证券代码：301313 证券简称：凡拓数创 公告编号：2025-050 广州凡拓数字创意科技股份有限公司 第四届监事会第十五次会议决议公告 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 广州凡拓数字创意科技股份有限公司（以下简称"公司"）第四届监事会 第十五次会议于 2025 年 8 月 26 日在公司会议室以现场结合通讯的方式召开。 会议通知已于 2025 年 8 月 15 日通过邮件及书面的方式送达各位监事。本次会 议应出席监事 3 人，其中以现场出席并参与表决的监事共 2 人，苏宸先生以通 讯出席并参与表决。 会议由公司监事会主席苏宸先生主持，公司董事会秘书、部分高级管理人 员列席本次会议。会议召开符合有关法律、法规、规章和《公司章程》的规定。 经各位监事认真审议，会议形成决议如下： （三）审议通过《关于公司申请增加 2025 年度银行授信额度的议案》 二、监事会会议审议情况 （一）审议通过《关于公司〈2025 年半年度报告〉及其摘要的议案》 公司监事会在全面审核和了解公司 2025 年半年度报告全文及其摘要后，认 为公司董事会 ...

证券代码：301313 证券简称：凡拓数创 公告编号：2025-049 广州凡拓数字创意科技股份有限公司 第四届董事会第十五次会议决议公告 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 广州凡拓数字创意科技股份有限公司（以下简称"公司"）第四届董事会 第十五次会议于 2025 年 8 月 26 日在公司会议室以现场结合通讯的方式召开。 会议通知已于 2025 年 8 月 15 日通过邮件及书面的方式送达各位董事。本次会 议应出席董事 7 人，其中以现场出席并参与表决的董事共 6 人，以通讯出席并 参与表决的董事共 1 人，为李超红先生。 会议由公司董事长伍穗颖先生主持，公司监事、高级管理人员列席本次会 议。会议召开符合有关法律、法规、规章和《公司章程》的规定。经各位董事 认真审议，会议形成决议如下。 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》 公司董事会在全面审核和了解公司 2025 年半年度报告全文及其摘要后，认 为公司 2025 年半年度报告全文及其摘要真实、准确、完整地反映了公司的 ...

Part I [Important Notice, Table of Contents, and Definitions](index=2&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA%E3%80%81%E7%9B%AE%E5%BD%95%E5%92%8C%E9%87%8A%E4%B9%89) This section includes the important notice, table of contents, and definitions, ensuring clarity and compliance for the semi-annual report [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 accuracy of the semi-annual report, with the person in charge affirming financial report integrity, and no cash dividends or bonus shares are planned - The company's board of directors, supervisory board, and their members, as well as senior management, guarantee the truthfulness, accuracy, and completeness of the semi-annual report, free from false records, misleading statements, or major omissions[4](index=4&type=chunk) - Company head Wu Suiying, chief accountant Ye Liqing, and accounting department head Ye Liqing declare that the financial report in this semi-annual report is true, accurate, and complete[4](index=4&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) This section lists the eight main chapters of the semi-annual report and their starting page numbers, providing a clear guide to the report's structure [Directory of Reference Documents](index=4&type=section&id=%E5%A4%87%E6%9F%A5%E6%96%87%E4%BB%B6%E7%9B%AE%E5%BD%95) Discloses that the full semi-annual report, financial statements, original public disclosure documents, and other related materials are available at the company's Board Secretary Office - Reference documents include the full 2025 semi-annual report signed by the company's legal representative and its summary, financial statements signed by the company's head, chief accountant, and accounting department head, and originals of all company documents and announcements publicly disclosed during the reporting period[9](index=9&type=chunk)[10](index=10&type=chunk)[11](index=11&type=chunk) - The aforementioned reference documents are available at the company's Board Secretary Office[13](index=13&type=chunk) [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section defines common terms used in the report, including company names, subsidiaries, key technologies, and the reporting period, ensuring consistent understanding of specialized terminology - "Company," "Frontop Digital Creative," and "the Company" refer to Guangzhou Frontop Digital Creative Technology Co., Ltd[14](index=14&type=chunk) - "Reporting Period," "Current Period," and "This Reporting Period" refer to January 1, 2025 - June 30, 2025[14](index=14&type=chunk) - "AI 3D Digital Twin Software Products" refer to industry software products and services provided to customers, leveraging AI technology, 3D digital twin technology, real-scene rendering technology, perception interaction technology, imitation simulation, massive data carrying technology, and industry-specific AI small model building technology, integrated with GIS, BIM, CIM, and other technologies[15](index=15&type=chunk) Part II [Company Profile and Key Financial Indicators](index=7&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section provides an overview of the company's basic information and key financial performance metrics for the reporting period [1. 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) This section provides basic company information, including stock ticker, code, listing exchange, Chinese and English names, and legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Frontop Digital Creative | | Stock Code | 301313 | | Stock Exchange | Shenzhen Stock Exchange | | Company's Chinese Name | 广州凡拓数字创意科技股份有限公司 | | Company's Legal Representative | Wu Suiying | [2. Contact Persons and Information](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) This section details the names, addresses, phone numbers, faxes, and email addresses of the company's Board Secretary and Securities Affairs Representative for investor communication Contact Persons and Information | Position | Name | Contact Address | Phone | Email | | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Duan Yilong | Frontop Headquarters Office Building, No. 13 Mupei West Road, Tianhe District, Guangzhou, Guangdong Province | 020-23300788 | zhengquanbu@frontop.cn | | Securities Affairs Representative | Deng Huilin | Frontop Headquarters Office Building, No. 13 Mupei West Road, Tianhe District, Guangzhou, Guangdong Province | 020-23300788 | zhengquanbu@frontop.cn | [3. 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) This section discloses the company's registered address, office address, website, email, and changes to the investor hotline during the reporting period - Company's registered address: 2701, 2703, 2704, 2705, 2706, 2707, No. 117 Longyi Road, Tianhe District, Guangzhou[19](index=19&type=chunk) - Company's office address: Frontop Headquarters Office Building, No. 13 Mupei West Road, Tianhe District, Guangzhou, Guangdong Province (near Yuhui Creative Park)[19](index=19&type=chunk) - The company activated a new investor hotline phone number on April 2, 2025, and the original contact number is no longer used as the investor hotline[23](index=23&type=chunk) [4. 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) This section presents the company's key accounting data and financial indicators for the first half of 2025, showing a 53.79% increase in operating revenue, a 33.07% reduction in net loss attributable to shareholders, and a 103.19% surge in net cash flow from operating activities 2025 Semi-Annual Key Accounting Data and Financial Indicators | Indicator | Current Reporting Period (Yuan) | Prior Year Period (Yuan) | Current Period vs. Prior Year Period Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 319,564,535.92 | 207,797,459.71 | 53.79% | | Net Profit Attributable to Listed Company Shareholders | -46,860,229.79 | -70,012,615.09 | 33.07% | | Net Cash Flow from Operating Activities | 3,442,492.29 | -107,877,527.33 | 103.19% | | Basic Earnings Per Share (Yuan/share) | -0.45 | -0.67 | 32.84% | | Weighted Average Return on Net Assets | -5.93% | -6.98% | 1.05% | | **Period-End Indicators** | **Current Reporting Period-End (Yuan)** | **Prior Year-End (Yuan)** | **Current Period-End vs. Prior Year-End Change** | | Total Assets | 1,476,615,570.26 | 1,389,517,560.72 | 6.27% | | Net Assets Attributable to Listed Company Shareholders | 767,426,365.58 | 810,006,472.27 | -5.26% | [5. Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=9&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 states there are no differences in net profit and net assets between financial reports disclosed under international or overseas accounting standards and Chinese accounting standards during the reporting period - The company's reporting period shows no differences in net profit and net assets between financial reports disclosed under international accounting standards and Chinese accounting standards[25](index=25&type=chunk) - The company's reporting period shows no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese accounting standards[26](index=26&type=chunk) [6. Non-Recurring Gains and Losses Items and Amounts](index=9&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) This section lists non-recurring gains and losses items and their amounts for the reporting period, totaling **826,738.19 Yuan**, and confirms no reclassification of non-recurring items as recurring 2025 Semi-Annual Non-Recurring Gains and Losses Items and Amounts | Item | Amount (Yuan) | Explanation | | :--- | :--- | :--- | | Gains or losses from disposal of non-current assets | 1,046,162.87 | | | Government grants recognized in current profit or loss | 190,714.90 | | | Gains or losses from changes in fair value of financial assets and liabilities, and investment income from disposal of financial assets and liabilities, excluding effective hedge accounting related to normal business operations | 67,158.90 | | | Gains or losses from entrusted investments or asset management | 798,630.88 | Wealth management products | | Other non-operating income and expenses apart from the above | -1,219,279.17 | | | Less: Income tax impact | 15,000.00 | | | Less: Impact on minority interests (after tax) | 41,650.19 | | | **Total** | **826,738.19** | | - The company does not classify non-recurring gains and losses items listed in "Interpretive Announcement No. 1 on Information Disclosure by Companies Issuing Securities to the Public—Non-Recurring Gains and Losses" as recurring gains and losses[29](index=29&type=chunk) Part III [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) This section provides management's perspective on the company's operations, financial condition, and future outlook, including business activities, core competencies, and risk factors [1. 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) Frontop Digital Creative Technology Co. is an AI and 3D digital twin enterprise, offering "AI, 3D digital intelligence products, technical services, and integrated solutions," integrating 3D digital technology with smart cities, intelligent manufacturing, and digital culture [(I) Overview of the Company's Main Business](index=10&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%A6%82%E8%BF%B0) Frontop Digital Creative Technology Co. is a leading AI and 3D digital twin enterprise with proprietary core technologies, providing "AI, 3D digital intelligence products, technical services, and integrated solutions" - Frontop Digital Creative is a leading AI artificial intelligence and 3D digital twin enterprise with independent and controllable core technical capabilities, offering comprehensive "AI, 3D digital intelligence products, technical services, and integrated solutions"[31](index=31&type=chunk) - The company applies 3D visualization technology, digital multimedia integration technology, digital twin, and AI intelligent technology to provide AI 3D standardized products, AI digital intelligence technical services, and integrated solutions, empowering key industrial sectors such as urban construction, culture, museums, tourism, water conservancy, power energy, and intelligent manufacturing[31](index=31&type=chunk) - During the reporting period, there were no changes in the company's main business, primary products and services, or operating model[32](index=32&type=chunk) [(II) Company's Operating Performance During the Reporting Period](index=10&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E5%85%AC%E5%8F%B8%E5%9C%A8%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E7%9A%84%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) In the first half of 2025, the company achieved **319 million Yuan** in operating revenue, a **53.79%** increase, reduced net loss attributable to shareholders by **33.07%**, and saw net cash flow from operating activities rise by **103.19%** to **3.44 million Yuan**, driven by a **399.22%** growth in digital twin and information software business 2025 Semi-Annual Operating Performance Overview | Indicator | Amount (billion Yuan) | Year-on-Year Change | | :--- | :--- | :--- | | Operating Revenue | 0.319 | 53.79% | | Net Profit Attributable to Listed Company Shareholders | -0.04686 | 33.07% (Loss Reduction) | | Net Cash Flow from Operating Activities | 0.00344 | 103.19% | - During the reporting period, the company continued to increase investment in new businesses to advance its "AI 3D" development strategy, on one hand increasing R&D investment in new products and technologies for digital twin and digital culture, and on the other hand expanding the marketing team for these businesses[34](index=34&type=chunk) - Digital twin and information software achieved operating revenue of **45.79 million Yuan**, a substantial year-on-year increase of **399.22%**[34](index=34&type=chunk) - The company further optimized its industrial layout by completing the investment in Zhejiang Yugong Information Technology Co. through a "self-funded cash acquisition + capital increase" combination, holding a total of **51%** equity and achieving control, injecting critical momentum for building the "Digital Twin Water Conservancy" brand[44](index=44&type=chunk) [2. Analysis of Core Competencies](index=14&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 digital creativity, 3D data assets, overall design, R&D innovation, software development, system integration, and project management, forming a comprehensive "digital creative and AI 3D digital twin products + integrated solutions" service model - The company, with "AI 3D" as its technology development direction, applies 3D visualization technology, digital multimedia integration technology, and AI technology to continuously improve 3D visualization products and services, actively promoting the development of AI 3D digital twin products and integrated services[47](index=47&type=chunk) - The company has consistently been a professional provider of "digital creative products and integrated digital solutions" in China, with outstanding comprehensive design and creative capabilities, as well as expertise in 3D digital creativity and software design[48](index=48&type=chunk) - The company has established a marketing network advantage with regional centers in "Beijing, Shanghai, Guangzhou, Shenzhen, Wuhan, and Chengdu," and emphasizes brand building, accumulating a good reputation and possessing multiple professional qualifications[49](index=49&type=chunk)[50](index=50&type=chunk) - Over 20 years, the company has accumulated a large amount of 3D data assets, including images, texts, creative works, 3D models, and animation creative works, and has established dedicated servers for their storage and management, which is a long-term core advantage for the company[51](index=51&type=chunk) - The company implements a people-oriented management system, highly values talent appointment, promotion, and cultivation, builds efficient teams, and adheres to the "five fasts" project execution policy: fast solutions, fast business, fast acceptance, fast payment collection, and fast production of high-quality products[52](index=52&type=chunk) - The company's service areas have expanded from architectural real estate, culture, and museums to water conservancy, power energy, intelligent manufacturing, transportation, and environmental protection, with products and services evolving from personalized project services to standardized product iterations, and from interactive experience to informatization and intelligent management[53](index=53&type=chunk) [3. Analysis of Main Business](index=15&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) The company's main business revenue increased by **53.79%**, primarily due to higher income from integrated digital services, with digital twin and information software revenue surging by **399.22%**, and significant growth across all regions, especially North China [Overview](index=15&type=section&id=%E6%A6%82%E8%BF%B0) For an overview of the main business, please refer to "1. Principal Business Activities During the Reporting Period" [Year-on-Year Changes in Key Financial Data](index=15&type=section&id=%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%95%B0%E6%8D%AE%E5%90%8C%E6%AF%94%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) Operating revenue increased by **53.79%** due to higher integrated digital service income; operating costs rose by **61.65%** in line with revenue; financial expenses surged by **5,584.60%** due to increased loan interest; and net cash flow from operating activities grew by **103.19%** from increased cash receipts from sales and services Key Financial Data Year-on-Year Change | Indicator | Current Reporting Period (Yuan) | Prior Year Period (Yuan) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 319,564,535.92 | 207,797,459.71 | 53.79% | Primarily due to increased income from integrated digital services during the reporting