Market Overview - On September 4, the internet e-commerce sector declined by 0.17% compared to the previous trading day, with Ruoyuchen leading the decline [1] - The Shanghai Composite Index closed at 3765.88, down 1.25%, while the Shenzhen Component Index closed at 12118.7, down 2.83% [1] Stock Performance - Notable gainers included: - Xinxunda (300518) with a closing price of 16.40, up 12.71% and a trading volume of 292,300 shares, totaling 454 million yuan [1] - Lirenlizhuang (605136) closed at 10.07, up 5.22% with a trading volume of 317,600 shares, totaling 316 million yuan [1] - Major decliners included: - Ruoyuchen (003010) closed at 58.70, down 4.49% with a trading volume of 75,800 shares, totaling 446 million yuan [2] - Shitou Co. (600539) closed at 10.44, down 3.51% with a trading volume of 114,800 shares, totaling 122 million yuan [2] Capital Flow - The internet e-commerce sector experienced a net outflow of 103 million yuan from institutional investors, while retail investors saw a net inflow of 201 million yuan [2][3] - Specific stock capital flows showed: - Xinxunda had a net outflow of 46.21 million yuan from institutional investors [3] - Kuaijingtong (002640) had a net inflow of 32.87 million yuan from institutional investors [3]

广西新迅达科技集团股份公司 2025 年公告 关于公司为合伙企业项目公司提供关联担保的进展公告 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、本次担保情况概述 广西新迅达科技集团股份公司（以下简称"公司"）于 2025 年 4 月 24 日召 开了第五届董事会第二十七次会议及第五届监事会第十六次会议、于 2025 年 5 月 16 日召开了 2024 年年度股东大会，审议通过了《关于拟为合伙企业项目公司 提供关联担保的议案》。公司拟为公司参与投资设立的南宁海盟新能源投资合伙 企业（有限合伙）（以下简称"合伙企业"）项下的项目公司南宁盛鑫新能源有 限公司（以下简称"盛鑫新能源"）提供总额不超过 6,100 万元的关联担保。 公司拟按照在合伙企业的出资比例为盛鑫新能源提供总额不超过 6,100 万 元的关联担保。盛鑫新能源其他关联方将按照出资比例同比例提供担保。 证券代码：300518 证券简称：新迅达 公告编号：2025-032 广西新迅达科技集团股份公司 上述担保额度的申请期限为自本次股东大会审议通过之日起 12 个月内（实 际的担保期限以同银行签订的担 ...

Market Performance - On August 29, the internet e-commerce sector rose by 1.57%, led by Ruoyuchen [1] - The Shanghai Composite Index closed at 3857.93, up 0.37%, while the Shenzhen Component Index closed at 12696.15, up 0.99% [1] Top Performers - Ruoyuchen (code: 003010) closed at 66.36, with a gain of 9.56% and a trading volume of 137,200 shares, amounting to a transaction value of 882 million [1] - Saiwei Times (code: 301381) closed at 22.76, up 5.42%, with a trading volume of 168,500 shares, totaling 382 million [1] - New Xunda (code: 300518) closed at 14.70, gaining 5.38% with a trading volume of 160,100 shares, amounting to 232 million [1] Underperformers - Jihong Co. (code: 002803) closed at 17.93, down 2.98%, with a trading volume of 183,000 shares, totaling 329 million [2] - Cross-Border Communication (code: 002640) closed at 5.66, down 2.41%, with a trading volume of 1,777,600 shares, amounting to 1.016 billion [2] - Star徽股份 (code: 300464) closed at 5.67, down 2.24%, with a trading volume of 117,600 shares, totaling 67 million [2] Capital Flow - The internet e-commerce sector experienced a net outflow of 17.44 million from institutional investors and 61.87 million from speculative funds, while retail investors saw a net inflow of 79.31 million [2][3] - Major stocks like Guolian Co. (code: 603613) had a net outflow of 80.49 million from institutional investors, while Ruoyuchen saw a net inflow of 75.90 million [3]

Group 1 - The stock price of Xunxinda is reported at 13.86 yuan, down 4.41% from the previous trading day [1] - The opening price was 14.55 yuan, with an intraday high of 14.62 yuan and a low of 13.83 yuan, with a trading volume of 107,105 hands and a transaction amount of 152 million yuan [1] - Xunxinda operates in the internet services sector, also involved in lithium mining concepts and influencer economy, with its main business covering internet information services and related technology development [1] Group 2 - According to financial report data, Xunxinda's net profit attributable to shareholders for the first half of the year was -13.57 million yuan, an improvement from -80.96 million yuan in the same period last year [1] - In terms of capital flow, Xunxinda experienced a net outflow of 13.24 million yuan in main funds today, with a cumulative net outflow of 65.30 million yuan over the past five days [1]

广西新迅达科技集团股份公司 2025 年公告 证券代码：300518 证券简称：新迅达 公告编号：2025-029 广西新迅达科技集团股份公司 关于 2025 年半年度报告披露的提示性公告 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。 2025 年 8 月 27 日，广西新迅达科技集团股份公司（以下简称"公司"）召 开了第五届董事会第三十次会议和第五届监事会第十八次会议，审议通过了公司 《2025 年半年度报告》摘要及全文的相关议案。 为使投资者全面了解公司的经营成果、财务状况及未来发展规划，《2025 年 半年度报告》摘要及全文(公告编号：2025-030、2025-031)于 2025 年 8 月 28 日刊登于巨潮资讯网（http://www.cninfo.com.cn），敬请投资者注意查阅。 特此公告。 广西新迅达科技集团股份公司 董事会 2025 年 8 月 27 日 ...

上市公司 2025 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 | 单位：元 | | --- | | | 资金占用方名 | 占用方 与上市 | 上市公 司核 | 2025 年期初占用资 | 2025 年度占用 | 2025 年度占用资 | 2025 年度偿还累 | 2025 年期末占用 | 占用形 | 占用性 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 非经营性资金占 | | 公司的 | 算的会 | | 累计发生金额 | | | | | | | 用 | 称 | 关联关 | 计科 | 金余额 | （不含利息） | 金的利息（如有） | 计发生金额 | 资金余额 | 成原因 | 质 | | | | 系 | 目 | | | | | | | | | 控股股东、实际控 | | | | | | | | | | | | 制人及其附属企 | | | | | | | | - | | | | 业 | | | | | | | | | | | | 小计 | - | - | - | - | - | - | - | - | | - ...

