Core Viewpoint - Yitian Intelligent (300911) reported a significant decline in financial performance for the first half of 2025, with total revenue dropping by 49.09% year-on-year and a net loss of 71.69 million yuan, marking a 507.01% decrease compared to the previous year [1] Financial Performance Summary - Total revenue for the first half of 2025 was 174 million yuan, down from 343 million yuan in 2024, reflecting a 49.09% decrease [1] - Net profit attributable to shareholders was -71.69 million yuan, compared to a profit of 1.76 million yuan in 2024, a decline of 507.01% [1] - Gross margin fell to 14.06%, a decrease of 67.74% year-on-year, while net margin dropped to -41.09%, down 899.53% [1] - Total expenses (selling, administrative, and financial) accounted for 49.71% of revenue, an increase of 51.94% compared to the previous year [1] - Earnings per share were -0.40 yuan, a decrease of 504.16% from 0.10 yuan in 2024 [1] Cash Flow and Asset Management - Cash flow from operating activities decreased by 408.29%, attributed to reduced collections due to industry order fluctuations and insufficient market demand [7] - Cash and cash equivalents decreased by 44.12% to 553 million yuan, primarily due to investments in financial products [1][7] - Accounts receivable decreased by 28.21% to 58.51 million yuan [1] Cost Structure and Expenses - Selling expenses decreased by 43.45% due to reduced marketing costs [3] - Financial expenses surged by 1045.71%, primarily due to decreased interest income from deposits [4] - Research and development expenses fell by 61.52%, attributed to a reduction in personnel and materials used [6] Strategic Partnerships and Future Outlook - Yitian Intelligent signed a strategic cooperation framework agreement with Suiruan Technology to build a computing power cluster and expand the industrial chain [9][10] - The collaboration includes purchasing computing servers and providing computing resource services, aiming to support the development of the national integrated computing network [10] - Analysts expect the company's performance in 2025 to improve, with projected earnings of 27 million yuan and an average earnings per share of 0.15 yuan [8]

Group 1: Central-Local Fiscal Relations - The report discusses the historical, current, and future analysis of central-local fiscal relations, indicating that reforms may focus on cultivating local tax sources, moderately centralizing fiscal responsibilities, and promoting fiscal system reforms below the provincial level [5]. - It highlights that the macro tax burden is decreasing and land finance is waning, making it essential to cultivate new tax sources for local governments, with a projected increase in local revenue of approximately 209.3 billion yuan from consumption tax reforms [5]. - The report suggests that the central government may take on more fiscal responsibilities in areas with broader impacts, such as higher education, public health, and social security, to alleviate local fiscal pressures [5]. Group 2: Computer Industry - Cambrian Technology - Cambrian Technology reported a significant revenue increase of 4,348% year-on-year for H1 2025, reaching 28.81 billion yuan, with a net profit of 1.038 billion yuan, reflecting a 296% increase [9][10]. - The company maintained a gross margin of 55.88% in Q2 2025, indicating stable profitability despite rapid revenue growth, with expectations for strong cash flow and inventory recovery in Q3 [10][11]. - The report anticipates that the AI wave will significantly boost demand for computing power, with Cambrian positioned to benefit from increased domestic market share in the face of geopolitical challenges [11][12]. Group 3: Food and Beverage Industry - Nongfu Spring - Nongfu Spring reported a revenue of 25.622 billion yuan for H1 2025, a year-on-year increase of 15.6%, with a net profit of 7.622 billion yuan, up 22.1% [20]. - The company is expected to continue recovering market share in packaged water and is focused on innovation in beverage products, projecting net profits of 14.6 billion yuan by 2027 [20]. Group 4: Environmental Sector - Huahong Technology - Huahong Technology experienced significant profit growth in H1 2025, driven by improved cost control and the recovery of rare earth prices, with expectations for rapid growth as new capacities come online [21]. - The report maintains a "buy" rating, emphasizing the company's strong position in the recycling of rare earths and the anticipated demand from the automotive sector [21]. Group 5: Real Estate Sector - China Overseas Property - China Overseas Property reported a revenue increase of 3.7% in H1 2025, with a net profit of 7.69 billion yuan, reflecting a 4.3% growth [24]. - The company is focusing on optimizing its service structure and expanding its management area, with expectations for continued growth in the property management sector [25].

Core Viewpoint - Yitian Intelligent (300911.SZ) reported a significant decline in revenue and net profit for the first half of 2025, indicating potential challenges in its business operations [1] Financial Performance - The company achieved operating revenue of 174 million yuan, representing a year-on-year decrease of 49.09% [1] - The net profit attributable to shareholders of the listed company was -71.6857 million yuan, marking a shift from profit to loss compared to the previous year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -79.3407 million yuan [1] - Basic earnings per share were -0.3981 yuan [1]

Core Viewpoint - Yitian Intelligent (300911.SZ) reported a significant decline in revenue and incurred substantial losses in the first half of 2025 [1] Financial Performance - The company's operating revenue for the first half of 2025 was 174 million yuan, representing a year-on-year decrease of 49.09% [1] - The net loss attributable to shareholders of the listed company was 71.6857 million yuan [1] - The net loss attributable to shareholders, excluding non-recurring gains and losses, was 79.3407 million yuan [1] - The basic loss per share was 0.3981 yuan [1]

法定代表人：孙伟勇 主管会计工作负责人：陈洪 会计机构负责人（会计主管人员）：陈洪 浙江亿田智能厨电股份有限公司 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 | 非经营性资金占用 | 资金占用方名称 | 占用方与上市公 司的关联关系 | 上市公司核算 的会计科目 | 2025 年期初占用 资金余额 | 2025 年 1-6 计发生金额 | 月占用累 2025 | 年 1-6 月占用 资金的利息(如有) | 2025 年 1-6 还累计发生金 | 月偿 2025 年 末占用资金 | 6 月期 占用形成 原因 | | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | （不含利息） | | | 额 | 余额 | | | | | 控股股东、实际控制人及其附属企 | | | | | | | | | | | | | | 业 | | | | | | | | | | | | | | 小计 | | | | | | | | | | | | | | 前 ...

| 证券代码：300911 | 证券简称：亿田智能 | 公告编号：2025-080 | | --- | --- | --- | | 债券代码：123235 | 债券简称：亿田转债 | | 浙江亿田智能厨电股份有限公司 2025年半年度募集资金存放、管理与使用情况的专项报告 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。 根据《上市公司募集资金监管规则》《深圳证券交易所上市公司自律监管 指引第2号——创业板上市公司规范运作》以及《深圳证券交易所创业板上市 公司自律监管指南第2号——公告格式：第21号上市公司募集资金年度存放、 管理与使用情况的专项报告格式》的相关规定，浙江亿田智能厨电股份有限公 司（以下简称"公司"或"本公司"）就2025年半年度募集资金存放、管理与 使用情况作如下专项报告： 一、募集资金基本情况 （一）实际募集资金金额、资金到位情况 经中国证券监督管理委员会《关于同意浙江亿田智能厨电股份有限公司向不 特定对象发行可转换公司债券注册的批复》（证监许可[2023]2601号）同意注册， 公司向不特定对象可转换公司债券520.21万张，每张面值100 ...