period | | Operating Cost | 234,483,079.88 | 145,051,753.31 | 61.65% | Primarily due to increased income from integrated digital services during the reporting period | | Financial Expenses | 1,357,516.88 | 23,880.61 | 5,584.60% | Primarily due to increased loan interest expenses during the reporting period | | Net Cash Flow from Operating Activities | 3,442,492.29 | -107,877,527.33 | 103.19% | Primarily due to increased cash received from sales of goods and provision of services compared to the same period last year | | Net Cash Flow from Investing Activities | -118,944,061.34 | -80,918,513.66 | -47.02% | Primarily due to decreased expenditure on wealth management products compared to the same period last year | | Net Cash Flow from Financing Activities | 16,186,040.87 | -11,847,686.39 | 238.13% | Primarily due to receipt of equity incentive funds in the same period last year | [Industry Performance Accounting for Over 10% of Company's Operating Revenue or Profit](index=16&type=section&id=%E5%8D%A0%E5%85%AC%E5%8F%B8%E8%90%A5%E4%B8%9A%E6%94%B6%E5%85%A5%E6%88%96%E8%90%A5%E4%B8%9A%E5%88%A9%E6%B6%A6%2010%25%E4%BB%A5%E4%B8%8A%E7%9A%84%E8%A1%8C%E4%B8%9A%E6%83%85%E5%86%B5) The digital creative industry is the company's primary revenue source, with a **53.69%** increase in operating revenue and a **26.77%** gross margin, driven by a **399.22%** surge in digital twin and information software business, and significant regional growth, particularly in North China Operating Revenue, Cost, and Gross Margin Changes by Industry, Product, and Region | Category | Item | 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 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Customer Industry** | Digital Creative Industry | 319,356,382.25 | 233,864,678.19 | 26.77% | 53.69% | 61.23% | -3.43% | | **By Product** | 3D Visualization Products and Services | 36,042,224.51 | 27,906,228.65 | 22.57% | 0.40% | 9.89% | -6.69% | | | Digital Twin and Information Software | 45,785,861.64 | 30,462,723.49 | 33.47% | 399.22% | 431.99% | -4.10% | | | Integrated Digital Services | 237,528,296.11 | 175,495,726.05 | 26.12% | 45.97% | 54.04% | -3.87% | | **By Region** | South China | 119,010,014.51 | 86,608,619.46 | 27.23% | 67.46% | 70.03% | -1.10% | | | East China | 75,309,748.16 | 53,844,273.91 | 28.50% | 65.15% | 72.58% | -3.08% | | | Central China | 71,851,485.66 | 50,470,805.84 | 29.76% | 29.71% | 34.57% | -2.54% | | | North China (including Northeast) | 33,817,859.86 | 26,212,901.69 | 22.49% | 301.92% | 323.95% | -4.03% | [4. Analysis of Non-Principal Business](index=17&type=section&id=%E5%9B%9B%E3%80%81%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Non-principal business primarily includes investment income (wealth management products), fair value changes (wealth management products), asset impairment (contract asset impairment provisions), and credit impairment losses (accounts receivable impairment provisions), with asset and credit impairment losses being sustainable Non-Principal Business Gains and Losses | Item | Amount (Yuan) | Proportion of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 798,630.88 | -1.56% | Primarily investment income from wealth management products | No | | Gains or losses from changes in fair value | 67,158.90 | -0.13% | Primarily from purchasing wealth management products during the reporting period | No | | Asset Impairment | -8,306,541.28 | 16.25% | Primarily due to provision for impairment of contract assets during the reporting period | Yes | | Credit Impairment Losses | -15,491,223.20 | 30.30% | Primarily due to provision for impairment of accounts receivable during the reporting period | Yes | [5. Analysis of Assets and Liabilities](index=17&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 increased by **6.27%** year-on-year, while net assets attributable to shareholders decreased by **5.26%**, with significant increases in fixed and intangible assets due to construction in progress transfers and business combinations, and a rise in goodwill from new acquisitions [1. Significant Changes in Asset Composition](index=17&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 increased by **6.27%** year-on-year, while net assets attributable to shareholders decreased by **5.26%**, with significant increases in fixed and intangible assets due to construction in progress transfers and business combinations, and a rise in goodwill from new acquisitions Asset Composition Changes | Item | Current Period-End (Yuan) | Proportion of Total Assets | Prior Year-End (Yuan) | Proportion of Total Assets | Proportion Change | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 150,026,384.54 | 10.16% | 250,094,060.30 | 18.00% | -7.84% | | | Fixed Assets | 251,160,329.35 | 17.01% | 81,361,999.78 | 5.86% | 11.15% | Primarily due to transfer of construction in progress to fixed assets during the reporting period | | Construction in Progress | 0.00 | 0.00% | 151,443,648.91 | 10.90% | -10.90% | Primarily due to transfer of construction in progress to fixed assets during the reporting period | | Intangible Assets | 241,880,525.12 | 16.38% | 170,951,965.65 | 12.30% | 4.08% | Primarily due to an increase in intangible assets from business combinations during the reporting period | | Goodwill | 89,282,534.55 | 6.05% | 51,603,994.78 | 3.71% | 2.34% | Primarily due to new goodwill from business combinations during the reporting period | [2. Major Overseas Assets](index=18&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 [3. Assets and Liabilities Measured at Fair Value](index=18&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) At the end of the reporting period, the company's financial assets measured at fair value totaled **48,493,410.34 Yuan**, primarily comprising trading financial assets and notes receivable financing Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (Yuan) | Current Period Fair Value Change (Yuan) | Current Period Purchases (Yuan) | Current Period Sales (Yuan) | Period-End Balance (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Financial Assets | | | | | | | 1. Trading Financial Assets | 10,095,064.57 | 67,158.90 | 287,000,000.00 | 254,095,064.57 | 43,067,158.90 | | 2. Notes Receivable Financing | 1,293,526.94 | | 4,210,527.18 | 77,802.68 | 5,426,251.44 | | **Total Above** | **11,388,591.51** | **67,158.90** | **291,210,527.18** | **254,172,867.25** | **48,493,410.34** | [4. Restricted Asset Rights as of the End of the Reporting Period](index=19&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) At the end of the reporting period, the company's restricted monetary funds amounted to **17,104,274.78 Yuan**, mainly for guarantee and bank acceptance deposits, and court-frozen funds Restricted Asset Rights | Item | Current Reporting Period-End (Yuan) | Year-Beginning Balance (Yuan) | Explanation | | :--- | :--- | :--- | :--- | | Monetary Funds | 17,104,274.78 | 17,856,422.36 | Guarantee and bank acceptance deposits, court-frozen funds | | **Total** | **17,104,274.78** | **17,856,422.36** | — | [6. Analysis of Investment Status](index=19&type=section&id=%E5%85%AD%E3%80%81%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) The company's investment amounted to **76.65 million Yuan**, a **4.43%** decrease year-on-year, primarily involving the acquisition of a **51%** stake in Zhejiang Yugong Information Technology Co. for **75.65 million Yuan**, with some fundraising projects reaching usability but not yet generating benefits [1. Overall Situation](index=19&type=section&id=1%E3%80%81%E6%80%BB%E4%BD%93%E6%83%85%E5%86%B5) The company's investment during the reporting period was **76.65 million Yuan**, a **4.43%** decrease compared to the same period last year Reporting Period Investment Amount | Reporting Period Investment Amount (Yuan) | Prior Year Period Investment Amount (Yuan) | Change Percentage | | :--- | :--- | :--- | | 76,650,800.00 | 80,200,000.00 | -4.43% | [2. Significant Equity Investments Acquired During the Reporting Period](index=19&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 acquired a **51%** stake in Zhejiang Yugong Information Technology Co. for **75.65 million Yuan** through cash acquisition and capital increase, aiming to expand into smart water networks and digital twin fields Significant Equity Investment Information | Investee Company Name | Main Business | Investment Method | Investment Amount (Yuan) | Shareholding Percentage | Source of Funds | Disclosure Date (if any) | Disclosure Index (if any) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zhejiang Yugong Information Technology Co. | Dedicated to the creation, R&D, and promotion of product systems in smart water networks, digital twins, artificial intelligence applications, etc., providing comprehensive services including planning, design, construction, implementation, operation, maintenance, and service management for water conservancy management departments and institutions. | Acquisition | 75,650,800.00 | 51.00% | Own Funds | March 22, 2025 | Juchao Information Network Announcement (Announcement No.: 2025-014) | [3. Significant Non-Equity Investments in Progress During the Reporting Period](index=20&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 [4. Financial Assets Measured at Fair Value](index=20&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) At the end of the reporting period, the company's financial assets measured at fair value totaled **48,493,410.34 Yuan**, primarily from own funds and raised capital, with **291,210,527.18 Yuan** purchased and **254,172,867.25 Yuan** sold during the period Financial Assets Measured at Fair Value | Asset Category | Initial Investment Cost (Yuan) | Current Period Fair Value Change (Yuan) | Current Period Purchases (Yuan) | Current Period Sales (Yuan) | Cumulative Investment Income (Yuan) | Period-End Amount (Yuan) | Source of Funds | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Other | 11,388,591.51 | 67,158.90 | 291,210,527.18 | 254,172,867.25 | 798,630.88 | 48,493,410.34 | Own Funds, Raised Funds | [5. Use of Raised Funds](index=20&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) As of June 30, 2025, the company had cumulatively used **539.28 million Yuan** in raised funds, with **46.01 million Yuan** invested in committed projects, and some projects, including the headquarters digital creative production base, reaching usability but not yet generating benefits - As of June 30, 2025, the company's raised funds account cumulatively used **539.28 million Yuan**, of which **44.66 million Yuan** was used to replace self-raised funds previously invested in raised fund investment projects, **361.47 million Yuan** was directly invested in raised fund investment projects, and **133.15 million Yuan** of over-raised funds were permanently used to supplement working capital[75](index=75&type=chunk) - In the first half of 2025, the company's raised funds account cumulatively used **46.01 million Yuan**, all of which was invested in committed investment projects[75](index=75&type=chunk) - As of June 30, 2025, the Digital Creative R&D Center Upgrade Project, Marketing Network Upgrade and Digital Exhibition Center Construction Project, and Headquarters Digital Creative Production Base Project have reached their intended usable state, but the Headquarters Digital Creative Production Base Project has not yet generated benefits[77](index=77&type=chunk)[81](index=81&type=chunk) [7. Wealth Management, Derivative Investments, and Entrusted Loans](index=26&type=section&id=%E4%B8%83%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) During the reporting period, the company engaged in **189 million Yuan** in wealth management, with **43 million Yuan** outstanding at period-end, primarily in broker and bank wealth management products, with no overdue amounts, and no derivative investments or entrusted loans [(1) Wealth Management](index=26&type=section&id=%EF%BC%881%EF%BC%89%20%E5%A7%94%E6%89%98%E7%90%86%E8%B4%A2%E6%83%85%E5%86%B5) During the reporting period, the company engaged in **189 million Yuan** in wealth management, with **43 million Yuan** outstanding at period-end, primarily in broker and bank wealth management products, with no overdue amounts Overview of Wealth Management During the Reporting Period | Specific Type | Source of Wealth Management Funds | Wealth Management Amount (10,000 Yuan) | Unexpired Balance (10,000 Yuan) | Overdue Unrecovered Amount (10,000 Yuan) | | :--- | :--- | :--- | :--- | :--- | | Broker Wealth Management Products | Own Funds | 3,000 | 1,000 | 0 | | Bank Wealth Management Products | Raised Funds | 4,900 | 1,300 | 0 | | Bank Wealth Management Products | Own Funds | 11,000 | 2,000 | 0 | | **Total** | | **18,900** | **4,300** | **0** | [(2) Derivative Investments](index=26&type=section&id=%EF%BC%882%EF%BC%89%20%E8%A1%8D%E7%94%9F%E5%93%81%E6%8A%95%E8%B5%84%E6%83%85%E5%86%B5) The company had no derivative investments during the reporting period [(3) Entrusted Loans](index=26&type=section&id=%EF%BC%883%EF%BC%89%20%E5%A7%94%E6%89%98%E8%B4%B7%E6%AC%BE%E6%83%85%E5%86%B5) The company had no entrusted loans during the reporting period [8. Significant Asset and Equity Disposals](index=26&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 dispose of significant assets or equity during the reporting period [1. Significant Asset Disposals](index=26&type=section&id=1%E3%80%81%E5%87%BA%E5%94%AE%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E6%83%85%E5%86%B5) The company did not dispose of significant assets during the reporting period [2. Significant Equity Disposals](index=26&type=section&id=2%E3%80%81%E5%87%BA%E5%94%AE%E9%87%8D%E5%A4%A7%E8%82%A1%E6%9D%83%E6%83%85%E5%86%B5) The company did not dispose of significant equity during the reporting period [9. Analysis of Major Holding and Participating Companies](index=26&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) During the reporting period, the company acquired controlling stakes in Zhejiang Yugong Information Technology Co. (**51%**) and Hangzhou Yurui Engineering Consulting Co. (**51%**), and **100%** of Guangzhou Muguan Technology Co., established a new branch, and liquidated one subsidiary, with no significant impact on overall operations or performance Information on Acquisition and Disposal of Subsidiaries During the Reporting Period | Company Name | Method of Acquisition and Disposal of Subsidiaries During the Reporting Period | Impact on Overall Production, Operations, and Performance | | :--- | :--- | :--- | | Zhejiang Yugong Information Technology Co. | Acquisition of 51% equity | No significant impact | | Hangzhou Yurui Engineering Consulting Co. | Acquisition of 51% equity | No significant impact | | Guangzhou Muguan Technology Co. | Acquisition of 100% equity | No significant impact | | Guangzhou Yijie Network Technology Co., Ltd. Changsha Branch | Newly established | No significant impact | | Intel Intelligent Equipment (Guangdong) Co., Ltd. | Liquidation | No significant impact | [10. Structured Entities Controlled by the Company](index=27&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 had no controlled structured entities during the reporting period [11. Risks Faced by the Company and Countermeasures](index=27&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 innovation, operating performance fluctuation, gross margin volatility, and accounts receivable recovery risks, addressed by increased R&D, improved technical services, strategic adjustments, cost reduction, and enhanced collection management [(1) Innovation Risk](index=27&type=section&id=%EF%BC%881%EF%BC%89%E5%88%9B%E6%96%B0%E9%A3%8E%E9%99%A9) The company faces risks of declining market share in digital exhibition hall business and insufficient technical competitiveness of its "AI 3D" strategic products, addressed by increased R&D investment, improved mechanisms, and industry collaboration - Risk: The company's digital exhibition hall business may face declining market share, and the core product technology of its "AI 3D" development strategy may lack competitiveness in meeting customers' comprehensive "intelligent management + operation + display" needs[89](index=89&type=chunk) - Countermeasures: Increase R&D investment in digital creative products and AI 3D digital twin products, improve the R&D environment, and introduce technical talent; emphasize the construction of R&D innovation mechanisms and increase incentives; deepen industry understanding, prioritize cooperation with industry information technology enterprises, and upgrade intelligent solutions[89](index=89&type=chunk) [(2) Risk of Operating Performance Fluctuations and Decline](index=27&type=section&id=%EF%BC%882%EF%BC%89%E7%BB%8F%E8%90%A5%E4%B8%9A%E7%BB%A9%E6%B3%A2%E5%8A%A8%E5%8F%8A%E4%B8%8B%E6%BB%91%E7%9A%84%E9%A3%8E%E9%99%A9) The company's profitability is subject to market, policy, competition, management decisions, and fundraising