Group 1 - The company has announced that the "Si Te Convertible Bond" may meet the redemption conditions due to the stock price being above 130% of the current conversion price for ten trading days from August 4 to August 15, 2025, which is 12.844 CNY per share [1][6] - The initial issuance of the "Si Te Convertible Bond" was approved by the China Securities Regulatory Commission, with a total of 2.71 million bonds issued at a face value of 100 CNY each, totaling 271 million CNY [2] - The conversion price has been adjusted multiple times, with the current conversion price set at 9.88 CNY per share effective from May 23, 2024 [4][3] Group 2 - The company has the right to redeem all or part of the unconverted bonds if the stock price remains above 130% of the conversion price for at least 15 out of 30 consecutive trading days or if the unconverted bond balance is less than 30 million CNY [5][6] - The calculation for the accrued interest upon redemption is specified, taking into account the bondholder's total face value, the annual coupon rate, and the number of days from the last interest payment to the redemption date [5]

Group 1 - The company, Sitergy (SZ 300608), announced the convening of its fifth board meeting on August 15, 2025, to review the semi-annual report and its summary for 2025 [2] - For the first half of 2025, the company's revenue composition was 91.6% from telecommunications and 8.4% from other businesses [2]

思特奇（SZ 300608，收盘价：13.55元）8月15日晚间发布半年度业绩报告称，2025年上半年营业收入 约1.8亿元，同比减少24.27%；归属于上市公司股东的净利润亏损约8806万元；基本每股收益亏损0.27 元。2024年同期营业收入约2.38亿元；归属于上市公司股东的净利润亏损约7733万元；基本每股收益亏 损0.23元。 （文章来源：每日经济新闻） ...

Group 1 - The company announced that from August 4, 2025, to August 15, 2025, its stock price has closed at or above 130% of the current conversion price of "Si Tech Convertible Bonds" (9.88 CNY/share), which is 12.844 CNY/share for ten trading days [1] - If the conditions for the redemption of "Si Tech Convertible Bonds" are triggered, the company has the right to decide whether to redeem all or part of the unconverted convertible bonds at face value plus accrued interest [1] - The redemption condition requires that during the conversion period, the company's stock must close at or above 130% of the current conversion price for at least 15 out of any 30 consecutive trading days [1]

Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of 2025, indicating potential challenges in its financial performance [1] Financial Performance - The company achieved an operating revenue of 180 million yuan, representing a year-on-year decrease of 24.27% [1] - The net profit attributable to shareholders of the listed company was -88.0583 million yuan [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -106 million yuan [1] - The basic earnings per share were -0.27 yuan [1]

| 证券代码：300608 | 证券简称：思特奇 | 公告编号：2025-048 | | --- | --- | --- | | 债券代码：123054 | 债券简称：思特转债 | | 北京思特奇信息技术股份有限公司 第五届董事会第二次会议决议公告 北京思特奇信息技术股份有限公司（以下简称"公司"）第五届董事会第二 次会议于 2025 年 8 月 15 日在公司会议室以现场表决和通讯表决相结合的方式召 开。本次会议已于 2025 年 8 月 4 日以电话、电子邮件等方式通知全体董事。 会议由公司董事长吴飞舟先生主持，会议应出席董事 8 人，实际出席董事 8 人，公司高级管理人员列席了本次会议。会议的召集、召开符合相关法律、行政 法规、规范性文件及《北京思特奇信息技术股份有限公司章程》的有关规定。 二、董事会会议审议情况 （一）审议通过《关于公司 2025 年半年度报告及其摘要的议案》 经与会董事审议，同意公司《2025 年半年度报告》及其摘要。 具体内容详见公司在指定信息披露媒体巨潮资讯网(www.cninfo.com.cn)披 露的《2025 年半年度报告》及其摘要。 表决结果为：8 票同意、0 票反对、0 ...

| 证券代码：300608 | 证券简称：思特奇 | 公告编号：2025-052 | | --- | --- | --- | | 债券代码：123054 | 债券简称：思特转债 | | 北京思特奇信息技术股份有限公司 关于计提及转回减值准备的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、本次计提及转回减值准备情况概述 1、本次计提及转回减值准备的原因 北京思特奇信息技术股份有限公司（以下简称"公司"）根据《企业会计准则》 及《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》 等相关规定的要求，为真实、准确反映公司资产价值及经营成果，对截至 2025 年6月30日合并范围内的各类资产进行了全面检查和减值测试。根据测试结果， 基于谨慎性原则，公司对可能发生减值损失的资产计提减值准备。 2、本次计提及转回减值准备的资产范围、总金额和计入的报告期间 公司对截至 2025 年 6 月 30 日存在可能发生减值迹象的资产进行全面清查和 减值测试。截至 2025 年 6 月 30 日，公司转回信用减值损失 15,438,390.70 元， ...

| 证券代码：300608 | 证券简称：思特奇 | 公告编号：2025-051 | | --- | --- | --- | | 债券代码：123054 | 债券简称：思特转债 | | 北京思特奇信息技术股份有限公司 关于 2025 年半年度募集资金存放、管理与使用情况的专项报告 经中国证券监督管理委员会《关于核准北京思特奇信息技术股份有限公司公 开发行可转换公司债券的批复》（证监许可[2020]590 号）核准，公司于 2020 年 6 月 10 日公开发行可转换公司债券 271.00 万张，每张面值人民币 100 元，期限 6 年，募集资金总额为人民币 271,000,000.00 元，扣除承销保荐费及其他发行费 用（不含税）人民币 9,176,509.43 元后实际募集资金净额为人民币 261,823,490.57 元。上述募集资金于 2020 年 6 月 16 日到位，已经立信会计师事务所（特殊普通 合伙）审验，并出具了信会师报字【2020】第 ZB11447 号《验证报告》。 2、向特定对象发行股票 根据中国证券监督管理委员会《关于同意北京思特奇信息技术股份有限公司 向特定对象发行股票注册的批复》（ ...

汇总表第 1 页 北京思特奇信息技术股份有限公司 2025 年半年度 非经营性资金占用及其他关联资金往来情况汇总表 单位：万元 | | | 占用方与上市公司的关联 | 上市公司核 | 2025 年期初 | 2025 年半年度占 | 2025 年半年 | 2025 年半年 | 2025 年半年期末 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 非经营性资金占用 | 资金占用方名称 | 关系 | 算的会计科 | 占用资金余 | 用累计发生金额 | 度占用资金 | 度偿还累计 | 占用资金余额 | 占用形成原因 | 占用性质 | | | | | 目 | 额 | （不含利息） | 的利息(如有) | 发生金额 | | | | | 控股股东、实际控 | | | | | | | | | | 非经营性占用 | | 制人及其附属企业 | | | | | | | | | | | | 小计 | - | - | - | | | | | | - | - | | 前控股股东、实际 | | | | | | | | | | | | 控 ...

