 45 billion** in 2024, a **35%** year-on-year increase, and is expected to exceed **CNY 60 billion** in 2025[32](index=32&type=chunk) [2. Company's Main Business and Products](index=10&type=section&id=2.%20Company%27s%20Main%20Business%20and%20Products) The company's core business spans public safety, communication and industrial big data security, enterprise network security, and open-source intelligence analysis, offering diverse solutions and AI-driven products - Public safety business focuses on network space data intelligent governance, offering products like all-dimensional perception comprehensive analysis platforms and public safety information officer AI, fully adapted to domestic requirements[36](index=36&type=chunk)[37](index=37&type=chunk) - Communication and industrial big data security business launched three core AI data security products (Data Security Smart Audit, Data Security Smart Patrol, Data Security Smart Hub) to build an intelligent data security system[39](index=39&type=chunk) - Enterprise network security business provides solutions across five major areas: infrastructure security, data security, identity and access security, content security, and security operations[42](index=42&type=chunk)[43](index=43&type=chunk)[44](index=44&type=chunk) - Open-source intelligence analysis products, based on a "SaaS platform + system construction + professional services" model, leverage national cybersecurity strategies and "Belt and Road" opportunities to provide network space public opinion governance solutions[45](index=45&type=chunk) [3. Business Model](index=13&type=section&id=3.%20Business%20Model) The company's business model emphasizes market-driven R&D, diversified procurement, integrated production (security integration, software products, services), and a combined direct and distribution sales approach - The R&D model is market-driven, emphasizing independent R&D and innovation, with an independent product development center and cross-departmental project teams[46](index=46&type=chunk) - The procurement model primarily involves purchasing software and hardware equipment through market-based methods such as bidding[47](index=47&type=chunk) - Production models include security integration (comprehensive products), security products (software embedded in hardware), and security services[48](index=48&type=chunk) - The sales model combines direct sales (government and enterprise clients) and distribution (small and medium-sized businesses and internet cafe businesses)[49](index=49&type=chunk) [4. Performance Drivers](index=14&type=section&id=4.%20Performance%20Drivers) Performance is driven by the company's two decades of expertise in network information security, extensive qualifications, continuous technical recognition, and favorable national policies promoting cybersecurity capability building and emerging technology markets - The company is one of China's earliest entrants into network information security, holding over **200** industry access qualifications and participating in the formulation of **3** national standards and over **90** industry standards[50](index=50&type=chunk) - The company has been certified as a technical support unit for the National Information Security Vulnerability Database (CNNVD) for seven consecutive years, upgrading to Level 2 in 2024[51](index=51&type=chunk) - In July 2025, the company's "Data Security Classification and Grading System" product passed AI-based data classification and grading capability testing, receiving recognition from national authoritative institutions[51](index=51&type=chunk) - The implementation of the National "14th Five-Year Plan" and policies like the "Regulations on Network Data Security Management" are shifting the cybersecurity industry from "compliance" to "capability building"[52](index=52&type=chunk) - The development of cutting-edge technologies like AI, quantum computing, and blockchain, along with surging security demands in emerging fields such as IoT, IoV, and low-altitude economy, provide new market opportunities for the company[52](index=52&type=chunk) [II. Analysis of Core Competencies](index=16&type=section&id=II.%20Analysis%20of%20Core%20Competencies) The company's core strengths lie in its pioneering product and market position, extensive marketing network, stable client base, robust talent pool, and strong technical R&D capabilities, evidenced by numerous patents and software copyrights - The company has gradually formed competitive advantages in industrial internet security, internet anti-fraud, and comprehensive information security governance, ranking among the top in market share[56](index=56&type=chunk)[57](index=57&type=chunk) - The company has established a nationwide marketing and service system with **35** branches and **20** provincial capital offices, ensuring timely response to client needs[58](index=58&type=chunk) - The company's client base primarily consists of government agencies, public institutions, the three major telecom operators, and large industrial and internet enterprises, maintaining long-term stable cooperative relationships[59](index=59&type=chunk) - The company emphasizes R&D innovation, engaging in deep industry-university-research collaboration with institutions like Harbin Institute of Technology and National University of Defense Technology, building a multi-level talent pipeline[60](index=60&type=chunk) - The company possesses **six** national, provincial, and municipal key laboratories, **six** major R&D bases, and has received numerous national-level qualifications and honors; as of the end of the reporting period, it holds **148** patents (**135** invention patents) and **496** software copyrights[61](index=61&type=chunk)[62](index=62&type=chunk) [III. Analysis of Main Business Operations](index=18&type=section&id=III.%20Analysis%20of%20Main%20Business%20Operations) In H1 2025, total operating revenue increased by **29.36%** to **CNY 111.04 million**, with net loss attributable to shareholders decreasing by **28.59%** to **CNY 69.29 million**, driven by strong growth in network resource management and improved internal efficiency - In H1 2025, the company's total operating revenue was **CNY 111.0421 million**, a **29.36%** year-on-year increase; net profit attributable to shareholders was **-CNY 69.2901 million**, a **28.59%** reduction in loss year-on-year[64](index=64&type=chunk) - Network resource management business revenue was **CNY 53.2017 million**, an **80.52%** year-on-year increase, primarily due to successful bidding, centralized procurement project signings, and product recognition in the operator industry[64](index=64&type=chunk) - The company effectively reduced selling expenses, administrative expenses, and R&D investment through improved internal management and optimized organizational structure[64](index=64&type=chunk)[65](index=65&type=chunk) Main Business by Product/Service for H1 2025 | By Product or Service | Operating Revenue (CNY) | Operating Cost (CNY) | Gross Margin | YoY Change in Operating Revenue | YoY Change in Operating Cost | YoY Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cybersecurity | 55,698,199.32 | 28,246,150.04 | 49.29% | 3.87% | 4.96% | -0.52% | | Network Resource Management | 53,201,730.37 | 22,305,851.84 | 58.07% | 80.52% | 87.65% | -1.60% | | Other Business Income | 2,142,194.50 | 905,510.16 | 57.73% | -22.11% | -1.77% | -8.75% | - There were no significant changes in the company's profit structure or sources of profit[66](index=66&type=chunk) [IV. Analysis of Non-Core Business](index=20&type=section&id=IV.