[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=第一节%20重要提示、目录和释义) This section provides important notices, lists reference documents, and defines key terms used throughout the report [Important Notice](index=2&type=section&id=重要提示) The company's board, supervisory board, and senior management guarantee the semi-annual report's accuracy, clarifying that forward-looking statements are not commitments, and no half-year dividends or capital reserve conversions are planned - The company's board of directors, supervisory board, and senior management commit to the truthfulness, accuracy, and completeness of the semi-annual report content[3](index=3&type=chunk) - Forward-looking statements regarding future plans and development strategies in the report do not constitute substantive commitments to investors[3](index=3&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[3](index=3&type=chunk) [Reference Documents](index=4&type=section&id=备查文件目录) This section lists the company's 2025 semi-annual report original text, signed financial statements, and all publicly disclosed company documents and announcements on the CSRC-designated website for review - Reference documents include the original text of the 2025 semi-annual report signed by the chairman[7](index=7&type=chunk) - Reference documents include financial statements bearing the signatures of the company's head, the person in charge of accounting, and the head of the accounting department[7](index=7&type=chunk) - Reference documents include the originals of all company documents and announcements publicly disclosed on the website designated by the China Securities Regulatory Commission during the reporting period[7](index=7&type=chunk) [Definitions](index=5&type=section&id=释义) This section defines common terms used in the report, clarifying "the Company" as Guangxi Xinxunda Technology Group Co., Ltd., "Reporting Period" as January 1 to June 30, 2025, and listing abbreviations for major subsidiaries and related entities - "The Company" refers to Guangxi Xinxunda Technology Group Co., Ltd[8](index=8&type=chunk) - "Reporting Period" refers to January 1, 2025, to June 30, 2025[8](index=8&type=chunk) - Definitions are provided for major subsidiaries and related entities, including Shengxun Cloud Commerce, Lifeng Chuanda, and Guangyu Mining[8](index=8&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=第二节%20公司简介和主要财务指标) This section provides an overview of the company's basic information, contact details, and key financial performance metrics for the reporting period [Company Profile](index=6&type=section&id=一、公司简介) The company's Chinese name is Guangxi Xinxunda Technology Group Co., Ltd., with stock abbreviation "Xinxunda" and stock code 300518, listed on the Shenzhen Stock Exchange, and its legal representative is Wu Chenghua - The company's stock abbreviation is "Xinxunda", and its stock code is 300518[11](index=11&type=chunk) - The company is listed on the Shenzhen Stock Exchange[11](index=11&type=chunk) - The company's legal representative is Wu Chenghua[11](index=11&type=chunk) [Contact Person and Contact Information](index=6&type=section&id=二、联系人和联系方式) This section provides detailed contact information for the company's Board Secretary Wang Fabin and Securities Affairs Representative Xu Huizhu, including address, phone, fax, and email - The Board Secretary is Wang Fabin, and the Securities Affairs Representative is Xu Huizhu[12](index=12&type=chunk) - The contact address is 2501, Grand China International Exchange Plaza, Fuhua 1st Road, Futian Community, Futian Street, Futian District, Shenzhen[12](index=12&type=chunk) - The contact number is 0755-82731691, and the email address is sxd@gamexun.com[12](index=12&type=chunk) [Other Information](index=6&type=section&id=三、其他情况) During the reporting period, there were no changes in the company's contact information, information disclosure and storage locations, or registration changes, with specific details available in the 2024 annual report - The company's registered address, office address, website, and email address remained unchanged during the reporting period[13](index=13&type=chunk) - Information disclosure and storage locations remained unchanged during the reporting period[14](index=14&type=chunk) - The company's registration status remained unchanged during the reporting period[15](index=15&type=chunk)[16](index=16&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=四、主要会计数据和财务指标) During the reporting period, the company's operating revenue increased by 42.35% year-on-year, net loss attributable to shareholders significantly narrowed by 83.24%, and net cash flow from operating activities loss narrowed by 69.21%, while total assets and net assets attributable to shareholders slightly decreased Key Accounting Data and Financial Indicators (Year-on-Year Change) | Indicator | Current Reporting Period (yuan) | Prior Year Period (yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 86,653,095.24 | 60,871,631.40 | 42.35% | | Net Profit Attributable to Shareholders of Listed Company | -13,570,780.68 | -80,962,355.89 | 83.24% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains and Losses) | -22,581,322.38 | -51,142,763.11 | 55.85% | | Net Cash Flow from Operating Activities | -24,272,540.03 | -78,837,069.71 | 69.21% | | Basic Earnings Per Share (yuan/share) | -0.07 | -0.41 | 82.93% | | Diluted Earnings Per Share (yuan/share) | -0.07 | -0.41 | 82.93% | | Weighted Average Return on Net Assets | -1.76% | -7.51% | 5.75% | | **Indicator** | **End of Current Reporting Period (yuan)** | **End of Prior Year (yuan)** | **Change from End of Prior Year** | | Total Assets | 1,014,167,159.84 | 1,074,500,328.28 | -5.61% | | Net Assets Attributable to Shareholders of Listed Company | 765,942,086.71 | 779,447,192.92 | -1.73% | [Differences in Accounting Data under Domestic and Overseas Accounting Standards](index=7&type=section&id=五、境内外会计准则下会计数据差异) The company reported no differences in net profit and net assets between financial reports disclosed under International Accounting Standards or overseas accounting standards and Chinese Accounting Standards during the reporting period - The company's financial reports for the reporting period show no differences in net profit and net assets when disclosed under International Accounting Standards compared to Chinese Accounting Standards[18](index=18&type=chunk) - The company's financial reports for the reporting period show no differences in net profit and net assets when disclosed under overseas accounting standards compared to Chinese Accounting Standards[19](index=19&type=chunk) [Non-Recurring Gains and Losses and Amounts](index=7&type=section&id=六、非经常性损益项目及金额) During the reporting period, the company's total non-recurring gains and losses amounted to 9.0105 million yuan, primarily from disposal gains/losses of non-current assets, government subsidies, fair value changes, and entrusted investment gains/losses Non-Recurring Gains and Losses and Amounts | Item | Amount (yuan) | | :--- | :--- | | Disposal gains/losses of non-current assets | 2,070,729.88 | | Government subsidies included in current profit and loss | 595,600.87 | | Gains/losses from changes in fair value and disposal of financial assets and liabilities | 7,427,972.66 | | Gains/losses from entrusted investments or asset management | 588,497.80 | | Reversal of impairment provisions for individually tested receivables | 1,200,000.00 | | Other non-operating income and expenses apart from the above | -1,013,920.42 | | Less: Income tax impact | 1,858,019.49 | | Impact on minority interests (after tax) | 319.60 | | Total | 9,010,541.70 | - The company has no other profit and loss items that meet the definition of non-recurring gains and losses[22](index=22&type=chunk) [Management Discussion and Analysis](index=9&type=section&id=第三节%20管理层讨论与分析) This section provides an in-depth analysis of the company's main businesses, key performance drivers, financial status, investment activities, and risk management strategies during the reporting period [Main Businesses Engaged by the Company During the Reporting Period](index=9&type=section&id=一、报告期内公司从事的主要业务) The company's main businesses include live e-commerce, direct e-commerce sales, and mineral products; during the reporting period, the lithium new energy sector underwent deep market adjustments with surging energy storage demand and falling lithium carbonate prices, while the live e-commerce industry continued to grow but at a slower pace, highlighting F2C models and AI applications amid stricter regulations [Lithium New Energy Industry](index=9&type=section&id=(一)%20锂电新能源行业) In the first half of 2025, the global lithium resource market saw a supply of over 1.2 million tons LCE, a 28% year-on-year increase, with energy storage installations surging by 65% and contributing 60% of the lithium demand growth, while battery-grade lithium carbonate spot prices fell by 32.11% - In the first half of 2025, global lithium resource supply exceeded **1.2 million tons LCE**, a year-on-year increase of **28%**[24](index=24&type=chunk) - Energy storage installations surged by **65%** year-on-year, contributing **60%** of the increase in lithium