[Important Notes, 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) [Important Notes](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The board affirms the report's accuracy, notes no dividend distribution, and outlines key operational and financial risks - The Board of Directors and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report[3](index=3&type=chunk) - The company does not plan to distribute cash dividends, issue bonus shares, or capitalize reserves[4](index=4&type=chunk) - The company faces risks including customer concentration, seasonal performance fluctuations, technology mismatch, and talent retention[3](index=3&type=chunk) [Directory of Documents for Inspection](index=4&type=section&id=%E5%A4%87%E6%9F%A5%E6%96%87%E4%BB%B6%E7%9B%AE%E5%BD%95) This section lists the reference documents for the semi-annual report, which are available at the company's securities department - Reference documents include signed financial statements, original public disclosures, and the original report signed by the legal representative[9](index=9&type=chunk) - All reference documents are kept at the company's securities department[10](index=10&type=chunk) [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section provides definitions for key technical and business terms used throughout the report to ensure accurate understanding - The report defines the company's abbreviation "Si-tech" and its full name "Beijing Si-tech Information Technology Co, Ltd"[12](index=12&type=chunk) - It covers various technical terms such as 5G, AI (Artificial Intelligence), CRM (Customer Relationship Management), and BSS (Business Support System)[12](index=12&type=chunk) - It also includes specific business models and concepts, such as the "Three Points, Three Sides" model and industry bodies like the MIIT[12](index=12&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) [I. 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) Beijing Si-tech Information Technology Co, Ltd is listed on the Shenzhen Stock Exchange under stock code 300608 - The company's stock short name is "Si-tech" and the stock code is "300608", listed on the Shenzhen Stock Exchange[15](index=15&type=chunk) - The company's legal representative is Wu Feizhou[15](index=15&type=chunk) [II. Contacts](index=7&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) The company's Board Secretary and Securities Affairs Representative share the same contact information in Beijing - The Board Secretary is Xian Haifeng, and the Securities Affairs Representative is Du Wei[16](index=16&type=chunk) - Contact address: 14th Floor, No 6 Zhongguancun South Street, Haidian District, Beijing[16](index=16&type=chunk) - Email: securities@si-techcomcn[16](index=16&type=chunk) [III. Other Information](index=7&type=section&id=%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E6%83%85%E5%86%B5) No changes occurred in the company's contact details, registration, or information disclosure media during the reporting period - The company's contact information, registered address, office address, website, and email remained unchanged during the reporting period[17](index=17&type=chunk) - The designated information disclosure media are the Securities Times and Cninfocomcn (wwwcninfocomcn)[18](index=18&type=chunk) - There were no changes to the company's registration during the reporting period[19](index=19&type=chunk)[20](index=20&type=chunk) [IV. 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) In H1 2025, revenue decreased by 24.27% YoY to ¥180.00 million, while net cash flow from operations grew significantly Key Accounting Data and Financial Indicators for H1 2025 | Indicator | Current Period (CNY) | Same Period Last Year (CNY) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 180,003,113.85 | 237,679,501.81 | -24.27% | | Net Profit Attributable to Shareholders | -88,058,344.47 | -77,325,026.24 | -13.88% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | -105,569,218.35 | -79,350,658.03 | -33.04% | | Net Cash Flow from Operating Activities | 69,232,909.89 | -1,947,013.41 | 3,655.85% | | Basic Earnings Per Share (CNY/share) | -0.27 | -0.23 | -17.39% | | Diluted Earnings Per Share (CNY/share) | -0.24 | -0.21 | -14.29% | | Weighted Average Return on Equity | -5.89% | -4.94% | -0.95% | | **End of Current Period** | **End of Previous Year** | **Change from Previous Year-End** | | | Total Assets | 2,393,404,245.21 | 2,366,132,856.10 | 1.15% | | Net Assets Attributable to Shareholders | 1,451,175,712.00 | 1,537,161,289.02 | -5.59% | [V. Differences in Accounting Data under Domestic and Foreign Accounting Standards](index=8&type=section&id=%E4%BA%94%E3%80%81%E5%A2%83%E5%86%85%E5%A4%96%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99%E4%B8%8B%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%B7%AE%E5%BC%82) No discrepancies exist between financial reports prepared under Chinese accounting standards and international or foreign standards - The company has no discrepancies in net profit or net assets between reports disclosed under IFRS and Chinese accounting standards[22](index=22&type=chunk) - The company has no discrepancies in net profit or net assets between reports disclosed under foreign and Chinese accounting standards[23](index=23&type=chunk) [VI. Non-recurring Profit and Loss Items and Amounts](index=8&type=section&id=%E5%85%AD%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) Non-recurring profit and loss totaled ¥17.51 million, primarily from fair value changes in financial assets and government grants Non-recurring Profit and Loss Items and Amounts for H1 2025 | Item | Amount (CNY) | Description | | :--- | :--- | :--- | | Gain/Loss on Disposal of Non-current Assets | 127,230.22 | | | Government Grants Recognized in Current Profit or Loss | 974,894.88 | | | Fair Value Changes and Disposal Gains/Losses on Financial Assets and Liabilities | 20,350,669.56 | Fair value change gain from Beijing Century Dongfang Zhihui Technology Co, Ltd | | Other Non-operating Income and Expenses | -967,219.32 | | | Other Items Qualifying as Non-recurring Profit or Loss | 376,124.84 | Additional deduction for input VAT, personal income tax handling fee refund | | Less: Income Tax Impact | 3,339,578.53 | | | Minority Interest Impact (After Tax) | 11,247.77 | | | Total | 17,510,873.88 | | - The company has not classified any non-recurring profit and loss items as recurring items[27](index=27&type=chunk) [Management Discussion and Analysis](index=10&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) [I. Principal Business Activities during the Reporting Period](index=10&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 provides digital intelligence transformation solutions for telecom operators, cities, and enterprises using its proprietary AI models - Si-tech is dedicated to integrating independent R&D, technological innovation, and value-based operations to build an open ecosystem[29](index=29&type=chunk) - The company leverages its proprietary AI large model and domestic intelligent computing infrastructure to offer comprehensive products and services[29](index=29&type=chunk) - The company empowers clients in the telecom operator, urban, and industrial sectors to achieve digital intelligence transformation[29](index=29&type=chunk) [(I) Business Overview](index=10&type=section&id=(%E4%B8%80)%E4%B8%9A%E5%8A%A1%E6%A6%82%E8%BF%B0) The company's business focuses on digital intelligence for operators, cities, and industries, all supported by its core technology platforms - The company adheres to a new "IT" architecture centered on its proprietary AI large model and domestic intelligent computing infrastructure[29](index=29&type=chunk) - Its business covers comprehensive support systems, end-to-end AI platforms, and data element empowerment services[29](index=29&type=chunk) - Key business areas include digital intelligence for telecom operators, cities, industries, and enterprises, alongside technology platforms and services[29](index=29&type=chunk) [1. Digital Intelligence for Telecom Operators](index=10&type=section&id=1%E3%80%81%E8%BF%90%E8%90%A5%E5%95%86%E6%95%B0%E6%99%BA%E5%8C%96%E9%A2%86%E5%9F%9F) The company offers a new-generation digital intelligence support system to enhance operators' customer, business, and network operations - The company builds a new-generation CRM support system for government, enterprise, and public sectors to enhance operator capabilities[30](index=30&type=chunk) - It provides mobile internet business operations and support, expanding business boundaries for operators[30](index=30&type=chunk) - It offers terminal channel operations and support, innovating with a new distributed architecture