%20Analysis%20of%20Non-Core%20Business) Non-core business activities impacted total profit, with investment losses of **CNY 2.69 million**, fair value gains of **CNY 1.09 million**, credit impairment reversal of **CNY 4.01 million**, and non-operating expenses primarily from administrative penalties totaling **CNY 6.63 million** Impact of Non-Core Business on Total Profit for H1 2025 | Item | Amount (CNY) | Proportion of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | -2,690,071.04 | 3.79% | | No | | Gains/Losses from Fair Value Changes | 1,088,368.76 | -1.53% | | No | | Asset Impairment | 1,614,204.80 | -2.27% | | No | | Non-Operating Income | 213,177.22 | -0.30% | | No | | Non-Operating Expenses | 6,627,487.04 | 9.34% | Mainly administrative penalties | No | | Credit Impairment | 4,012,318.42 | -5.65% | Mainly reversal of accounts receivable credit impairment | No | [V. Analysis of Assets and Liabilities](index=20&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) Total assets decreased by **8.79%** to **CNY 1.21 billion**, with notable changes in cash, receivables, and trading financial assets, while restricted assets totaled **CNY 97.70 million** Significant Changes in Asset Composition for H1 2025 | Item | Amount at Period-End (CNY) | Proportion of Total Assets | Amount at Prior Year-End (CNY) | Proportion of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 142,769,694.60 | 11.84% | 261,502,294.50 | 19.78% | -7.94% | | Accounts Receivable | 161,170,000.53 | 13.37% | 212,244,049.20 | 16.06% | -2.69% | | Contract Assets | 15,204,133.24 | 1.26% | 23,259,332.19 | 1.76% | -0.50% | | Inventories | 97,690,993.64 | 8.10% | 100,536,490.90 | 7.61% | 0.49% | | Investment Properties | 58,356,079.92 | 4.84% | 71,174,690.91 | 5.38% | -0.54% | | Fixed Assets | 126,957,851.91 | 10.53% | 119,823,173.80 | 9.07% | 1.46% | | Construction in Progress | 85,059,143.04 | 7.06% | 76,281,373.93 | 5.77% | 1.29% | | Short-term Borrowings | 20,000,000.00 | 1.66% | 43,000,000.00 | 3.25% | -1.59% | | Contract Liabilities | 209,936,672.66 | 17.41% | 194,109,934.50 | 14.69% | 2.72% | | Trading Financial Assets | 161,410,808.16 | 13.39% | 110,499,183.26 | 8.36% | 5.03% | - Overseas assets primarily consist of Renzi Technology Network Technology (Hong Kong) Co., Ltd., with total assets of **CNY 33.6122 million** and a loss-making status[77](index=77&type=chunk) Assets and Liabilities Measured at Fair Value for H1 2025 | Item | Beginning Balance (CNY) | Fair Value Change in Current Period (CNY) | Purchases in Current Period (CNY) | Sales in Current Period (CNY) | Ending Balance (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 110,499,183.26 | 1,088,368.76 | 195,000,000.00 | 145,176,743.86 | 161,410,808.16 | | Other Equity Instrument Investments | 132,629,025.69 | - | - | 2,011,331.79 | 130,617,693.90 | | **Subtotal Financial Assets** | **243,128,208.95** | **1,088,368.76** | **195,000,000.00** | **147,188,075.65** | **292,028,502.06** | Asset Restriction Status for H1 2025 | Item | Book Balance at Period-End (CNY) | Book Value (CNY) | Restriction Status | | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 19,887,305.87 | 19,887,305.87 | Performance bond | | Fixed Assets | 77,816,094.21 | 65,196,046.28 | Loan collateral | | **Total** | **97,703,400.08** | **85,083,352.15** | | [VI. Analysis of Investment Status](index=22&type=section&id=VI.%20Analysis%20of%20Investment%20Status) The company had no significant equity or non-equity investments during the period, with **CNY 195 million** in wealth management products, of which **CNY 160 million** remained outstanding, and no overdue amounts - The company had no use of raised funds, derivative investments, or entrusted loans during the reporting period[81](index=81&type=chunk)[84](index=84&type=chunk)[85](index=85&type=chunk) Overview of Wealth Management for H1 2025 | Specific Type | Source of Wealth Management Funds | Amount of Wealth Management (CNY 10k) | Outstanding Balance (CNY 10k) | Overdue Unrecovered Amount (CNY 10k) | | :--- | :--- | :--- | :--- | :--- | | Brokerage Wealth Management Products | Own funds | 7,000 | 3,000 | 0 | | Bank Wealth Management Products | Own funds | 12,500 | 13,000 | 0 | | **Total** | | **19,500** | **16,000** | **0** | [VII. Significant Asset and Equity Disposals](index=23&type=section&id=VII.%20Significant%20Asset%20and%20Equity%20Disposals) The company did not engage in any significant asset or equity disposals during the reporting period - The company did not sell any significant assets or equity during the reporting period[86](index=86&type=chunk)[87](index=87&type=chunk) [VIII. Analysis of Major Controlled and Associate Companies](index=23&type=section&id=VIII.%20Analysis%20of%20Major%20Controlled%20and%20Associate%20Companies) Beijing Yahong Century Technology Development Co., Ltd. and Shenzhen Renzi Technology Development Co., Ltd. both saw significant revenue growth and reduced net losses, primarily due to improved project acceptance efficiency Financial Data of Major Subsidiaries | Company Name | Company Type | Registered Capital (CNY) | Operating Revenue (CNY) | Net Profit (CNY) | | :--- | :--- | :--- | :--- | :--- | | Beijing Yahong Century Technology Development Co., Ltd. | Subsidiary | 100,000,000.00 | 44,186,337.29 | -24,042,852.45 | | Shenzhen Renzi Technology Development Co., Ltd. | Subsidiary | 100,000,000.00 | 25,756,465.82 | -15,438,931.78 | - Beijing Yahong Century's operating revenue increased by **50.74%** year-on-year, and net loss decreased by **53.51%**, primarily due to improved efficiency in operator project acceptance[88](index=88&type=chunk) - Shenzhen Renzi Technology Development Co., Ltd.'s operating revenue increased by **33.00%** year-on-year, and net loss decreased by **27.64%**, primarily due to accelerated acceptance of ongoing projects[89](index=89&type=chunk) [IX. Structured Entities Controlled by the Company](index=24&type=section&id=IX.%20Structured%20Entities%20Controlled%20by%20the%20Company) The company did not control any structured entities during the reporting period - The company had no controlled structured entities during the reporting period[90](index=90&type=chunk) [X. Risks Faced by the Company and Countermeasures](index=24&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces risks from technological iteration, market competition, sales seasonality, and talent loss, addressed by strengthening R&D, expanding markets, and enhancing talent retention - The company faces risks from technological iteration in the cybersecurity industry and will strengthen forward-looking technology deployment, deeply integrate innovative technology research with practical business scenarios, and improve its talent strategy[90](index=90&type=chunk) - With intensifying market competition, the company will anchor on technological innovation, deepen research in cutting-edge fields, focus on breakthroughs in core technologies, and accelerate the transformation of technological achievements into practical products[91](index=91&type=chunk) - Facing seasonal risks in product and service sales, the company will accelerate its deployment in the incremental market of digital transformation and actively develop and explore client resources in various fields[92](index=92&type=chunk) - To mitigate the risk of core talent loss, the company will improve and optimize its employee compensation and welfare system, corporate culture environment, long-term incentive mechanisms, and continuously expand its talent pool[93](index=93&type=chunk) [XI. Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period](index=25&type=section&id=XI.%20Registration%20Form%20for%20Research%2C%20Communication%2C%20Interview%2C%20and%20Other%20Activities%20During%20the%20Reporting%20Period) On May 16, 2025, the company participated in the 2024 annual online performance briefing via Value Online, engaging with investors on business performance and development strategies - On May 16, 2025, the company participated in the 2024 annual online performance briefing via the Value Online network platform, communicating with investors on business performance and development strategies[94](index=94&type=chunk) [XII. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=25&type=section&id=XII.%20Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company has not formulated a market value management system nor disclosed a valuation enhancement plan - The company has not formulated a market value management system nor disclosed a valuation enhancement plan[95](index=95&type=chunk) [XIII. Implementation of "Quality and Return Dual Improvement" Action Plan](index=25&type=section&id=XIII.%20Implementation%20of%20%22Quality%20and%20Return%20Dual%20Improvement%22%20Action%20Plan) The company has not disclosed an announcement regarding the "Quality and Return Dual Improvement" action plan - The company has not disclosed an announcement regarding the "Quality and Return Dual Improvement" action plan[95](index=95&type=chunk) [Part IV Corporate Governance, Environment, and Society](index=26&type=section&id=Part%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section details changes in the company's board and senior management, profit distribution plans, equity incentive implementation, environmental disclosures, and social responsibility initiatives [I. Changes in Directors, Supervisors, and Senior Management](index=26&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) Independent directors Zhang Hui, Fang Xianli, Huang Gang, and supervisors Li Xiaoming, Chen Jiewan, and employee representative supervisor Li Jiajing left due to term expiration, while Min Rui, Wang Xielin, and Wu Zhiming were elected as new independent directors - Independent directors Zhang Hui, Fang Xianli, Huang Gang, and supervisors Li Xiaoming, Chen Jiewan, and employee representative supervisor Li Jiajing resigned due to the expiration of their terms[97](index=97&type=chunk) - Min Rui, Wang Xielin, and Wu Zhiming were elected as independent directors[97](index=97&type=chunk) [II. Profit Distribution and Capital Reserve Conversion to Share Capital in Current Period](index=26&type=section&id=II.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20in%20Current%20Period) The company plans not to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital for the half-year period - The company plans not to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital for the half-year period[98](index=98&type=chunk) [III. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=26&type=section&id=III.%20Implementation%20of%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The company's board and supervisory board approved the cancellation of **3.8415 million** unvested restricted shares from the 2023 incentive plan, with no other employee incentive measures implemented during the period - The company canceled **3.8415 million** unvested restricted shares from the 2023 restricted stock incentive plan[99](index=99&type=chunk) - There were no employee stock ownership plans or other employee incentive measures implemented during the reporting period[100](index=100&type=chunk) [IV. Environmental Information Disclosure](index=26&type=section&id=IV.%20Environmental%20Information%20Disclosure) 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[100](index=100&type=chunk) [V. Social Responsibility](index=27&type=section&id=V.%20Social%20Responsibility) In May 2025, Renzi Technology donated **900** smart doorbells and locks to Mingdu Garden Community in Zhuodaoquan Street, Hongshan District, Wuhan City, supporting community development and public welfare - In May 2025, the company made a public welfare donation of **900** sets of smart doorbells and locks to Mingdu Garden Community, Zhuodaoquan Street, Hongshan District, Wuhan City[101](index=101&type=chunk) [Part V Significant Matters](index=28&type=section&id=Part%20V%20Significant%20Matters) This section covers commitments, related party transactions, guarantees, litigation, penalties, and other material events affecting the company during the reporting period [I. Commitments Fulfilled or Overdue by Controlling Shareholder, Shareholders, Related Parties, Acquirers, and the Company During the Reporting Period](index=28&type=section&id=I.%20Commitments%20Fulfilled%20or%20Overdue%20by%20Controlling%20Shareholder%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%20During%20the%20Reporting%20Period) The company reports no overdue or unfulfilled commitments by controlling shareholders, shareholders, related parties, acquirers, or the company as of the end of the reporting period - The company reported no overdue or unfulfilled commitments by relevant parties during the reporting period[103](index=103&type=chunk) [II. Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties](index=28&type=section&id=II.%20Non-Operating%20Fund%20Occupation%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties) The company reported no non-operating fund occupation by controlling shareholders or other related parties during the reporting period - The company reported no non-operating fund occupation by controlling shareholders or other related parties during the reporting period[104](index=104&type=chunk) [III. Irregular External Guarantees](index=28&type=section&id=III.%20Irregular%20External%20Guarantees) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[105](index=105&type=chunk) [IV. Appointment and Dismissal of Accounting Firms](index=28&type=section&id=IV.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual report was not audited - The company's semi-annual report was not audited[106](index=106&type=chunk) [V. Explanations by the Board of Directors, Supervisory Board, and Audit Committee on the "Non-Standard Audit Report" for the Current Period](index=28&type=section&id=V.%20Explanations%20by%20the%20Board%20of%20Directors%2C%20Supervisory%20Board%2C%20and%20Audit%20Committee%20on%20the%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Current%20Period) The company did not have a non-standard audit report for the current reporting period - The company did not have a non-standard audit report for the reporting period[107](index=107&type=chunk) [VI. Explanations by the Board of Directors on the "Non-Standard Audit Report" for the Prior Year](index=28&type=section&id=VI.