demand and becoming the core driver of lithium demand growth[24](index=24&type=chunk) Battery-Grade Lithium Carbonate Spot Average Price Change | Indicator | H1 2025 (10,000 yuan/ton) | Prior Year Period (10,000 yuan/ton) | Decline | | :--- | :--- | :--- | :--- | | Battery-Grade Lithium Carbonate Spot Average Price | 7.04 | 10.37 | 32.11% | [Live E-commerce Industry](index=9&type=section&id=(二)%20直播电商行业) In the first half of 2025, China's live e-commerce industry reached a scale of 2.8 trillion US dollars, growing by 18.6% year-on-year, with a slowdown in growth, while F2C models and generative AI applications (58% penetration rate) drove efficiency and experience optimization, alongside stricter regulations leading to the closure of over 12,000 non-compliant stores and a 67% year-on-year decrease in streamer violation rates - In the first half of 2025, China's live e-commerce industry's overall scale climbed to **2.8 trillion US dollars**, achieving an **18.6%** growth compared to the same period last year[29](index=29&type=chunk) - The penetration rate of generative AI applications in live streaming scenarios has steadily increased to a high of **58%**, with unmanned broadcasting control costs decreasing by as much as **39%**[30](index=30&type=chunk) - Regulatory authorities, through the "3•15" special rectification action, closed over **12,000** non-compliant stores, and the streamer violation rate decreased by **67%** year-on-year[30](index=30&type=chunk) [Main Businesses and Operating Models of the Company During the Reporting Period](index=10&type=section&id=二、报告期内公司从事的主要业务及经营模式) The company's main businesses include live e-commerce, direct e-commerce sales, and mineral products; live e-commerce primarily focuses on casual snack sales, handling merchant recruitment and operations, while direct e-commerce sales involve self-operated private label casual foods, and mineral products business includes lithium ore sales and other mineral product trade, with bulk trade business concluded in 2024 - The company's main businesses include live e-commerce, direct e-commerce sales, and mineral products[31](index=31&type=chunk) - Live e-commerce business primarily focuses on live streaming sales of casual snacks, undertaking merchant recruitment and live streaming operations[31](index=31&type=chunk) - The company has concluded its existing bulk trade business and "back-to-back settlement" business, and will no longer engage in other bulk trade activities[33](index=33&type=chunk) [Key Performance Drivers](index=11&type=section&id=三、主要业绩驱动因素) The company's performance growth is primarily driven by the development of the live e-commerce industry, policy support for the new energy sector, and increasing market demand, alongside internal factors such as focusing on core business development, strengthening private brand building, and accelerating business expansion through lithium mine acquisitions and investments in new energy industry companies - The live e-commerce industry is developing rapidly, becoming a main force in online consumption, and evolving towards digitalization, intelligence, and specialization[34](index=34&type=chunk) - The new energy industry is experiencing rapid development globally under "dual carbon" goals and policy support, driving the growth of lithium battery demand[34](index=34&type=chunk) - The company focuses on its main business, intensifies the development and promotion of its private label casual food brand "Xiancaotang", and efficiently enters the new energy industry to accelerate its new energy business layout[34](index=34&type=chunk) [Company E-commerce Business Operating Revenue](index=11&type=section&id=四、公司电子商务业务营业收入情况) During the reporting period, the company's total e-commerce business revenue reached 86.4918 million yuan, a year-on-year increase of 67.72%, with Douyin self-operated revenue growing by 370.14%, Kuaishou self-operated revenue by 13.32%, and other platform self-operated revenue by 1129.94%, while live streaming service revenue generally decreased E-commerce Business Operating Revenue | Platform Category | Sales Model | Current Reporting Period Revenue (yuan) | Prior Year Period Revenue (yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | | Douyin | Self-operated | 18,583,417.78 | 3,952,771.51 | 370.14% | | Douyin | Live Streaming Service | 441,974.12 | 913,840.26 | -51.64% | | Kuaishou | Self-operated | 48,558,060.69 | 42,851,775.31 | 13.32% | | Kuaishou | Live Streaming Service | 8,908.37 | 2,220,850.09 | -99.60% | | Other Platforms/Channels | Self-operated | 18,878,572.60 | 1,534,924.04 | 1129.94% | | Other Platforms/Channels | Live Streaming Service | 20,856.02 | 93,888.25 | -77.79% | | Total | | 86,491,789.58 | 51,568,049.46 | 67.72% | [Company E-commerce Business Operating Performance](index=11&type=section&id=五、公司电子商务业务经营情况) During the reporting period, the company's e-commerce business focused on casual snacks, with self-operated direct sales transactions totaling 91.0164 million yuan, live streaming service transactions 2.2708 million yuan, a combined transaction amount of 93.2872 million yuan, 937,835 total orders, and an average consumption per order of 99.47 yuan E-commerce Business Operating Performance | Core Category | Sales Model | Reporting Period Transaction Amount (yuan) | Total Order Quantity (units) | Average Consumption Per Order (yuan) | | :--- | :--- | :--- | :--- | :--- | | Food, Casual Snacks | Self-operated Direct Sales | 91,016,444.93 | 914,590 | 99.52 | | Food, Casual Snacks | Live Streaming Service | 2,270,775.38 | 23,245 | 97.69 | | Total | | 93,287,220.31 | 937,835 | 99.47 | - The company is unable to obtain data on per capita consumption frequency, and the reporting period's transaction amount includes amounts for goods shipped but not yet confirmed by the buyer[36](index=36&type=chunk) [E-commerce Business Revenue Recognition and Cost Accrual Methods](index=11&type=section&id=六、电子商务业务营业收入确认及成本结转方法) This section details the revenue recognition and cost accrual methods for internet live streaming sales and internet direct sales businesses; live streaming sales revenue is recognized upon completion of merchant recruitment services or confirmation of receipt, with costs primarily being labor and operating expenses, while direct sales revenue is recognized upon buyer's confirmation of receipt, with costs including procurement prices and operating expenses - Internet live streaming sales revenue from merchant recruitment services or marketing services is recognized upon completion of the merchant's entrusted live streaming, short video marketing, and promotion services[36](index=36&type=chunk) - Live streaming sales costs primarily include labor costs for the live streaming recruitment and operations team, outsourced agency services, and office space rental, which are accrued monthly[37](index=37&type=chunk) - Internet direct sales revenue from product sales is recognized based on the transaction amount when the buyer confirms receipt on the e-commerce platform and the company receives settlement funds from the platform[37](index=37&type=chunk) [E-commerce Business Risk Factors and Information Security Safeguards](index=12&type=section&id=七、公司电子商务业务风险因素及信息安全等保障措施) The e-commerce industry faces risks such as intense market competition, rapid innovation, product quality defects, non-compliant advertising, and disputes, with the company's operations highly dependent on third-party platforms and information systems; the company mitigates these risks through improved information system management, selection of reputable platforms, and increased technological investment to ensure information security and consumer rights - The e-commerce industry is characterized by intense market competition, rapid innovation, and frequent changes, and also faces public opinion and legal risks due to brand product quality defects and non-compliant advertising[37](index=37&type=chunk) - The company's main business operations rely on the network infrastructure and information systems of third-party platforms[37](index=37&type=chunk) - The company has established comprehensive information system management, operational procedures, and risk control systems, collaborates with reputable and large-scale third-party platforms, and plans to increase investment in its technology team and information systems[37](index=37&type=chunk) [Core Competitiveness Analysis](index=12&type=section&id=二、核心竞争力分析) The company's core competencies include strong business development capabilities to enter the live e-commerce sector and diversify business modules, a positive corporate image as a high-tech enterprise, extensive live streaming resources with a professional operations team, continuous investment in supply chain and new product development, and lithium mineral resource development and production advantages through acquisitions and investments in the new energy industry - The company leverages its keen insight and robust business development capabilities to enter the live e-commerce sector, expanding into self-operated brand e-commerce direct sales and related live streaming businesses[38](index=38&type=chunk) - The company has been