to improve channel capabilities[30](index=30&type=chunk) - It provides network operation support with an integrated intelligent system to ensure market leadership for clients[30](index=30&type=chunk) [2. Digital Intelligence for Cities](index=12&type=section&id=2%E3%80%81%E5%9F%8E%E5%B8%82%E6%95%B0%E6%99%BA%E5%8C%96%E9%A2%86%E5%9F%9F) The company builds city-level data element supply chains to empower digital transformation across all urban industries - The company provides a city-level information hub that aggregates data, shares technology, and empowers services[48](index=48&type=chunk) - It establishes a city-level data element supply chain, offering a "platform + data + operation" model for digital transformation[48](index=48&type=chunk) - It builds city-level industrial internet platforms by integrating industry, internet, and finance to create new ecosystems[50](index=50&type=chunk) [3. Digital Intelligence for Industries and Enterprises](index=13&type=section&id=3%E3%80%81%E4%BA%A7%E4%B8%9A%E5%92%8C%E4%BC%81%E4%B8%9A%E6%95%B0%E6%99%BA%E5%8C%96%E9%A2%86%E5%9F%9F) The company provides platforms and services to help industries and enterprises achieve digital transformation and improve efficiency - The industrial internet platform digitizes the entire industry chain, connecting "city + industry + enterprise + people"[52](index=52&type=chunk) - The "Yixin" digital transformation infrastructure offers services covering the "five layers and three domains" of enterprise production[52](index=52&type=chunk) - The company leverages big data and AI models to build an intelligent ecosystem for industrial data elements, empowering industry upgrades[55](index=55&type=chunk) [4. Digital Intelligence Technology Platforms and Services](index=14&type=section&id=4%E3%80%81%E6%95%B0%E6%99%BA%E5%8C%96%E6%8A%80%E6%9C%AF%E5%B9%B3%E5%8F%B0%E4%B8%8E%E6%9C%8D%E5%8A%A1%E9%A2%86%E5%9F%9F) The company offers a suite of advanced technology platforms, including AI-PaaS and large models, to drive digital transformation - The AI-PaaS platform provides a full-stack development toolchain, while the "Jiusi" large model builds enterprise-level intelligent brains[56](index=56&type=chunk) - The intelligent computing center provides infrastructure, and the computing power network scheduling platform offers cross-domain orchestration[56](index=56&type=chunk) - The technology service platform offers cloud-native PaaS, databases, and digital twins, while the developer community provides development tools[56](index=56&type=chunk) [(II) Company's Main Market Business Content](index=15&type=section&id=(%E4%BA%8C)%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E5%B8%82%E5%9C%BA%E4%B8%9A%E5%8A%A1%E5%86%85%E5%AE%B9) The company focuses on telecom, city, and enterprise markets, leveraging AI-native solutions to drive customer value and transformation - The company assists operators in refined operations and efficient expansion through its "Strategic Customer Intelligent Expansion" project[68](index=68&type=chunk) - It builds city-wide digital transformation infrastructure and application ecosystems, which are operational in over 30 cities[84](index=84&type=chunk) - In the industrial and enterprise sector, the company provides innovative platforms for digital transformation and value-added services[85](index=85&type=chunk) [1. Comprehensively Assisting Telecom Operators in Digital Transformation and Value Enhancement](index=15&type=section&id=1%E3%80%81%E5%85%A8%E9%9D%A2%E5%8A%A9%E5%8A%9B%E7%94%B5%E4%BF%A1%E8%BF%90%E8%90%A5%E5%95%86%E6%95%B0%E5%AD%97%E5%8C%96%E8%BD%AC%E5%9E%8B%E4%B8%8E%E4%BB%B7%E5%80%BC%E6%8F%90%E5%8D%87) The company provides comprehensive digital intelligence solutions to help telecom operators improve efficiency and service capabilities - In the government and enterprise support domain, the company promotes projects to enhance operators' customer acquisition and operational efficiency[68](index=68&type=chunk) - In the public support domain, it has developed a series of "AI+ applications" to improve market benefit estimation and business processing efficiency[69](index=69&type=chunk) - In network operation support, it builds an autonomous system covering network construction, management, and optimization[76](index=76&type=chunk) [2. Building City-wide Digital Transformation Infrastructure and Application Ecosystems, Empowering Comprehensive Urban Digital Transformation](index=18&type=section&id=2%E3%80%81%E6%9E%84%E5%BB%BA%E5%9F%8E%E5%B8%82%E5%85%A8%E5%9F%9F%E6%95%B0%E5%AD%97%E5%8C%96%E8%BD%AC%E5%9E%8B%E5%9F%BA%E7%A1%80%E8%AE%BE%E6%96%BD%E5%92%8C%E5%BA%94%E7%94%A8%E7%94%9F%E6%80%81%EF%BC%8C%E4%B8%BA%E5%9F%8E%E5%B8%82%E5%85%A8%E5%9F%9F%E6%95%B0%E5%AD%97%E5%8C%96%E8%BD%AC%E5%9E%8B%E6%B3%A8%E6%99%BA%E8%B5%8B%E8%83%BD) The company provides integrated digital hubs and application ecosystems for cities, aligning with national digital economy strategies - The company offers an integrated digital hub for economy, government affairs, and industry, creating innovative urban digital ecosystems[84](index=84&type=chunk) - These solutions have been successfully implemented in over 30 cities across China[84](index=84&type=chunk) - The products and services align with the national guidelines for deepening smart city development and promoting city-wide digital transformation[84](index=84&type=chunk) [3. Cloud and Intelligent Services for Industries and Enterprises, Empowering Digital Transformation and Upgrading](index=18&type=section&id=3%E3%80%81%E4%BA%A7%E4%B8%9A%E5%92%8C%E4%BC%81%E4%B8%9A%E4%BA%91%E5%92%8C%E6%99%BA%E8%83%BD%E6%9C%8D%E5%8A%A1%EF%BC%8C%E8%B5%8B%E8%83%BD%E4%BA%A7%E4%B8%9A%E5%92%8C%E4%BC%81%E4%B8%9A%E6%95%B0%E5%AD%97%E5%8C%96%E8%BD%AC%E5%9E%8B%E5%8D%87%E7%BA%A7) The company offers innovative platforms and services to support the digital transformation of industries and enterprises - The company provides an industrial internet and enterprise digital transformation support platform through a SaaS and business cooperation model[85](index=85&type=chunk) - In the financial sector, it uses big data and AI to empower transactions and promote the transformation of financial institutions[86](index=86&type=chunk) - It builds an "industrial data elements × intelligence" ecosystem to help enterprises activate data, reduce costs, and increase efficiency[86](index=86&type=chunk) [4. Building Digital Intelligence Technology Platforms to Aid Chinese Enterprises in Comprehensive Digital Transformation](index=18&type=section&id=4%E3%80%81%E6%9E%84%E7%AD%91%E6%95%B0%E6%99%BA%E5%8C%96%E6%8A%80%E6%9C%AF%E5%B9%B3%E5%8F%B0%EF%BC%8C%E5%8A%A9%E5%8A%9B%E4%B8%AD%E5%9B%BD%E4%BC%81%E4%B8%9A%E5%85%A8%E9%9D%A2%E6%95%B0%E6%99%BA%E5%8C%96%E8%BD%AC%E5%9E%8B) The company provides one-stop solutions integrating AI, big data, and cloud technologies to accelerate enterprise digital transformation - The company offers one-stop solutions that deeply integrate cutting-edge technologies like AI large models, intelligent computing, and PaaS[87](index=87&type=chunk) - The Si-tech AI-native ecosystem leverages a full-stack architecture and extensive industry experience to provide intelligent solutions[89](index=89&type=chunk) - The "Jiusi" large model serves as an enterprise-level cognitive hub, creating specialized intelligent engines for various vertical domains[90](index=90&type=chunk) [(III) Company's Core Products and Technologies](index=22&type=section&id=(%E4%B8%89)%E5%85%AC%E5%8F%B8%E7%9A%84%E6%A0%B8%E5%BF%83%E4%BA%A7%E5%93%81%E5%92%8C%E6%8A%80%E6%9C%AF) The company's core offerings include digital intelligence platforms, large models, and specialized solutions for various industries - The company's core products include the "Jiusi Zhirong" AI-PaaS platform, which provides a full lifecycle system for model development and operation[105](index=105&type=chunk) - Its proprietary "Jiusi" large model, positioned as an enterprise-level intelligent engine, has been released in various parameter sizes[107](index=107&type=chunk) - In the telecom sector, it offers AI+ public series products and a new-generation digital cloud-native support system[126](index=126&type=chunk)[127](index=127&type=chunk)[128](index=128&type=chunk) [1. Digital Intelligence Technology Platforms and Services](index=22&type=section&id=1%E3%80%81%E6%95%B0%E6%99%BA%E5%8C%96%E6%8A%80%E6%9C%AF%E5%B9%B3%E5%8F%B0%E4%B8%8E%E6%9C%8D%E5%8A%A1) The company provides a comprehensive suite of platforms and services, including AI-PaaS, large models, and computing power scheduling - The "Jiusi Zhirong" AI-PaaS platform is a full-stack model factory, offering a closed-loop system for the entire model lifecycle[105](index=105&type=chunk) - The "Jiusi" large model