%20Explanations%20by%20the%20Board%20of%20Directors%20on%20the%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Prior%20Year) The prior year's audit report included an emphasis-of-matter paragraph due to a CSRC investigation into information disclosure violations, which has since been rectified and penalized - The prior year's audit report included an emphasis-of-matter paragraph due to the company being investigated by the China Securities Regulatory Commission (CSRC) for alleged information disclosure violations[107](index=107&type=chunk) - The CSRC has penalized the company and relevant responsible persons, and the related matters have been rectified[107](index=107&type=chunk)[110](index=110&type=chunk) [VII. Bankruptcy and Reorganization Matters](index=28&type=section&id=VII.%20Bankruptcy%20and%20Reorganization%20Matters) The company did not experience any bankruptcy or reorganization matters during the reporting period - The company did not experience any bankruptcy or reorganization matters during the reporting period[108](index=108&type=chunk) [VIII. Litigation Matters](index=29&type=section&id=VIII.%20Litigation%20Matters) The company has no major litigation or arbitration, but faces **24** other lawsuits totaling **CNY 40.22 million**, mostly ongoing, and **97** securities misrepresentation cases with **CNY 6.51 million** involved, for which a **CNY 20,000** provision has been made - The company has no major litigation or arbitration matters[109](index=109&type=chunk) - There are **24** other litigation matters, involving **CNY 40.2228 million**, most of which are currently under trial or enforcement[109](index=109&type=chunk) - **97** series cases of securities misrepresentation have been accepted, involving **CNY 6.5148 million**, with a provision for **CNY 20,000** in estimated liabilities[109](index=109&type=chunk) [IX. Penalties and Rectification](index=29&type=section&id=IX.%20Penalties%20and%20Rectification) The company and key individuals were penalized by the CSRC for information disclosure violations, resulting in a **CNY 5 million** fine for the company, with all related matters now rectified Administrative Penalties for the Company and Related Responsible Persons | Name | Type | Reason | Investigation and Penalty Type | Conclusion | | :--- | :--- | :--- | :--- | :--- | | Company | Other | Information disclosure violations | Administrative penalty | Ordered to rectify, warned, and fined CNY 5 million | | Jing Xiaojun, Lin Fei | Other | Information disclosure violations | Administrative penalty | Warned, and fined CNY 2.5 million each | | Li Zhiqiang, Ma Ping | Other | Information disclosure violations | Administrative penalty | Warned, and fined CNY 1 million each | - On April 26, 2023, the company corrected prior accounting errors and retrospectively adjusted relevant financial data, with all stated matters now rectified[110](index=110&type=chunk) [X. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=29&type=section&id=X.%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) The company reported no integrity issues concerning its controlling shareholder or actual controller during the reporting period - The company reported no integrity issues concerning its controlling shareholder or actual controller during the reporting period[111](index=111&type=chunk) [XI. Significant Related Party Transactions](index=29&type=section&id=XI.%20Significant%20Related%20Party%20Transactions) The company reported no significant related party transactions, including those related to daily operations, asset/equity acquisitions or disposals, joint investments, or intercompany debt, nor any financial dealings with affiliated financial companies - The company reported no related party transactions related to daily operations, asset or equity acquisitions/disposals, joint external investments, or related party creditor-debtor relationships during the reporting period[111](index=111&type=chunk)[112](index=112&type=chunk)[113](index=113&type=chunk)[114](index=114&type=chunk) - There were no deposits, loans, credit lines, or other financial transactions between the company and affiliated financial companies, or between the company's controlled financial companies and related parties[115](index=115&type=chunk)[116](index=116&type=chunk) - The company reported no other significant related party transactions during the reporting period[117](index=117&type=chunk) [XII. Significant Contracts and Their Performance](index=30&type=section&id=XII.%20Significant%20Contracts%20and%20Their%20Performance) The company has no entrustment, contracting, or leasing matters, but provided a **CNY 20 million** joint liability guarantee to Beijing Yahong Century Technology Development Co., Ltd., which remains unfulfilled, representing **3.34%** of net assets - The company reported no entrustment, contracting, or leasing situations during the reporting period[118](index=118&type=chunk)[119](index=119&type=chunk)[120](index=120&type=chunk) Company Guarantees to Subsidiaries | Guaranteed Party Name | Announcement Date of Guarantee Limit | Guarantee Limit (CNY 10k) | Actual Occurrence Date | Actual Guarantee Amount (CNY 10k) | Guarantee Type | Guarantee Period | Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Yahong Century | April 28, 2023 | 5,000 | March 26, 2024 | 2,000 | Joint and several liability guarantee | One year | No | | Technology Development | April 30, 2024 | 2,000 | | | Joint and several liability guarantee | | No | | Yahong Century | April 30, 2024 | 8,000 | | | Joint and several liability guarantee | | No | - As of the end of the reporting period, the total approved guarantee limit for subsidiaries was **CNY 150 million**, with an actual guarantee balance of **CNY 20 million**, accounting for **3.34%** of the company's net assets[122](index=122&type=chunk) - The company has no significant contracts related to daily operations or other major contracts[123](index=123&type=chunk)[124](index=124&type=chunk) [XIII. Explanation of Other Significant Matters](index=32&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) The company obtained a Level 2 CNNVD technical support unit certificate and ISO45001 certification, maintaining robust quality management systems without any violations of cybersecurity laws or regulations New Cybersecurity-Related Business Qualifications Obtained by the Company During the Reporting Period | No. | Qualification Name | Issuing Authority | Issuance Date | Validity Period | Acquiring Entity | | :--- | :--- | :--- | :--- | :--- | :--- | | 1 | National Information Security Vulnerability Database (CNNVD) Technical Support Unit Level 2 Certificate | China Information Security Evaluation Center | June 8, 2025 | July 8, 2026 | Renzi Technology | | 2 | ISO45001:2018 Occupational Health and Safety Management System Certification | Shenzhen Huantong Certification Center Co., Ltd. | May 13, 2025 | May 12, 2028 | Renzi Technology | - The company has not experienced situations where qualifications were revoked or products could not be sold due to non-compliance with mandatory standards or violations of cybersecurity laws and regulations[125](index=125&type=chunk) - The company has established a comprehensive quality management and control system, and has obtained ISO9001, ISO20000, ISO27001, and CMMI Level 3 certificates[127](index=127&type=chunk) [XIV. Significant Matters of Company Subsidiaries](index=32&type=section&id=XIV.