宏景科技公告，2025年上半年营业收入11.88亿元，同比增长567.14%。净利润6028.04万元，同比增长 725.73%。 ...

Important Notes, Table of Contents, and Definitions [Important Notes](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The company's board, supervisory board, and senior management guarantee the semi-annual report's truthfulness, accuracy, and completeness, and have approved a profit distribution plan - The board of directors, supervisory board, and senior management guarantee the report's truthfulness, accuracy, and completeness, and assume legal responsibility[4](index=4&type=chunk) - The company's principal officer, head of accounting, and head of accounting department declare the financial report is true, accurate, and complete[4](index=4&type=chunk) - The profit distribution plan is a cash dividend of **RMB 0.5 per 10 shares** (including tax), with no bonus shares or capital reserve conversions[4](index=4&type=chunk) [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) The report's table of contents lists eight main chapters covering important notes, company profile, management discussion, corporate governance, significant matters, share changes, bond information, and financial reports - The report contains eight main chapters, providing comprehensive information on the company's semi-annual performance[6](index=6&type=chunk) [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) Reference documents include signed and stamped financial statements, original drafts of designated media disclosures, and the legal representative's signed original full report - Reference documents include signed and stamped financial statements, original drafts of designated media disclosures, and the legal representative's signed original full report[8](index=8&type=chunk) [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section defines common terms used in the report, such as computing power, smart computing centers, smart cities, AGI, IDC, HPC, FPGA, EFLOPS, AIoT, API, "AI+" strategy, "AI in All", cloud computing, artificial intelligence, big data, augmented reality, and CMMI - Key terms in the report, such as "computing power," "smart computing center," "smart city," "AGI," and "AIoT," are all defined in detail[9](index=9&type=chunk)[11](index=11&type=chunk) Company Profile and Key Financial Indicators [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) Gloryview Technology Co., Ltd., stock code 301396, is listed on the Shenzhen Stock Exchange, with Ouyang Hua as its legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Gloryview Technology | | Stock Code | 301396 | | Listing Exchange | Shenzhen Stock Exchange | | Legal Representative | Ouyang Hua | [Contact Person and Contact 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) The company's board secretary is Zhang Tiejian, and the securities affairs representative is Yang Rui, both located at 111 Yingri Road, Huangpu District, Guangzhou, with the same phone/fax and email Company Contact Information | Position | Name | Contact Address | Phone/Fax | Email | | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Zhang Tiejian | 111 Yingri Road, Huangpu District, Guangzhou | 020-82018146 | investor@gloryview.com | | Securities Affairs Representative | Yang Rui | 111 Yingri Road, Huangpu District, Guangzhou | 020-82018146 | investor@gloryview.com | [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) The company's contact information, information disclosure, and document storage locations remained unchanged during the reporting period, but the registration date changed to May 27, 2025 - The company's contact information, information disclosure, and document storage locations remained unchanged during the reporting period[15](index=15&type=chunk)[16](index=16&type=chunk) Registration Change Status | Indicator | Registration at Beginning of Reporting Period | Registration at End of Reporting Period | | :--- | :--- | :--- | | Registration Date | December 19, 2024 | May 27, 2025 | | Registration Location | Guangzhou Administration for Market Regulation | Guangzhou Administration for Market Regulation | | Unified Social Credit Code | 91440101618097617B | 91440101618097617B | [Key Accounting Data and Financial Indicators](index=8&type=section&id=%E5%9B%9B%E3%80%81%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) During the reporting period, the company's operating revenue increased by 567.14%, net profit attributable to shareholders increased by 725.73%, and operating cash flow significantly improved Key Accounting Data and Financial Indicators (Year-on-Year) | Indicator | Current Reporting Period (RMB) | Prior Year Period (RMB) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,187,809,151.96 | 178,044,123.90 | 567.14% | | Net Profit Attributable to Shareholders of Listed Company | 60,280,419.24 | -9,633,573.42 | 725.73% | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | 59,335,501.89 | -16,453,789.79 | 460.62% | | Net Cash Flow from Operating Activities | 55,170,172.11 | -285,829,965.36 | 119.30% | | Basic Earnings Per Share (RMB/share) | 0.3927 | -0.0628 | 725.32% | | Diluted Earnings Per Share (RMB/share) | 0.3927 | -0.0628 | 725.32% | | Weighted Average Return on Net Assets | 4.95% | -0.75% | 5.70% | Key Accounting Data and Financial Indicators (Period-End) | Indicator | End of Current Reporting Period (RMB) | End of Prior Year (RMB) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 3,590,297,323.71 | 2,874,803,344.23 | 24.89% | | Net Assets Attributable to Shareholders of Listed Company | 1,249,484,270.63 | 1,194,686,620.93 | 4.59% | [Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=8&type=section&id=%E4%BA%94%E3%80%81%E5%A2%83%E5%86%85%E5%A4%96%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99%E4%B8%8B%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%B7%AE%E5%BC%82) The company reported no differences in net profit and net assets under domestic and overseas accounting standards during the reporting period - The company reported 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[20](index=20&type=chunk)[21](index=21&type=chunk) [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) During the reporting period, the company's total non-recurring gains and losses amounted to **RMB 944,917.35**, primarily from disposal of non-current assets, government grants, fair value changes, and other non-operating income/expenses Non-Recurring Gains and Losses Items and Amounts | Item | Amount (RMB) | | :--- | :--- | | Gains and losses from disposal of non-current assets | 552,670.59 | | Government grants recognized in current profit or loss | 300,000.00 | | Gains and losses from changes in fair value and disposal of financial assets and liabilities | 178,745.25 | | Other non-operating income and expenses | 82,110.74 | | Less: Income tax impact | 168,604.94 | | Impact on minority interests (after tax) | 4.29 | | **Total** | **944,917.35** | - The company does not classify non-recurring gains and losses items as recurring gains and losses[24](index=24&type=chunk) Management Discussion and Analysis [Company's Main Business During the Reporting Period](index=10&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company primarily engages in information system integration and IoT technology services, focusing on smart cities, supported by computing power services, and driven by AGI applications, while actively expanding into intelligent computing - The company belongs to "I Information Transmission, Software and Information Technology Services" under "6531 Information System Integration Services," part of the national emerging strategic industry "New Generation Information Technology Industry"[26](index=26&type=chunk) - The company's business blueprint is based on smart cities, supported by computing power services, and driven by AGI applications, building an integrated computing power service system to promote its application in more production and daily life scenarios[39](index=39&type=chunk)[40](index=40&type=chunk) - The company provides professional and systematic end-to-end solutions in smart living, urban comprehensive management, and smart park sectors[39](index=39&type=chunk) - In computing power services, the company offers GPU hardware procurement and integrated computing power networking solutions, empowering large model training, inference, and scientific computing needs[39](index=39&type=chunk)[42](index=42&type=chunk) [Industry-Related Information](index=10&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E8%A1%8C%E4%B8%9A%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The smart city and computing power service industries are rapidly developing with national policy support, driven by AI large model growth and demand for high-performance GPU computing power - Smart city construction is citizen-centric, using big data, AI, and IoT to enhance convenience, and is a crucial guarantee for digital economy development[28](index=28&type=chunk) - Computing power demand is exploding, with national and local policies actively promoting high-quality development of the computing power industry, aiming for over **300 EFLOPS** by 2025, with intelligent computing accounting for **35%**[28](index=28&type=chunk)[29](index=29&type=chunk) - China's intelligent computing power scale is projected to reach **1,271.4 EFLOPS** by 2026, with a compound annual growth rate of **47.6%** from 2022-2026[31](index=31&type=chunk) - Data centers are inevitably moving towards high-density, green, and intensive development, with global data center average power per cabinet expected to reach **25kW** by 2025[33](index=33&type=chunk) [Company's Main Business Activities](index=14&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%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) As a national high-tech enterprise, the company specializes in AI, big data, and intelligent computing applications, offering smart living, urban management, and smart park solutions, along with computing power services, backed by extensive qualifications and intellectual property - The company is a national high-tech enterprise, provincial "specialized, refined, unique, and new" enterprise, and national "little giant" enterprise, holding **47 invention patents**, **12 utility model patents**, and **157 software copyrights**[39](index=39&type=chunk)[45](index=45&type=chunk) - The company possesses comprehensive industry qualifications, including Class A for building intelligent system design, Class 1 for electronic and intelligent engineering professional contracting, and CMMI Level 