证券代码：300911 证券简称：亿田智能 公告编号：2025-077 债券代码：123235 债券简称：亿田转债 浙江亿田智能厨电股份有限公司 第三届监事会第十六次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 浙江亿田智能厨电股份有限公司（以下简称"公司"）第三届监事会第十六 次会议于 2025 年 8 月 25 日在公司会议室以现场加通讯的方式召开，通知于 2025 年 8 月 13 日以电话方式发出。会议由公司监事会主席郑芳娣女士召集并主持， 应出席监事 3 人，实际出席监事 3 人，其中监事李柯娜女士以通讯方式参加会议。 本次监事会会议的召集、召开及表决程序符合《公司法》《公司章程》及《监事 会议事规则》等相关规定。 二、监事会会议审议情况 经与会监事认真审议，形成如下决议： （一）审议通过了《关于公司<2025 年半年度报告>及其摘要的议案》 经审核，监事会认为：董事会编制和审核公司《2025 年半年度报告》及《2025 年半年度报告摘要》的程序符合法律、行政法规和中国证监会的规定，报告内容 真实、准确、完整地 ...

| 证券代码：300911 | 证券简称：亿田智能 | 公告编号：2025-076 | | --- | --- | --- | | 债券代码：123235 | 债券简称：亿田转债 | | 浙江亿田智能厨电股份有限公司 第三届董事会第二十三次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 浙江亿田智能厨电股份有限公司（以下简称"公司"）第三届董事会第二十 三次会议于 2025 年 8 月 25 日在公司会议室以现场加通讯的方式召开，通知于 2025 年 8 月 13 日以电话方式发出。会议由公司董事长孙伟勇先生召集并主持， 会议应出席董事 7 人，实际出席董事 7 人，其中董事孙吉先生、裘玉芳女士、朱 国庆先生、沈海鸥先生、潘士远先生以通讯方式参加会议。公司监事及高级管理 人员列席了会议。本次董事会会议的召集、召开及表决程序符合《公司法》《公 司章程》及《董事会议事规则》等相关规定。 二、董事会会议审议情况 经与会董事认真审议，形成如下决议： （一）审议通过了《关于公司<2025 年半年度报告>及其摘要的议案》 公司董事会认 ...

Core Insights - The company reported a significant decline in revenue and a net loss for the first half of the year [1] Financial Performance - The company achieved an operating income of 174 million yuan, representing a year-on-year decrease of 49.09% [1] - The net profit attributable to shareholders was a loss of 71.6857 million yuan, compared to a profit of 17.6127 million yuan in the same period last year [1] - The basic earnings per share were -0.3981 yuan [1]

Section I Important Notice, Table of Contents, and Definitions [Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The company's board, supervisors, and senior management guarantee the semi-annual report's truthfulness, accuracy, and completeness, assuming legal responsibility. - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, bearing individual and joint legal responsibility[3](index=3&type=chunk) - Company head Sun Weiyong, chief accountant Chen Hong, and accounting department head Chen Hong declare the financial report in this semi-annual report is true, accurate, and complete[3](index=3&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for this half-year period[4](index=4&type=chunk) [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) This report's clear table of contents lists eight main chapters, providing comprehensive information navigation for investors. - The report contains eight main chapters, from company profile to financial report, with a clear structure[6](index=6&type=chunk) [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section provides detailed explanations for key terms, company entities, industry abbreviations, and financial periods used in the report, ensuring accurate understanding. - "Company, this company, joint-stock company, Yitian Shares, Yitian Intelligent" all refer to Zhejiang Yitian Intelligent Kitchen Appliance Co., Ltd[9](index=9&type=chunk) - "Integrated stove" refers to a multi-functional kitchen appliance product based on range hood and stove functions, integrating other kitchen appliance functions such as disinfection cabinets, steam ovens, and ovens[9](index=9&type=chunk) - "Reporting period, current period, current year" refers to January 1, 2025, to June 30, 2025[9](index=9&type=chunk) Section II Company Profile and Key Financial Indicators [1. Company Profile](index=6&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) Zhejiang Yitian Intelligent Kitchen Appliance Co., Ltd., stock code 300911, is listed on the Shenzhen Stock Exchange, with Sun Weiyong as its legal representative. - Company stock abbreviation: Yitian Intelligent, stock code: **300911**[11](index=11&type=chunk) - Company stock listed on: Shenzhen Stock Exchange[11](index=11&type=chunk) - Company legal representative: Sun Weiyong[11](index=11&type=chunk) [2. Contact Person and Information](index=6&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 is Dong Bo, located at No. 68 Zhedian Road, Pukou Street, Shengzhou City, Shaoxing, Zhejiang, with contact details provided. - Board Secretary: Dong Bo[12](index=12&type=chunk) - Contact phone: **0575-83260370**[12](index=12&type=chunk) - Email: stock@entive.com[12](index=12&type=chunk) [3. Other Information](index=6&type=section&id=%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E6%83%85%E5%86%B5) No changes in company contact, disclosure, or storage locations during the reporting period, but the registration date changed from January 22, 2024, to February 24, 2025. - The company's registered address, office address and postal code, website, and email remained unchanged during the reporting period[13](index=13&type=chunk) - The company's designated website and media for semi-annual report disclosure, and the location for semi-annual report availability, remained unchanged during the reporting period[14](index=14&type=chunk) Registered Change Status | Indicator | Registration Date | | :--- | :--- | | Registration at beginning of reporting period | January 22, 2024 | | Registration at end of reporting period | February 24, 2025 | [4. Key Accounting Data and Financial Indicators](index=7&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) The company's key financial indicators significantly declined this period, with revenue down 49.09% and net profit attributable to shareholders down 507.01% to -71.69 million yuan. Key Accounting Data and Financial Indicators (Current Reporting Period vs. Prior Year) | Indicator | Current Reporting Period (yuan) | Prior Year (yuan) | Change from Prior Year | | :--- | :--- | :--- | :--- | | Operating Revenue | 174,476,019.39 | 342,739,358.83 | -49.09% | | Net Profit Attributable to Listed Company Shareholders | -71,685,739.75 | 17,612,745.13 | -507.01% | | Net Profit Attributable to Listed Company Shareholders (Excluding Non-Recurring Gains/Losses) | -79,340,741.03 | 9,902,671.44 | -901.21% | | Net Cash Flow from Operating Activities | -158,571,935.98 | -31,197,313.45 | -408.29% | | Basic Earnings Per Share (yuan/share) | -0.3981 | 0.0985 | -504.16% | | Diluted Earnings Per Share (yuan/share) | -0.3981 | 0.0985 | -504.16% | | Weighted Average Return on Net Assets | -5.16% | 1.17% | -6.33% | Key Accounting Data and Financial Indicators (Current Reporting Period End vs. Prior Year End) | Indicator | Current Reporting Period End (yuan) | Prior Year End (yuan) | Change from Prior Year End | | :--- | :--- | :--- | :--- | | Total Assets | 2,106,302,981.46 | 2,400,890,112.21 | -12.27% | | Net Assets Attributable to Listed Company Shareholders | 1,232,536,396.09 | 1,407,407,822.15 | -12.43% | [5. Differences in Accounting Data under Domestic and Overseas Accounting Standards](index=7&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) The company reported no differences in net profit and net assets between domestic and international/overseas accounting standards during the period. - The company reported no differences in net profit and net assets between financial reports disclosed under international accounting standards and those under Chinese accounting standards during the reporting period[18](index=18&type=chunk) - The company reported no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and those under Chinese accounting standards during the reporting period[19](index=19&type=chunk) [6. Non-Recurring Gains and Losses 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) Total non-recurring gains and losses for the period were 7.66 million yuan, primarily from government subsidies, fair value changes, and non-current asset disposals. Non-Recurring Gains and Losses Items and Amounts | Item | Amount (yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets (including the write-off portion of asset impairment provisions) | -239,168.69 | | Government grants recognized in current profit or loss (excluding those closely related to the company's normal business operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on the company's profit or loss) | 6,334,490.16 | | Gains or losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains or losses from disposal of financial assets and liabilities, excluding effective hedging activities related to normal business operations | 1,998,618.42 | | Other non-operating income and expenses apart from the above items | 8,115.14 | | Less: Income tax impact | 447,053.75 | | Total | 7,655,001.28 | - The individual income tax handling fee refund of **117,758.16 yuan** was classified as recurring income because it is a regular business activity under national tax policies[22](index=22&type=chunk) Section III Management Discussion and Analysis [1. Company's Main Business Activities During the Reporting