project implementation, posing risks of fluctuations and decline, addressed by strengthening core technologies, increasing R&D, enhancing technical services, and adjusting operating strategies - Risk: The company's future profitability is influenced by various factors such as market environment, industry policies, industry competition, management's operating decisions, and the implementation of fundraising projects; if market competition intensifies, market demand changes, or the company's R&D capabilities fail to meet downstream customer needs, it will adversely affect the company's sustained growth in profitability[90](index=90&type=chunk) - Countermeasures: Continue to strengthen the core technology foundation, increase R&D investment, and obtain more scientific research achievements; rapidly enhance the company's technical service capabilities through professional technical training and assessments; closely follow market changes, adjust operating strategies as appropriate, and prioritize both revenue generation and cost reduction[91](index=91&type=chunk) [(3) Risk of Gross Margin Fluctuations](index=28&type=section&id=%EF%BC%883%EF%BC%89%E6%AF%9B%E5%88%A9%E7%8E%87%E6%B3%A2%E5%8A%A8%E7%9A%84%E9%A3%8E%E9%99%A9) The company's gross margin is subject to product mix, market conditions, and labor costs, with potential for decline due to increased proportion of lower-margin integrated digital services and rising labor costs, addressed by organizational flattening, talent restructuring, outsourcing for efficiency, and brand premium - Risk: The company's gross margin is influenced by factors such as product structure, downstream market conditions, and labor costs, exhibiting a certain degree of fluctuation, and with the increasing proportion of integrated digital services, which have relatively lower gross margins, and rising labor costs, there is a risk of a decline in the company's overall gross margin level[92](index=92&type=chunk) - Countermeasures: Actively promote organizational flattening to improve per capita output; achieve cost reduction and efficiency improvement through talent structure adjustment and business outsourcing; emphasize product quality and production efficiency to create brand premium and ensure stable product pricing[92](index=92&type=chunk) [(4) Accounts Receivable Recovery Risk](index=28&type=section&id=%EF%BC%884%EF%BC%89%E5%BA%94%E6%94%B6%E8%B4%A6%E6%AC%BE%E5%9B%9E%E6%94%B6%E9%A3%8E%E9%99%A9) The company faces significant and potentially increasing accounts receivable, with heightened bad debt risk due to tight customer cash flows and extended payment cycles in the current economic climate, addressed by enhanced collection management, improved payment systems, accountability, and legal action for long-overdue accounts - Risk: The company's accounts receivable amount is substantial and may further increase in the future; given the current domestic economic situation, customers' cash flows are tight, and payment cycles are extended, which will increase the company's accounts receivable bad debt risk, thereby adversely affecting the company's operational stability, financial condition, and profitability[93](index=93&type=chunk) - Countermeasures: Further strengthen accounts receivable collection management, with the finance department conducting aging analysis and early warnings for each project; improve the collection management system, assigning each contract and corresponding payment to specific business managers and linking it to their performance evaluations; centrally track and collect accounts receivable overdue by more than 6 months, and specifically evaluate projects overdue by more than 1 year, pursuing legal procedures for special cases[93](index=93&type=chunk) [12. Registration Form for Research, Communication, and Interview Activities During the Reporting Period](index=28&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) On May 20, 2025, the company hosted an online exchange via Value Online, engaging with individual, institutional, and other investors to discuss 2024 and Q1 2025 performance, operations, and business progress Registration Form for Research, Communication, and Interview Activities During the Reporting Period | Reception Time | Reception Location | Reception Method | Type of Reception Object | Main Content Discussed and Materials Provided | | :--- | :--- | :--- | :--- | :--- | | May 20, 2025 | Value Online (https://www.ironline.cn/) | Online platform exchange | Individuals, Institutions, Others | 2024 annual and Q1 2025 performance, operating conditions, and business progress | [13. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=29&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 [14. Implementation of "Quality and Return Dual Enhancement" Action Plan](index=29&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%22%E8%B4%A8%E9%87%8F%E5%9B%9E%E6%8A%A5%E5%8F%8C%E6%8F%90%E5%8D%87%22%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 the "Quality and Return Dual Enhancement" action plan Part IV [Corporate Governance, Environment, and Society](index=29&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) This section outlines the company's governance structure, environmental practices, and social responsibility initiatives, including changes in key personnel, profit distribution, and employee incentives [1. Changes in Directors, Supervisors, and Senior Management](index=29&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, the company's Chief Financial Officer changed, with Zhang Yu's dismissal due to job transfer and Ye Liqing's appointment to the position Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Zhang Yu | Chief Financial Officer | Dismissal | April 23, 2025 | Job transfer | | Ye Liqing | Chief Financial Officer | Appointment | April 23, 2025 | Job transfer | [2. Profit Distribution and Capital Reserve Conversion to Share Capital During the Reporting Period](index=29&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 the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[98](index=98&type=chunk) [3. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=29&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's 2023 restricted stock incentive plan will repurchase and cancel **1.24 million** restricted shares at **18.742 Yuan per share** due to employee departures and unmet performance targets, with the cancellation completed on July 29, 2025 [1. Equity Incentives](index=29&type=section&id=1%E3%80%81%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1) The company's 2023 restricted stock incentive plan will repurchase and cancel **1.24 million** restricted shares at **18.742 Yuan per share** due to employee departures and unmet performance targets, with the cancellation completed on July 29, 2025 - The number of restricted shares initially granted and registered under the company's 2023 restricted stock incentive plan was **2.36 million** shares[101](index=101&type=chunk) - Due to the departure of incentive recipients and the failure to meet the company-level performance assessment for the first vesting period of the 2023 restricted stock incentive plan, the company plans to repurchase and cancel a total of **1.24 million** restricted shares that have been granted but not yet vested[102](index=102&type=chunk) - On July 29, 2025, the company completed the repurchase and cancellation of a portion of the restricted shares under the 2023 restricted stock incentive plan; after this repurchase and cancellation, the company's total share capital will change from **104,693,400 shares** to **103,453,400 shares**[103](index=103&type=chunk) [2. Implementation of Employee Stock Ownership Plans](index=30&type=section&id=2%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E7%9A%84%E5%AE%9E%E6%96%BD%E6%83%85%E5%86%B5) The company had no employee stock ownership plans in place during the reporting period [3. Other Employee Incentive Measures](index=31&type=section&id=3%E3%80%81%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD) The company had no other employee incentive measures during the reporting period [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 listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law [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 adheres to laws and regulations, ensures standardized operations, prioritizes information disclosure and investor relations, implements profit distribution policies, selects