has launched general-purpose and inference models of various parameter sizes, using advanced quantization to reduce costs[107](index=107&type=chunk) - The computing power network scheduling and market operation platform is the first in China to generate significant benefits[110](index=110&type=chunk) [2. Products and Services for Digital Intelligence in the Telecom Operator Sector](index=28&type=section&id=2%E3%80%81%E8%BF%90%E8%90%A5%E5%95%86%E6%95%B0%E6%99%BA%E5%8C%96%E9%A2%86%E5%9F%9F%E4%BA%A7%E5%93%81%E4%B8%8E%E6%9C%8D%E5%8A%A1) The company offers a wide range of AI-powered, cloud-native products to enhance telecom operators' business and operational efficiency - In CRM for government and enterprise, it provides platforms for intelligent expansion, DICT project management, and a one-stop workbench[125](index=125&type=chunk) - In billing and settlement, it has built an "AI + Intelligent Billing System" that uses large models for natural language configuration[132](index=132&type=chunk) - In network operation support, it provides platforms for intelligent emergency response, digital design, and wireless network optimization[139](index=139&type=chunk)[140](index=140&type=chunk) [3. Products and Services for Digital Intelligence in the Urban Sector](index=33&type=section&id=3%E3%80%81%E5%9F%8E%E5%B8%82%E6%95%B0%E6%99%BA%E5%8C%96%E9%A2%86%E5%9F%9F%E4%BA%A7%E5%93%81%E4%B8%8E%E6%9C%8D%E5%8A%A1) The company provides a suite of platforms for urban digital transformation, including data middle platforms and governance systems - The urban government affairs middle platform builds a city-level data element supply chain to improve information efficiency[146](index=146&type=chunk) - The urban economy middle platform aggregates local products and services to address online transaction monopolies[147](index=147&type=chunk) - The urban data element circulation platform supports the entire data lifecycle, enabling data to be "usable but not visible"[149](index=149&type=chunk) [4. Products and Services for Digital Intelligence in the Industrial and Enterprise Sector](index=35&type=section&id=4%E3%80%81%E4%BA%A7%E4%B8%9A%E5%92%8C%E4%BC%81%E4%B8%9A%E6%95%B0%E6%99%BA%E5%8C%96%E9%A2%86%E5%9F%9F%E4%BA%A7%E5%93%81%E4%B8%8E%E6%9C%D%E5%8A%A1) The company offers digital platforms for various industries, including agriculture and manufacturing, to drive intelligent transformation - The industrial internet platform, based on the "five layers and three domains" architecture, connects the entire industry ecosystem[160](index=160&type=chunk) - The agricultural digital intelligence platform integrates IoT and AI to break down data silos and promote precision agriculture[164](index=164&type=chunk) - The industrial digital intelligence platform, based on industrial internet technology, breaks down internal information silos by building a standardized digital foundation[166](index=166&type=chunk) [(IV) Company's Main Business Models](index=36&type=section&id=(%E5%9B%9B)%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%A8%A1%E5%BC%8F) The company's business model encompasses procurement, product development and services, and sales across various customized and operational offerings - The procurement model primarily involves software outsourcing services and system integration hardware[169](index=169&type=chunk) - The product development and service model includes both market-driven R&D and customized development with ongoing maintenance[170](index=170&type=chunk) - The sales model is divided into customized software development, service-based, operations-based, and product-based categories[172](index=172&type=chunk)[173](index=173&type=chunk) [(V) Main Performance Drivers](index=38&type=section&id=(%E4%BA%94)%E4%B8%BB%E8%A6%81%E7%9A%84%E4%B8%9A%E7%BB%A9%E9%A9%B1%E5%8A%A8%E5%9B%A0%E7%B4%A0) Performance is driven by market demand from digital transformation, technological advancements, product innovation, and organizational agility - **Market and Customer Drivers**: Opportunities arise from telecom operators' 5G/AI adoption, digital government initiatives, and the industrial internet[175](index=175&type=chunk)[176](index=176&type=chunk)[177](index=177&type=chunk) - **Technology Drivers**: Rapid development of new technologies like 5G, AI large models, and big data fuels R&D investment[178](index=178&type=chunk) - **Product R&D Drivers**: The company's "Three Points, Three Sides" model guides the development of diverse products like AI platforms and data element solutions[179](index=179&type=chunk) - **Organizational Agility Drivers**: The company promotes agile transformation and uses ADevOps to enhance productivity and efficiency[184](index=184&type=chunk) [(VI) Industry Situation during the Reporting Period](index=39&type=section&id=(%E5%85%AD)%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%A4%84%E8%A1%8C%E4%B8%9A%E6%83%85%E5%86%B5) The company operates in the strategic software and IT services industry, benefiting from national digital economy initiatives - The company belongs to the software and information technology services industry, a strategic emerging sector vital to the national economy[185](index=185&type=chunk) - The company maintains a leading position in the telecom operator market and aligns with national strategies for smart cities and industrial digitalization[186](index=186&type=chunk)[187](index=187&type=chunk) - In 2025, telecom operators are significantly increasing capital expenditures in new infrastructure, particularly in computing power[191](index=191&type=chunk)[192](index=192&type=chunk) - The digital economy is a core national strategy, with the smart city market expected to reach **¥45.3 trillion** by 2025[193](index=193&type=chunk)[194](index=194&type=chunk) [II. Core Competitiveness Analysis](index=42&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 strengths lie in its established customer base, robust R&D capabilities, and agile organizational culture - With 30 years in the ICT industry, the company has strong, long-term relationships with major telecom operators and over 30 city governments[196](index=196&type=chunk)[197](index=197&type=chunk) - R&D advantages are demonstrated through continuous investment in AI, computing networks, and data security, forming a "six-layer, four-state" AI-native architecture[199](index=199&type=chunk) - During the reporting period, the company obtained **15 invention patents** and **21 software copyrights**, and completed generative AI service filing[207](index=207&type=chunk)[208](index=208&type=chunk)[210](index=210&type=chunk) - The company fosters an open and transparent culture, guided by principles of high growth and supported by an ADevOps platform to enhance efficiency[216](index=216&type=chunk)[217](index=217&type=chunk) [III. Main Business Analysis](index=48&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) In H1 2025, revenue was ¥180.00 million, a 24.27% YoY decrease, while net loss attributable to shareholders was ¥88.06 million YoY Changes in Key Financial Data for H1 2025 | Indicator | Current Period (CNY) | Same Period Last Year (CNY) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 180,003,113.85 | 237,679,501.81 | -24.27% | External market environment, customer cost reduction, and delayed project acceptance | | Net Profit Attributable to Shareholders | -88,058,344.47 | -77,325,026.24 | -13.88% | | | Net Cash Flow from Operating Activities | 69,232,909.89 | -1,947,013.41 | 3,655.85% | Increased cash received from sales of goods and services | | R&D Investment | 56,254,038.56 | 81,889,649.20 | -31.31% | Delayed implementation of R&D projects funded by fundraising | | Net Cash Flow from Financing Activities | 51,817,430.05 | 17,826,959.03 | 190.67% | Decreased cash paid for debt repayment and other financing activities | Breakdown by Product or Service for H1 2025 | Product or Service | Operating Revenue (CNY) | Operating Cost (CNY) | Gross Margin | Revenue YoY Change | Cost YoY Change | Gross Margin YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | CRM | 65,996,389.89 | 57,263,197.55 | 13.23% | -16.89% | -13.08% | -3.80% | | BILLING | 27,418,175.77 | 22,940,605.24 | 16.33% | 13.51% | 4.00% | 7.65% | | Cloud Computing | 23,665,433.40 | 20,024,529.00 | 15.38% | -42.99% | -21.64% | -23.06% | | Big Data | 23,435,533.02 | 16,909,081.94 | 27.85% | 10.39% | 11.76% | -0.88% | - The company's software development and technical service revenue consistently accounts for **over 90%** of the total, with the three major telecom operators contributing **over 90%** of revenue[219](index=219&type=chunk) [IV. Non-core Business Analysis](index=50&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-core