Period](index=9&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's main business is kitchen appliance manufacturing, but it is actively expanding into the computing power sector as a "smart computing one-stop pioneer service provider". - The company belongs to the kitchen appliance industry, which is highly correlated with the real estate industry, and the sluggish real estate market in the first half of 2025 significantly impacted the kitchen appliance market[24](index=24&type=chunk) - The company's strategic layout in the computing power sector is a core initiative for its transformation from traditional kitchen appliance manufacturing to a "second growth curve," establishing a differentiated path as a "smart computing one-stop pioneer service provider"[26](index=26&type=chunk) - The company's main products include integrated stoves (steam-roast separate, steam-roast integrated, steam oven, disinfection cabinet, warming cabinet, and storage cabinet models), integrated sinks, and integrated dishwashers, also providing computing power hardware and resource services[29](index=29&type=chunk)[30](index=30&type=chunk) [(I) Industry Development Overview](index=9&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%91%E5%B1%95%E6%83%85%E5%86%B5) The kitchen appliance industry, tied to real estate, saw significant declines in integrated stove sales, prompting the company to pivot to a full-stack domestic smart computing center. - In the first half of 2025, real estate development enterprises' new housing starts decreased by **20.0%** year-on-year, and new commercial housing sales area decreased by **3.5%** year-on-year, significantly impacting the kitchen appliance market[24](index=24&type=chunk) Integrated Stove Market Retail Data (During Reporting Period) | Indicator | Amount/Quantity | Year-on-Year Decrease | | :--- | :--- | :--- | | Retail Sales | 6.57 billion yuan | 27.6% | | Retail Volume | 781,000 units | 31.5% | - The company is strategically investing in the computing power sector, building the first full-stack domestically produced large-scale intelligent computing center, utilizing domestic AI chips from Biren Technology, and becoming an S-level distributor, forming a "device + service" dual-wheel sales model[27](index=27&type=chunk)[28](index=28&type=chunk) [(II) Main Business, Products, and Their Uses](index=9&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1%E3%80%81%E4%B8%BB%E8%A6%81%E4%BA%A7%E5%93%81%E5%8F%8A%E5%85%B6%E7%94%A8%E9%80%94) The company manufactures integrated kitchen appliances and provides customized computing power hardware and resource services as a "smart computing one-stop pioneer service provider". - The company specializes in the research, development, production, and sales of modern new kitchen appliance products such as integrated stoves, committed to building healthy, open, and intelligent integrated kitchens for millions of families[29](index=29&type=chunk) - Integrated stove products can be categorized by function into steam-roast separate, steam-roast integrated, steam oven, disinfection cabinet, warming cabinet, and storage cabinet models[29](index=29&type=chunk) - In the computing power sector, the company is positioned as a "smart computing one-stop pioneer service provider," offering full-stack computing power support based on "compute + storage + network" and flexible computing power resource services[30](index=30&type=chunk) [(III) Business Model](index=10&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E7%BB%8F%E8%90%A5%E6%A8%A1%E5%BC%8F) The company's business model involves centralized procurement, "production-to-order" manufacturing with core processes in-house, and diverse sales channels including offline, online, and project-based. - The company's main raw materials are centrally procured by the procurement center, with procurement plans developed based on sales orders, production plans, and inventory levels[30](index=30&type=chunk) - The company implements a "production-to-order" manufacturing model, primarily through in-house production supplemented by outsourced production, with core processes handled internally and non-core processes outsourced[30](index=30&type=chunk) - Sales channels include offline and online distribution, e-commerce direct sales (e.g., JD, Tmall flagship stores), KA channels, engineering channels, home decoration channels, and OEM export models[31](index=31&type=chunk) [(IV) Performance Drivers](index=11&type=section&id=%EF%BC%88%E5%9B%9B%EF%BC%89%E4%B8%9A%E7%BB%A9%E9%A9%B1%E5%8A%A8%E5%9B%A0%E7%B4%A0) Performance is driven by continuous technological innovation, diversified product matrix, enhanced brand marketing, accelerated multi-channel development, and optimized internal management. - The company continuously promotes technological innovation and achievement transformation, drives product iteration, actively researches and produces high-end, intelligent, integrated, green, and unmanned kitchen appliance products, building a diversified product matrix[32](index=32&type=chunk) - The company deepens its brand marketing strategy, strengthens its recognition in the mid-to-high-end consumer market, and builds a comprehensive publicity matrix that integrates online and offline, traditional and new media[32](index=32&type=chunk) - The company accelerates the synergistic development of all channels, owning over **1,500 dealers** as of the end of the reporting period, and actively develops e-commerce, home decoration, KA channels, and new retail businesses to expand market coverage[33](index=33&type=chunk) [2. Analysis of Core Competencies](index=12&type=section&id=%E4%BA%8C%E3%80%81%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competencies include strong R&D, extensive marketing and service networks, stringent quality management, intelligent manufacturing, experienced management, and a multi-layered computing power technology system. - The company is a national high-tech enterprise, holding **640 patents** (including **31 invention patents**), and has received multiple international design awards such as the German IF Design Award and Red Dot Design Award[38](index=38&type=chunk) - The company is building a full-channel marketing and service network, possessing a stable and efficient dealer team, and implementing a multi-dimensional channel strategy including "KA channels + e-commerce channels + home decoration channels + engineering channels + sinking channels"[40](index=40&type=chunk) - As the first integrated stove company selected for Zhejiang Province's "Future Factory" pilot, the company actively explores industrial transformation and upgrading, deepening its data intelligence-driven operating model[41](index=41&type=chunk) - The company is committed to building a multi-layered computing power technology system "from resources to services, from technology to ecosystem," emphasizing deep support for large model training, inference, and industry AI applications[42](index=42&type=chunk) [(I) R&D and Design Advantages](index=12&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E7%A0%94%E5%8F%91%E8%AE%BE%E8%AE%A1%E4%BC%98%E5%8A%BF) As a national high-tech enterprise, the company holds 640 patents and multiple international design awards, demonstrating leading R&D capabilities in the integrated stove industry. - The company is a national high-tech enterprise, with talent platforms such as the "Zhejiang Provincial Postdoctoral Workstation," mastering core technologies like side-suction downward exhaust and oil-smoke separation[38](index=38&type=chunk) - As of the end of the reporting period, the company held a total of **640 patents**, including **31 invention patents**, **498 utility model patents**, **111 design patents**, and **10 software copyrights**, ranking among the leaders in the domestic integrated stove industry[38](index=38&type=chunk) - The company's products have successively won design awards such as the German IF Design Award, International CMF Design Award, German Red Dot Design Award, and American IDEA Design Award[38](index=38&type=chunk) [(II) Marketing Advantages](index=12&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E8%90%A5%E9%94%80%E4%BC%98%E5%8A%BF) The company boasts a comprehensive marketing and service network, though e-commerce sales declined, and maintains high customer satisfaction with its professional after-sales team. E-commerce Platform Overall Sales (During Reporting Period) | Platform | Store Page Views (millions) | Store Members (millions) | Active Users (buyers) | Total Transaction Amount (10,000 yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | JD | 2.4211 | 2.1410 | 7,232 | 6,364.29 | -54.85% | | Tmall | 6.3256 | 0.2314 | 4,227 | 4,400.50 | -46.56% | | Total | 8.7467 | 2.3724 | 11,459 | 10,764.79 | -51.80% | Core Category Sales (During Reporting Period) | Product Category | Sales Amount (10,000 yuan) (incl. tax) | Number of Orders | Number of Buyers | Sales Amount Percentage | | :--- | :--- | :--- | :--- | :--- | | Integrated Stove | 10,695.73 | 12,053.00 | 11,109.00 | 99.36% | | Other | 69.06 | 495.00 | 350.00 | 0.64% | | Total | 10,764.79 | 12,548.00 | 11,459.00 | 100.00% | - The company views after-sales service as a new starting point for marketing, deploying a professional "Yitian Service Squad" after-sales team, and has been continuously rated with "Five-star After-sales Service Certification" and "Ten-star Customer Satisfaction Certification"[40](index=40&type=chunk) [(III) Quality Management Advantages](index=13&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E8%B4%A8%E9%87%8F%E7%AE%A1%E7%90%86%E4%BC%98%E5%8A%BF) The company, the only integrated stove enterprise to win the "Zhejiang Provincial Government Quality Award," maintains a robust quality management system and participates in industry standard-setting. - The company is the only enterprise in the integrated stove industry to receive the "Zhejiang Provincial Government Quality Award," having established a comprehensive quality management system and obtained ISO 9001:2015 certification[40](index=40&type=chunk) - The company possesses a national-level laboratory with comprehensive testing capabilities for the integrated stove industry, approved and accredited by the China National Accreditation Service for Conformity Assessment (CNAS)[40](index=40&type=chunk) - The company actively participates in the drafting and formulation of various industry standards, being one of the main drafting units for the Zhejiang Manufacturing Integrated Stove Standard ZZB032-2015 and the T/CNHA1020-2019 "Integrated Stove" group standard[40](index=40&type=chunk) [(IV) Production and Operation Advantages](index=13&type=section&id=%EF%BC%88%E5%9B%9B%EF%BC%89%E7%94%9F%E4%BA%A7%E8%BF%90%E8%90%A5%E4%BC%98%E5%8A%BF) As a "Future Factory" pilot, the company leverages an industrial internet platform and big data center to achieve intelligent production, reducing energy consumption and costs. - The company is the first integrated stove enterprise selected for Zhejiang Province's "Future Factory" pilot, actively exploring industrial transformation and upgrading, and deepening its data intelligence-driven operating model[41](index=41&type=chunk) - The company has established an intelligent kitchen appliance industrial internet platform, forming a robust industrial internet network across the upstream and downstream of the supply chain and among industry enterprises[41](index=41&type=chunk) - The company's intelligent factory construction continues to upgrade, with the establishment of a big data operation center, achieving intelligent production scheduling and intelligent manufacturing of high-end integrated stove products through digital reform, significantly reducing unit energy consumption and costs, leading the development of new intelligent manufacturing[41](index=41&type=chunk) [(V) Management Team Advantages](index=13&type=section&id=%EF%BC%88%E4%BA%94%EF%BC%89%E7%BB%8F%E8%90%A5%E7%AE%A1%E7%90%86%E5%9B%A2%E9%98%9F%E4%BC%98%E5%8A%BF) The company benefits from an experienced, professional, and cohesive management team with deep industry knowledge, capable of adapting business strategies for sustainable growth. - The company possesses a professional, pragmatic, experienced, and harmonious management team, which is a crucial foundation for its rapid development[41](index=41&type=chunk) - Mr. Sun Weiyong, Ms. Chen Yuehua, and other key management personnel have long been engaged in the operation and management of the kitchen appliance sector, possessing extensive industry experience[41](index=41&type=chunk) - The management team is adept at grasping and leading industry trends, capable of timely refining or adjusting the company's business plans and development strategies in response to policy and market environment changes[41](index=41&type=chunk) [(VI) Strong Computing Power Technology and Supply Advantages](index=13&type=section&id=%EF%BC%88%E5%85%AD%EF%BC%89%E5%BC%BA%E5%A4%A7%E7%9A%84%E7%AE%97%E5%8A%9B%E6%8A%80%E6%9C%AF%E5%92%8C%E4%BE%9B%E5%BA%94%E4%BC%98%E5%8A%BF) The company is building a multi-layered computing power technology system, emphasizing efficiency, security, and cost-effectiveness, specifically designed to support large model training and AI applications. - The company is committed to building a multi-layered computing power technology system "from resources to services, from technology to ecosystem," achieving efficient, secure, and economically sustainable operations[42](index=42&type=chunk) - The core of the computing power technology lies in supporting the full lifecycle needs of artificial intelligence, balancing efficient computing power scheduling, AI task adaptability, cost control, and ecological synergy[42](index=42&type=chunk) - The company's computing power center places greater emphasis on deep support for large model training, inference, and industry AI applications, distinguishing it from general-purpose computing power centers[42](index=42&type=chunk) [3. Analysis of Main Business](index=13&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) Main business revenue declined significantly by 49.09%, and net profit attributable to shareholders dropped 507.01% due to the real estate downturn and weak market demand, with computing power business showing high growth but negative gross margin. - The company's profit structure underwent significant changes during the reporting period, primarily due to the sluggish real estate industry leading to a slowdown in demand for integrated stoves, as well as customer consumption downgrades and cautious purchasing intentions, resulting in decreased sales and profits[45](index=45&type=chunk) Key Financial Data Year-on-Year Change | Indicator | Current Reporting Period (yuan) | Prior Year (yuan) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 174,476,019.39 | 342,739,358.83 | -49.09% | Industry order fluctuations and insufficient market demand | | Net Profit Attributable to Listed Company Shareholders | -71,685,739.75 | 17,612,745.13 | -507.01% | Industry order fluctuations and insufficient market demand | | Net Cash Flow from Operating Activities | -158,571,935.98 | -31,197,313.45 | -408.29% | Impact of order fluctuations and insufficient market demand, leading to reduced collections | Products or Services Accounting for Over 10% of Revenue | Product or Service | Operating Revenue (yuan) | Operating Cost (yuan) | Gross Margin | Operating Revenue Year-on-Year Change | Operating Cost Year-on-Year Change | Gross Margin Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Integrated Stove | 101,858,304.33 | 77,554,889.01 | 23.86% | -66.36% | -51.87% | -22.92% | | Computing Power Business | 14,477,645.30 | 38,420,747.83 | -165.38% | 2,298.61% | 23,962.50% | -238.93% | | Other | 58,140,069.76 | 33,968,742.86 | 41.57% | 45.38% | 5.35% | 22.20% | | Total | 174,476,019.39 | 149,944,379.70 | 14.06% | -49.09% | -22.46% | -29.52% | [4. Analysis of Non-Core Business](index=14&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 negatively impacted total profit, with investment income from matured wealth management products, fair value changes from unexpired products, and asset impairment from inventory write-downs, none of which are sustainable. Non-Core Business Gains and Losses | Item | Amount (yuan) | Percentage of Total Profit | Explanation of Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 2,260,863.82 | -3.19% | Primarily from investment income received from matured wealth management products | No | | Gains or Losses from Fair Value Changes | 1,357,703.21 | -1.91% | Primarily from fair value changes of unexpired wealth management products | No | | Asset Impairment | -5,852,302.02 | 8.25% | Primarily from provision for inventory depreciation | No | | Non-Operating Income | 122,878.60 | -0.17% | Primarily from photovoltaic power generation site lease fees received | No | | Non-Operating Expenses | 493,296.98 | -0.70% | Primarily from tax late payment fees paid | No | [5. Analysis of Assets and Liabilities](index=15&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 decreased by 12.27% to 2.11 billion yuan, with significant reductions in monetary funds due to wealth management purchases and contract liabilities from reduced orders. Significant