suppliers based on fairness and integrity, enhances product quality, and provides employee benefits in compliance with labor laws - The company strictly adheres to laws and regulations such as the "Company Law of the People's Republic of China" and "Measures for the Administration of Information Disclosure by Listed Companies," as well as company rules and regulations like the "Articles of Association," establishing an independent corporate governance structure and a comprehensive enterprise system and internal control system to standardize its operating model[106](index=106&type=chunk) - The company selects suppliers based on the principles of "fairness, impartiality, honesty, and trustworthiness," improving its procurement process, and is committed to mutual benefit and win-win outcomes, ensuring a stable supply of raw materials and consistent product quality[106](index=106&type=chunk) - The company strictly complies with relevant laws and regulations such as the "Labor Law of the People's Republic of China" and "Labor Contract Law of the People's Republic of China," pays social insurance and housing provident fund for officially employed staff, provides free annual health check-ups for all employees, organizes various sports and cultural activities, and establishes a comprehensive employee welfare system[107](index=107&type=chunk) Part V [Significant Matters](index=33&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section details significant events affecting the company, including commitments, related party transactions, litigation, and changes in share capital [1. Commitments Fulfilled and Overdue Unfulfilled 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 had no commitments fulfilled or overdue unfulfilled by related parties during or as of the end of the reporting period [2. Non-Operating Funds Occupied by Controlling Shareholder 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 had no non-operating funds occupied by controlling shareholders or other related parties during the reporting period [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 [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 report was not audited [5. Board of Directors, Supervisory Board, and Audit Committee's Explanation on the Accounting Firm's "Non-Standard Audit Report" for the Current 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) Not applicable [6. Board of Directors' Explanation on Matters Related to Last Year's "Non-Standard Audit Report"](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) Not applicable [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 and reorganization matters during the reporting period [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 during the reporting period; as of period-end, the total amount involved in other lawsuits where the company and its subsidiaries were plaintiffs was **33.43 million Yuan**, and as defendants was **4.48 million Yuan**, all pending [Significant Litigation and Arbitration Matters](index=33&type=section&id=%E9%87%8D%E5%A4%A7%E8%AF%89%E8%AE%BC%E4%BB%B2%E8%A3%81%E4%BA%8B%E9%A1%B9) The company had no significant litigation or arbitration matters during the reporting period [Other Litigation Matters](index=33&type=section&id=%E5%85%B6%E4%BB%96%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) As of the end of the reporting period, the total amount involved in other lawsuits where the company and its subsidiaries were plaintiffs was **33.43 million Yuan**, and as defendants was **4.48 million Yuan**, all pending Summary of Other Litigation Matters | Litigation (Arbitration) Basic Information | Amount Involved (10,000 Yuan) | Provision for Estimated Liabilities | Litigation (Arbitration) Progress | | :--- | :--- | :--- | :--- | | Summary of other litigation matters where the company and its subsidiaries are plaintiffs, not meeting the disclosure threshold for significant litigation | 3,342.63 | No | Pending | | Summary of other litigation matters where the company and its subsidiaries are defendants, not meeting the disclosure threshold for significant litigation | 447.79 | No | Pending | [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 [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) During the reporting period, the company, its controlling shareholder, and actual controller maintained good integrity, with no unfulfilled court judgments or significant overdue debts - During the reporting period, the company, its controlling shareholder, and actual controller maintained good integrity, with no unfulfilled court judgments or significant overdue debts[117](index=117&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) During the reporting period, the company engaged in related party procurement of **8,000 Yuan** with Guangzhou Virtual Power Network Technology Co., controlled by actual controller Wu Suiying, which was within the approved limit, and had no related party transactions involving asset/equity acquisition/disposal, joint external investments, or non-operating related party receivables/payables [1. Related Party Transactions Related to Daily Operations](index=34&type=section&id=1%E3%80%81%E4%B8%8E%E6%97%A5%E5%B8%B8%E7%BB%8F%E8%90%A5%E7%9B%B8%E5%85%B3%E7%9A%84%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) During the reporting period, the company engaged in related party procurement of **8,000 Yuan** with Guangzhou Virtual Power Network Technology Co., controlled by actual controller Wu Suiying, which was within the approved limit of **3 million Yuan** Related Party Transactions Related to Daily Operations | Related Party | Related Party Relationship | Related Party Transaction Type | Related Party Transaction Content | Related Party Transaction Amount (10,000 Yuan) | Proportion of Similar Transactions | Approved Transaction Limit (10,000 Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Guangzhou Virtual Power Network Technology Co. | Company controlled by actual controller Wu Suiying | Related Party Procurement | Procurement | 0.8 | 0.01% | 300 | [2. Related Party Transactions Involving Asset or Equity Acquisition/Disposal](index=35&type=section&id=2%E3%80%81%E8%B5%84%E4%BA%A7%E6%88%96%E8%82%A1%E6%9D%83%E6%94%B6%E8%B4%AD%E3%80%81%E5%87%BA%E5%94%AE%E5%8F%91%E7%94%9F%E7%9A%84%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company had no related party transactions involving asset or equity acquisition/disposal during the reporting period [3. Related Party Transactions Involving Joint External Investments](index=35&type=section&id=3%E3%80%81%E5%85%B1%E5%90%8C%E5%AF%B9%E5%A4%96%E6%8A%95%E8%B5%84%E7%9A%84%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company had no related party transactions involving joint external investments during the reporting period [4. Related Party Receivables and Payables](index=35&type=section&id=4%E3%80%81%E5%85%B3%E8%81%94%E5%80%BA%E6%9D%83%E5%80%BA%E5%8A%A1%E5%BE%80%E6%9D%A5) The company had no non-operating related party receivables or payables during the reporting period [5. Dealings with Related Financial Companies](index=35&type=section&id=5%E3%80%81%E4%B8%8E%E5%AD%98%E5%9C%A8%E5%85%B3%E8%81%94%E5%85%B3%E7%B3%BB%E7%9A%84%E8%B4%A2%E5%8A%A1%E5%85%AC%E5%8F%B8%E7%9A%84%E5%BE%80%E6%9D%A5%E6%83%85%E5%86%B5) The company had no deposits, loans, credit lines, or other financial business with related financial companies or financial companies controlled by the company and related parties [6. Dealings Between Financial Companies Controlled by the Company and Related Parties](index=35&type=section&id=6%E3%80%81%E5%85%AC%E5%8F%B8%E6%8E%A7%E8%82%A1%E7%9A%84%E8%B4%A2%E5%8A%A1%E5%85%AC%E5%8F%B8%E4%B8%8E%E5%85%B3%E8%81%94%E6%96%B9%E7%9A%84%E5%BE%80%E6%9D%A5%E6%83%85%E5%86%B5) Financial companies controlled by the company had no deposits, loans, credit lines, or other financial business with related parties [7. Other Significant Related Party Transactions](index=35&type=section&id=7%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company had no other significant related party transactions during the reporting period [12. Significant Contracts and Their Performance](index=36&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 had no significant entrustment, contracting, guarantees, major daily operating contracts, or other significant contracts during the reporting period; leased properties are primarily for branch office use and do not constitute significant individual