[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA%E3%80%81%E7%9B%AE%E5%BD%95%E5%92%8C%E9%87%8A%E4%B9%89) The board, supervisory board, and senior management ensure the report's truthfulness, accuracy, and completeness, with no cash dividends or bonus shares planned for the half-year period - The company's board of directors, supervisory board, and senior management ensure the truthfulness, accuracy, and completeness of this semi-annual report and bear legal responsibility[3](index=3&type=chunk) - Company head Wang Changchun, chief accountant Zhao Weihong, and head of accounting Zheng Xin declare that the financial report is true, accurate, and complete[3](index=3&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for this half-year period[4](index=4&type=chunk) - The reporting period is from January 1, 2025, to June 30, 2025[9](index=9&type=chunk) [Company Profile and Key Financial Indicators](index=7&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section provides an overview of the company's basic information and presents a detailed analysis of its key financial performance and position during the reporting period [Company Profile](index=7&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) Changliang Technology (stock code: 300348) is a company listed on the Shenzhen Stock Exchange, with Wang Changchun as its legal representative Company Information | Item | Content | | :--- | :--- | | **Stock Abbreviation** | Changliang Technology | | **Stock Code** | 300348 | | **Listing Exchange** | Shenzhen Stock Exchange | | **Company Full Name** | Shenzhen Changliang Technology Co., Ltd. | | **Legal Representative** | Wang Changchun | [Key Accounting Data and Financial Indicators](index=8&type=section&id=%E5%9B%9B%E3%80%81%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) During the reporting period, the company's operating revenue decreased by 5.64% year-on-year, and net profit attributable to shareholders turned from profit to loss, declining significantly by 1,140.18% Key Financial Indicators | Key Financial Indicator | Current Period (RMB) | Same Period Last Year (RMB) | Year-on-year Change | | :--- | :--- | :--- | :--- | | **Operating Revenue** | 664,499,856.28 | 704,243,496.27 | -5.64% | | **Net Profit Attributable to Shareholders of Listed Company** | -19,108,517.74 | 1,837,046.71 | -1,140.18% | | **Net Profit Attributable to Shareholders of Listed Company Excluding Non-recurring Gains and Losses** | -22,315,587.30 | -353,616.62 | -6,210.67% | | **Net Cash Flow from Operating Activities** | -368,255,489.25 | -354,028,073.91 | -4.02% | | **Basic Earnings Per Share (RMB/share)** | -0.0236 | 0.0025 | -1,044.00% | | **Weighted Average Return on Net Assets** | -0.91% | 0.12% | -1.03% | | **Total Assets** | 2,996,237,006.12 | 2,884,860,960.82 (End of Last Year) | 3.86% (Compared to End of Last Year) | | **Net Assets Attributable to Shareholders of Listed Company** | 2,105,857,945.96 | 2,117,035,571.46 (End of Last Year) | -0.53% (Compared to End of Last Year) | [Non-recurring Gains and Losses and Amounts](index=9&type=section&id=%E5%85%AD%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) The company's total non-recurring gains and losses amounted to 3.21 million Yuan, primarily from government subsidies recognized in current profit and loss Non-recurring Gains and Losses | Item | Amount (RMB) | | :--- | :--- | | Non-current asset disposal gains and losses | -40,404.35 | | Government subsidies recognized in current profit and loss | 3,888,139.77 | | Other non-operating income and expenses | 22,562.26 | | Less: Income tax impact | 663,228.15 | | Less: Impact on minority interests (after tax) | -0.03 | | **Total** | **3,207,069.56** | [Management Discussion and Analysis](index=11&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section provides a comprehensive review of the company's operational performance, financial condition, and future outlook, including key business activities, core competencies, and risk factors [Principal Businesses Engaged in by the Company During the Reporting Period](index=11&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company, a financial technology solutions provider, focuses on digital finance, big data applications, and full financial value chain management, facing challenges despite