business activities impacted total profit, with fair value changes contributing ¥20.35 million in gains Impact of Non-core Business on Total Profit for H1 2025 | Item | Amount (CNY) | % of Total Profit | Reason | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | -6,425,112.78 | 7.56% | Investment in associated enterprises | No | | Fair Value Change Gain/Loss | 20,350,669.56 | -23.95% | Investment in other non-current financial assets | No | | Asset Impairment | -4,300,710.29 | 5.06% | Provision for impairment of contract assets and inventory | Yes | | Non-operating Income | 2,488.74 | 0.00% | | No | | Non-operating Expense | 967,708.06 | -1.14% | | No | [V. Analysis of Assets and Liabilities](index=50&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) Total assets grew slightly to ¥2.39 billion, while the asset-liability ratio increased to 39.82% Major Changes in Asset Composition in H1 2025 | Item | End of Period Amount (CNY) | % of Total Assets | Year-End Amount (CNY) | % of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 460,967,716.83 | 19.26% | 383,645,368.65 | 16.21% | 3.05% | | Accounts Receivable | 563,683,996.68 | 23.55% | 741,821,443.86 | 31.35% | -7.80% | | Contract Assets | 72,303,603.99 | 3.02% | 60,004,693.65 | 2.54% | 0.48% | | Inventory | 394,993,207.09 | 16.50% | 274,653,591.73 | 11.61% | 4.89% | | Net Assets Attributable to Shareholders | 1,451,175,712.00 | | 1,537,161,289.02 | | -5.59% | | Short-term Borrowings | 475,172,995.63 | 19.85% | 421,685,719.68 | 17.82% | 2.03% | | Contract Liabilities | 83,778,669.30 | 3.50% | 13,197,934.73 | 0.56% | 2.94% | | Long-term Borrowings | 64,570,168.68 | 2.70% | 59,723,829.58 | 2.52% | 0.18% | | Lease Liabilities | 4,802,678.08 | 0.20% | 7,547,486.31 | 0.32% | -0.12% | - At the end of the reporting period, the company's total assets were **¥2,393,404,245.21**, an increase of **1.15%** from the previous year-end[21](index=21&type=chunk) - The company's asset-liability ratio at the end of the reporting period was **39.82%**, an increase from 35.43% at the previous year-end[341](index=341&type=chunk) [VI. Investment Status Analysis](index=52&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 had no major equity investments and utilized proceeds from convertible bonds and a private placement for various projects Financial Assets Measured at Fair Value in H1 2025 | Asset Class | Initial Investment Cost (CNY) | Current Period Fair Value Change (CNY) | End of Period Amount (CNY) | Source of Funds | | :--- | :--- | :--- | :--- | :--- | | Other Non-current Financial Assets | 22,000,000.00 | 20,350,669.56 | 33,501,658.41 | Own funds | - The 2020 convertible bond investment projects have been completed, with the surplus of **¥40.74 million** permanently supplementing working capital[244](index=244&type=chunk) - From the 2022 private placement, **¥311.90 million** has been used, with **¥245.00 million** temporarily supplementing working capital[245](index=245&type=chunk) - The company terminated the "IoT R&D Center Project" and added the "Emerging Industry Business Project," while adjusting other project investments[255](index=255&type=chunk) [VII. Sale of Major Assets and Equity](index=59&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E5%92%8C%E8%82%A1%E6%9D%83%E5%87%BA%E5%94%AE) No major assets or equity were sold during the reporting period - The company did not sell any major assets during the reporting period[261](index=261&type=chunk) - The company did not sell any major equity during the reporting period[262](index=262&type=chunk) [VIII. Analysis of Major Holding and Participating Companies](index=59&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) Three new subsidiaries were established during the reporting period with no significant impact on overall operations or performance - During the reporting period, the company established three new subsidiaries: Beijing Si-tech Computing Scheduling Operation Technology Co, Ltd, Guiyang Si-tech Information Technology Co, Ltd, and Beijing Jiusi Zhiwei Technology Co, Ltd[263](index=263&type=chunk) - The establishment of these new subsidiaries had no significant impact on the overall production, operation, and performance[263](index=263&type=chunk) [IX. Structured Entities Controlled by the Company](index=60&type=section&id=%E4%B9%9D%E3%80%81%E5%85%AC%E5%8F%B8%E6%8E%A7%E5%88%B6%E7%9A%84%E7%BB%93%E6%9E%84%E5%8C%96%E4%B8%BB%E4%BD%93%E6%83%85%E5%86%B5) The company did not control any structured entities during the reporting period - The company did not have any controlled structured entities during the reporting period[264](index=264&type=chunk) [X. Risks and Countermeasures](index=60&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 customer concentration, technological change, and talent retention, which it addresses through various strategic measures - The company mitigates risks of customer concentration and seasonal fluctuations by strengthening collaboration and expanding into new business areas[264](index=264&type=chunk) - To address the risk of technology mismatch, the company enhances research, optimizes response mechanisms, and promotes agile iteration[265](index=265&type=chunk)[266](index=266&type=chunk) - The risk of talent loss is managed through talent pipeline development, optimized compensation and incentive systems, and training programs[268](index=268&type=chunk) - Risks related to investment projects are managed by monitoring policy changes, strengthening talent reserves, and improving internal controls[269](index=269&type=chunk) [XI. Record of Investor Relations Activities](index=62&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%8E%A5%E5%BE%85%E8%B0%83%E7%A0%94%E3%80%81%E6%B2%9F%E9%80%9A%E3%80%81%E9%87%87%E8%AE%BF%E7%AD%89%E6%B4%BB%E5%8A%A8%E7%99%BB%E8%AE%B0%E8%A1%A8) The company held an online investor communication event on April 28, 2025, with details available on Cninfocomcn - On April 28, 2025, the company conducted an online communication session with investors via the Value Online platform[271](index=271&type=chunk) - Details of the event are available in the "Si-tech: Investor Relations Activity Record Form of April 28, 2025" on Cninfocomcn[271](index=271&type=chunk) [XII. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=62&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E5%B8%82%E5%80%BC%E7%AE%A1%E7%90%86%E5%88%B6%E5%BA%A6%E5%92%8C%E4%BC%B0%E5%80%BC%E6%8F%90%E5%8D%87%E8%AE%A1%E5%88%92%E7%9A%84%E5%88%B6%E5%AE%9A%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company has not formulated a market value management system or disclosed a valuation enhancement plan - The company did not formulate a market value management system during the reporting period[272](index=272&type=chunk) - The company did not disclose a valuation enhancement plan during the reporting period[272](index=272&type=chunk) [XIII. Implementation of the "Dual Improvement of Quality and Return" Action Plan](index=62&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E2%80%9C%E8%B4%A8%E9%87%8F%E5%9B%9E%E6%8A%A5%E5%8F%8C%E6%8F%90%E5%8D%87%E2%80%9D%E8%A1%8C%E5%8A%A8%E6%96%B9%E6%A1%88%E8%B4%AF%E5%BD%BB%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company has not disclosed an announcement regarding a "Dual Improvement of Quality and Return" action plan - The company did not disclose a "Dual Improvement of Quality and Return" action plan announcement during the reporting period[272](index=272&type=chunk) [Corporate Governance, Environmental, and Social](index=63&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) [I. Changes in Directors, Supervisors, and Senior Management](index=63&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) Several changes occurred in the company's board and supervisory committee, including the appointment of a new independent director - Independent Director Tang Guoqiong resigned, and He Xiaoyan was elected as the new Independent Director[274](index=274&type=chunk) - Supervisory Board Chairman Sun Yongsheng and supervisors Zhang Jingsong, Zhang Jian, and Lian Hui resigned[274](index=274&type=chunk) [II. Profit Distribution and Capitalization of Capital Reserve](index=63&type=section&id=%E4%BA%8C%E3%80%81%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E5%8F%8A%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E6%83%85%E5%86%B5) The company does not plan to distribute dividends or capitalize reserves for the first half of the year - The company does not plan to distribute cash dividends, issue bonus shares, or increase share capital from the capital reserve for the semi-annual period[275](index=275&type=chunk) [III. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentives](index=63&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) No equity incentive plans, employee stock ownership plans, or other employee incentive measures were implemented during the period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[276](index=276&type=chunk) [IV. Environmental Information Disclosure](index=63&type=section&id=%E5%9B%9B%E3%80%81%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E6%83%85%E5%86%B5) The company and its main subsidiaries are not designated as enterprises required to disclose environmental information - The listed company and its main subsidiaries are not included in the list of enterprises required to disclose environmental information by law[277](index=277&type=chunk) [V. Social Responsibility](index=63&type=section&id=%E4%BA%94%E3%80%81%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) The company actively fulfills its social responsibilities through employee welfare, industry-academia collaboration, and charitable activities - The company supports employees through a mutual aid fund, a charity fund, and group critical illness insurance[277](index=277&type=chunk) - In the first half of the year, the company launched the "Future Star Education Fund" to provide financial support to university students and teachers[278](index=278&type=chunk) - The company sponsored a university management case competition and signed a doctoral practice base cooperation with Tsinghua University[278](index=278&type=chunk)[279](index=279&type=chunk) - The company collaborated with the Ai Xiao Ya Foundation on public welfare activities and has supported the Beijing Children's Welfare Institute for 17 consecutive years[280](index=280&type=chunk) [Significant Matters](index=65&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) [I. Commitments Fulfilled or Overdue by Relevant Parties](index=65&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E3%80%81%E8%82%A1%E4%B8%9C%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E3%80%81%E6%94%B6%E8%B4%AD%E4%BA%BA%E4%BB%A5%E5%8F%8A%E5%85%AC%E5%8F%B8%E7%AD%89%E6%89%BF%E8%AF%BA%E7%9B%B8%E5%85%B3%E6%96%B9%E5%9C%A8%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E5%8F%8A%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E8%B6%85%E6%9C%9F%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E7%9A%84%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9) There were no commitments fulfilled or overdue by the company's controlling entities, shareholders, or other related parties - The company reports no commitments that were fulfilled or remained unfulfilled past their deadlines by its actual controllers, shareholders, or other related parties[283](index=283&type=chunk) [II. Non-operating Fund Occupation by Controlling Shareholders and Other Related Parties](index=65&type=section&id=%E4%BA%8C%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E5%AF%B9%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E7%9A%84%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) No non-operating funds of the company were occupied by its controlling shareholder or other related parties - The company reports no instances of non-operating fund occupation by its controlling shareholder or other related parties[284](index=284&type=chunk) [III. Irregular External Guarantees](index=65&type=section&id=%E4%B8%89%E3%80%81%E8%BF%9D%E8%A7%84%E5%AF%B9%E5%A4%96%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[285](index=285&type=chunk) [IV. Appointment and Dismissal of Accounting Firm](index=65&type=section&id=%E5%9B%9B%E3%80%81%E8%81%98%E4%BB%BB%E3%80%81%E8%A7%A3%E8%81%98%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%83%85%E5%86%B5) The company's semi-annual financial report has not been audited - The company's semi-annual report has not been audited[286](index=286&type=chunk) [V. Explanation on "Non-standard Audit Report"](index=65&type=section&id=%E4%BA%94%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E3%80%81%E7%9B%91%E4%BA%8B%E4%BC%9A%E3%80%81%E5%AE%A1%E8%AE%A1%E5%A7%94%E5%91%98%E4%BC%9A%E5%AF%B9%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E2%80%9C%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%E2%80%9D%E7%9A%84%E8%AF%B4%E6%98%8E) This section is not applicable as no "non-standard audit report" was issued for the period - No "non-standard audit report" was issued by the accounting firm for the reporting period[287](index=287&type=chunk) [VI. Board's Explanation on Prior Year's "Non-standard Audit Report"](index=65&type=section&id=%E5%85%AD%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%B8%8A%E5%B9%B4%E5%BA%A6%E2%80%9C%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%E2%80%9D%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) This section is not applicable as there was no "non-standard audit report" in the prior year - The company has no explanation regarding a "non-standard audit report" from the previous year[287](index=287&type=chunk) [VII. Bankruptcy and Reorganization Matters](index=65&type=section&id=%E4%B8%83%E3%80%81%E7%A0%B4%E4%BA%A7%E9%87%8D%E6%95%B4%E7%9B%B8%E5%85%B3%E4%BA%8B%E9%A1%B9) No bankruptcy or reorganization matters occurred during the reporting period - The company did not experience any bankruptcy or reorganization matters during the reporting period[287](index=287&type=chunk) [VIII. Litigation Matters](index=65&type=section&id=%E5%85%AB%E3%80%81%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) The company was not involved in any major litigation or arbitration during the reporting period - The company had no major litigation or arbitration matters during this reporting period[288](index=288&type=chunk) - The company had no other litigation matters during the reporting period[288](index=288&type=chunk) [IX. Penalties and Rectifications](index=66&type=section&id=%E4%B9%9D%E3%80%81%E5%A4%84%E7%BD%9A%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) No penalties or rectifications were recorded for the company during the reporting period - The company reports no penalties or rectifications during the reporting period[289](index=289&type=chunk) [X. Integrity Status of the Company, its Controlling Shareholders, and Actual Controllers](index=66&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E7%9A%84%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5) There were no issues concerning the integrity of the company, its controlling shareholders, or actual controllers - The company reports no integrity issues concerning itself, its controlling shareholders, or its actual controllers[290](index=290&type=chunk) [XI. Major Related-Party Transactions](index=66&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) No major related-party transactions related to daily operations, asset acquisitions, or debt occurred during the period - The company had no related-party transactions associated with daily operations during the reporting period[291](index=291&type=chunk) - The company had no related-party transactions involving the acquisition or sale of assets or equity[291](index=291&type=chunk) - The company had no related-party credit or debt transactions[293](index=293&type=chunk) - There were no deposits, loans, credit lines, or other financial services between the company and related financial companies[294](index=294&type=chunk)[295](index=295&type=chunk) [XII. Major Contracts and Their Performance](index=67&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company has provided guarantees for its subsidiaries, with a total outstanding balance of ¥25.42 million - The company had no custody, contracting, or leasing arrangements during the reporting period[297](index=297&type=chunk)[298](index=298&type=chunk)[299](index=299&type=chunk) Company Guarantees for Subsidiaries in H1 2025 | Guaranteed Party Name | Guarantee Limit (CNY 10k) | Actual Guarantee Amount (CNY 10k) | Guarantee Type | Start Date | End Date | Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Beijing Siyuan Pass Information Technology Co, Ltd | 500 | 130 | Joint Liability | 2024/6/7 | 2025/6/6 | Yes | | Beijing Siyuan Pass Information Technology Co, Ltd | 500 | 130 | Joint Liability | 2024/7/10 | 2025/7/9 | No | | Beijing Siyuan Pass Information Technology Co, Ltd | 500 | 130 | Joint Liability | 2024/8/9 | 2025/8/8 | No | | Harbin E-way Technology Co, Ltd | 500 | 130 | Joint Liability | 2024/6/12 | 2025/6/11 | Yes | | Harbin E-way Technology Co, Ltd | 500 | 130 | Joint Liability | 2024/7/10 | 2025/7/9 | No | | Harbin E-way Technology Co, Ltd | 500 | 130 | Joint Liability | 2024/8/2 | 2025/8/1 | No | | Harbin E-way Technology Co, Ltd | 500 | 110 | Joint Liability | 2024/10/15 | 2025/10/14 | No | | Shenzhen Si-tech Information Technology Co, Ltd | 500 | 250 | Joint