%20Significant%20Matters%20of%20Company%20Subsidiaries) The company's subsidiaries had no significant matters during the reporting period - The company's subsidiaries had no significant matters[128](index=128&type=chunk) [Part VI Share Changes and Shareholder Information](index=33&type=section&id=Part%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section details the company's share capital structure, changes in shareholdings, and information on major shareholders and their restricted shares [I. Share Capital Changes](index=33&type=section&id=I.%20Share%20Capital%20Changes) The company's total share capital remained unchanged at **673.63 million shares**, with no changes in restricted or unrestricted shares, and executive-locked shares held by Jing Xiaojun and Shen Zhijie Share Capital Change Status | Category | Number Before Change (shares) | Proportion Before Change | Increase/Decrease in Current Change (shares) | Number After Change (shares) | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 136,221,057 | 20.22% | 0 | 136,221,057 | 20.22% | | II. Unrestricted Shares | 537,409,093 | 79.78% | 0 | 537,409,093 | 79.78% | | **III. Total Shares** | **673,630,150** | **100.00%** | **0** | **673,630,150** | **100.00%** | Restricted Share Change Status | Shareholder Name | Restricted Shares at Period-Beginning (shares) | Restricted Shares at Period-End (shares) | Reason for Restriction | Planned Release Date | | :--- | :--- | :--- | :--- | :--- | | Jing Xiaojun | 134,623,263 | 134,623,263 | Executive-locked shares | 25% unlocked annually | | Shen Zhijie | 1,597,794 | 1,597,794 | Executive-locked shares | 25% unlocked annually | | **Total** | **136,221,057** | **136,221,057** | | | - During the reporting period, there were no changes in the company's total share capital, restricted shares, or unrestricted shares, either in number or proportion[130](index=130&type=chunk) [II. Securities Issuance and Listing](index=34&type=section&id=II.%20Securities%20Issuance%20and%20Listing) The company had no securities issuance or listing activities during the reporting period - The company had no securities issuance or listing activities during the reporting period[133](index=133&type=chunk) [III. Number of Shareholders and Shareholding Structure](index=34&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholding%20Structure) As of the reporting period end, the company had **60,890** common shareholders, with Jing Xiaojun as the largest shareholder at **26.65%**, and some shareholders holding shares through margin trading and securities lending - The total number of common shareholders at the end of the reporting period was **60,890** households[134](index=134&type=chunk) Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders at Period-End | 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) | | :--- | :--- | :--- | :--- | :--- | :--- | | Jing Xiaojun | Domestic natural person | 26.65% | 179,497,684 | 134,623,263 | 44,874,421 | | Shenzhen Huaxinxing Investment Partnership (Limited Partnership) | Domestic non-state-owned legal person | 2.05% | 13,790,191 | 0 | 13,790,191 | | Jing Xiaodong | Domestic natural person | 0.43% | 2,922,564 | 0 | 2,922,564 | | Liang Wohong | Domestic natural person | 0.36% | 2,392,555 | 0 | 2,392,555 | | Li Chaoyang | Domestic natural person | 0.34% | 2,260,000 | 0 | 2,260,000 | | Shen Zhijie | Domestic natural person | 0.32% | 2,130,392 | 1,597,794 | 532,598 | | Luo Li | Domestic natural person | 0.29% | 1,978,392 | 0 | 1,978,392 | | Zhao Zhangcai | Domestic natural person | 0.28% | 1,875,700 | 0 | 1,875,700 | | Ge Daofen | Domestic natural person | 0.27% | 1,789,191 | 0 | 1,789,191 | | Qu Dapeng | Domestic natural person | 0.26% | 1,733,000 | 0 | 1,733,000 | - Mr. Jing Xiaodong is the brother of Mr. Jing Xiaojun; Mr. Jing Xiaojun, Mr. Jing Xiaodong, and Huaxinxing are parties acting in concert[135](index=135&type=chunk) - Company shareholders Li Chaoyang and Qu Dapeng hold some shares through margin trading and securities lending businesses[136](index=136&type=chunk) [IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=36&type=section&id=IV.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period - There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period[137](index=137&type=chunk) [V. Changes in Controlling Shareholder or Actual Controller](index=36&type=section&id=V.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) The company's controlling shareholder and actual controller remained unchanged during the reporting period - The company's controlling shareholder and actual controller remained unchanged during the reporting period[138](index=138&type=chunk) [VI. Preferred Share Information](index=36&type=section&id=VI.%20Preferred%20Share%20Information) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[139](index=139&type=chunk) [Part VII Bond-Related Information](index=37&type=section&id=Part%20VII%20Bond-Related%20Information) The company had no bond-related matters during the reporting period - The company had no bond-related matters during the reporting period[141](index=141&type=chunk) [Part VIII Financial Report](index=38&type=section&id=Part%20VIII%20Financial%20Report) This section presents the company's unaudited consolidated and parent company financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in equity, along with detailed notes on accounting policies and financial items [I. Audit Report](index=38&type=section&id=I.%20Audit%20Report) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[143](index=143&type=chunk) [II. Financial Statements](index=38&type=section&id=II.%20Financial%20Statements) This section provides the company's H1 2025 consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in equity, showing total assets of **CNY 1.21 billion** and a net loss of **CNY 71.06 million** Key Data from Consolidated Balance Sheet as of June 30, 2025 | Item | Ending Balance (CNY) | Beginning Balance (CNY) | | :--- | :--- | :--- | | Cash and Bank Balances | 142,769,694.60 | 261,502,294.49 | | Trading Financial Assets | 161,410,808.16 | 110,499,183.26 | | Accounts Receivable | 161,170,000.53 | 212,244,049.18 | | Inventories | 97,690,993.64 | 100,536,490.92 | | Contract Assets | 15,204,133.24 | 23,259,332.19 | | Total Assets | 1,205,607,635.85 | 1,321,812,633.00 | | Short-term Borrowings | 20,000,000.00 | 43,000,000.00 | | Accounts Payable | 181,774,106.31 | 201,943,299.88 | | Contract Liabilities | 209,936,672.66 | 194,109,934.53 | | Total Liabilities | 560,475,985.44 | 619,657,799.33 | | Total Equity Attributable to Parent Company Shareholders | 598,162,518.82 | 653,413,972.28 | | Total Equity | 645,131,650.41 | 702,154,833.67 | Key Data from Consolidated Income Statement for H1 2025 | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 111,042,124.19 | 85,842,735.14 | | Total Operating Costs | 184,914,977.81 | 197,014,600.82 | | Operating Profit | -64,564,788.12 | -98,012,545.77 | | Total Profit | -70,979,097.94 | -98,045,591.52 | | Net Profit | -71,061,809.40 | -98,045,591.52 | | Net Profit Attributable to Parent Company Shareholders | -69,290,079.60 | -97,025,986.45 | | Basic Earnings Per Share (CNY/share) | -0.1029 | -0.1440 | | Diluted Earnings Per Share (CNY/share) | -0.1029 | -0.1440 | Key Data from Consolidated Cash Flow Statement for H1 2025 | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -42,541,338.57 | -83,843,892.31 | | Net Cash Flow from Investing Activities | -57,474,825.73 | 11,384,453.64 | | Net Cash Flow from Financing Activities | -25,050,935.24 | 25,800,303.64 | | Net Increase in Cash and Cash Equivalents | -125,309,625.29 | -46,391,566.74 | | Cash and Cash Equivalents at Period-End | 122,882,388.73 | 138,476,739.01 | [III. Company Basic Information](index=55&type=section&id=III.