repeatedly recognized as a "Shenzhen High-tech Enterprise" and a "National High-tech Enterprise," maintaining a strong corporate image[38](index=38&type=chunk) - The company, through the acquisition of 100% equity in Yurui Technology, indirectly holds equity in Guangyu Mining, thereby possessing mining rights for Caijia Lithium Mine and Nanyangshan Lithium Mine, which have high development and utilization value[41](index=41&type=chunk) [Main Business Analysis](index=13&type=section&id=三、主营业务分析) During the reporting period, the company's operating revenue increased by 42.35% year-on-year, primarily due to increased e-commerce direct sales revenue, while the net loss attributable to shareholders significantly narrowed by 83.24%, and the gross profit margin for e-commerce direct sales business was 18.30%, an increase of 0.89% Major Financial Data Year-on-Year Change | Indicator | Current Reporting Period (yuan) | Prior Year Period (yuan) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 86,653,095.24 | 60,871,631.40 | 42.35% | Primarily due to increased revenue from the company's e-commerce direct sales business | | Operating Cost | 72,277,829.32 | 51,275,240.72 | 40.96% | Primarily due to increased e-commerce direct sales revenue, leading to higher product costs | | Net Profit Attributable to Shareholders of Listed Company | -13,570,780.68 | -80,962,355.89 | 83.24% | | | Net Cash Flow from Operating Activities | -24,272,540.03 | -78,837,069.71 | 69.21% | Primarily due to business structure adjustments, leading to a decrease in cash paid for goods and services, and cash paid to and on behalf of employees | Products or Services Accounting for Over 10% of Revenue | Product or Service Segment | Operating Revenue | Operating Cost | Gross Profit Margin | Year-on-Year Change in Operating Revenue | Year-on-Year Change in Operating Cost | Year-on-Year Change in Gross Profit Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | E-commerce Direct Sales Business | 86,020,051.03 | 70,281,149.40 | 18.30% | 77.97% | 76.05% | 0.89% | [Non-Core Business Analysis](index=14&type=section&id=四、非主营业务分析) During the reporting period, the company's non-core business contribution to total profit primarily stemmed from fair value changes (38.58%), with investment income being negative (-8.61%), while non-operating income and expenses had smaller proportions, and these non-core businesses are not sustainable Impact of Non-Core Business on Total Profit | Item | Amount (yuan) | Proportion of Total Profit | Sustainability | | :--- | :--- | :--- | :--- | | Investment Income | -1,974,093.02 | 8.61% | No | | Gains/Losses from Changes in Fair Value | 8,845,269.39 | 38.58% | No | | Non-Operating Income | 94,992.29 | 0.41% | No | | Non-Operating Expenses | 1,108,912.71 | 4.84% | No | [Analysis of Assets and Liabilities](index=14&type=section&id=五、资产及负债状况分析) At the end of the reporting period, the company's total assets were 1.014 billion yuan, a 5.61% decrease from the end of the previous year; monetary funds significantly increased by 10.64% due to increased net cash inflows from investing and operating activities; construction in progress increased by 1.41% due to the Caijia Lithium Mine beneficiation plant project, while long-term equity investments and contract liabilities decreased Significant Changes in Asset Composition | Item | Amount at End of Current Reporting Period (yuan) | Proportion of Total Assets | Amount at End of Prior Year (yuan) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 153,403,931.17 | 15.13% | 48,203,087.86 | 4.49% | 10.64% | Primarily due to increased net cash inflows from investing and operating activities | | Accounts Receivable | 1,547,810.36 | 0.15% | 6,605,392.07 | 0.61% | -0.46% | Primarily due to a decrease in accounts receivable from e-commerce direct sales business during the reporting period | | Long-Term Equity Investments | 21,712,931.23 | 2.14% | 43,317,859.67 | 4.03% | -1.89% | Primarily due to the remaining investment in Tianyi Hongda being reclassified as other receivables after its sale | | Construction in Progress | 101,851,271.60 | 10.04% | 92,731,301.54 | 8.63% | 1.41% | Primarily due to the progress of the Caijia Lithium Mine beneficiation plant construction project, leading to increased investment | | Contract Liabilities | 42,289.10 | 0.00% | 1,192,641.67 | 0.11% | -0.11% | Primarily due to a decrease in advance payments from customers for e-commerce live streaming business | Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (yuan) | Fair Value Change Gain/Loss for Current Period (yuan) | Amount Purchased During Current Period (yuan) | Amount Sold During Current Period (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 94,763,268.46 | -4,300,512.05 | 0.00 | 5,615,384.61 | 84,847,371.80 | | Other Non-Current Financial Assets | 23,000,000.00 | 0.00 | 30,250,000.00 | 0.00 | 53,250,000.00 | | Total Above | 117,763,268.46 | -4,300,512.05 | 30,250,000.00 | 5,615,384.61 | 138,097,371.80 | - As of the end of the reporting period, the company's monetary funds of **274,500 yuan** were restricted, held in a third-party supervised guarantee account[54](index=54&type=chunk) [Investment Status Analysis](index=16&type=section&id=六、投资状况分析) During the reporting period, the company's investment amounted to 489.8179 million yuan, a year-on-year increase of 491.52%; major non-equity investments included the Caijia Lithium Mine beneficiation plant and mining engineering projects, with completion progress rates of 87.84% and 21.25% respectively; financial assets measured at fair value had an ending balance of 138.0974 million yuan, comprising 84.8474 million yuan in stock investments and 53.25 million yuan in fund investments Reporting Period Investment Amount | Indicator | Current Reporting Period Investment Amount (yuan) | Prior Year Period Investment Amount (yuan) | Change Rate | | :--- | :--- | :--- | :--- | | Investment Amount | 489,817,900.05 | 82,807,129.50 | 491.52% | Progress of Major Non-Equity Investment Projects | Project Name | Amount Invested in Current Reporting Period (yuan) | Cumulative Actual Investment Amount as of End of Reporting Period (yuan) | Project Progress | | :--- | :--- | :--- | :--- | | Caijia Lithium Mine Beneficiation Plant Construction (300,000 tons/year heavy-floatation combined beneficiation) | 8,090,048.78 | 92,904,378.11 | 87.84% | | Caijia Lithium Mine Mining Engineering Project | 1,029,921.28 | 9,286,228.37 | 21.25% | Financial Assets Measured at Fair Value | Asset Category | Ending Balance (yuan) | | :--- | :--- | | Stocks | 84,847,371.80 | | Funds | 53,250,000.00 | | Total | 138,097,371.80 | - The company had no use of raised funds, entrusted wealth management, derivative investments, or entrusted loans during the reporting period[60](index=60&type=chunk)[61](index=61&type=chunk)[62](index=62&type=chunk)[63](index=63&type=chunk) [Major Asset and Equity Sales](index=18&type=section&id=七、重大资产和股权出售) The company did not sell any major assets or equity during the reporting period - The company did not sell any major assets during the reporting period[64](index=64&type=chunk) - The company did not sell any major equity during the reporting period[65](index=65&type=chunk) [Analysis of Major Holding and Participating Companies](index=19&type=section&id=八、主要控股参股公司分析) During the reporting period, the company's major subsidiaries included Shenzhen Shengxun Cloud Commerce Technology Co., Ltd. (e-commerce), Shenzhen Lifeng Chuanda Investment Co., Ltd. (leasing), and Lushi Yurui Technology Co., Ltd. (lithium ore and products sales); the company newly established Guangxi Xinxunda Smart Computing Technology Co., Ltd. and Xinrui Solid Lithium (Shanghai) New Energy Co., Ltd., and sold Shenzhen Lifeng Chuanda Investment Co., Ltd Financial Performance of Major Subsidiaries | Company Name | Total Assets (yuan) | Net Assets (yuan) | Operating Revenue (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | | Shenzhen Shengxun Cloud Commerce Technology Co., Ltd. | 209,497,444.19 | 202,167,767.06 | 85,907,628.08 | -6,395,923.44 | | Shenzhen Lifeng Chuanda Investment Co., Ltd. | | | 631,452.69 | -1,965,601.86 | | Lushi Yurui Technology Co., Ltd. | 588,612,251.17 | 352,212,116.15 | 0.00 | -5,046,030.23 | - During the reporting period, the newly established subsidiaries Guangxi Xinxunda Smart Computing Technology Co., Ltd. and Xinrui Solid Lithium (Shanghai) New Energy Co., Ltd. had no significant impact on overall production, operations, and performance[68](index=68&type=chunk) - The sale of Shenzhen Lifeng Chuanda Investment Co., Ltd. during the reporting period had no significant impact on overall production, operations, and performance[68](index=68&type=chunk) [Information on Structured Entities Controlled by the Company](index=20&type=section&id=九、公司控制的结构化主体情况) The company did not control any structured entities during the reporting period - The company did not control any structured entities during the reporting period[69](index=69&type=chunk) [Risks Faced by the Company and Countermeasures](index=20&type=section&id=十、公司面临的风险和应对措施) The company faces risks such as loss of key personnel, internet industry policies, intellectual property, live advertising