industry growth, resulting in a 5.64% revenue decrease and a net loss - The company's three core business segments include: - **Digital Financial Business Solutions**: Maintaining a market-leading position, securing multiple new-generation core system projects for banks, and jointly releasing an AI banking core system solution with Huawei - **Big Data Application System Solutions**: DataMind intelligent brain product achieving intelligent upgrades, signing contracts with several foreign banks, securities, and insurance clients - **Full Financial Value Chain Business Management Solutions**: Enterprise-level general ledger system continuing to lead the market, securing multiple general ledger, management accounting, and performance system projects for banks[31](index=31&type=chunk)[35](index=35&type=chunk)[39](index=39&type=chunk) - Overseas business continues to deepen with over **60 clients in Southeast Asia**, new bank projects signed in Vietnam and Singapore, and a strategic cooperation agreement with international technology group FPT to jointly promote global bank digital transformation[42](index=42&type=chunk) Key Financial Indicators | Indicator | Amount (Million RMB) | Year-on-year Change | | :--- | :--- | :--- | | **Operating Revenue** | 664.50 | -5.64% | | **Operating Cost** | 452.21 | +0.85% | | **Net Profit Attributable to Shareholders of Listed Company** | -19.11 | Turned from profit to loss | - Key reasons for net profit loss: **revenue scale decreased by 5.64%** year-on-year, **credit and asset impairment losses increased by 8.22 million Yuan (+85.88%)**, **share-based payment amortization from equity incentive plans increased by 5.25 million Yuan (+63.30%)**, and overall gross profit margin declined from **36.33% to 31.95%**[45](index=45&type=chunk) [Analysis of Core Competencies](index=15&type=section&id=%E4%BA%8C%E3%80%81%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competencies include leading position in domestic financial ITAI core products, deep integration of AI technology in financial scenarios, mature global market expansion capabilities, and a robust talent and incentive system - The company holds a leading position in domestic financial ITAI, with over **98% coverage of clients with assets exceeding 500 billion Yuan**, and has secured dozens of core system ITAI construction contracts with financial institutions[50](index=50&type=chunk) - The company pioneered the application of large model technology in bank core system upgrades, collaborating with Huawei to release the **"AI Banking Core System Requirements Analysis Intelligent Agent Joint Solution"** and build an **"AI Digital Productivity Platform"**[52](index=52&type=chunk) - The company is the only Chinese software enterprise to apply its self-developed bank core system to local banks in Southeast Asia, having secured core system construction contracts in Thailand, Indonesia, and the Philippines, and signed a strategic cooperation agreement with international technology group FPT to expand into the Vietnamese market[53](index=53&type=chunk) [Analysis of Main Business](index=16&type=section&id=%E4%B8%89%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Digital financial solutions revenue decreased by 14.55%, driving overall revenue decline, while big data and financial value chain solutions grew; software development was stable, but system integration revenue sharply dropped by 76.67%, with R&D investment up 37.44% and financial expenses down 107.10% due to exchange gains Main Financial Data | Main Financial Data | Current Period (RMB) | Same Period Last Year (RMB) | Year-on-year Change | | :--- | :--- | :--- | :--- | | **Operating Revenue** | 664,499,856.28 | 704,243,496.27 | -5.64% | | **Operating Cost** | 452,211,452.22 | 448,405,994.00 | 0.85% | | **Financial Expenses** | -820,643.23 | 11,563,135.43 | -107.10% | | **R&D Investment** | 71,878,982.74 | 52,296,832.08 | 37.44% | Operating Revenue and Gross Profit Margin by Product or Service | By Product or Service | Operating Revenue (RMB) | Gross Profit Margin | Year-on-year Change in Operating Revenue | | :--- | :--- | :--- | :--- | | **Digital Financial Business Solutions** | 388,319,354.95 | 34.80% | -14.55% | | **Big Data Application System Solutions** | 225,852,957.59 | 26.50% | 8.12% | | **Full