leases, having no material impact on operating performance [1. Entrustment, Contracting, and Leasing Matters](index=36&type=section&id=1%E3%80%81%E6%89%98%E7%AE%A1%E3%80%81%E6%89%BF%E5%8C%85%E3%80%81%E7%A7%9F%E8%B5%81%E4%BA%8B%E9%A1%B9%E6%83%85%E5%86%B5) The company had no entrustment or contracting situations during the reporting period; leased properties are primarily for branch office use and do not constitute significant individual leases, having no material impact on operating performance - The company had no entrustment situations during the reporting period[126](index=126&type=chunk) - The company had no contracting situations during the reporting period[127](index=127&type=chunk) - During the reporting period, the properties leased by the company were primarily used for the office operations of its branches and subsidiaries, and did not constitute a single significant lease, thus having no material impact on the company's operating performance[128](index=128&type=chunk) [2. Significant Guarantees](index=36&type=section&id=2%E3%80%81%E9%87%8D%E5%A4%A7%E6%8B%85%E4%BF%9D) The company had no significant guarantees during the reporting period [3. Significant Contracts in Daily Operations](index=36&type=section&id=3%E3%80%81%E6%97%A5%E5%B8%B8%E7%BB%8F%E8%90%A5%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C) The company had no significant contracts in daily operations during the reporting period [4. Other Significant Contracts](index=36&type=section&id=4%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C) The company had no other significant contracts during the reporting period [13. Explanation of Other Significant Matters](index=36&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 has completed the repurchase and cancellation of **1.24 million** restricted shares at **18.742 Yuan per share** due to employee departures and unmet performance targets for the 2023 restricted stock incentive plan, resulting in a reduction in total share capital - The company has completed the repurchase and cancellation of a portion of the restricted shares under the 2023 restricted stock incentive plan; after this repurchase and cancellation, the company's total share capital will change from **104,693,400 shares** to **103,453,400 shares**[132](index=132&type=chunk) - A total of **1.24 million** restricted shares were repurchased and cancelled, with a repurchase price of **18.742 Yuan per share**[132](index=132&type=chunk)[549](index=549&type=chunk)[550](index=550&type=chunk) [14. Significant Matters of Company Subsidiaries](index=37&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 has completed the cash acquisition of a partial equity stake in Zhejiang Yugong Information Technology Co. and its capital increase, acquiring a total of **51%** equity for **75.65 million Yuan**, with industrial and commercial registration completed - The company has completed the acquisition of **44.94%** equity in Zhejiang Yugong Information Technology Co. for **59.32 million Yuan** of its own funds, and a capital increase of **16.33 million Yuan**, acquiring a total of **51%** equity in Yugong Technology, with a total investment of **75.65 million Yuan**[133](index=133&type=chunk) - The company's acquisition of **51%** equity in Yugong Technology and its capital increase have been completed, including the payment of all acquisition funds and the completion of industrial and commercial change registration procedures[134](index=134&type=chunk) Part VI [Share Changes and Shareholder Information](index=38&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section details changes in the company's share capital, shareholder structure, and shareholdings of directors, supervisors, and senior management [1. Share Changes](index=38&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) During the reporting period, the company's restricted shares increased by **31,810**, unrestricted shares decreased by **31,810**, and total share capital remained unchanged, with some directors' and senior management's restricted shares changing due to equity incentives and executive lock-up shares [1. Share Changes](index=38&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) During the reporting period, the company's restricted shares increased by **31,810**, unrestricted shares decreased by **31,810**, and total share capital remained unchanged Share Changes | Item | Quantity Before This Change (shares) | Proportion Before This Change | Increase/Decrease in This Change (shares) | Quantity After This Change (shares) | Proportion After This Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 37,996,684 | 36.29% | 31,810 | 38,028,494 | 36.32% | | II. Unrestricted Shares | 66,696,716 | 63.71% | -31,810 | 66,664,906 | 63.68% | | III. Total Shares | 104,693,400 | 100.00% | 0 | 104,693,400 | 100.00% | [2. Changes in Restricted Shares](index=39&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) During the reporting period, Wang Jun's restricted shares increased by **28,735** and Liu Xiaodong's by **3,075**, primarily due to equity incentive restricted shares and executive lock-up shares Changes in Restricted Shares | Shareholder Name | Restricted Shares at Period Beginning (shares) | Increase in Restricted Shares This Period (shares) | Restricted Shares at Period End (shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Wu Suiying | 27,938,760.00 | 0.00 | 27,938,760.00 | Pre-IPO restricted shares | | Guangzhou Jintu Investment Consulting Co., Ltd. | 3,698,000.00 | 0.00 | 3,698,000.00 | Pre-IPO restricted shares | | Wang Jun | 1,672,720.00 | 28,735.00 | 1,701,455.00 | Pre-IPO restricted shares, equity incentive restricted shares, executive lock-up shares | | Ke Maoxu | 1,208,250.00 | 0.00 | 1,208,250.00 | Executive lock-up shares | | Zhang Yu | 540,000.00 | 0.00 | 540,000.00 | Executive lock-up shares | | Liu Xiaodong | 582,204.00 | 3,075.00 | 585,279.00 | Executive lock-up shares, equity incentive restricted shares | | Liu Bin | 223,750.00 | 0.00 | 223,750.00 | Executive lock-up shares, equity incentive restricted shares | | Wu Suirui | 583,000.00 | 0.00 | 583,000.00 | Pre-IPO restricted shares | | Other Shareholders Total | 1,550,000.00 | 0.00 | 1,550,000.00 | Equity incentive restricted shares | | **Total** | **37,996,684.00** | **31,810.00** | **38,028,494.00** | | [2. Securities Issuance and Listing](index=40&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 during the reporting period [3. Number of Shareholders and Shareholding](index=41&type=section&id=%E4%B8%89%E3%8

Market Performance - On August 25, the digital media sector rose by 2.31%, with "Zhi De Mai" leading the gains [1] - The Shanghai Composite Index closed at 3883.56, up 1.51%, while the Shenzhen Component Index closed at 12441.07, up 2.26% [1] Individual Stock Performance - "Zhi De Mai" (300785) closed at 36.92, up 6.31% with a trading volume of 265,600 shares and a turnover of 964 million yuan [1] - "Mango Super Media" (300413) closed at 27.09, up 6.11% with a trading volume of 583,500 shares and a turnover of 1.523 billion yuan [1] - "Na Yue Technology" (603533) closed at 22.46, up 5.05% with a trading volume of 307,500 shares and a turnover of 676 million yuan [1] - "Visual China" (000681) closed at 22.24, up 1.46% with a trading volume of 506,200 shares and a turnover of 1.126 billion yuan [1] Capital Flow Analysis - The digital media sector saw a net inflow of 84.871 million yuan from institutional investors, while retail investors experienced a net outflow of 21.647 million yuan [2] - "Mango Super Media" had a net inflow of 13.8 million yuan from institutional investors, but retail investors withdrew 80.882 million yuan [3] - "Visual China" experienced a net outflow of 1.4743 million yuan from institutional investors, while retail investors had a net inflow of 3.2268 million yuan [3]