Liability | 2024/1/26 | 2025/1/26 | Yes | | Anhui Si-tech Information Technology Co, Ltd | 2,500 | 2,066.61 | Joint Liability | 2023/8/21 | 2028/8/20 | No | | Shenzhen Si-tech Information Technology Co, Ltd | 1,000 | 250 | Joint Liability | 2024/11/29 | 2025/11/29 | No | | Shenzhen Si-tech Information Technology Co, Ltd | 1,000 | 250 | Joint Liability | 2025/2/27 | 2026/2/27 | No | - The total outstanding guarantee balance for subsidiaries at the end of the period was **¥25.42 million**, representing **1.75%** of the company's net assets[303](index=303&type=chunk) - The company had no major contracts related to daily operations or other significant matters during the reporting period[307](index=307&type=chunk) [XIII. Explanation of Other Significant Matters](index=70&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) The company reallocated surplus funds from completed convertible bond projects and changed the use of other raised funds - The company's convertible bond investment projects were completed, and the surplus funds of **¥40.71 million** were used to permanently supplement working capital[308](index=308&type=chunk) - The company terminated the "IoT R&D Center Project" and launched the "Emerging Industry Business Project"[309](index=309&type=chunk) - The investment amounts, structures, and schedules for the "PaaS Platform Technology and Application Project" and the "Urban Digital Economy Middle Platform Project" were adjusted[309](index=309&type=chunk) [XIV. Significant Matters of Subsidiaries](index=70&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%AC%E5%8F%B8%E5%AD%90%E5%85%AC%E5%8F%B8%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9) There were no significant matters concerning the company's subsidiaries during the reporting period - The company had no significant matters related to its subsidiaries during the reporting period[310](index=310&type=chunk) [Share Capital Changes and Shareholder Information](index=71&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) [I. Share Capital Changes](index=71&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) Total share capital increased slightly due to convertible bond conversions, with a shift from restricted to unrestricted shares Share Capital Changes in H1 2025 | Share Class | Pre-Change Quantity (Shares) | Pre-Change Ratio | Change (+/- Shares) | Post-Change Quantity (Shares) | Post-Change Ratio | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 56,113,054 | 16.94% | -12,450,000 | 43,663,054 | 13.18% | | II. Unrestricted Shares | 275,105,069 | 83.06% | 12,461,838 | 287,566,907 | 86.82% | | III. Total Shares | 331,218,123 | 100.00% | 11,838 | 331,229,961 | 100.00% | - As of June 30, 2025, a total of 1,170 "Si-tech Convertible Bonds" were converted into 11,838 shares of "Si-tech" stock[314](index=314&type=chunk) - This change in share capital did not have a significant impact on financial indicators such as basic and diluted earnings per share[314](index=314&type=chunk) [II. Securities Issuance and Listing](index=72&type=section&id=%E4%BA%8C%E3%80%81%E8%AF%81%E5%88%B8%E5%8F%91%E8%A1%8C%E4%B8%8E%E4%B8%8A%E5%B8%82%E6%83%85%E5%86%B5) The company issued ¥271 million in convertible bonds in 2020, which are traded on the Shenzhen Stock Exchange - On June 10, 2020, the company publicly issued 2.71 million convertible corporate bonds with a face value of ¥100 each, totaling ¥271 million[332](index=332&type=chunk) - The convertible bonds, abbreviated as "Si-tech Convertible Bond" with code "123054", began trading on the Shenzhen Stock Exchange on July 6, 2020[332](index=332&type=chunk) [III. Number of Shareholders and Shareholding Status](index=73&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 period end, the company had 28,732 shareholders, with Huachuang Yunchuang Digital Technology as the largest shareholder - The total number of common shareholders at the end of the reporting period was **28,732**[321](index=321&type=chunk) Top 10 Shareholders or Shareholders with >5% Holding at Period End | Shareholder Name | Shareholder Type | Holding Ratio | Shares Held (Shares) | Restricted Shares | Unrestricted Shares | Pledged, Marked, or Frozen Status | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Huachuang Yunchuang Digital Technology Co, Ltd | Domestic Non-state-owned Legal Entity | 20.68% | 68,493,150 | 0 | 68,493,150 | Pledged 62,984,142 | | Wu Feizhou | Domestic Natural Person | 17.57% | 58,182,405 | 43,636,804 | 14,545,601 | N/A | | Yunchuang Digital Network (Shanghai) Investment Co, Ltd | Domestic Non-state-owned Legal Entity | 5.01% | 16,600,000 | 0 | 16,600,000 | N/A | - The company's controlling shareholder, Huachuang Yunchuang, has no actual controller, therefore the company has no actual controller[384](index=384&type=chunk) - As of June 30, 2025, the company held **3,196,820 repurchased shares** in a dedicated securities account, accounting for **0.97%** of the total share capital[322](index=322&type=chunk) [IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=75&type=section&id=%E5%9B%9B%E3%80%81%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%8C%81%E8%82%A1%E5%8F%98%E5%8A%A8) Several key management personnel reduced their shareholdings during the reporting period, while the chairman's holdings remained unchanged Shareholding Changes of Directors, Supervisors, and Senior Management in H1 2025 | Name | Title | Status | Initial Shares | Shares Reduced | Final Shares | | :--- | :--- | :--- | :--- | :--- | :--- | | Wu Feizhou | Chairman, General Manager | Current | 58,182,405 | 0 | 58,182,405 | | Xian Haifeng | Board Secretary, CFO | Current | 255,620 | 60,000 | 195,620 | | Wang Xiaoyan | R&D Director | Current | 28,416 | 7,100 | 21,316 | | Sun Yongsheng | Chairman of Supervisory Board | Resigned | 245,400 | 10,200 | 235,200 | | Lian Hui | Supervisor | Resigned | 11,770 | 2,900 | 8,870 | [V. Changes in Controlling Shareholder or Actual Controller](index=76&type=section&id=%E4%BA%94%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E6%88%96%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5) There were no changes to the company's controlling shareholder or actual controller during the reporting period - The company's controlling shareholder did not change during the reporting period[325](index=325&type=chunk) - The company's actual controller did not change during the reporting period[325](index=325&type=chunk) [VI. Preferred Stock Information](index=76&type=section&id=%E5%85%AD%E3%80%81%E4%BC%98%E5%85%88%E8%82%A1%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company did not have any preferred stock during the reporting period - The company had no preferred stock during the reporting period[326](index=326&type=chunk) [Bond-related Information](index=77&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) [I. Corporate Bonds](index=77&type=section&id=%E4%B8%80%E3%80%81%E4%BC%81%E4%B8%9A%E5%80%BA%E5%88%B8) The company had no corporate bonds during the reporting period - The company had no corporate bonds during the reporting period[329](index=329&type=chunk) [II. Company Bonds](index=77&type=section&id=%E4%BA%8C%E3%80%81%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8) The company had no company bonds during the reporting period - The company had no company bonds during the reporting period[330](index=330&type=chunk) [III. Non-financial Enterprise Debt Financing Instruments](index=77&type=section&id=%E4%B8%89%E3%80%81%E9%9D%9E%E9%87%91%E8%9E%8D%E4%BC%81%E4%B8%9A%E5%80%BA%E5%8A%A1%E8%9E%8D%E8%B5%84%E5%B7%A5%E5%85%B7) The company had no non-financial enterprise debt financing instruments during the reporting period - The company had no non-financial enterprise debt financing instruments during the reporting period[331](index=331&type=chunk) [IV. Convertible Corporate Bonds](index=77&type=section&id=%E5%9B%9B%E3%80%81%E5%8F%AF%E8%BD%AC%E6%8D%A2%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8) The company's 2020 convertible bonds have a remaining balance of ¥166.79 million, with a stable AA- credit rating - On June 10, 2020, the company publicly issued **¥271 million** in convertible corporate bonds, abbreviated as "Si-tech Convertible Bond" (123054)[332](index=332&type=chunk) - As of the end of the reporting period, the number of bondholders was **5,572**[333](index=333&type=chunk) Cumulative Conversion Status in H1 2025 | Convertible Bond Name | Total Issuance Amount (CNY) | Cumulative Converted Amount (CNY) | Cumulative Converted Shares | Converted Shares as % of Pre-conversion Total | Unconverted Amount (CNY) | Unconverted Amount as % of Total | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Beijing Si-tech Information Technology