Financial Value Chain Business Management Solutions** | 50,276,600.34 | 34.31% | 23.36% | Main Business Cost Composition | Main Business Cost Composition | Amount in Current Period (RMB) | Proportion of Operating Cost | Year-on-year Change | | :--- | :--- | :--- | :--- | | **Salaries and Benefits** | 414,642,237.98 | 91.69% | 4.25% | | **Travel Expenses** | 32,184,791.80 | 7.12% | -20.95% | | **Others** | 5,384,422.44 | 1.19% | -45.96% | [Analysis of Non-Principal Businesses](index=18&type=section&id=%E5%9B%9B%E3%80%81%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Non-principal businesses significantly negatively impacted total profit, with credit impairment losses of -16.84 million Yuan, accounting for 84.34% of total profit, primarily due to bad debt provisions for accounts receivable Non-Principal Business Impact on Profit | Item | Amount (RMB) | Proportion of Total Profit | Explanation of Formation Reason | | :--- | :--- | :--- | :--- | | **Investment Income** | 653,917.50 | -3.28% | Investment gains/losses from associates accounted for using equity method, etc. | | **Asset Impairment** | -951,480.75 | 4.77% | Inventory write-down provisions, contract asset impairment provisions | | **Credit Impairment Losses** | -16,836,144.72 | 84.34% | Provisions for bad debts of accounts receivable and other receivables | [Analysis of Assets and Liabilities](index=18&type=section&id=%E4%BA%94%E3%80%81%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) As of the reporting period end, total assets increased by 3.86% to 2.996 billion Yuan, with a significant shift from cash to inventory and accounts receivable, and new short-term borrowings of 110 million Yuan Asset and Liability Structure | Asset/Liability Item | Period-end Amount (RMB) | Proportion of Total Assets | Change in Proportion from End of Last Year | | :--- | :--- | :--- | :--- | | **Cash and Cash Equivalents** | 378,388,445.00 | 12.63% | -12.02% | | **Accounts Receivable** | 1,013,662,839.67 | 33.83% | 3.87% | | **Inventory** | 974,680,346.02 | 32.53% | 8.39% | | **Short-term Borrowings** | 110,000,000.00 | 3.67% | 3.67% | | **Contract Liabilities** | 503,338,421.32 | 16.80% | 1.39% | - As of the end of the reporting period, the company had **91.29 million Yuan in restricted assets**, primarily fixed assets pledged for loans (**88.79 million Yuan**) and cash and cash equivalents for letter of guarantee deposits (**2.50 million Yuan**)[69](index=69&type=chunk)[70](index=70&type=chunk) [Analysis of Investment Status](index=20&type=section&id=%E5%85%AD%E3%80%81%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) The company's investment amounted to 0.71 million Yuan, with no significant equity or non-equity investments, and 32.52% of the 409 million Yuan raised in 2024 has been utilized for financial business systems and cloud-native digital productivity platforms Use of Raised Funds | Use of Raised Funds | Amount (Million RMB) | | :--- | :--- | | **Net Amount of Raised Funds** | 409.37 | | **Total Raised Funds Used in Current Period** | 34.79 | | **Total Raised Funds Used Cumulatively** | 133.11 | | **Cumulative Utilization Ratio at End of Reporting Period** | 32.52% | | **Total Unused Raised Funds** | 276.26 | [Analysis of Major Holding and Participating Companies](index=24&type=section&id=%E5%85%AB%E3%80%81%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) Major subsidiaries showed mixed performance due to internal integration, with Shenzhen Changliang Data Technology and Shenzhen Changliang Financial System Services experiencing significant revenue declines and losses, while Beijing Changliang Hedu Information Technology saw profit growth despite revenue decrease, and Changliang Holdings (Hong Kong) improved its loss situation Subsidiary Performance | Subsidiary Name | Operating Revenue (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | | **Shenzhen Changliang Data Technology Co., Ltd.** | 1,719,272.87 | -4,101,007.38 | | **Shenzhen Changliang Financial System Services Co., Ltd.** | 1,107,222.75 | -668,064.52 | | **Beijing Changliang Hedu Information Technology Co., Ltd.** | 33,900,057.04 | 2,005,067.12 | | **Changliang Holdings (Hong Kong) Co., Ltd.