content violations, product quality disputes, new energy business management, raw material price fluctuations, and new energy market; the company has implemented measures like competitive compensation, policy research, intellectual property review, quality supervision, and steady development of dual main businesses to control and mitigate these risks - The company faces the risk of **loss of key personnel**, addressed by offering competitive compensation and incentive mechanisms to attract outstanding industry talent[69](index=69&type=chunk) - The company faces **internet industry policy risks**, which it manages by consulting professional institutions, conducting in-depth research, and actively cooperating with regulatory requirements in its business operations[69](index=69&type=chunk) - The company faces **new energy business management risks**, and will steadily develop its live e-commerce business while pursuing the new energy industry as a second growth point, forming a dual-driven business structure[73](index=73&type=chunk) - The company faces **raw material price fluctuation risks**, and will continuously monitor price trends, maintain reasonable inventory, enhance management and technological innovation, and strengthen strategic cooperation with suppliers[74](index=74&type=chunk) [Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period](index=21&type=section&id=十一、报告期内接待调研、沟通、采访等活动登记表) During the reporting period, on May 13, 2025, the company engaged with investors via an online platform, providing written responses to questions regarding 2024 annual performance, industry outlook, profit growth drivers, future plans, distinctions in live e-commerce business, progress of Sanmenxia lithium mine construction, and the impact of selling Lifeng Chuanda - The reception time was May 13, 2025, and the method was online communication via a network platform[75](index=75&type=chunk) - Key topics discussed included 2024 annual performance, industry development prospects, the company's future profit growth drivers and plans, distinctions in live e-commerce business, and the progress of the Sanmenxia lithium mine construction[75](index=75&type=chunk) - The company did not provide any other materials to investors[75](index=75&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=21&type=section&id=十二、市值管理制度和估值提升计划的制定落实情况) The company has not disclosed its market value management system and valuation enhancement plan - The company has not formulated a market value management system[76](index=76&type=chunk) - The company has not disclosed a valuation enhancement plan[77](index=77&type=chunk) ["Quality and Return Dual Improvement" Action Plan Implementation Status](index=22&type=section&id=十三、%22质量回报双提升%22行动方案贯彻落实情况) The company has not disclosed its "Quality and Return Dual Improvement" action plan announcement - The company has not disclosed its "Quality and Return Dual Improvement" action plan announcement[77](index=77&type=chunk) [Corporate Governance, Environment, and Society](index=23&type=section&id=第四节%20公司治理、环境和社会) This section outlines the company's governance structure, changes in key personnel, profit distribution plans, employee incentive programs, environmental disclosures, and social responsibility initiatives [Changes in Directors, Supervisors, and Senior Management](index=23&type=section&id=一、公司董事、监事、高级管理人员变动情况) During the reporting period, there were no changes in the company's directors, supervisors, and senior management, with specific details available in the 2024 annual report - There were no changes in the company's directors, supervisors, and senior management during the reporting period[79](index=79&type=chunk) [Profit Distribution and Capital Reserve Conversion to Share Capital for the Current Reporting Period](index=23&type=section&id=二、本报告期利润分配及资本公积金转增股本情况) The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period[80](index=80&type=chunk) [Implementation of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=23&type=section&id=三、公司股权激励计划、员工持股计划或其他员工激励措施的实施情况) During the reporting period, the company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[81](index=81&type=chunk) [Environmental Information Disclosure](index=23&type=section&id=四、环境信息披露情况) Neither the listed company nor its major subsidiaries are included in the list of enterprises required to disclose environmental information by law - Neither the listed company nor its major subsidiaries are included in the list of enterprises required to disclose environmental information by law[82](index=82&type=chunk) [Social Responsibility Status](index=23&type=section&id=五、社会责任情况) Since its establishment, the company has actively fulfilled its corporate social responsibilities, including establishing sound internal management systems, standardizing shareholder meeting operations, timely and accurate information disclosure, valuing investor returns, caring for employees, paying taxes according to law, and supporting local economic development, striving for a win-win situation for both corporate and social benefits - The company actively fulfills its corporate social responsibilities by establishing and improving internal management and control systems to promote standardized operations[82](index=82&type=chunk) - The company standardizes the convening, holding, and voting procedures of shareholder meetings to ensure shareholders' right to know, participate, and vote[82](index=82&type=chunk) - The company adheres to a people-oriented talent philosophy, respects and protects employees' individual rights, and enhances employee work efficiency and skill levels through training[82](index=82&type=chunk) [Significant Matters](index=24&type=section&id=第五节%20重要事项) This section details significant events, including commitments by controlling shareholders and related parties, related party transactions, litigation, and other material disclosures [Commitments Fulfilled and Overdue Unfulfilled Commitments by the Company's Actual Controller, Shareholders, Related Parties, Acquirers, and Other Committed Parties During and as of the End of the Reporting Period](index=24&type=section&id=一、公司实际控制人、股东、关联方、收购人以及公司等承诺相关方在报告期内履行完毕及截至报告期末超期未履行完毕的承诺事项) During the reporting period, the company's actual controller, shareholders, and other committed parties duly fulfilled all commitments, including avoiding horizontal competition, reducing related party transactions, maintaining company independence, and share reduction commitments, with no overdue unfulfilled matters - Jiajie Chengxiang and Wu Chenghua committed that the detailed equity change report contains no false records, misleading statements, or major omissions, and they bear legal responsibility for its truthfulness, accuracy, and completeness[84](index=84&type=chunk) - Jiajie Chengxiang and Wu Chenghua committed to avoid horizontal competition and not engage in businesses or activities identical, similar, or close to the listed company's existing businesses[84](index=84&type=chunk) - Jiajie Chengxiang and Wu Chenghua committed to maintain the listed company's independence, including personnel, assets, finance, business, and organizational independence[86](index=86&type=chunk)[88](index=88&type=chunk) - All commitments are being fulfilled normally, with no overdue unfulfilled situations[96](index=96&type=chunk) [Non-Operating Funds Occupied by Controlling Shareholders and Other Related Parties of the Listed Company](index=31&type=section&id=二、控股股东及其他关联方对上市公司的非经营性占用资金情况) During the reporting period, there were no non-operating funds occupied by controlling shareholders and other related parties of the company - During the reporting period, there were no non-operating funds occupied by controlling shareholders and other related parties of the listed company[97](index=97&type=chunk) [Irregular External Guarantees](index=31&type=section&id=三、违规对外担保情况) During the reporting period, the company had no irregular external guarantees - The company had no irregular external guarantees during the reporting period[98](index=98&type=chunk) [Appointment and Dismissal of Accounting Firms](index=31&type=section&id=四、聘任、解聘会计师事务所情况) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[99](index=99&type=chunk) [Explanation by the Board of Directors, Supervisory Board, and Audit Committee on the Accounting Firm's "Non-Standard Audit Report" for the Current Reporting Period](index=31&type=section&id=五、董事会、监事会、审计委员会对会计师事务所本报告期%22非标准审计报告%22的说明) The company had no "non-standard audit report" for the current reporting period - The company had no "non-standard audit report" for the current reporting period[100](index=100&type=chunk) [Explanation by the Board of Directors Regarding the "Non-Standard Audit Report" for the Previous Year](index=31&type=section&id=六、董事会对上年度%22非标准审计报告%22相关情况的说明) The board of directors respects the accounting firm's independent judgment on the 2024 qualified opinion audit report and has taken multiple measures to actively eliminate the impact of the qualified opinion matters, including improving fund payment systems, strengthening investment project screening, enhancing internal audit supervision, concluding bulk trade businesses, and initiating lawsuits and applying