Changes in Asset Composition | Item | Amount at Current Period End (yuan) | Percentage of Total Assets | Amount at Prior Year End (yuan) | Percentage of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 553,451,463.96 | 26.28% | 925,512,685.50 | 38.55% | -12.27% | Primarily due to the company purchasing wealth management products | | Fixed Assets | 732,408,563.24 | 34.77% | 777,251,827.26 | 32.37% | 2.40% | | | Right-of-Use Assets | 4,693,138.78 | 0.22% | 3,402,537.34 | 0.14% | 0.08% | Primarily due to new leases by the company | | Contract Liabilities | 26,430,505.65 | 1.25% | 48,193,659.75 | 2.01% | -0.76% | Primarily due to decreased order demand | | Lease Liabilities | 2,669,898.33 | 0.13% | 1,693,029.53 | 0.07% | 0.06% | Primarily due to new leases by the company | Fair Value Measured Financial Assets at Period-End | Item | Amount at Period End (yuan) | | :--- | :--- | | Trading Financial Assets | 313,709,835.92 | | Other Equity Instrument Investments | 36,988,822.35 | | Accounts Receivable Financing | 16,502,710.84 | | Total Above | 367,201,369.11 | - As of the end of the reporting period, **4,614,112.24 yuan** of monetary funds were restricted, serving as guarantees for bank acceptance bills and performance bonds[56](index=56&type=chunk) [1. Significant Changes in Asset Composition](index=15&type=section&id=1%E3%80%81%E8%B5%84%E4%BA%A7%E6%9E%84%E6%88%90%E9%87%8D%E5%A4%A7%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) Total assets decreased by 12.27% to 2.11 billion yuan, primarily due to reduced monetary funds from wealth management purchases and decreased contract liabilities from lower orders. Significant Changes in Asset Composition | Item | Amount at Current Period End (yuan) | Percentage of Total Assets | Amount at Prior Year End (yuan) | Percentage of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 553,451,463.96 | 26.28% | 925,512,685.50 | 38.55% | -12.27% | Primarily due to the company purchasing wealth management products | | Fixed Assets | 732,408,563.24 | 34.77% | 777,251,827.26 | 32.37% | 2.40% | | | Right-of-Use Assets | 4,693,138.78 | 0.22% | 3,402,537.34 | 0.14% | 0.08% | Primarily due to new leases by the company | | Contract Liabilities | 26,430,505.65 | 1.25% | 48,193,659.75 | 2.01% | -0.76% | Primarily due to decreased order demand | | Lease Liabilities | 2,669,898.33 | 0.13% | 1,693,029.53 | 0.07% | 0.06% | Primarily due to new leases by the company | [2. Major Overseas Assets](index=15&type=section&id=2%E3%80%81%E4%B8%BB%E8%A6%81%E5%A2%83%E5%A4%96%E8%B5%84%E4%BA%A7%E6%83%85%E5%86%B5) The company had no major overseas assets during the reporting period. - The company reported no major overseas assets during the reporting period[53](index=53&type=chunk) [3. Assets and Liabilities Measured at Fair Value](index=15&type=section&id=3%E3%80%81%E4%BB%A5%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E8%AE%A1%E9%87%8F%E7%9A%84%E8%B5%84%E4%BA%A7%E5%92%8C%E8%B4%9F%E5%80%BA) Total financial assets measured at fair value amounted to 367.20 million yuan, mainly comprising trading financial assets, other equity instrument investments, and accounts receivable financing. Financial Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (yuan) | Fair Value Change Gains/Losses for Current Period (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | | Trading Financial Assets (excluding derivative financial assets) | 260,872,908.74 | 936,927.18 | 313,709,835.92 | | Other Equity Instrument Investments | 20,988,822.35 | | 36,988,822.35 | | Subtotal Financial Assets | 281,861,731.09 | 936,927.18 | 350,698,658.27 | | Accounts Receivable Financing | 84,345,340.65 | | 16,502,710.84 | | Total Above | 366,207,071.74 | 936,927.18 | 367,201,369.11 | | Financial Liabilities | 0.00 | 0.00 | 0.00 | [4. Asset Restrictions at Period-End](index=16&type=section&id=4%E3%80%81%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E7%9A%84%E8%B5%84%E4%BA%A7%E6%9D%83%E5%88%A9%E5%8F%97%E9%99%90%E6%83%85%E5%86%B5) As of the end of the reporting period, 4.61 million yuan of the company's monetary funds were restricted, primarily as guarantees for bank acceptance bills and performance bonds. Asset Restrictions | Item | Book Balance (yuan) | Restricted Situation | | :--- | :--- | :--- | | Monetary Funds | 4,614,112.24 | Bank acceptance bill margin and performance bond | [6. Analysis of Investment Status](index=16&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) Total investment increased by 106.41%, primarily in fair value measured financial assets. Raised funds for two projects were terminated and reallocated to working capital. The company also engaged in wealth management but had no derivative or entrusted loan investments. - The company's investment amount during the reporting period was **36,988,822.35 yuan**, an increase of **106.41%** compared to the same period last year[57](index=57&type=chunk) - The company has terminated the construction of the "Environmental Integrated Stove Industrial Park (Phase II) Project" and the "Brand Promotion and Construction Project," and will permanently use the remaining raised funds to supplement working capital[66](index=66&type=chunk)[68](index=68&type=chunk) - The company's wealth management activities during the reporting period had an outstanding balance of **311.90 million yuan** at period-end, with no overdue amounts[71](index=71&type=chunk) [1. Overall Situation](index=16&type=section&id=1%E3%80%81%E6%80%BB%E4%BD%93%E6%83%85%E5%86%B5) The company's total investment for the reporting period was 36.99 million yuan, a 106.41% increase compared to the previous year. Overall Investment Situation | Indicator | Amount (yuan) | Change Rate | | :--- | :--- | :--- | | Investment amount for reporting period | 36,988,822.35 | 106.41% | | Investment amount for prior year | 17,919,895.66 | | [2. Significant Equity Investments Acquired During the Reporting Period](index=16&type=section&id=2%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E8%8E%B7%E5%8F%96%E7%9A%84%E9%87%8D%E5%A4%A7%E7%9A%84%E8%82%A1%E6%9D%83%E6%8A%95%E8%B5%84%E6%83%85%E5%86%B5) The company made no significant equity investments during the reporting period. - The company reported no significant equity investments acquired during the reporting period[58](index=58&type=chunk) [3. Significant Non-Equity Investments in Progress During the Reporting Period](index=16&type=section&id=3%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%AD%A3%E5%9C%A8%E8%BF%9B%E8%A1%8C%E7%9A%84%E9%87%8D%E5%A4%A7%E7%9A%84%E9%9D%9E%E8%82%A1%E6%9D%83%E6%8A%95%E8%B5%84%E6%83%85%E5%86%B5) The company had no significant non-equity investments in progress during the reporting period. - The company reported no significant non-equity investments in progress during the reporting period[58](index=58&type=chunk) [4. Financial Assets Measured at Fair Value](index=16&type=section&id=4%E3%80%81%E4%BB%A5%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E8%AE%A1%E9%87%8F%E7%9A%84%E9%87%91%E8%9E%8D%E8%B5%84%E4%BA%A7) Financial assets measured at fair value totaled 313.71 million yuan at period-end, primarily other financial assets, generating 0.94 million yuan in fair value change gains and 2.01 million yuan in cumulative investment income. Financial Assets Measured at Fair Value | Asset Category | Initial Investment Cost (yuan) | Fair Value Change Gains/Losses for Current Period (yuan) | Amount Purchased During Reporting Period (yuan) | Amount Sold During Reporting Period (yuan) | Cumulative Investment Income (yuan) | Amount at Period End (yuan) | Source of Funds | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Other | 260,000,000.00 | 936,927.18 | 529,680,000.00 | 477,780,000.00 | 2,014,472.53 | 313,709,835.92 | Own Funds | | Total | 260,000,000.00 | 936,927.18 | 529,680,000.00 | 477,780,000.00 | 2,014,472.53 | 313,709,835.92 | -- | [5. Use of Raised Funds](index=17&type=section&id=5%E3%80%81%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E4%BD%BF%E7%94%A8%E6%83%85%E5%86%B5) The company raised 514.94 million yuan from convertible bonds. Two committed projects were terminated, and remaining funds will permanently supplement working capital, with 496.40 million yuan unused at period-end. - The company publicly issued convertible corporate bonds with net proceeds of **514,935,678.77 yuan**, managed through special accounts[62](index=62&type=chunk) - The company has terminated the construction of the "Environmental Integrated Stove Industrial Park (Phase II) Project" and the "Brand Promotion and Construction Project," and will permanently use the remaining raised funds to supplement working