5[44](index=44&type=chunk) - The company's main services include computing power services, smart living (medical, education, buildings, communities, tourism), urban comprehensive management (government affairs, municipal, security), and smart parks (agriculture)[46](index=46&type=chunk)[47](index=47&type=chunk)[48](index=48&type=chunk)[49](index=49&type=chunk) [Operating Model](index=16&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 sales model primarily involves bidding and inquiries to secure business from government agencies, public institutions, state-owned enterprises, and private companies, while its procurement model focuses on materials, labor subcontracting, and technical services, emphasizing supply chain integration and professional outsourcing - The sales model primarily involves bidding and inquiries to obtain orders from government agencies, public institutions, state-owned enterprises, and private companies[51](index=51&type=chunk) - The procurement model includes material procurement (equipment, auxiliary materials, software), labor subcontracting (simple equipment installation, wiring), and technical service procurement (professional equipment system installation, debugging, maintenance, training)[51](index=51&type=chunk)[52](index=52&type=chunk)[53](index=53&type=chunk) [Key Performance Drivers](index=17&type=section&id=%EF%BC%88%E5%9B%9B%EF%BC%89%E4%B8%BB%E8%A6%81%E4%B8%9A%E7%BB%A9%E9%A9%B1%E5%8A%A8%E5%9B%A0%E7%B4%A0) The company's performance growth is mainly driven by the explosive demand for computing power and its strategic deployment in intelligent computing, securing multiple computing power contracts in the first half of 2025 - The rapid development of new-generation artificial intelligence technology and the explosive growth in computing power demand are the primary driving factors[54](index=54&type=chunk) - Leveraging its data center construction experience, talent team, and supply chain integration capabilities, the company actively deploys in the intelligent computing field, achieving a "breakthrough" in computing power services[54](index=54&type=chunk) - In the first half of 2025, the company successively signed multiple computing power contracts, fully demonstrating its capabilities and advantages in the computing power business[54](index=54&type=chunk) [Core Competitiveness Analysis](index=17&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 competitiveness lies in its extensive project experience, product services, high-quality customer resources, strong computing power networking and optimization capabilities, comprehensive business qualifications, high project quality standards, and solid IT equipment implementation and operation experience - The company has over **20 years** of deep industry experience, with strong competitive advantages in medical, government, agriculture, tourism, and park sectors, offering one-stop solutions[56](index=56&type=chunk)[57](index=57&type=chunk) - The company has accumulated a large number of government agencies, public institutions, and enterprise-level customer resources, with significant advantages in South China, and has successfully expanded its computing center business[58](index=58&type=chunk) - The company possesses an experienced technical R&D team with a reasonable professional structure, capable of computing power optimization, networking, and other core technical capabilities[59](index=59&type=chunk) - The company holds comprehensive high-level qualifications, including Class A for building intelligent system design, Class 1 for electronic and intelligent engineering professional contracting, and CMMI Level 5[60](index=60&type=chunk) - The company's project quality is widely recognized, having received multiple industry awards, such as the "Zhan Tianyou Hometown Cup Award" and "Smart Agriculture - Digital Village Innovation Award"[61](index=61&type=chunk) - The company has solid experience in enterprise-level project implementation and IT operation and maintenance services, having received awards such as "China IT Service Innovation Industry Practice Top 100"[63](index=63&type=chunk) [Main Business Analysis](index=19&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) During the reporting period, the company's main business revenue significantly increased, primarily due to an increase in computing power projects, with computing power service revenue growing by 5627.22% and smart city business revenue decreasing by 34.93% Key Financial Data Year-on-Year Changes | Indicator | Current Reporting Period (RMB) | Prior Year Period (RMB) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,187,809,151.96 | 178,044,123.90 | 567.14% | Primarily due to an increase in computing power projects | | Operating Cost | 1,043,763,813.37 | 136,507,728.93 | 664.62% | Primarily due to increased revenue | | Financial Expenses | 14,097,754.83 | 3,059,639.25 | 360.77% | Primarily due to increased borrowings and interest expenses | | Income Tax Expense | 12,873,810.37 | -5,999,382.40 | 314.59% | Primarily due to increased revenue | | Net Cash Flow from Operating Activities | 55,170,172.11 | -285,829,965.36 | 119.30% | Primarily due to collection of project payments | | Net Cash Flow from Investing Activities | -234,135,222.68 | 318,736,356.02 | -173.46% | Primarily due to increased purchases of long-term assets | | Net Cash Flow from Financing Activities | 92,645,817.45 | -14,879,849.68 | 722.63% | Primarily due to increased borrowings | | Net Increase in Cash and Cash Equivalents | -86,319,233.12 | 18,026,540.98 | -578.85% | Primarily due to increased purchases of long-term assets | Products or Services Accounting for Over 10% of Revenue | Product or Service | Operating Revenue (RMB) | Operating Cost (RMB) | Gross Profit Margin | Year-on-Year Change in Operating Revenue | Year-on-Year Change in Operating Cost | Year-on-Year Change in Gross Profit Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Computing Power Services | 1,084,268,592.26 | 956,815,306.50 | 11.75% | 5,627.22% | 6,031.00% | -5.81% | | Smart City Business | 103,540,559.70 | 86,948,506.87 | 16.02% | -34.93% | -28.08% | -7.99% | [Non-Main Business Analysis](index=20&type=section&id=%E5%9B%9B%E3%80%81%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%88%86%E6%9E%90) The company's non-main business had a minor impact on total profit, with asset impairment reversals contributing 6.53%, while investment income and fair value changes were negative, and non-operating income mainly came from government grants, none of which are sustainable Non-Main Business Analysis | Item | Amount (RMB) | Proportion of Total Profit | Explanation of Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | -96,072.25 | -0.13% | | No | | Fair Value Change Gains and Losses | -34,928.00 | -0.05% | | No | | Asset Impairment | 4,774,690.34 | 6.53% | Primarily due to reversal of contract asset impairment from prior year | No | | Non-Operating Income | 366,113.70 | 0.50% | Primarily due to government grants | No | | Non-Operating Expenses | 156.61 | 0.00% | | No | [Analysis of Assets and Liabilities](index=20&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) At the end of the reporting period, the company's total assets increased by 24.89%, with changes in major asset structures, including increases in fixed assets, accounts receivable, short-term borrowings, and contract liabilities, and a decrease in construction in progress; some assets are restricted Significant Changes in Asset Composition | Item | Amount at End of Current Reporting Period (RMB) | Proportion of Total Assets | Amount at End of Prior Year (RMB) | Proportion of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 114,633,421.64 | 3.19% | 192,567,435.02 | 6.70% | -3.51% | | Accounts Receivable | 899,521,069.29 | 25.05% | 558,870,368.98 | 19.44% | 5.61% | | Fixed Assets | 431,716,454.50 | 12.02% | 234,449,860.23 | 8.16% | 3.86% | | Construction in Progress | 113,262,257.86 | 3.15% | 219,172,093.50 | 7.62% | -4.47% | | Short-Term Borrowings | 271,188,936.30 | 7.55% | 167,831,494.17 | 5.84% | 1.71% | | Contract Liabilities | 336,878,867.41 | 9.38% | 211,239,853.03 | 7.35% | 2.03% | - The company had no financial liabilities measured at fair value at the end of the reporting period[72](index=72&type=chunk) Asset Rights Restriction Status | Item | Book Balance (RMB) | Book Value (RMB) | Restriction Type | Restriction Details | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 44,805,609.21 | 44,805,609.21 | Restricted use | Bank acceptance bill margin, bill pool business, etc | | Fixed Assets | 442,421,616.62 | 416,359,393.03 | Mortgage | Mortgaged for borrowings | | Accounts Receivable (including contract assets) | 650,000.00 | 650,000.00 | Pledge | Pledged for bank borrowings | | Long-Term Receivables (including long-term receivables due within one year) | 335,350,139.76 | 335,350,139.76 | Pledge | Pledged for lease borrowings | | Construction in Progress | 98,426,615.36 | 98,426,615.36 | Mortgage | Mortgaged for lease borrowings | | **Total** | **921,653,980.95** | **895,591,757.36** | | | [Investment Status Analysis](index=21&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) During the reporting period, the company's investment increased significantly by 2532.88%, establishing two new wholly-owned/joint venture subsidiaries, primarily for information system integration services; the overall utilization rate of raised funds was 94.37%, with some projects reallocated to "Intelligent Computing Center Construction and Operation Project" and idle funds temporarily used for working capital Investment Amount During Reporting Period | Indicator | Investment Amount in Reporting Period (RMB) | Investment Amount in Prior Year Period (RMB) | Change Rate | | :--- | :--- | :--- | :--- | | Total Investment Amount | 226,798,800.00 | 8,614,110.00 | 2,532.88% | Significant Equity Investments Acquired During Reporting Period | Investee Company Name | Main Business | Investment Method | Investment Amount (RMB) | Shareholding Ratio | Source of Funds | Progress | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shenzhen Digital Zongheng Technology Co., Ltd. | Information system integration services; information technology consulting services, etc | New establishment | 10,000,000.00 | 100.00% | Own funds | Completed industrial and commercial registration | | Shenzhen Gloryview Zongheng Technology Co., Ltd. | Information system integration services; information technology consulting services, etc | New establishment | 55,000,000.00 | 55.00% | Own funds | Completed industrial and commercial registration | Overall Utilization of Raised Funds | Fundraising Year | Fundraising Method | Total Raised Funds (RMB 10,000) | Net Raised Funds (RMB 10,000) | Total Raised Funds Used Cumulatively (RMB 10,000) | Utilization Rate at End of Reporting Period | Total Raised Funds with Changed Use Cumulatively (RMB 10,000) | Proportion of Total Raised Funds with Changed Use Cumulatively | Unused Raised Funds at End of Reporting Period (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 2022 | Initial Public Offering | 91,676.58 | 81,717.66 | 77,119.53 | 94.37% | 23,468.01 | 28.72% | 8,405.85 | - The company reallocated the "Smart City Industry Application Platform Upgrade Project," "AIoT Basic Platform Development Project," and "Marketing System Upgrade Project" to the "Intelligent Computing Center Construction and Operation Project," investing the unused raised funds of **RMB 209.41 million** from the original projects into the new project[91](index=91&type=chunk) - The company used no more than **RMB 80 million** of idle raised funds to temporarily supplement working capital, with **RMB 76 million** used as of June 30, 2025[88](index=88&type=chunk) [Significant Asset and Equity Sales](index=28&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) During the reporting period, the company did not engage in any significant asset or equity sales - The company did not sell significant assets or equity during the reporting period[96](index=96&type=chunk)[97](index=97&type=chunk) [Analysis of Major Holding and Participating Companies](index=28&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) Guangdong Gloryview Intelligent Technology Co., Ltd. is a major subsidiary with a registered capital of **RMB 30 million**, reporting **RMB 314.08 million** in operating revenue and **RMB 42.86 million** in net profit; two new subsidiaries, Shenzhen Digital Zongheng Technology Co., Ltd. and Shenzhen Gloryview Zongheng Technology Co., Ltd., were established Major Subsidiary Information | Company Name | Company Type | Main Business | Registered Capital (RMB 10,000) | Total Assets (RMB 10,000) | Net Assets (RMB 10,000) | Operating Revenue (RMB 10,000) | Operating Profit (RMB 10,000) | Net Profit (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Guangdong Gloryview Intelligent Technology Co., Ltd. | Subsidiary | Information system integration services; software development, etc | 3000 | 43,498.72 | 2,336.36 | 31,407.99 | 5,573.65 | 4,286.32 | Acquisition and Disposal of Subsidiaries During Reporting Period | Company Name | Method of Acquisition and Disposal of Subsidiaries During Reporting Period | Impact on Overall Production, Operations, and Performance | | :--- | :--- | :--- | | Shenzhen Digital Zongheng Technology Co., Ltd. | New establishment | No significant impact | | Shenzhen Gloryview Zongheng Technology Co., Ltd. | New establishment | No significant impact | [Company-Controlled Structured Entities](index=29&type=section&id=%E4%B9%9D%E3%80%81%E5%85%AC%E5%8F%B8%E6%8E%A7%E5%88%B6%E7%9A%84%E7%BB%93%E6%9E%84%E5%8C%96%E4%B8%BB%E4%BD%93%E6%83%85%E5%86%B5) The company did not control any structured entities during the reporting period - The company did not control any structured entities during the reporting period[99](index=99&type=chunk) [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 intensifying market competition, industry policy changes, expanding management scale, technology and talent loss, and seasonal fluctuations in accounts receivable and performance, which it plans to address by strengthening business focus, improving qualifications, enhancing R&D innovation, refining management systems, and increasing collection efforts - The company faces market competition risk and will respond by strengthening business focus and improving resource allocation efficiency[100](index=100&type=chunk) - Industry policy change risks, particularly the high energy consumption challenge of intelligent computing centers under "dual carbon" goals, require the company to ensure project compliance with policy requirements[101](index=101&type=chunk)[102](index=102&type=chunk) - Management risks increase with expanding operational scale, necessitating continuous improvement in solution planning, delivery, quality control, and cost management capabilities[102](index=102&type=chunk) - To mitigate technology and talent loss risks, the company will improve incentive mechanisms and talent development programs[102](index=102&type=chunk) - The company will increase collection efforts and continue to expand its computing power service business to address accounts receivable and seasonal performance fluctuation risks[103](index=103&type=chunk) [Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period](index=30&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) During the reporting period, the company hosted multiple on-site and online interactions with institutional investors, discussing its computing power business and strategic planning, and participated in the 2024 annual and Q1 2025 earnings briefing - From February to May 2025, the company hosted multiple on-site or online research activities with institutional investors such as Soochow Securities, Tianfeng Securities, and Guosheng