Core Viewpoint - The digital media sector experienced a rise of 0.83% on August 22, with Zhuochuang Information leading the gains, while the overall market indices also showed positive performance [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3825.76, up by 1.45% [1] - The Shenzhen Component Index closed at 12166.06, up by 2.07% [1] Group 2: Individual Stock Performance - Zhuochuang Information (301299) closed at 68.21, with an increase of 2.88% and a trading volume of 38,700 shares, amounting to a transaction value of 262 million yuan [1] - Visual China (000681) closed at 21.92, up by 2.19% with a trading volume of 450,600 shares, totaling 98.36 million yuan [1] - ST Fanli (600228) closed at 4.70, increasing by 1.51% with a trading volume of 109,100 shares, amounting to 51.46 million yuan [1] - People's Daily Online (603000) closed at 22.01, up by 1.24% with a trading volume of 282,400 shares, totaling 619 million yuan [1] - Xinhua Net (603888) closed at 20.53, increasing by 1.13% with a trading volume of 141,900 shares, amounting to 290 million yuan [1] - Fantou Digital Creation (301313) closed at 27.32, up by 0.89% with a trading volume of 39,100 shares, totaling 106 million yuan [1] - Chuanwang Media (300987) closed at 19.64, increasing by 0.77% with a trading volume of 60,800 shares, amounting to 119 million yuan [1] - Zhi De Mai (300785) closed at 34.73, up by 0.75% with a trading volume of 78,700 shares, totaling 272 million yuan [1] - Zhangyue Technology (603533) closed at 21.38, increasing by 0.56% with a trading volume of 135,700 shares, amounting to 290 million yuan [1] - Fengyuzhu (603466) closed at 10.97, up by 0.18% with a trading volume of 198,500 shares, totaling 217 million yuan [1] Group 3: Capital Flow - The digital media sector saw a net inflow of 51.39 million yuan from main funds, while retail funds experienced a net inflow of 60.37 million yuan [1] - There was a net outflow of 112 million yuan from speculative funds in the digital media sector [1]

Market Overview - On August 21, the digital media sector experienced a slight decline of 0.06%, with Chuanwang Media leading the drop [1] - The Shanghai Composite Index closed at 3771.1, up 0.13%, while the Shenzhen Component Index closed at 11919.76, down 0.06% [1] Stock Performance - Notable stock performances in the digital media sector included: - Xinhua Net (603888) closed at 20.30, up 1.05% with a trading volume of 132,300 shares and a turnover of 268 million yuan - Shining Star (002095) closed at 22.46, up 0.85% with a trading volume of 230,300 shares and a turnover of 521 million yuan - People's Daily (603000) closed at 21.74, up 0.74% with a trading volume of 187,900 shares and a turnover of 407 million yuan - Chuanwang Media (300987) closed at 19.49, down 1.22% with a trading volume of 78,100 shares and a turnover of 154 million yuan [1][2] Capital Flow - The digital media sector saw a net outflow of 120 million yuan from institutional investors, while retail investors contributed a net inflow of 113 million yuan [2] - The capital flow for specific stocks included: - People's Daily (603000) had a net inflow of 19.66 million yuan from institutional investors, while retail investors had a net outflow of 10.59 million yuan [3] - Xinhua Net (603888) experienced a net inflow of 16.98 million yuan from institutional investors, with a net outflow of 4.36 million yuan from retail investors [3] - Chuanwang Media (300987) had a net outflow of 18.30 million yuan from institutional investors, while retail investors had a net inflow of 9.26 million yuan [3]

Market Overview - On August 19, the digital media sector rose by 0.19% compared to the previous trading day, with Xinhua Net leading the gains [1] - The Shanghai Composite Index closed at 3727.29, down 0.02%, while the Shenzhen Component Index closed at 11821.63, down 0.12% [1] Stock Performance - Xinhua Net (603888) closed at 20.08, up 1.31% with a trading volume of 185,800 shares and a transaction value of 373 million [1] - Visual China (000681) closed at 21.54, up 1.13% with a trading volume of 583,200 shares and a transaction value of 1.262 billion [1] - 365 Network (300295) closed at 15.13, up 1.00% with a trading volume of 99,500 shares and a transaction value of 151 million [1] - Other notable stocks include People's Daily (603000) at 21.67, up 0.51%, and Mango Super Media (300413) at 26.38, down 0.26% [1] Capital Flow - The digital media sector experienced a net outflow of 320 million from institutional investors, while retail investors saw a net inflow of 256 million [2] - The overall capital flow indicates that while institutional investors withdrew funds, retail investors were actively buying into the sector [2] Individual Stock Capital Flow - Visual China saw a net inflow of 39.35 million from institutional investors, but a net outflow of 26.08 million from retail investors [3] - Xinhua Net had a net inflow of 6.04 million from institutional investors, with a net outflow of 9.31 million from retail investors [3] - People's Daily experienced a net outflow of 8.47 million from institutional investors, while retail investors contributed a net inflow of 21.97 million [3]

Market Performance - The digital media sector increased by 1.19% on August 15, with Fengyuzhu leading the gains [1] - The Shanghai Composite Index closed at 3696.77, up 0.83%, while the Shenzhen Component Index closed at 11634.67, up 1.6% [1] Individual Stock Performance - Fengyuzhu (603466) closed at 10.73, up 3.97% with a trading volume of 290,000 shares and a turnover of 308 million yuan [1] - Caocreative Information (66ZI0E) closed at 66.06, up 2.99% with a trading volume of 27,100 shares and a turnover of 178 million yuan [1] - Fantou Digital (301313) closed at 26.90, up 1.74% with a trading volume of 31,400 shares and a turnover of 83.93 million yuan [1] - Visual China (000681) closed at 20.70, up 1.72% with a trading volume of 239,100 shares and a turnover of 492 million yuan [1] - Mango Super Media (300413) closed at 22.61, up 1.71% with a trading volume of 243,700 shares and a turnover of 548 million yuan [1] Capital Flow Analysis - The digital media sector experienced a net outflow of 4.3061 million yuan from institutional investors, while retail investors saw a net inflow of 39.2691 million yuan [2][3] - The main capital inflow was observed in Mango Super Media with a net inflow of 47.7186 million yuan, while Fengyuzhu had a net inflow of 30.2955 million yuan [3] - Visual China experienced a significant net outflow of 10.1819 million yuan from institutional investors [3]

Market Overview - On August 14, the digital media sector declined by 1.28%, with ZhiDeMai leading the drop [1] - The Shanghai Composite Index closed at 3666.44, down 0.46%, while the Shenzhen Component Index closed at 11451.43, down 0.87% [1] Stock Performance - Notable stock performances included: - *ST Fanli: Closed at 4.62, up 5.00% with a trading volume of 180,400 shares [1] - ZhiDeMai: Closed at 34.00, down 3.57% with a trading volume of 101,500 shares [2] - Visual China: Closed at 20.36, down 2.35% with a trading volume of 311,100 shares [2] - The overall trading volume and turnover for the digital media sector were significant, with ZhiDeMai's turnover reaching 3.49 million [2] Capital Flow - The digital media sector experienced a net outflow of 222 million yuan from institutional investors, while retail investors saw a net inflow of 201 million yuan [2][3] - The capital flow for individual stocks showed: - People's Daily: Net inflow of 40.26 million yuan from institutional investors [3] - *ST Fanli: Net inflow of 23.14 million yuan from institutional investors [3] - Three Sixty-Five Network: Net outflow of 20.07 million yuan from institutional investors [3]

Core Viewpoint - The company has established a strong technological foundation and differentiated advantages in the field of spatial intelligence, particularly in AI 3D reconstruction [2] Group 1: Technology and Innovation - The company's core technologies include 3DGS, AR interaction, self-developed 3D engine, and industry-level model datasets, validated through vertical scene applications [2] - The self-developed FTE engine combines deep learning and Gaussian splashing algorithms to achieve high-precision environmental perception and dynamic modeling [2] - In industrial robotics, the company utilizes intelligent analysis of multi-angle images/videos for 3D reconstruction, generating interactive 3D scenes and providing AI algorithm support for robotic arm trajectory planning and obstacle avoidance training [2] Group 2: Simulation and Training - The self-developed AI 3D digital engine and simulation capabilities are the core underlying technologies of the company's spatial intelligence, featuring multi-physical field simulation capabilities to model complex environmental variables [2] - The virtual environment constructed by the engine supports millions of action iterations in robot training, significantly shortening the training cycle compared to traditional training methods [2]