%20Company%20Basic%20Information) Renzi Technology Network Technology Co., Ltd., listed on the Shenzhen Stock Exchange since April 25, 2012, operates in the software and information technology services industry, focusing on cyberspace security solutions, with **7** subsidiaries included in the 2025 consolidated scope - The company was listed on the Shenzhen Stock Exchange on April 25, 2012; as of June 30, 2025, its total share capital was **673.6302 million shares**, and registered capital was **CNY 673.6302 million**[177](index=177&type=chunk) - The company operates in the software and information technology services industry, primarily as a cyberspace security protection solution provider[178](index=178&type=chunk)[179](index=179&type=chunk) - For 2025, the company's consolidated scope includes **7** subsidiaries, a decrease of **1** subsidiary compared to the previous period[181](index=181&type=chunk) [IV. Basis of Financial Statement Preparation](index=56&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) The financial statements are prepared in accordance with enterprise accounting standards and CSRC regulations, using the accrual basis and historical cost, with the company maintaining continuous operation capability for at least 12 months from the reporting period end - The financial statements are prepared in accordance with enterprise accounting standards and relevant CSRC regulations, based on the accrual basis and historical cost measurement[182](index=182&type=chunk)[183](index=183&type=chunk) - The company has the ability to continue as a going concern for at least **12** months from the end of the reporting period[184](index=184&type=chunk) [V. Significant Accounting Policies and Estimates](index=57&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's adherence to enterprise accounting standards, covering accounting periods, business cycles, functional currency, business combinations, consolidation, cash equivalents, foreign currency translation, financial instruments, impairment, revenue recognition, government grants, deferred taxes, and leases, with no changes in policies or estimates during the period - The company adheres to enterprise accounting standards, with the accounting period from January 1 to December 31 of the Gregorian calendar, a business cycle of **12** months, and the functional currency being RMB[186](index=186&type=chunk)[187](index=187&type=chunk)[188](index=188&type=chunk)[189](index=189&type=chunk) - Financial assets are classified into three categories: measured at amortized cost, measured at fair value with changes recognized in other comprehensive income, and measured at fair value with changes recognized in profit or loss[206](index=206&type=chunk) - The company accrues impairment provisions for notes receivable, accounts receivable, other receivables, etc., based on expected credit losses[231](index=231&type=chunk)[241](index=241&type=chunk)[242](index=242&type=chunk)[243](index=243&type=chunk)[244](index=244&type=chunk)[245](index=245&type=chunk)[246](index=246&type=chunk)[247](index=247&type=chunk)[248](index=248&type=chunk)[249](index=249&type=chunk)[250](index=250&type=chunk)[251](index=251&type=chunk) - Revenue is recognized when the customer obtains control of the related goods, and the progress of performance obligations is determined using either the input method or output method based on the nature of the obligation[310](index=310&type=chunk)[311](index=311&type=chunk)[312](index=312&type=chunk)[314](index=314&type=chunk)[315](index=315&type=chunk)[316](index=316&type=chunk) - There were no significant changes in accounting policies and estimates during the reporting period[348](index=348&type=chunk) [VI. Taxation](index=86&type=section&id=VI.%20Taxation) The company's main taxes include VAT (various rates), urban maintenance and construction tax, enterprise income tax (with high-tech enterprise preferential rates), education surcharges, and local education surcharges, benefiting from VAT exemptions and refunds for software products and technology services Major Taxes and Tax Rates | Tax Type | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Sales of goods and taxable services income | 13%, 9%, 6%, 5%, 3% | | Urban Maintenance and Construction Tax | Actual VAT paid | 7%, 5% | | Enterprise Income Tax | Taxable income | 25%, 15%, 16.5% | | Education Surcharge | Actual turnover tax paid | 3% | | Local Education Surcharge | Actual turnover tax paid | 2% | - The company and its subsidiaries Renwangyou Technology, Renzi Technology, and Yahong Century have all obtained high-tech enterprise certificates, and are subject to enterprise income tax at a reduced rate of **15%** starting from 2023 or 2024[351](index=351&type=chunk) - For self-developed and produced software products, the company implements a "collect first, refund later" policy for VAT exceeding a **3%** actual tax burden[349](index=349&type=chunk) - Providing technology transfer, technology development, and related technical consulting and services is exempt from VAT; exporting software products is also exempt from VAT[350](index=350&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=87&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed explanations for each item in the consolidated financial statements, including balances, changes, and specific accounting treatments for assets, liabilities, equity, income, expenses, and cash flows - Cash and bank balances at period-end totaled **CNY 143 million**, with **CNY 25.3545 million** deposited overseas[353](index=353&type=chunk) - Trading financial assets at period-end totaled **CNY 161 million**, primarily consisting of bank wealth management products[356](index=356&type=chunk) - Accounts receivable at period-end totaled **CNY 161 million**, with bad debt provisions of **CNY 88.9937 million**, representing a provision rate of **35.57%**[364](index=364&type=chunk) - Inventories at period-end totaled **CNY 97.6910 million**, with inventory impairment provisions and contract performance cost impairment provisions totaling **CNY 13.6091 million**[398](index=398&type=chunk) - Long-term equity investments had a book value of **CNY 54.5291 million** at period-end, primarily investments in associates[146](index=146&type=chunk)[409](index=409&type=chunk) - Estimated liabilities at period-end totaled **CNY 20,000**, primarily for pending litigation cases[470](index=470&type=chunk) - Deferred income at period-end totaled **CNY 76.8503 million**, primarily from government grants[472](index=472&type=chunk) - Operating revenue was **CNY 111 million**, operating cost was **CNY 51.4575 million**, and the gross margin for main business was **53.66%**[120](index=120&type=chunk)[484](index=484&type=chunk)[69](index=69&type=chunk) - R&D expenses totaled **CNY 60.4205 million**, primarily consisting of salary expenses of **CNY 57.0684 million**[490](index=490&type=chunk) [VIII. Research and Development Expenses](index=130&type=section&id=VIII.