Securities, primarily focusing on the company's computing power business introduction and strategic planning[104](index=104&type=chunk)[105](index=105&type=chunk) - On May 9, 2025, the company participated in the 2024 annual and Q1 2025 earnings briefing via Panorama Network's "Investor Relations Interactive Platform"[105](index=105&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=31&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 nor disclosed a valuation enhancement plan - The company has not formulated a market value management system nor disclosed a valuation enhancement plan[106](index=106&type=chunk) [Implementation of "Quality and Return Dual Enhancement" Action Plan](index=31&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 - The company has not disclosed an announcement regarding the "Quality and Return Dual Enhancement" action plan[106](index=106&type=chunk) Corporate Governance, Environment, and Society [Changes in Directors, Supervisors, and Senior Management](index=32&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, there were no changes in the company's directors, supervisors, and senior management - During the reporting period, there were no changes in the company's directors, supervisors, and senior management[108](index=108&type=chunk) [Profit Distribution and Capital Reserve Conversion to Share Capital During the Reporting Period](index=32&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 proposes a 2025 semi-annual profit distribution plan to distribute a cash dividend of **RMB 0.50** (including tax) per 10 shares to all shareholders, totaling **RMB 7,675,877.35**, based on a total share capital of **153,517,547 shares**, with no bonus shares or capital reserve conversions Profit Distribution Plan | Indicator | Amount/Quantity | | :--- | :--- | | Number of bonus shares per 10 shares (shares) | 0 | | Dividend per 10 shares (RMB) (including tax) | 0.5 | | Share capital base for distribution plan (shares) | 153,517,547 | | Cash dividend amount (RMB) (including tax) | 7,675,877.35 | | Proportion of total cash dividend (including other methods) to total profit distribution | 100.00% | | Distributable profit (RMB) | 205,000,616.28 | - The company formulated the above profit distribution plan considering its future development and operational plans, funding needs, and current operating conditions[109](index=109&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=32&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E5%AE%9E%E6%96%BD%E6%83%85%E5%86%B5) During the reporting period, the company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation - During the reporting period, the company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation[110](index=110&type=chunk) [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 - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[111](index=111&type=chunk) [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) While operating steadily, the company prioritizes fulfilling its social responsibilities, including protecting the rights of shareholders, employees, suppliers, and customers, and actively participating in public welfare activities - The company strives to achieve excellent performance and protect shareholder rights by improving its governance structure and internal control systems[112](index=112&type=chunk) - The company strictly adheres to labor laws and regulations, establishes a comprehensive human resource management system, provides a positive working environment and career development opportunities, and protects employee rights[112](index=112&type=chunk) - Upholding the principle of "leading technology, first-class products, customer-first," the company builds strong cooperative relationships with suppliers and customers, providing high-quality services and protecting their rights[112](index=112&type=chunk) - The company actively participates in social welfare and various public benefit activities[113](index=113&type=chunk) Significant Matters [Commitments by Actual Controller, Shareholders, Related Parties, Acquirers, and the Company](index=34&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) During the reporting period, the company's actual controller, shareholders, related parties, acquirers, and the company itself had no commitments that were fulfilled or overdue and unfulfilled by the end of the reporting period - During the reporting period, the company and related parties had no commitments that were fulfilled or overdue and unfulfilled[115](index=115&type=chunk) [Non-Operating Funds Occupied](index=34&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) During the reporting period, there were no instances of controlling shareholders or other related parties non-operationally occupying the listed company's funds - During the reporting period, there were no instances of controlling shareholders or other related parties non-operationally occupying the listed company's funds[116](index=116&type=chunk) [Irregular External Guarantees](index=34&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) During the reporting period, the company had no irregular external guarantees - During the reporting period, the company had no irregular external guarantees[117](index=117&type=chunk) [Appointment and