Co, Ltd 2020 Convertible Corporate Bonds | 271,000,000.00 | 104,209,500.00 | 9,138,671 | 5.80% | 166,790,500.00 | 61.55% | - The company's corporate credit rating remains **AA-** with a stable outlook, and the "Si-tech Convertible Bond" credit rating remains **AA-**[339](index=339&type=chunk) [V. Consolidated Losses Exceeding 10% of Net Assets at the End of the Previous Year](index=79&type=section&id=%E4%BA%94%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%90%88%E5%B9%B6%E6%8A%A5%E8%A1%A8%E8%8C%83%E5%9B%B4%E4%BA%8F%E6%8D%9F%E8%B6%85%E8%BF%87%E4%B8%8A%E5%B9%B4%E6%9C%AB%E5%87%80%E8%B5%84%E4%BA%A7%2010%25) Consolidated losses did not exceed 10% of the prior year-end net assets - The company's consolidated losses did not exceed 10% of its net assets at the end of the previous year[340](index=340&type=chunk) [VI. Key Accounting Data and Financial Indicators for the Last Two Years](index=79&type=section&id=%E5%85%AD%E3%80%81%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E5%85%AC%E5%8F%B8%E8%BF%91%E4%B8%A4%E5%B9%B4%E7%9A%84%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) The company's liquidity ratios declined, and its asset-liability ratio increased, while maintaining a 100% loan repayment rate Key Accounting Data and Financial Indicators for the Last Two Years | Item | End of Current Period | End of Previous Year | Change from Previous Year-End | | :--- | :--- | :--- | :--- | | Current Ratio | 1.74 | 2.61 | -33.33% | | Asset-Liability Ratio | 39.82% | 35.43% | 4.39% | | Quick Ratio | 1.28 | 2.12 | -39.62% | | **Current Period** | **Same Period Last Year** | **YoY Change** | | | Net Profit after Non-recurring Items | -107.04 million CNY | -80.78 million CNY | -32.51% | | Cash Interest Coverage Ratio | 5.29 | -0.01 | 53,000.00% | | Loan Repayment Rate | 100.00% | 100.00% | 0.00% | | Interest Coverage Ratio | 100.00% | 100.00% | 0.00% | [Financial Report](index=80&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) [I. Audit Report](index=80&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) The company's semi-annual financial report has not been audited - The company's semi-annual financial report is unaudited[343](index=343&type=chunk) [II. Financial Statements](index=80&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section presents the consolidated and parent company financial statements for the first half of 2025 - The financial statements include the consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in equity[344](index=344&type=chunk) [III. Company's Basic Information](index=97&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) Beijing Si-tech Information Technology Co, Ltd was established in 2013 and currently has no actual controller - Beijing Si-tech Information Technology Co, Ltd was incorporated as a whole on July 4, 2013, and its total share capital reached 331,229,961 shares by June 30, 2025[374](index=374&type=chunk)[383](index=383&type=chunk) - The company's main business includes technology development, computer system services, and sales of electronic products[383](index=383&type=chunk) - On February 27, 2024, Huachuang Yunchuang Digital Technology Co, Ltd became the controlling shareholder; as Huachuang Yunchuang has no actual controller, the company has no actual controller[384](index=384&type=chunk) [IV. Basis of Preparation of Financial Statements](index=100&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The financial statements are prepared in accordance with China's Accounting Standards for Business Enterprises on a going concern basis - These financial statements are prepared in accordance with the "Accounting Standards for Business Enterprises" issued by the Ministry of Finance and relevant CSRC regulations[387](index=387&type=chunk) - These financial statements are prepared on a going concern basis[388](index=388&type=chunk) [V. Significant Accounting Policies and Estimates](index=100&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) This section details the key accounting policies and estimates applied in preparing the financial statements - The financial statements comply with the requirements of the Accounting Standards for Business Enterprises, reflecting a true and complete view of the company's financial position[390](index=390&type=chunk) - The company uses the Renminbi (RMB) as its functional currency and has an operating cycle of 12 months[392](index=392&type=chunk)[393](index=393&type=chunk) - The company follows detailed accounting policies for the recognition, measurement, and impairment of assets such as financial assets, inventory, and fixed assets[405](index=405&type=chunk)[435](index=435&type=chunk)[437](index=437&type=chunk)[443](index=443&type=chunk)[450](index=450&type=chunk)[458](index=458&type=chunk) - Revenue is recognized based on the transfer of control of goods or services to the customer, distinguishing between principal and agent roles[480](index=480&type=chunk) [VI. Taxes](index=124&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) The company is subject to various taxes and benefits from preferential tax policies for high-tech and software enterprises Main Taxes and Rates | Tax Type | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Sales of goods and taxable services income | 0%, 6%, 9%, 13% | | Urban Maintenance and Construction Tax | VAT paid | 5%, 7% | | Corporate Income Tax | Taxable income | See table below | | Property Tax | Original value of self-used buildings | 1.20% | | Education Surcharge | VAT paid | 3% | | Local Education Surcharge | VAT paid | 2% | - The company and certain subsidiaries are recognized as high-tech enterprises and are eligible for a preferential corporate income tax rate of **15%**[542](index=542&type=chunk)[543](index=543&type=chunk) - The company benefits from a VAT refund policy for software product sales and a VAT exemption for technology transfer and development services[542](index=542&type=chunk) - Some subsidiaries qualify as small and micro-enterprises, subject to a reduced corporate income tax rate of **20%** on 25% of their taxable income[544](index=544&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=126&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed notes on key items in the consolidated financial statements, including assets, liabilities, and equity - At period-end, cash and cash equivalents totaled **¥460.97 million**, with **¥5.13 million** being restricted[545](index=545&type=chunk) - The carrying amount of accounts receivable was **¥563.68 million**, with a provision for bad debts of **¥72.96 million**[557](index=557&type=chunk) - The carrying amount of inventory was **¥394.99 million**, with a total provision for impairment of **¥19.34 million**[587](index=587&type=chunk)[590](index=590&type=chunk) - Short-term borrowings amounted to **¥475.17 million**, primarily consisting of guaranteed and collateralized loans[632](index=632&type=chunk) - Operating revenue was **¥180.00 million**, operating cost was **¥152.15 million**, and net loss was **¥89.53 million**[707](index=707&type=chunk)[352](index=352&type=chunk) [VIII. R&D Expenditures](index=164&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) Total R&D expenditure was ¥56.25 million, a 31.31% YoY decrease, with significant capitalization in PAAS and economic middle platform projects R&D Expenditure in H1 2025 | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Employee Compensation | 48,847,485.12 | 70,462,055.83 | | Travel Expenses | 2,875,630.16 | 5,668,465.64 | | Rent, Utilities, and Property Management Fees | 968,763.27 | 1,747,184.03 | | Asset Depreciation and Amortization | 1,956,072.62 | 2,565,665.89 | | Consulting Service Fees | 448,113.22 | 0 | | Others | 1,157,974.17 | 1,446,277.81 | | Total | 56,254,038.56 | 81,889,649.20 | | Of which: Expensed R&D | 28,208,013.12 | 35,955,498.41 | | Capitalized R&D | 28,046,025.44 | 45,934,150.79 | - The main capitalized R&D projects include the PAAS project and the economic middle platform project, both expected to be completed by December 31, 2027[771](index=771&type=chunk) [IX. Changes in the Scope of Consolidation](index=165&type=section&id=%E4%B9%9D%E3%80%81%E5%90%88%E5%B9%B6%E8%8C%83%E5%9B%B4%E7%9A%84%E5%8F%98%E6%9B%B4) Three newly established subsidiaries were included in the consolidation scope during the reporting period - The company did not lose control of any subsidiaries during the reporting period[774](index=774&type=chunk) - Three new subsidiaries were included in the consolidation scope in H1 2025: Beijing Si-tech Computing Scheduling Operation Technology Co, Ltd, Guiyang Si-tech Information Technology Co, Ltd, and Beijing Jiusi Zhiwei Technology Co, Ltd[774](index=774&typ