%20Research%20and%20Development%20Expenses) Total R&D expenses for the period were **CNY 60.42 million**, entirely expensed, with salary expenses being the largest component, and no capitalized R&D projects Composition of R&D Expenses for H1 2025 | Item | Amount in Current Period (CNY) | Amount in Prior Period (CNY) | | :--- | :--- | :--- | | Salary Expenses | 57,068,372.13 | 68,744,749.83 | | Travel Expenses | 859,184.58 | 1,340,298.77 | | Depreciation and Amortization | 1,438,166.09 | 1,401,480.52 | | Technical Service Fees | 377,826.64 | 350,213.76 | | Communication Fees | 383,163.16 | 422,998.39 | | Other | 293,795.05 | 2,080,869.75 | | **Total** | **60,420,507.65** | **74,340,611.02** | | Of which: Expensed R&D | 60,420,507.65 | 74,340,611.02 | - During the reporting period, all of the company's R&D expenditures were expensed, with no R&D projects meeting capitalization criteria or significant externally acquired in-progress projects[525](index=525&type=chunk)[526](index=526&type=chunk) [IX. Changes in Consolidation Scope](index=130&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) The company's consolidation scope decreased by one subsidiary due to the deregistration of Beijing Renzi Technology Network Security Technology Co., Ltd. on August 15, 2024, with no other changes from business combinations or disposals - The company had no transactions or events during the reporting period involving business combinations not under common control, business combinations under common control, reverse acquisitions, or disposal of subsidiaries leading to loss of control[526](index=526&type=chunk)[527](index=527&type=chunk) - The change in the company's consolidation scope was primarily due to the deregistration of Beijing Renzi Technology Network Security Technology Co., Ltd. on August 15, 2024, resulting in a reduction of **1** subsidiary in the consolidated scope[181](index=181&type=chunk) [X. Interests in Other Entities](index=132&type=section&id=X.%20Interests%20in%20Other%20Entities) The company controls **7** subsidiaries, including two significant non-wholly owned investment partnerships, and holds significant influence over **5** associates, accounted for using the equity method Composition of the Enterprise Group | Subsidiary Name | Registered Capital (CNY) | Principal Place of Business | Nature of Business | Shareholding Proportion (Direct) | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | :--- | | Shenzhen Renzi Technology Development Co., Ltd. | 100,000,000.00 | Shenzhen | Software development | 100.00% | Established by investment | | Shenzhen Renwangyou Technology Development Co., Ltd. | 10,000,000.00 | Shenzhen | Software development and sales | 100.00% | Business combination not under common control | | Beijing Yahong Century Technology Development Co., Ltd. | 100,000,000.00 | Beijing | Technology development and software/hardware sales | 100.00% | Business combination not under common control | | Shenzhen Jiuhe Information Security Industry Investment Phase I Partnership (Limited Partnership) | 100,000,000.00 | Shenzhen | Industrial investment | 50.00% | Established by investment | | Shenzhen Jiuhe Cultural and Creative Industry Investment Partnership (Limited Partnership) | 100,000,000.00 | Shenzhen | Industrial investment | 58.00% | Established by investment | | Renzi Technology Network Technology (Hong Kong) Co., Ltd. | 6,899,311.00 | Hong Kong | Industrial investment | 100.00% | Established by investment | | Shenzhen Hongbo Data Technology Co., Ltd. | 7,111,100.00 | Shenzhen | Data services | 100.00% | Established by investment | Key Financial Information of Significant Non-Wholly Owned Subsidiaries | Subsidiary Name | Minority Shareholding Proportion | Profit/Loss Attributable to Minority Shareholders in Current Period (CNY) | Minority Interest Balance at Period-End (CNY) | | :--- | :--- | :--- | :--- | | Shenzhen Jiuhe Information Security Industry Investment Phase I Partnership (Limited Partnership) | 50.00% | -1,770,208.44 | 37,644,690.79 | | Shenzhen Jiuhe Cultural and Creative Industry Investment Partnership (Limited Partnership) | 42.00% | -1,521.36 | 9,324,440.81 | - The company holds less than **20%** equity in Shenzhen HIT Science and Technology Innovation Industry Development Co., Ltd., Beijing Shangyuan Xinan Technology Co., Ltd., and Cyber Softji Network Technology (Beijing) Co., Ltd., but exercises significant influence due to board representation and participation in decision-making, thus accounted for using the equity method[534](index=534&type=chunk) [XI. Government Grants](index=137&type=section&id=XI.%20Government%20Grants) Government grants in deferred income totaled **CNY 76.85 million** at period-end, with **CNY 547,000** added and **CNY 3.27 million** recognized in current profit or loss, primarily for asset-related projects and income-related support Liability Items Involving Government Grants | Account | Beginning Balance (CNY) | New Grants in Current Period (CNY) | Amount Recognized in Other Income in Current Period (CNY) | Ending Balance (CNY) | Asset-related/Income-related | | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 79,572,448.91 | 547,000.00 | 3,269,119.96 | 76,850,328.95 | Asset-related | Details of Government Grants Recognized in Current Profit/Loss | Grant Item | Amount in Current Period (CNY) | Asset-related/Income-related | | :--- | :--- | :--- | | Shenzhen Internet Content Security Engineering Laboratory Enhancement | 300,000.00 | Asset-related | | Research on Key Technologies for Cloud-Based Internet Privacy Protection | 200,000.00 | Asset-related | | National-Local Joint Engineering Research Center for Cyberspace Governance Technology | 1,200,000.00 | Asset-related | | Shenzhen Nanshan District Science and Technology Innovation Bureau - R&D Investment Support Program for Technology-based Enterprises (First Batch) Grant | 700,000.00 | Income-related | | XX University QH-KT Project | 604,399.98 | Asset-related | | Beijing Haidian District Disabled Persons' Employment Management Service Center - Job Subsidies and Social Insurance Subsidies | 121,009.45 | Income-related | | **Total** | **4,145,312.48** | | [XII. Risks Related to Financial Instruments](index=138&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) The company manages credit, liquidity, and market risks (currency, interest rate, other price risks) through diversified investments, risk policies, credit monitoring, and cash management, with a **CNY 200,000** impact on net profit for a **100** basis point interest rate change - The company faces credit risk, liquidity risk, and market risk (exchange rate risk, interest rate risk, and other price risks)[547](index=547&type=chunk) - The company manages financial risks through diversified investments, risk management policies, customer credit assessment, and cash flow forecasting, among other measures[547](index=547&type=chunk)[548](index=548&type=chunk)[551](index=551&type=chunk) Maximum Credit Risk Exposure for H1 2025 | Item | Amount at Period-End (CNY 10k) | Amount at Prior Year-End (CNY 10k) | | :--- | :--- | :--- | | Cash and Bank Balances | 14,276.97 | 26,150.23 | | Trading Financial Assets | 16,141.08 | 11,049.92 | | Accounts Receivable | 16,117.00 | 21,224.40 | | Other Equity Instrument Investments | 13,061.