** | 21,461,590.34 | -12,911,507.81 | - During the reporting period, the company acquired control of Shenzhen Changliang Smart Technology Co., Ltd. through equity purchase, making it a **wholly-owned subsidiary**[88](index=88&type=chunk) [Risks Faced by the Company and Countermeasures](index=26&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company faces risks from intensified market competition, R&D uncertainties, large accounts receivable, and high inventory, addressed by expanding overseas markets, deepening domestic presence, optimizing product management, leveraging AI for R&D, developing new businesses, and strengthening receivables and project delivery management - The main risks faced by the company include: - **Market competition risk**: Leading to reduced profitability due to intense industry competition - **Product R&D risk**: Rapid iteration of financial ITAI technology, with inherent R&D uncertainty - **Risk of large accounts receivable balance**: Primarily due to long payment cycles from financial institution clients, resulting in slow cash collection - **Risk of large inventory balance**: Project costs for long-cycle contracts are capitalized as inventory before acceptance, reaching **975 million Yuan**, a **39.99% increase** from the end of last year[90](index=90&type=chunk)[91](index=91&type=chunk)[92](index=92&type=chunk)[93](index=93&type=chunk) [Corporate Governance, Environment, and Society](index=28&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) This section details the company's governance structure, environmental initiatives, social responsibilities, and the implementation of its equity incentive plans [Implementation of Equity Incentive Plans](index=28&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E5%AE%9E%E6%96%BD%E6%83%85%E5%86%B5) During the reporting period, the company continued its 2022, 2023, and 2024 restricted stock and stock option incentive plans, involving repurchase and cancellation of shares for ineligible participants and adjustments to exercise/repurchase prices due to equity distribution - For incentive participants in the 2022 and 2023 plans who became ineligible due to resignation or other reasons, the company **repurchased and cancelled a portion of restricted shares** and **cancelled a portion of stock options**[101](index=101&type=chunk)[103](index=103&type=chunk)[104](index=104&type=chunk) - Due to the company-level performance assessment not being met for the first exercise/lifting of sales restrictions period of the 2024 equity incentive plan, the company plans to **repurchase and cancel 1,646,975 restricted shares** and **cancel 5,406,400 stock options**[107](index=107&type=chunk) - Due to the implementation of the 2024 annual equity distribution plan, the company made corresponding adjustments to the **exercise prices of stock options** and **repurchase prices of restricted shares** for the 2022, 2023, and 2024 equity incentive plans[102](index=102&type=chunk)[106](index=106&type=chunk)[108](index=108&type=chunk) [Significant Matters](index=32&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section outlines key events and material contracts that occurred during the reporting period, impacting the company's operations and financial position [Major Contracts in Ordinary Course of Business](index=53&type=section&id=%E4%B8%89%E3%80%81%E6%97%A5%E5%B8%B8%E7%BB%8F%E8%90%A5%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C) The company's major contract with Siam Commercial Bank (Thailand) for 353 million Yuan is 44.12% complete, with 42.76 million Yuan in revenue recognized and 18.33% of the contract amount collected Major Contracts | Counterparty | Total Contract Amount (Million RMB) | Contract Performance Progress | Cumulative Revenue Recognized (Million RMB) | Collection Status | | :--- | :--- | :--- | :--- | :--- | | **Siam Commercial Bank (Thailand)** | 352.91 | 44.12% | 42.76 | 18.33% | [Share Changes and Shareholder Information](index=55&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section details changes in the company's share capital and provides an overview of its shareholder structure, including major shareholders and their holdings [Share Change Status](index=55&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) The company's total share capital slightly increased from 812.28 million to 812.33 million shares due to repurchases, lifting of sales restrictions