for compulsory enforcement against relevant parties - The board of directors respects the qualified opinion audit report issued by Lixin Zhonglian and has actively taken effective measures to eliminate related matters[100](index=100&type=chunk) - The supervisory board agreed with the board of directors' special explanation regarding the matters in the 2024 qualified opinion audit report and requested the board and management to eliminate adverse effects as soon as possible[101](index=101&type=chunk) - The company has taken measures including improving fund payment systems, strengthening investment project screening, enhancing internal audit supervision, concluding bulk trade businesses, and initiating lawsuits against parties involved in relevant advance payments[102](index=102&type=chunk)[103](index=103&type=chunk)[104](index=104&type=chunk) [Matters Related to Bankruptcy and Reorganization](index=32&type=section&id=七、破产重整相关事项) During the reporting period, the company did not experience any bankruptcy or reorganization related matters - The company did not experience any bankruptcy or reorganization related matters during the reporting period[105](index=105&type=chunk) [Litigation Matters](index=32&type=section&id=八、诉讼事项) During the reporting period, the company had no significant litigation or arbitration matters; other litigation matters include contract disputes with Shanghai Yuanyuan Mining Co., Ltd., Shandong Yulong Gold Co., Ltd., Hainan Huaxi Supply Chain Management Co., Ltd., and Shanxi Huahong Technology Co., Ltd., with some cases having received first-instance judgments and applied for compulsory enforcement, while others are still under second-instance review - The company had no significant litigation or arbitration matters during the current reporting period[106](index=106&type=chunk) Other Litigation Matters | Basic Situation of Litigation (Arbitration) | Amount Involved (million yuan) | Progress of Litigation (Arbitration) | Outcome and Impact of Litigation (Arbitration) | | :--- | :--- | :--- | :--- | | The Company as Plaintiff (vs. Shanghai Yuanyuan) | 27.0041 | First instance concluded | Corresponding asset impairment provisions have been made, second instance under review | | The Company as Plaintiff (vs. Hainan Huaxi) | 46.9524 | Judgment rendered | Corresponding asset impairment provisions have been made, enforcement in progress | | The Company as Plaintiff (vs. Shanxi Huahong) | 12.105 | First instance judgment rendered | Corresponding asset impairment provisions have been made, company's claims supported | [Penalties and Rectification Status](index=33&type=section&id=九、处罚及整改情况) During the reporting period, the company had no penalties or rectification situations - The company had no penalties or rectification situations during the reporting period[107](index=107&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=33&type=section&id=十、公司及其控股股东、实际控制人的诚信状况) During the reporting period, the company, its controlling shareholder, and actual controller did not have any unfulfilled commitments - The company had no unfulfilled commitments during the reporting period[108](index=108&type=chunk) [Significant Related Party Transactions](index=33&type=section&id=十一、重大关联交易) During the reporting period, the company engaged in related party transactions including purchase and sale of goods, acceptance of services, and intercompany borrowings, with 2.1551 million yuan paid to Guangzhou Wanhui Supply Chain Co., Ltd. for warehousing and logistics fees, and 560,900 yuan to Hainan Maikesi Network Technology Co., Ltd. for e-commerce promotion services; the company had no significant related party transactions involving asset or equity acquisition/disposal, joint external investments, related party creditor/debtor relationships, or dealings with affiliated financial companies - The company had no related party transactions related to daily operations during the reporting period[108](index=108&type=chunk) - The company had no related party transactions involving asset or equity acquisition/disposal during the reporting period[109](index=109&type=chunk) - The company had no related party transactions involving joint external investments during the reporting period[110](index=110&type=chunk) - The company had no related party creditor/debtor relationships during the reporting period[111](index=111&type=chunk) - The company and its affiliated financial companies, or financial companies controlled by the company, had no deposits, loans, credit lines, or other financial business with related parties[112](index=112&type=chunk)[113](index=113&type=chunk) - The company had no other significant related party transactions during the reporting period[114](index=114&type=chunk) [Significant Contracts and Their Performance](index=34&type=section&id=十二、重大合同及其履行情况) During the reporting period, the company's main operating leases were for office space and employee dormitories, with rental expenses of 1.0475 million yuan; the company had no entrustment, contracting, significant guarantees, or other significant contracts - The company had no entrustment situations during the reporting period[115](index=115&type=chunk) - The company had no contracting situations during the reporting period[116](index=116&type=chunk) - During the current reporting period, the company's operating leases were for office space and employee dormitories, with rental expenses of **1,047,537.69 yuan**[117](index=117&type=chunk) - The company had no significant guarantee situations during the reporting period[118](index=118&type=chunk) - The company had no other significant contracts during the reporting period[119](index=119&type=chunk) [Explanation of Other Significant Matters](index=34&type=section&id=十三、其他重大事项的说明) During the reporting period, the company had no other significant matters requiring explanation - The company had no other significant matters requiring explanation during the reporting period[120](index=120&type=chunk) [Significant Matters of Company Subsidiaries](index=34&type=section&id=十四、公司子公司重大事项) During the reporting period, the company's subsidiaries had no significant matters - The company's subsidiaries had no significant matters during the reporting period[121](index=121&type=chunk) [Share Changes and Shareholder Information](index=35&type=section&id=第六节%20股份变动及股东情况) This section details changes in the company's share capital, securities issuance, shareholder structure, and changes in holdings by directors, supervisors, and senior management [Share Change Status](index=35&type=section&id=一、股份变动情况) During the reporting period, the company's total share capital remained unchanged at 199,411,576 shares; restricted shares decreased by 5,950 shares, while unrestricted shares increased by 5,950 shares, primarily due to changes in locked-up shares of resigned senior executives Share Change Status | Category | Number of Shares Before Change (shares) | Proportion Before Change | Increase/Decrease in Current Change (shares) | Number of Shares After Change (shares) | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 23,800 | 0.01% | -5,950 | 17,850 | 0.01% | | II. Unrestricted Shares | 199,387,776 | 99.99% | 5,950 | 199,393,726 | 99.99% | | III. Total Shares | 199,411,576 | 100.00% | 0 | 199,411,576 | 100.00% | - The reason for the share change was **17,850** locked-up shares of a resigned senior executive[124](index=124&type=chunk) Restricted Share Change Status | Shareholder Name | Restricted Shares at Beginning of Period (shares) | Shares Released from Restriction in Current Period (shares) | Restricted Shares at End of Period (shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Li Yangang | 23,800 | 5,950 | 17,850 | Shares held by a resigned senior executive are locked up according to senior executive lock-up requirements during their original term | [Securities Issuance and Listing Status](index=36&type=section&id=二、证券发行与上市情况) During the reporting period, the company had no securities issuance or listing activities - The company had no securities issuance or listing activities during the reporting period[126](index=126&type=chunk) [Company Shareholder Number and Shareholding Status](index=36&type=section&id=三、公司股东数量及持股情况) At the end of the reporting period, the total number of common shareholders was 15,480; among the top ten shareholders, Hainan Junhua New Energy Technology Partnership (Limited Partnership) held 12.33% as the largest shareholder, and Jiaxing Jiajie Chengxiang New Energy Investment Co., Ltd. held 6.22%, with all its shares pledged and frozen; the company's actual controller, Mr. Wu Chenghua, controls Hainan Junhua and Jiajie Chengxiang, forming a concerted action relationship - At the end of the reporting period, the total number of common shareholders was **15,480**[127](index=127&type=chunk) Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio | Number of Shares Held at End of Reporting Period (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | Pledged, Marked, or Frozen Status | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hainan Junhua New Energy Technology Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 12.33% | 24,587,447 | 0 | 24,587,447 | Not applicable | | Minmetals International Trust Co., Ltd. - Minmetals Trust - Quality Foresight Equity Investment Single Fund Trust No. 2 | Other | 10.39% | 20,712,082 | 0 | 20,712,082 | Not applicable | | Jiaxing Jiajie Chengxiang New Energy Investment Co., Ltd. | Domestic Non-State-Owned Legal Person | 6.22% | 12,404,837 | 0 | 12,404,837 | Pledged 12,404,837 shares, Frozen 12,404,837 shares | - Hainan Junhua is an entity controlled by Mr. Wu Chenghua, the company's actual controller, and Jiajie Chengxiang and Hainan Junhua have signed a "Concerted Action Agreement," forming a concerted action relationship[129](index=129&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=38&type=section&id=四、董事、监事和高级管理人员持股变动) During the reporting period, there were no changes in the shareholdings of the company's directors, supervisors, and senior management, with specific details available in the 2024 annual report - There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period[132](index=132&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=38&type=section&id=五、控股股东或实际控制人变更情况) During the reporting period, there were no changes in the company's controlling shareholder or actual controller - The company's controlling shareholder did not change during the reporting period[133](index=133&type=chunk) - The company's actual controller did not change during the reporting period[133](index=133&type=chunk) [Information on Preferred Shares](index=38&type=section&id=六、优先股相关情况) During the reporting period, the company had no preferred shares - The company had no preferred shares during the reporting period[134](index=134&type=chunk) [Bond-Related Information](index=39&type=section&id=第七节%20债券相关情况) This section confirms that the company had no bond-related activities during the reporting period [Bond-Related Information](index=39&type=section&id=债券相关情况) During the reporting period, the company had no bond-related information - The company had no bond-related information during the reporting period[136](index=136&type=chunk) [Financial Report](index=40&type=section&id=第八节%20财务报告) This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with notes on accounting policies, taxes, and other significant financial details [Audit Report](index=40&type=section&id=一、审计报告) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[138](index=138&type=chunk) [Financial Statements](index=40&type=section&id=二、财务报表) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, comprehensively reflecting the financial position at the end of the reporting period and the operating results, cash flows, and changes in owners' equity during the reporting period - Financial statements include the consolidated balance sheet, parent company balance sheet, consolidated income statement, parent company income statement, consolidated cash flow statement, parent company cash flow statement, consolidated statement of changes in owners' equity, and parent company statement of changes in owners' equity[139](index=139&type=chunk)[143](index=143&type=chunk)[148](index=148&type=chunk)[154](index=154&type=chunk)[159](index=159&type=chunk)[163](index=163&type=chunk)[166](index=166&type=chunk)[174](index=174&type=chunk) [Company Basic Information](index=59&type=section&id=三、公司基本情况) Guangxi Xinxunda Technology Group Co., Ltd. was established on December 28, 2006, listed in 2016, with a registered capital of 199,411,576 yuan; its name and registered address were changed in October 2023; its main businesses include game operations, internet live streaming, internet direct sales, and lithium mineral product production and trade; the financial report approval date is August 27, 2025 - The company was first publicly listed on June 15, 2016, with its registered capital changed to **93,340,000.00 shares**[180](index=180&type=chunk) - In June 2023, the company's registered capital changed to **199,411,576 shares**, and its share capital changed to **199,411,576 yuan**[182](index=182&type=chunk) - In October 2023, the company's name changed from "Shenzhen Shengxunda Technology Co., Ltd." to "Guangxi Xinxunda Technology Group Co., Ltd.", and its registered address changed to Nanning Area, China (Guangxi) Pilot Free Trade Zone[182](index=182&type=chunk) - The company's main operating activities include game operations, internet live streaming business, internet direct sales business, and lithium mineral product production and trade[183](index=183&type=chunk) - The financial report was approved for issuance on August 27, 2025[183](index=183&type=chunk) [Basis of Financial Statement Preparation](index=59&type=section&id=四、财务报表的编制基础) These financial statements are prepared in accordance with the Accounting Standards for Business Enterprises issued by the Ministry of Finance and relevant regulations of the China Securities Regulatory Commission, on a going concern basis, to truly and completely reflect the company's financial position, operating results, and cash flows - These financial statements are prepared in accordance with the "Accounting Standards for Business Enterprises" issued by the Ministry of Finance and "Information Disclosure Rules for Companies Issuing Securities No. 15 - General Provisions for Financial Reports" issued by the China Securities Regulatory Commission[184](index=184&type=chunk) - These financial statements are prepared on a going concern basis[185](index=185&type=chunk) [Significant Accounting Policies and Accounting Estimates](index=60&type=section&id=五、重要会计政策及会计估计) This section details the company's specific accounting policies and estimates for financial instruments, inventories, fixed assets, and revenue, including classification, recognition, measurement, and impairment of financial instruments, inventory valuation and impairment provisions, fixed asset depreciation, and revenue recognition methods, ensuring compliance and accuracy in financial statement preparation - The financial statements prepared by the company comply with the requirements of the Accounting Standards for Business Enterprises, truly and completely reflecting the company's financial position, operating results, and cash flows[187](index=187&type=chunk) - The company's financial assets are classified at initial recognition as financial assets measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss[203](index=203&type=chunk) - The company recognizes revenue when it satisfies a performance obligation in the contract, which is when the customer obtains control of the related goods or services[269](index=269&type=chunk) - The company applies impairment accounting based on expected credit losses for financial assets measured at amortized cost, financial assets measured at fair value through other comprehensive income (debt instruments), and financial guarantee contracts[211](index=211&type=chunk) [Taxes](index=83&type=section&id=六、税项) This section discloses the company's main tax categories and rates, including value-added tax, urban maintenance and construction tax, corporate income tax, education surcharge, local education surcharge, and property tax; some subsidiaries enjoy tax incentives such as small and micro-profit enterprises and encouraged industries in Hainan Free Trade Port, applying lower corporate income tax rates Main Tax Categories and Rates | Tax Category | Tax Rate | | :--- | :--- | | Value-Added Tax | 0%, 5%, 6%, 9%, 13% | | Urban Maintenance and Construction Tax | 1%, 5%, 7% | | Corporate Income Tax | 3%, 5%, 8.25%, 15%, 16.5%, 25% | | Education Surcharge | 3% | | Local Education Surcharge | 2% | | Property Tax | 1.2%, 12% | - Subsidiaries Shenzhen Shengxun Network Technology Co., Ltd. and Hainan Shengjie Huatao Industrial Co., Ltd. are subject to a reduced corporate income tax rate of **5%**[299](index=299&type=chunk) - Subsidiaries Guangxi Yuanheng Huajing Technology Co., Ltd., Guangxi Xinxunda New Energy Technology Co., Ltd., and Guangxi Xinxunda Smart Computing Technology Co., Ltd. are subject to a corporate income tax rate of **3%**[299](index=299&type=chunk) - Sub-subsidiary Hainan Shengxun Cloud Commerce Network Technology Co., Ltd. is subject to a reduced corporate income tax rate of **15%**[300](index=300&type=chunk) [Notes to Consolidated Financial Statement Items](index=84&type=section&id=七、合并财务报表项目注释) This section provides detailed notes on various assets, liabilities, owners' equity, income, costs, and expenses in the consolidated financial statements, including ending balances, beginning balances, current period changes, and reasons for changes, offering detailed information on the company's financial position and operating results Monetary Funds | Item | Ending Balance (yuan) | Beginning Balance (yuan) | | :--- | :--- | :--- | | Cash on Hand | 23,703.29 | 2,309.47 | | Bank Deposits | 91,096,011.67 | 45,890,641.61 | | Other Monetary Funds | 62,284,216.21 | 2,310,136.78 | | Total | 153,403,931.17 | 48,203,087.86 | Operating Revenue and Operating Cost | Item | Current Period Revenue (yuan) | Current Period Cost (yuan) | Prior Period Revenue (yuan) | Prior Period Cost (yuan) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 86,653,095.24 | 70,708,247.64 | 54,756,095.65 | 42,184,375.08 | | Other Business | 0.00 | 1,569,581.68 | 