稳定币概念股开盘活跃!三未信安、新晨科技20CM涨停,美财长与高盛齐看好稳定币,美联储理事沃勒呼吁支持数字资产与稳定币
Sou Hu Cai Jing· 2025-08-21 01:56
Group 1 - The core viewpoint of the articles highlights the active performance of stablecoin-related stocks, with several companies experiencing significant price increases, indicating a growing interest in the stablecoin market [1] - Goldman Sachs reports a new expansion cycle in the stablecoin market, with potential market size reaching trillions of dollars, emphasizing that the payment sector will be a key driver for the total addressable market (TAM) of stablecoins [1] - Federal Reserve Governor Waller supports the advancement of technology and innovation in digital assets and AI to modernize the U.S. payment system and stimulate economic growth, coinciding with the Fed's mention of stablecoins in its July monetary policy meeting minutes [1] Group 2 - The Federal Reserve's July meeting minutes discuss the recent and future developments of payment stablecoins and their potential impact on the financial system, noting that the passage of the GENIUS Act may increase the use of payment stablecoins [2] - Participants in the Fed meeting expressed that payment stablecoins could enhance the efficiency of the payment system and potentially increase demand for the underlying assets, including U.S. Treasury securities [2] - Concerns were raised regarding the broader implications of stablecoins on banks, the financial system, and monetary policy implementation, highlighting the need for close monitoring of the assets backing stablecoins [2]
ST任子行(300311)8月8日主力资金净流出1098.62万元
Sou Hu Cai Jing· 2025-08-08 10:05
Group 1 - The core point of the article highlights the financial performance and stock market activity of ST Renzi Hang (300311) as of August 8, 2025, with a closing price of 5.18 yuan, a decline of 1.89%, and a trading volume of 19.09 million shares, amounting to 99.34 million yuan in transaction value [1] - The company reported a total operating revenue of 50.87 million yuan for Q1 2025, representing a year-on-year growth of 108.46%, and a net profit attributable to shareholders of 37.33 million yuan, up 46.62% year-on-year [1] - The company has a current ratio of 1.394, a quick ratio of 1.222, and a debt-to-asset ratio of 48.18% [1] Group 2 - ST Renzi Hang has made investments in 19 companies and participated in 1,287 bidding projects, indicating active engagement in business expansion [2] - The company holds 9 trademark registrations and 154 patents, showcasing its focus on intellectual property [2] - Additionally, ST Renzi Hang possesses 34 administrative licenses, reflecting its compliance and operational capabilities [2]
ST任子行(300311) - 关于董事会换届选举完成并聘任高级管理人员及证券事务代表的公告
2025-07-23 10:16
证券代码:300311 证券简称:ST 任子行 公告编号:2025-026 任子行网络技术股份有限公司 关于董事会换届选举完成并聘任高级管理人员及证券事务 代表的公告 | 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。 | 任子行网络技术股份有限公司(以下简称"公司")于 2025 年 7 月 22 日召 开了 2025 年第一次临时股东会,选举产生了新一届董事会成员,与公司职工代 表大会选举产生的职工代表董事共同组成公司第六届董事会。2025 年 7 月 23 日 公司召开了第六届董事会第一次会议,选举产生了董事长、董事会各专门委员会 委员,并聘任第六届高级管理人员及证券事务代表,公司第六届董事会换届选举 工作已完成,现将具体情况公告如下: 一、第六届董事会组成情况 公司第六届董事会由 7 名董事组成,其中非独立董事 4 名,独立董事 3 名。 任期自 2025 年第一次临时股东会审议通过之日起三年,具体情况如下: (一)非独立董事:景晓军先生(董事长)、沈智杰先生、林飞先生; (二)独立董事:闵锐女士、王偕林先生、吴志明先生; (三 ...
ST任子行(300311) - 关于第六届董事会第一次会议决议的公告
2025-07-23 10:16
任子行网络技术股份有限公司 关于第六届董事会第一次会议决议的公告 证券代码:300311 证券简称:ST 任子行 公告编号:2025-025 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。 一、董事会会议召开情况 任子行网络技术股份有限公司(以下简称"公司")第六届董事会第一次会 议于 2025 年 7 月 23 日在公司会议室以现场及通讯相结合的方式召开,会议通知 于 2025 年 7 月 18 日以邮件等方式送达参会人员。本次会议应出席董事 7 名,实 际出席董事 7 名。 会议由全体董事共同推举景晓军先生主持,公司拟任高级管理人员列席了本 次会议。本次会议的召开符合国家有关法律、法规及《任子行网络技术股份有限 公司章程》(以下简称"《公司章程》")的规定,本次会议的召开合法有效。 二、董事会会议审议情况 (一)审议通过《关于选举第六届董事会董事长的议案》; 公司董事会选举景晓军先生为公司第六届董事会董事长,任期三年,自本次 董事会通过之日起至第六届董事会届满之日止。 表决结果:7 票同意,0 票反对,0 票弃权。 具体内容详见公司在中国证券监督管理委员会 ...
ST任子行(300311) - 关于2025年第一次临时股东会决议的公告
2025-07-22 11:44
关于2025年第一次临时股东会决议的公告 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。 特别提示: 1、本次股东会未出现否决议案的情形。 2、本次股东会不涉及变更以往股东会已通过的决议的情形。 一、会议召开和出席情况 证券代码:300311 证券简称:ST 任子行 公告编号:2025-024 任子行网络技术股份有限公司 (一)会议召开情况 1、会议的召开时间 (1)现场会议时间:2025 年 7 月 22 日(星期二)15:30 (2)网络投票时间: 通过深圳证券交易所系统进行网络投票的具体时间为 2025 年 7 月 22 日 9:15-9:25、9:30-11:30、13:00-15:00; 通过深圳证券交易所互联网投票系统投票的具体时间为 2025 年 7 月 22 日 9:15 至 15:00 的任意时间。 2、会议地点:深圳市南山区高新区科技中 2 路软件园 2 栋 6 楼公司会议室 3、召集人:公司董事会 4、召开方式:本次股东会采用现场投票与网络投票相结合的方式 5、会议主持人:董事林飞先生 证券代码:300311 证券简称:ST 任子行 公告 ...