for previously issued shares, and exercise of stock options, reducing restricted shares from 21.86% to 12.83% - During the reporting period, the company's total share capital increased from **812,278,676 shares to 812,326,187 shares**[159](index=159&type=chunk) - Reasons for share changes include the **repurchase and cancellation of 172,750 restricted shares** from equity incentives, the **lifting of sales restrictions for 73,187,168 shares** from the 2023 private placement, and the **exercise of 220,261 stock options** by equity incentive participants[159](index=159&type=chunk)[160](index=160&type=chunk) [Number of Shareholders and Shareholding Status](index=57&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5) As of the reporting period end, the company had 100,273 common shareholders; controlling shareholder Wang Changchun held 11.87% (reduced by 6.5 million shares) with 33.25 million shares pledged, while other top ten shareholders held less than 2% - The total number of common shareholders at the end of the reporting period was **100,273**[165](index=165&type=chunk) Top Ten Shareholders | Shareholder Name | Shareholding Percentage | Number of Shares Held at End of Reporting Period | Change During Reporting Period | Pledged/Marked/Frozen Status | | :--- | :--- | :--- | :--- | :--- | | **Wang Changchun** | 11.87% | 96,402,419 | -6,500,000 | Pledged 33,250,500 shares | | **Bao Hailiang** | 1.69% | 13,764,069 | -80,000 | - | | **Xu Jiang** | 1.57% | 12,761,000 | 0 | - | | **Southern CSI 1000 ETF** | 0.92% | 7,502,050 | +2,157,200 | - | | **Hwabao CSI Financial Technology Theme ETF** | 0.86% | 6,977,704 | +1,604,670 | - | [Bond-Related Information](index=62&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) This section confirms that there were no bond-related matters for the company during the current reporting period [Bond-Related Information](index=62&type=section&id=%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company had no bond-related matters during the reporting period - The company had **no bond-related matters** during this reporting period[173](index=173&type=chunk) [Financial Report](index=63&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This section presents the company's financial statements, including the balance sheet, income statement, and cash flow statement, along with significant accounting policies and estimates [Financial Statements](index=63&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) The financial statements indicate challenging operating conditions for the company in H1 2025, with increased inventory and accounts receivable, decreased cash, reduced revenue, a shift from profit to loss, and expanded negative operating cash flow [Consolidated Balance Sheet](index=63&type=section&id=1%E3%80%81%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, total assets were 2.996 billion Yuan, up 3.86% from the beginning of the year, marked by a 46.78% decrease in cash, a 17.28% increase in accounts receivable, a 39.99% increase in inventory, and new short-term borrowings of 110 million Yuan Consolidated Balance Sheet Data | Item | Period-end Balance (RMB) | Period-beginning Balance (RMB) | | :--- | :--- | :--- | | **Cash and Cash Equivalents** | 378,388,445.00 | 711,044,835.62 | | **Accounts Receivable** | 1,013,662,839.67 | 864,323,099.93 | | **Inventory** | 974,680,346.02 | 696,273,537.73 | | **Total Assets** | 2,996,237,006.12 | 2,884,860,960.82 | | **Short-term Borrowings** | 110,000,000.00 | 0.00 | | **Contract Liabilities** | 503,338,421.32 | 444,662,057.70 | | **Total Liabilities** | 890,379,057.05 | 767,825,399.46 | | **Equity Attributable to Owners of the Parent Company** | 2,105,857,945.96 | 2,117,035,571.46 | [Consolidated Income Statement](index=68&type=section&id=3%E3%80%81%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) In H1 2025, the company's operating revenue decreased by 5.64% to 664 million Yuan, with operating costs slightly up, leading to a net loss of 19.11 million Yuan, a reversal from the previous year's profit, primarily due to revenue decline and credit impairment losses Consolidated Income Statement Data | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | **Total Operating Revenue** | 664,499,856.28 | 704,243,496.27 | | **Total Operating Cost** | 