6,115,535.75 | 9,090,865.64 | | Total | 86,653,095.24 | 72,277,829.32 | 60,871,631.40 | 51,275,240.72 | Major Items of Consolidated Income Statement | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 86,653,095.24 | 60,871,631.40 | | Total Operating Cost | 116,781,420.42 | 95,424,257.75 | | Operating Profit | -21,915,641.03 | -99,689,212.79 | | Net Profit | -14,789,218.04 | -89,807,378.32 | | Net Profit Attributable to Parent Company Shareholders | -13,570,780.68 | -80,962,355.89 | [Research and Development Expenses](index=116&type=section&id=八、研发支出) During the reporting period, the company incurred no research and development expenses; in the prior year period, R&D expenses totaled 306,884.77 yuan, comprising 22,485.39 yuan in expensed R&D and 284,399.38 yuan in capitalized R&D Research and Development Expenses | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Research and Development Expenses | 0.00 | 306,884.77 | | Of which: Expensed R&D Expenses | 0.00 | 22,485.39 | | Capitalized R&D Expenses | 0.00 | 284,399.38 | [Changes in Consolidation Scope](index=117&type=section&id=九、合并范围的变更) During the reporting period, the company disposed of Shenzhen Lifeng Chuanda Investment Co., Ltd. and newly established Guangxi Xinxunda Smart Computing Technology Co., Ltd. and Xinrui Solid Lithium (Shanghai) New Energy Co., Ltd., resulting in changes to the consolidation scope Disposal of Subsidiaries | Subsidiary Name | Disposal Price at Loss of Control (yuan) | Disposal Proportion at Loss of Control | Disposal Method at Loss of Control | Date of Loss of Control | | :--- | :--- | :--- | :--- | :--- | | Shenzhen Lifeng Chuanda Investment Co., Ltd. | 190,000,000.00 | 100.00% | Cash Sale | March 31, 2025 | - Newly established subsidiaries Xinrui Solid Lithium (Shanghai) New Energy Co., Ltd. and Guangxi Xinxunda Smart Computing Technology Co., Ltd[498](index=498&type=chunk) [Interests in Other Entities](index=118&type=section&id=十、在其他主体中的权益) This section discloses the company's interests in subsidiaries, joint ventures, and associates; the company has 13 subsidiaries, with Shenzhen Shengxun Cloud Commerce Technology Co., Ltd. and Lushi Yurui Technology Co., Ltd. being major ones; the company accounts for associates like Zhonglian Changxiang (Shenzhen) Network Technology Co., Ltd. using the equity method, but as Zhonglian Changxiang's financial data is not timely available, the company uses its March 31, 2025 data - The company owns **13 subsidiaries**, including Shenzhen Shengxun Network Technology Co., Ltd., Shenzhen Shengxun Cloud Commerce Technology Co., Ltd., and Lushi Yurui Technology Co., Ltd[499](index=499&type=chunk) - The company accounts for associates such as Zhonglian Changxiang (Shenzhen) Network Technology Co., Ltd. using the equity method[500](index=500&type=chunk) - The company did not obtain Zhonglian Changxiang's financial statements as of June 30, 2025, and therefore used its financial data as of March 31, 2025, as the financial data for June 30, 2025[502](index=502&type=chunk)[503](index=503&type=chunk) [Government Grants](index=120&type=section&id=十一、政府补助) During the reporting period, the company received government grants of 108,900 yuan related to daily operations, recognized in other income; at period-end, the balance of government grants in deferred income was 3.7920 million yuan, related to assets - At the end of the reporting period, the company had no government grants recognized based on receivable amounts[506](index=506&type=chunk) Liability Items Involving Government Grants | Accounting Account | Beginning Balance (yuan) | Amount Transferred to Other Income in Current Period (yuan) | Ending Balance (yuan) | Related to Assets/Income | | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 3,900,851.66 | 108,860.94 | 3,791,990.72 | Related to Assets | Government Grants Included in Current Profit and Loss | Accounting Account | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Other Income | 108,860.94 | 608,860.94 | [Risks Related to Financial Instruments](index=121&type=section&id=十二、与金融工具相关的风险) The company faces credit risk, liquidity risk, and market risk (including interest rate risk and other price risks) in its operations; the company manages these risks through diversified investments, cash flow monitoring, customer credit assessment, and fixed-rate borrowings to mitigate potential financial losses - The company faces **credit risk**, primarily arising from monetary funds, notes receivable, and accounts receivable, among other financial assets[511](index=511&type=chunk) - The company faces **liquidity risk**, managed by monitoring cash balances, readily marketable securities, and future cash flow forecasts to ensure sufficient funds[512](index=512&type=chunk) - The company faces **market risk**, including interest rate risk (the company's bank borrowings are all at fixed rates, so there is no interest rate risk) and other price risks (primarily arising from various equity instrument investments)[513](index=513&type=chunk)[514](index=514&type=chunk) [Fair Value Disclosure](index=122&type=section&id=十三、公允价值的披露) This section discloses the fair value of assets and liabilities measured at fair value at

Group 1 - The company reported a revenue of 86.6531 million yuan for the first half of 2025, representing a year-on-year increase of 42.35% [1] - The net loss attributable to shareholders was 13.5708 million yuan, a significant reduction from the previous year's loss of 80.9624 million yuan, marking an 83.24% improvement [1] - The basic earnings per share were -0.07 yuan, compared to -0.41 yuan in the same period last year, indicating an increase of 82.93% in terms of loss reduction [1]

Group 1 - The core point of the news is that Xinshunda (300518) has seen a net financing inflow of 41.8 million yuan on August 21, 2025, with a total financing balance of 1.77 billion yuan, indicating a positive market sentiment towards the stock [1][2][3] - Over the past three trading days, Xinshunda has recorded a cumulative net financing inflow of 935.44 million yuan, suggesting sustained investor interest [1] - In the last 20 trading days, there have been 12 days with net financing inflows, further highlighting the stock's attractiveness to investors [1] Group 2 - The financing balance increased by 0.24% on August 21, 2025, compared to the previous day, reflecting a slight strengthening of bullish sentiment in the market [2][3] - The financing balance on August 20 was 1.77 billion yuan, with a net inflow of 162.26 million yuan, indicating a strong interest from investors [2] - The financing balance on August 19 was 1.75 billion yuan, with a significant net inflow of 731.37 million yuan, marking a 4.36% increase, which shows heightened market activity [3]

Investment Rating - The industry rating is "Outperform the Market" [3] Core Insights - The construction of hydrogen pipelines has achieved multiple breakthroughs, and hydrogen fuel cell trucks have seen a resurgence in bulk orders. This week, five new electrolyzer projects were awarded, suggesting a focus on companies with strong bidding capabilities for electrolyzers. The midstream sector is accelerating the construction of hydrogen pipelines, with several projects making progress, indicating a recommendation to pay attention to companies capable of hydrogen transportation. Additionally, bulk orders for hydrogen fuel cell trucks were announced this week, highlighting the potential of related enterprises [2][36]. Industry Performance - As of August 15, 2025, the hydrogen energy index closed at 2386.88 points, with a weekly increase of 2.75% and a year-to-date increase of 34.33%. The hydrogen energy sector ranked 39th among Shenwan's secondary industry rankings, showing a slight decline [8][14]. Stock Performance - The top five companies in the hydrogen energy sector by weekly increase were Dayuan Pump Industry (61.11%), Tenglong Co., Ltd. (35.05%), Kaimete Gas (34.73%), Fuan Energy (28.72%), and Chuanhuan Technology (27.58%). Conversely, the top five companies with the largest weekly declines were Donghua Energy (-11.49%), Xiling Power (-6.65%), Xinxinda (-5.75%), Shandong Molong (-5.59%), and Huadian Liaoning Energy (-5.48%) [14][15]. Hydrogen Industry Data Review - This week, there were a total of six awarded hydrogen projects with a scale of 15MW, and a total hydrogen production capacity of 3000 Nm³/h. Among these, two electrolyzer projects were awarded to Aidemann and Han Hydrogen Technology [16][17]. Industry Dynamics - Domestic developments include Geely's signing of an order for 270 alcohol-hydrogen commercial vehicles, and the planned construction of a 195 km hydrogen pipeline by Huadian, set to begin on September 5, 2025. Additionally, breakthroughs in hydrogen pipeline steel products have been achieved by Shougang Jingtang [31][32]. Policy and Announcements - The Ministry of Finance announced that hydrogen energy can be tax-deductible under certain conditions, which is expected to stimulate the industry. Furthermore, the 398th batch of the "Announcement of Production Enterprises and Products of Road Motor Vehicles" has been released, indicating a resurgence of hydrogen fuel cell passenger vehicles [33][34].