capital[66](index=66&type=chunk)[68](index=68&type=chunk) - As of June 30, 2025, the unused balance of raised funds was **496.40 million yuan**, all held in the company's special raised funds accounts[65](index=65&type=chunk) [(1) Overall Use of Raised Funds](index=17&type=section&id=%EF%BC%881%EF%BC%89%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E6%80%BB%E4%BD%93%E4%BD%BF%E7%94%A8%E6%83%85%E5%86%B5) The company raised 514.94 million yuan from convertible bonds, managed in special accounts, and plans to use idle funds for cash management, with 496.40 million yuan remaining unused. - The company publicly issued convertible corporate bonds with net proceeds of **514,935,678.77 yuan**, and implemented special account management[62](index=62&type=chunk) - The company has adjusted the investment amount for some raised fund projects and agreed to use **1.6604 million yuan** of raised funds to replace self-raised funds already paid for issuance expenses, but as of June 30, 2025, this transfer has not yet occurred[63](index=63&type=chunk) - The company agreed to use idle raised funds not exceeding **450 million yuan** for cash management, but as of June 30, 2025, this has not yet been utilized, and the remaining balance of raised funds is **496.40 million yuan**[64](index=64&type=chunk)[65](index=65&type=chunk) [(2) Committed Projects for Raised Funds](index=18&type=section&id=%EF%BC%882%EF%BC%89%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E6%89%BF%E8%AF%BA%E9%A1%B9%E7%9B%AE%E6%83%85%E5%86%B5) Two committed projects, "Environmental Integrated Stove Industrial Park (Phase II)" and "Brand Promotion and Construction," with a total committed investment of 514.94 million yuan, were terminated, and remaining funds will supplement working capital. Committed Projects for Raised Funds | Committed Investment Project | Total Committed Investment (10,000 yuan) | Cumulative Investment at Period End (10,000 yuan) | Investment Progress at Period End | | :--- | :--- | :--- | :--- | | 1. Environmental Integrated Stove Industrial Park (Phase II) Project | 36,493.57 | 180.92 | 0.50% | | 2. Brand Promotion and Construction Project | 15,000.00 | 2,981.73 | 19.88% | | Total | 51,493.57 | 3,162.65 | | - The Environmental Integrated Stove Industrial Park (Phase II) Project and the Brand Promotion and Construction Project are still under construction and have not yet generated benefits[66](index=66&type=chunk) - The company has terminated the construction of the "Environmental Integrated Stove Industrial Park (Phase II) Project" and the "Brand Promotion and Construction Project," and will permanently use the remaining raised funds to supplement working capital[66](index=66&type=chunk)[68](index=68&type=chunk) [(3) Changes in Raised Fund Projects](index=19&type=section&id=%EF%BC%883%EF%BC%89%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E5%8F%98%E6%9B%B4%E9%A1%B9%E7%9B%AE%E6%83%85%E5%86%B5) The company had no changes in raised fund projects during the reporting period. - The company reported no changes in raised fund projects during the reporting period[69](index=69&type=chunk) [6. Wealth Management, Derivative Investments, and Entrusted Loans](index=20&type=section&id=6%E3%80%81%E5%A7%94%E6%89%98%E7%90%86%E8%B4%A2%E3%80%81%E8%A1%8D%E7%94%9F%E5%93%81%E6%8A%95%E8%B5%84%E5%92%8C%E5%A7%94%E6%89%98%E8%B4%B7%E6%AC%BE%E6%83%85%E5%86%B5) The company engaged in wealth management with 311.90 million yuan outstanding at period-end, all from own funds and no overdue amounts, but had no derivative investments or entrusted loans. Wealth Management Overview | Specific Type | Source of Wealth Management Funds | Amount of Wealth Management (10,000 yuan) | Outstanding Balance (10,000 yuan) | Overdue Unrecovered Amount | | :--- | :--- | :--- | :--- | :--- | | Brokerage Wealth Management Products | Own Funds | 31,190 | 31,190 | 0 | - The company reported no derivative investments during the reporting period[71](index=71&type=chunk) - The company reported no entrusted loans during the reporting period[72](index=72&type=chunk) [7. Significant Asset and Equity Disposals](index=20&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) The company did not undertake any significant asset or equity disposals during the reporting period. - The company did not dispose of any significant assets during the reporting period[73](index=73&type=chunk) - The company did not dispose of any significant equity during the reporting period[74](index=74&type=chunk) [8. Analysis of Major Holding and Participating Companies](index=20&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) Key subsidiaries include Yitian E-commerce, Shuyun Zhilian, Yisuan Intelligent, and Gansu Yisuan Intelligent, with Yitian E-commerce's revenue down 75.33% due to market conditions, while others' revenues align with company development. Major Subsidiary Financial Data | Company Name | Company Type | Registered Capital (yuan) | Operating Revenue (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | | Zhejiang Yitian E-commerce Co., Ltd. | Subsidiary | 10,000,000 | 49,075,419.90 | 5,002,701.76 | | Hangzhou Shuyun Zhilian Technology Co., Ltd. | Subsidiary | 65,000,000 | 11,715,684.61 | 1,165,194.63 | | Zhejiang Yisuan Intelligent Technology Co., Ltd. | Subsidiary | 71,428,600 | 1,362,311.31 | 3,474,127.04 | | Gansu Yisuan Intelligent Technology Co., Ltd. | Subsidiary | 120,000,000 | 13,115,333.99 | 21,940,998.00 | | Gansu Shuyun Zhilian Technology Co., Ltd. | Subsidiary | 10,000,000 | 0.00 | -7,018.03 | - Zhejiang Yitian E-commerce Co., Ltd.'s operating revenue was **49.0754 million yuan**, a year-on-year decrease of **75.33%**, primarily due to the downturn in the real estate industry, order fluctuations, and insufficient market demand[84](index=84&type=chunk) - Gansu Shuyun Zhilian Technology Co., Ltd. was acquired through a non-common control business combination, with operating revenue of **0 yuan** during the reporting period, having a minor impact on the company's financial and operating conditions[89](index=89&type=chunk) [9. Structured Entities Controlled by the Company](index=28&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 reported no structured entities controlled during the reporting period[90](index=90&type=chunk) [10. Risks Faced by the Company and Countermeasures](index=29&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company faces risks from intensified market competition, raw material price fluctuations, real estate market volatility, and the rapid development of the computing power industry, addressed by flexible strategies, procurement management, R&D, and prudent planning. - The company faces the risk of intensified market competition and will actively monitor industry competitive dynamics and flexibly adjust its operational management strategies[91](index=91&type=chunk) - Fluctuations in major raw material prices may affect the company's profitability; the company will improve procurement management, monitor price trends, and mitigate risks through locking in prices and strategic reserves[91](index=91&type=chunk) - Real estate industry fluctuations may lead to a decline in the company's performance; the company will actively monitor policy developments, enhance R&D capabilities, and improve operational management capabilities[91](index=91&type=chunk)[92](index=92&type=chunk) - The computing power industry is characterized by rapid technological updates and significant capital investment; the company will reasonably plan procurement and depreciation, maintain flexible and diversified pricing and customer structures, and promote business development through multi-source procurement and a robust, secure architecture[92](index=92&type=chunk) [11. Registration Form for Investor Relations Activities During the Reporting Period](index=29&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 hosted three investor relations activities during the period, including on-site research, online communication, and phone calls, discussing products, market, and industry conditions. - On February 20, 2025, the company hosted on-site research in Shanghai with institutions such as Tianfeng Securities and Anxin Fund, discussing company products, market, and industry conditions[93](index=93&type=chunk) - On May 8, 2025, the company conducted an online exchange via Panorama Network's "Investor Relations Interactive Platform," with participation from all investors, discussing company products, market, and industry conditions[94](index=94&type=chunk) - On June 25, 2025, the company hosted phone communication in its meeting room with institutions such as Western Securities and Caitong Asset, discussing company products, market, and industry conditions[94](index=94&type=chunk) [12. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=30&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 approved a "Market Value Management System" on May 15, 2025, to regulate market value management, but did not disclose a valuation enhancement plan. - The company convened the 17th meeting of the Third Board of Directors on May 15, 2025, and approved the "Proposal on Formulating the Market Value Management System"[95](index=95&type=chunk) - The company did not disclose a valuation enhancement plan[95](index=95&type=chunk) [13. Implementation of "Quality and Return Dual Improvement" Action Plan](index=30&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 did not disclose an announcement regarding the "Quality and Return Dual Improvement" action plan during the reporting period. - The company did not disclose an announcement regarding the "Quality and Return Dual Improvement" action plan[95](index=95&type=chunk) Section IV Corporate Governance, Environment, and Society [1. Changes in Directors, Supervisors, and Senior Management](index=31&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) During the reporting period, Shen Haiping was dismissed as Board Secretary and Assistant General Manager due to work reassignment, and Dong Bo was appointed to these roles on May 15, 2025. Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Shen Haiping | Board Secretary, Assistant General Manager | Dismissal | May 15, 2025 | Work reassignment | | Dong Bo | Board Secretary, Assistant General Manager | Appointment | May 15, 2025 | Work reassignment | [2. Profit Distribution and Capital Reserve Conversion to Share Capital in This Reporting Period](index=31&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 plans no cash dividends, bonus shares, or capital reserve conversions to share capital for this half-year. - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period[98](index=98&type=chunk) [3. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=31&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) The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures in place or implemented during the reporting period. - The company reported no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[99](index=99&type=chunk) [4. Environmental Information Disclosure](index=32&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 major subsidiaries were not included in the list of enterprises required to disclose environmental information by law. - The listed company and its major subsidiaries were not included in the list of enterprises required to disclose environmental information by law[100](index=100&type=chunk) [5. Social Responsibility](index=32&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 social responsibilities by safeguarding shareholder and employee rights, maintaining fair partnerships, promoting environmental protection, and engaging in charitable activities. - The company actively maintains and enhances shareholder interests by strengthening internal management, improving risk prevention capabilities, and engaging in good communication with shareholders[100](index=100&type=chunk) - The company strictly adheres to relevant laws and regulations, promotes comprehensive governance, improves employee occupational health and working conditions, safeguards employee rights, and emphasizes employee training[101](index=101&type=chunk) - The company adheres to principles of equality, mutual benefit, and win-win cooperation, establishing good cooperative relationships with suppliers and distributors, ensuring product quality and service, and fulfilling social responsibilities[102](index=102&type=chunk) - The company strictly complies with environmental protection and energy conservation laws and regulations, continuously implements green management and clean production, and consistently explores energy-saving potential[103](index=103&type=chunk) - The company is enthusiastic about social welfare, actively participates in charitable activities, and donated **30,000 yuan** to the Shengzhou Red Cross Society during the reporting period[105](index=105&type=chunk) Section V Significant Matters [1. Fulfilled and Overdue Unfulfilled Commitments by Controlling Shareholder, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=33&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) The company reported no fulfilled or overdue unfulfilled commitments by controlling shareholders, related parties, or the company itself during or as of the end of the reporting period. - The company reported no fulfilled or overdue unfulfilled commitments by its actual controller, shareholders, related parties, acquirers, or the company itself during or as of the end of the reporting period[107](index=107&type=chunk) [2. Non-Operating Funds Occupied by Controlling Shareholders and Other Related Parties from the Listed Company](index=33&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) The company reported no non-operating funds occupied by controlling shareholders or other related parties from the listed company during the reporting period. - The company reported no non-operating funds occupied by controlling shareholders or other related parties from the listed company during the reporting period[108](index=108&type=chunk) [3. Irregular External Guarantees](index=33&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 reported no irregular external guarantees during the reporting period[109](index=109&type=chunk) [4. Appointment and Dismissal of Accounting Firms](index=33&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 was not audited. - The company's semi-annual report was unaudited[110](index=110&type=chunk) [5. Board of Directors, Supervisory Board, and Audit Committee's Explanation on "Non-Standard Audit Report" for This Reporting Period](index=33&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%22%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%22%E7%9A%84%E8%AF%B4%E6%98%8E) The company reported no "non-standard audit report" issued by the accounting firm for this reporting period. - The company reported no "non-standard audit report" from the accounting firm for this reporting period[111](index=111&type=chunk) [6. Board of Directors' Explanation on "Non-Standard Audit Report" for the Previous Year](index=33&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%22%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%22%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) The company provided no explanation regarding a "non-standard audit report" for the previous year. - The company reported no explanation regarding the "non-standard audit report" for the previous year[111](index=111&type=chunk) [7. Bankruptcy and Reorganization Matters](index=33&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) The company had no bankruptcy or reorganization matters during the reporting period. - The company reported no bankruptcy or reorganization matters during the reporting period[111](index=111&type=chunk) [8. Litigation Matters](index=33&type=section&id=%E5%85%AB%E3%80%81%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) The company had no significant litigation or arbitration matters, with other minor cases totaling 1.15 million yuan settled but not yet fully executed. - The company had no significant litigation or arbitration matters during this reporting period[112](index=112&type=chunk) Summary of Other Litigation Matters | Litigation (Arbitration) Basic Information | Amount Involved (10,000 yuan) | Provision for Estimated Liabilities Formed | Litigation (Arbitration) Progress | Litigation (Arbitration) Outcome and Impact | Litigation (Arbitration) Judgment Execution Status | | :--- | :--- | :--- | :--- | :--- | :--- | | Summary of other litigation cases not meeting significant disclosure standards | 115.11 | No | Concluded | Concluded as of the end of the reporting period | Not executed as of the end of the reporting period | [9. Penalties and Rectification](index=34&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) The company had no penalties or rectification situations during the reporting period. - The company reported no penalties or rectification situations during the reporting period[114](index=114&type=chunk) [10. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=34&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) The company, its controlling shareholder, and actual controller maintained good integrity status during the reporting period. - The company reported no integrity issues concerning itself, its controlling shareholder, or its actual controller during the reporting period[115](index=115&type=chunk) [11. Significant Related Party Transactions](index=34&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) Significant related party transactions included 3.90 million yuan in purchases from Shaoxing City Huano Electric Appliance Co., Ltd., within approved limits, with no other major related party transactions. Related Party Transactions in Daily Operations | Related Party | Related Party Transaction Type | Related Party Transaction Content | Related Party Transaction Amount (10,000 yuan) | Percentage of Similar Transactions | Approved Transaction Limit (10,000 yuan) | Exceeded Approved Limit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shaoxing City Huano Electric Appliance Co., Ltd. | Purchase of goods from related party | Purchase of range hoods and accessories | 389.57 | 50.86% | 3,000 | No | - The company reported no related party transactions involving asset or equity acquisition/disposal during the reporting period[117](index=117&type=chunk) - The company reported no related party creditor-debtor relationships during the reporting period[119](index=119&type=chunk) [12. Significant Contracts and Their Performance](index=35&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) Significant contracts include office space leases, a 5 billion yuan guarantee limit for subsidiaries (zero actual balance), a 112.75 million yuan contract with Shanghai Wuwenzhixin Intelligent Technology Co., Ltd., and strategic cooperation agreements for computing power clusters. - During the reporting period, the company had asset leasing matters, primarily for office space, with fair rental prices and no related party relationships between the company and the lessors[125](index=125&type=chunk) Company Guarantees for Subsidiaries | Name of Guaranteed Entity | Announcement Date of Guarantee Limit | Guarantee Limit (10,000 yuan) | Total Approved Guarantee Limit for Subsidiaries in Reporting Period (B1) | Total Actual Guarantee Amount for Subsidiaries in Reporting Period (B2) | | :--- | :--- | :--- | :--- | :--- | | Gansu Yisuan Intelligent Technology Co., Ltd. | April 24, 2025 | 50,000 | 500,000 | 0 | | Hangzhou Shuyun Zhilian Technology Co., Ltd. | April 24, 2025 | 50,000 | | | | Gansu Yisuan Intelligent Technology Co., Ltd. | June 13, 2025 | 400,000 | | | Significant Contracts in Daily Operations | Name of Company Party to Contract | Name of Counterparty to Contract | Total Contract Amount (yuan) | Contract Performance Progress | | :--- | :--- | :--- | :--- | | Gansu Yisuan Intelligent Technology Co., Ltd. | Shanghai Wuwenzhixin Intelligent Technology Co., Ltd. | 112,752,000.00 | In performance | - The company, Qingyang Municipal People's Government, and Gansu Biren Technology (Qingyang) Co., Ltd. signed the "Strategic Cooperation Framework Agreement for Jointly Building a Domestic 100,000-Card Computing Cluster and New Quality Productivity Ecosystem," which is currently in performance[132](index=132&type=chunk) [13. Explanation of Other Significant Matters](index=39&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) Actual controller's concerted parties completed a share reduction of up to 4.10 million shares, and controlling shareholders and actual controllers transferred 961,338 "Yitian Convertible Bonds". - The company's actual controller's concerted parties, Yishun Investment and Yiwang Investment, planned to reduce their holdings of company shares by a total of no more than **4,101,300 shares**, and completed the reduction on January 14, 2025[133](index=133&type=chunk) - The controlling shareholder Yitian Investment, actual controllers Mr. Sun Weiyong, Ms. Chen Yuehua, Mr. Sun Ji, and their concerted parties collectively transferred **961,338 shares** of "Yitian Convertible Bonds" they held, accounting for **18.48%** of the total convertible bonds issued[134](index=134&type=chunk) [14. Significant Matters of Company Subsidiaries](index=40&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) The company reported no significant matters concerning its subsidiaries during the reporting period. - The company reported no significant matters concerning its subsidiaries during the reporting period[135](index=135&type=chunk) Section VI Share Changes and Shareholder Information [1. Share Change Situation](index=41&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 from 138.46 million to 181.36 million shares due to the 2024 annual equity distribution (3 shares for every 10 from capital reserve) and the conversion of 1.69 million "Yitian Convertible Bonds". Share Change Situation | Item | Number Before This Change | Increase/Decrease in This Change (+, -) Subtotal | Number After This Change | | :--- | :--- | :--- | :--- | | I. Restricted Shares | 9,230,052 | 2,769,016 | 11,999,068 | | II. Unrestricted Shares | 129,232,639 | 40,130,284 | 169,362,923 | | III. Total Shares | 138,462,691 | 42,899,300 | 181,361,991 | - Due to the implementation of the 2024 annual equity distribution, **3 shares** were transferred for every **10 shares** from capital reserves to all shareholders, resulting in a total increase of **41,212,700 shares** in restricted shares by **2,769,016 shares** and unrestricted shares by **38,443,684 shares**[138](index=138&type=chunk) - "Yitian Convertible Bonds" became convertible into company shares starting from June 27, 2024. During the reporting period, a total of **408,204 shares** of "Yitian Convertible Bonds" were converted, resulting in **1,686,600 shares** of "Yitian Intelligent" stock, increasing the total share capital by **1,686,600 shares**[138](index=138&type=chunk) [1. Share Change Situation](index=41&type=section&id=1%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 from 138.46 million to 181.36 million shares due to the 2024 annual equity distribution (3 shares for every 10 from capital reserve) and the conversion of 1.69 million "Yitian Convertible Bonds". Share Change Situation | Item | Number Before This Change | Increase/Decrease in This Change (+, -) Subtotal | Number After This Change | | :--- | :--- | :--- | :--- | | I. Restricted Shares | 9,230,052 | 2,769,016 | 11,999,068 | | II. Unrestricted Shares | 129,232,639 | 40,130,284 | 169,362,923 | | III. Total Shares | 138,462,691 | 42,899,300 | 181,361,991 | - Due to the implementation of the 2024 annual equity distribution, **3 shares** were transferred for every **10 shares** from capital reserves to all shareholders, resulting in a total increase of **41,212,700 shares** in restricted shares by **2,769,016 shares** and unrestricted shares by **38,443,684 shares**[138](index=138&type=chunk) - "Yitian Convertible Bonds" became convertible into company shares starting from June 27, 2024. During the reporting period, a total of **408,204 shares** of "Yitian Convertible Bonds" were converted, resulting in **1,686,600 shares** of "Yitian Intelligent" stock, increasing the total share capital by **1,686,600 shares**[138](index=138&type=chunk) [2. Changes in Restricted Shares](index=42&type=section&id=2%E3%80%81%E9%99%90%E5%94%AE%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) Restricted shares increased from 9.23 million to 12.00 million, primarily due to the equity distribution for senior executives like Chen Yuehua, Sun Ji, and Sun Weiyong. Changes in Restricted Shares | Shareholder Name | Restricted Shares at Beginning of Period | Increased Restricted Shares in Current Period | Restricted Shares at End of Period | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Chen Yuehua | 3,185,052 | 955,516 | 4,140,568 | Senior executive restricted shares and equity distribution conversion | | Sun Ji | 3,120,000 | 936,000 | 4,056,000 | Senior executive restricted shares and equity distribution conversion | | Sun Weiyong | 2,925,000 | 877,500 | 3,802,500 | Senior executive restricted shares and equity distribution conversion | | Total | 9,230,052 | 2,769,016 | 11,999,068 | -- | [2. Securities Issuance and Listing](index=43&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 had no securities issuance or listing activities during the reporting period. - The company reported no securities issuance or listing activities during the reporting period[142](index=142&type=chunk) [3. Number of Shareholders and Shareholding Status](index=43&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) At period-end, the company had 6,794 common shareholders. Zhejiang Yitian Investment Management Co., Ltd. was the largest shareholder at 38.12%, controlled by the actual controllers and their family. - The total nu