677,838,874.94 | 689,772,221.36 | | **Of which: Operating Cost** | 452,211,452.22 | 448,405,994.00 | | **R&D Expenses** | 51,398,030.14 | 57,302,938.19 | | **Credit Impairment Losses** | -16,836,144.72 | -6,728,353.24 | | **Operating Profit** | -19,984,099.59 | 8,726,071.63 | | **Net Profit** | -19,108,504.46 | 1,837,066.08 | | **Net Profit Attributable to Owners of the Parent Company** | -19,108,517.74 | 1,837,046.71 | [Consolidated Cash Flow Statement](index=71&type=section&id=5%E3%80%81%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) In H1 2025, net cash flow from operating activities was -368 million Yuan, an increased outflow from the previous year, with investment activities showing a net outflow of 27.5 million Yuan, while financing activities generated a net inflow of 95.25 million Yuan, primarily from new bank borrowings Consolidated Cash Flow Statement Data | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | **Net Cash Flow from Operating Activities** | -368,255,489.25 | -354,028,073.91 | | **Net Cash Flow from Investing Activities** | -27,495,728.35 | -23,576,208.92 | | **Net Cash Flow from Financing Activities** | 95,245,435.75 | 93,273,332.53 | | **Net Increase in Cash and Cash Equivalents** | -302,247,686.90 | -289,639,154.81 | | **Cash and Cash Equivalents at End of Period** | 375,842,737.49 | 221,540,974.81 | [Significant Accounting Policies and Estimates](index=82&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) The company's financial statements are prepared on a going concern basis, adhering to accounting standards, with key policies covering financial instrument impairment based on expected credit losses, inventory valuation at lower of cost or net realizable value, equity method for associates, capitalization of development expenditures under specific conditions, and revenue recognition based on transfer of control - Revenue recognition policies: - **Customized software development** revenue is recognized over time based on performance progress if output has no alternative use and the company has a right to payment for completed work, otherwise at customer acceptance - **Technical personnel outsourcing** revenue is recognized over the service period - **System integration** revenue is recognized upon customer acquisition of software license or hardware acceptance - **Maintenance service** revenue is recognized periodically over the service term[350](index=350&type=chunk)[351](index=351&type=chunk)[352](index=352&type=chunk) - R&D expenditure capitalization policy: The company categorizes internal R&D projects into **research phase (expensed)** and **development phase**, capitalizing development phase expenditures when conditions such as technical feasibility, intention to complete, ability to generate economic benefits, availability of resources, and reliable measurement of expenditure are met[318](index=318&type=chunk)[319](index=319&type=chunk) - Financial asset impairment: The company measures loss provisions for items such as **accounts receivable and contract assets** based on expected credit losses, consistently measuring expected credit losses for the entire lifetime of accounts receivable and contract assets[260](index=260&type=chunk)[262](index=262&type=chunk)[265](index=265&type=chunk)

深圳市长亮科技股份有限公司 第五届董事会独立董事2025年第五次专门会议决议 表决结果：3 票同意、0 票反对、0 票弃权 独立董事一致同意该议案的相关内容，并同意将该议案提交公司第五届董事 会第三十次会议审议。 二、审议通过了《关于使用部分闲置募集资金和自有资金进行现金管理的 议案》 公司本次使用闲置募集资金和自有资金进行现金管理的事项，符合《上市公 司募集资金监管规则》《深圳证券交易所创业板股票上市规则》《深圳证券交易 所上市公司自律监管指引第 2 号——创业板上市公司规范运作》等有关规范性文 件及公司《募集资金管理办法》的规定，该事项的决策和审议程序合法、合规。 在不影响募投项目正常进行和公司正常生产经营的前提下，合理使用闲置募集资 金和自有资金进行现金管理，有利于提高资金使用效率，增加资金收益，为公司 和股东获取更多的回报，不存在损害公司及中小股东利益的情形。该事项履行了 必要的审批及核查程序，不存在变相改变募集资金用途和损害中小股东利益的情 形。 深圳市长亮科技股份有限公司（以下简称"公司"）第五届董事会独立董事 2025年第五次专门会议，于2025年8月4日向全体独立董事发出通知，并于2025年 ...

第五届董事会第三十次会议 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。 一、董事会会议召开情况 深圳市长亮科技股份有限公司（以下简称"公司"）第五届董事会第三十 次会议（以下简称"董事会"）由董事长召集，于 2025 年 8 月 10 日以电子邮 件形式向全体董事发出通知，并于 2025 年 8 月 14 日上午 10 时至 11 时在公司 大会议室以现场会议与通讯表决的方式召开。出席本次会议的董事共 9 人 （其中受托董事 0 人，通讯表决的董事 4 人，为王长春、魏锋、张苏彤、赵一 方），占公司董事总数的 100%，超过半数，符合《公司法》及《公司章程》关 于召开董事会的规定。 二、董事会会议审议情况 证券代码：300348 证券简称：长亮科技 公告编号：2025-054 深圳市长亮科技股份有限公司 本次董事会由董事长王长春先生主持，公司监事和高级管理人员列席了本 次董事会。会议审议了本次会议的议题，并经投票表决审议通过了以下议案： 1、审议通过了《关于公司<2025 年半年度报告及 2025 年半年度报告摘要> 的议案》 董事会认为公司《20 ...

长亮科技公告，2025年上半年营业收入6.64亿元，同比下降5.64%。净利润亏损1910.85万元，上年同期 净利润183.7万元。 ...

Group 1 - The Computer ETF (159998) showed strong performance, rising 1.15% with a trading volume exceeding 28 million yuan as of August 14 [1] - Among the constituent stocks, Zhongke Shuguang increased by over 7%, with other stocks like Jiangbolong, China Great Wall, Shiji Information, and Hengsheng Electronics also experiencing gains [2] - The latest scale of the Computer ETF (159998) reached 3.493 billion yuan, ranking first among all computer-related ETF products in the market [2] Group 2 - The Cloud Computing ETF (517390) rose by 0.49% with a trading volume exceeding 14 million yuan as of the same date [2] - Notably, Huasheng Tiancai hit the daily limit, with Zhongke Shuguang, Shuguang Shuchuang, Tuolisi, and Changliang Technology also reaching the daily limit [2] - The Cloud Computing ETF (517390) recorded a 5.87% increase over the past week (August 7-13), leading among similar products [2] Group 3 - The National Development and Reform Commission reported significant advancements in China's digital infrastructure during the 14th Five-Year Plan, with 5G base stations expected to reach 4.55 million and gigabit broadband users at 226 million by June 2025 [3] - The total computing power in China ranks second globally, contributing positively to economic and social development [3] - Recent earnings reports from overseas AI application software companies like AppLovin and Palantir exceeded expectations, indicating accelerated commercialization of AI [3]

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。 证券代码：300348 证券简称：长亮科技 公告编号：2025-051 深圳市长亮科技股份有限公司 关于使用部分闲置募集资金和自有资金进行现金管理的 进展公告 深圳市长亮科技股份有限公司（以下简称"公司"）于 2024 年 8 月 14 日召 开公司第五届董事会第十八次会议、第五届监事会第十五次会议，分别审议通过 了《关于使用部分闲置募集资金和自有资金进行现金管理的议案》，同意公司拟 对不超过人民币 8,000 万元（含本数）的部分闲置募集资金和不超过人民币 4 亿 元（含本数）自有资金进行现金管理。上述额度自公司董事会审议通过之日起 12 个月内有效，在前述额度和期限范围内可循环滚动使用，且单个产品的投资期限 不超过 12 个月。具体内容详见公司于 2024 年 8 月 14 日在中国证监会创业板指 定信息披露网站巨潮资讯网（www.cninfo.com.cn）上披露的相关公告。 在上述决议授权范围内，公司根据经营情况使用部分闲置募集资金和自有资 金进行现金管理。现将公司进行现金管理的相关进展公告如下： 注：上 ...

Investment Rating - The industry investment rating is optimistic [1] Core Insights - The financial IT sector shows significant elasticity during the initial stages of a bull market, with notable price increases and valuation expansions [3] - The combination of technology and finance attributes leads to a "Davis Double Play" effect during bull markets, particularly highlighted in 2015 [4] - Current advancements in AI and new business developments are expected to drive further growth in the financial IT sector [5] Summary by Sections 2014-2015: Liquidity Explosion, Financial Technology Leads - The bull market from 2014 to 2015 was driven by ample liquidity and the rise of mobile internet, leading to significant gains in financial technology stocks [15][19] - Financial technology stocks experienced substantial price increases, with some stocks seeing gains close to 450% compared to mid-2014 levels [4] - The financial IT sector benefited from increased investor participation and software usage during the bull market [33] 2016-2018: Structural Bull Market, Varied Performance in Financial Technology - The period from 2016 to 2018 was characterized by a structural bull market influenced by supply-side reforms and foreign capital inflows [43] - Financial technology stocks underperformed compared to the broader market during this period, primarily due to high valuations and changing market preferences [46][52] - The financial IT sector faced challenges as the market shifted focus towards blue-chip and consumer stocks, leading to a decline in growth stocks [56] 2019-2021: Core Assets Drive Structural Bull Market - The financial technology sector saw a resurgence from 2019 to 2021, driven by global liquidity and domestic industrial upgrades [70] - The introduction of the Sci-Tech Innovation Board in 2019 significantly boosted the financial technology sector, with strong performance noted in various market phases [76][81] - Financial technology stocks outperformed the market during key periods, reflecting the sector's recovery and growth potential [82]

Group 1 - The core viewpoint of the news is that AI application stocks in China experienced a significant decline, with the ChiNext AI Index dropping nearly 2% and falling below the 10-day moving average [1][3] - The decline was led by companies such as Wanxing Technology, which fell over 11%, while only a few stocks like Zhongji Xuchuang and Runze Technology managed to rise [1][3] - Despite the downturn, there was a net subscription of 6 million units for the ChiNext AI ETF (159363), indicating continued investor interest [1][3] Group 2 - The release of GhatGPT-5 has created pressure on domestic large model companies, although the long-term trend for AI remains positive, presenting opportunities for companies with established performance [3] - A recent high-level meeting emphasized the need for deep implementation of the "AI+" initiative, aiming to accelerate the commercialization of AI applications [3] - Analysts predict that 2025 will mark a significant year for AI Agent capabilities, with a shift from content generation to process agency, suggesting a focus on large model developers and AI application platforms [3][4] Group 3 - According to CITIC Securities, the overall operating conditions of tech giants in Q2 2025 are expected to be significantly better than previously cautious market expectations, with a notable increase in cloud business growth [4] - The global AI capital expenditure (CAPEX) is projected to grow by 64% in 2025 and 50% in 2026, driven by increased demand for computing power and the impact of tax reforms in the U.S. [4] - The ChiNext AI ETF (159363) is highlighted as a key investment opportunity, with a portfolio that allocates approximately 70% to computing power and 30% to AI applications [4][5]

Core Viewpoint - The Shenzhen Securities Regulatory Bureau issued a warning letter to Zhihong Accounting Firm and its accountants for deficiencies in the audit of Changliang Technology's 2023 annual report, highlighting significant issues in audit execution and compliance with auditing standards [2][4]. Summary by Sections Control Testing - Control tests were inadequately executed, particularly regarding the key control point "contract changes" in the sales and collection cycle, lacking sufficient audit evidence to prove the effectiveness of the control [4][5]. Revenue Audit Procedures - The audit procedures for revenue were insufficient, failing to consider significant discrepancies between estimated revenues at the end of 2022 and actual settlement amounts due to customer changes, as well as a substantial reduction in actual settlement amounts in January 2024 compared to estimates at the end of 2023 [5][6]. Accounts Receivable and Bad Debt Provision - The audit procedures for accounts receivable and bad debt provisions were not adequately performed, particularly regarding the reasonableness of significant changes in the forward-looking adjustment coefficients of the expected credit loss model and the review procedures for key parameters in migration rate calculations [6][7]. R&D Expenses - The audit procedures for R&D expenses were insufficient, failing to assess the reasonableness of recognizing certain intangible asset amortizations as R&D expenses [7][8]. Uncorrected Misstatements - There was a failure to aggregate and evaluate the impact of uncorrected misstatements that exceeded the threshold for clearly trivial misstatements, which is a violation of auditing standards [8][9]. Audit Documentation - Audit documentation was inadequate, with missing records for revenue detail tests and cutoff tests, and a lack of justification for the sample selection range in revenue cutoff tests [9].

Core Viewpoint - Changliang Technology (300348) will disclose its semi-annual report for 2025 in mid-August, and investors are encouraged to pay attention to this announcement [1] Company Summary - The company has confirmed the date for the release of its financial report, indicating transparency and communication with investors [1] - The report is expected to provide insights into the company's performance and future outlook [1]