Dismissal of Accounting Firms](index=34&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 - The company's semi-annual report was not audited[118](index=118&type=chunk) [Explanation of "Non-Standard Audit Report" by the Board of Directors, Supervisory Board, and Audit Committee for the Current Reporting Period](index=34&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 had no non-standard audit report during the reporting period - The company had no non-standard audit report during the reporting period[119](index=119&type=chunk) [Board of Directors' Explanation of "Non-Standard Audit Report" for the Prior Year](index=34&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 had no non-standard audit report for the prior year - The company had no non-standard audit report for the prior year[119](index=119&type=chunk) [Bankruptcy and Reorganization Matters](index=34&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 - The company had no bankruptcy and reorganization matters during the reporting period[119](index=119&type=chunk) [Litigation Matters](index=34&type=section&id=%E5%85%AB%E3%80%81%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) During the reporting period, the company had no significant litigation or arbitration matters, but there were three other litigation/arbitration cases involving **RMB 22.8 million**, one of which is ongoing, not expected to materially impact the company's financial condition or going concern ability - During the reporting period, the company had no significant litigation or arbitration matters[120](index=120&type=chunk) - The company has three other litigation and arbitration matters, involving **RMB 22.8 million**, with one case currently under review, not expected to have a significant adverse impact on the company's financial condition and going concern ability[121](index=121&type=chunk) [Penalties and Rectification](index=35&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 had no penalties or rectification situations during the reporting period[122](index=122&type=chunk) [Significant Related Party Transactions](index=35&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 had no related party transactions related to daily operations, asset/equity acquisitions/disposals, joint external investments, or related party creditor/debtor relationships, but jointly established Shenzhen Gloryview Zongheng Technology Co., Ltd. with a related party - During the reporting period, the company had no related party transactions related to daily operations, asset or equity acquisitions/disposals, joint external investments, or related party creditor/debtor relationships[123](index=123&type=chunk)[124](index=124&type=chunk)[125](index=125&type=chunk)[126](index=126&type=chunk) - The company, along with Ms. Xu Chi (a related party) and other non-related parties, jointly invested in establishing the joint venture Shenzhen Gloryview Zongheng Technology Co., Ltd., with the company contributing **RMB 55 million**[129](index=129&type=chunk) [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) During the reporting period, the company had no trusteeship or contracting arrangements, primarily leasing office buildings for daily operations, and no significant guarantees; it disclosed three major operational contracts with Company Y totaling over **RMB 1.8 billion**, all performing normally - The company had no trusteeship or contracting arrangements during the reporting period[131](index=131&type=chunk)[132](index=132&type=chunk) - The company primarily leases office buildings for its subsidiaries' daily operations and has no leasing projects that contribute more than **10%** of its total profit[133](index=133&type=chunk) - The company had no significant guarantees during the reporting period[134](index=134&type=chunk) Major Operational Contracts | Company Party to Contract | Counterparty to Contract | Total Contract Amount (RMB 10,000) | Contract Performance Progress | Whether Conditions Affecting Major Contract Performance Have Changed Significantly | Whether There is Significant Risk of Contract Non-Performance | | :--- | :--- | :--- | :--- | :--- | :--- | | Gloryview Technology | Company Y | 72,089.60 | Project performing normally | No | No | | Gloryview Technology | Company Y | 56,320.00 | Project performing normally | No | No | | Gloryview Technology | Company Y | 59,699.20 | Project performing normally | No | No | [Explanation of Other Significant Matters](index=37&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 had no other significant matters requiring explanation during the reporting period - The company had no other significant matters requiring explanation during the reporting period[137](index=137&type=chunk) [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 had no significant matters concerning its subsidiaries during the reporting period - The company had no significant matters concerning its subsidiaries during the reporting period[138](index=138&type=chunk) Share Changes and Shareholder Information [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 total share capital increased from **109,655,391 shares** to **153,517,547 shares**, primarily due to the implementation of the 2024 equity distribution plan, which involved a capital reserve transfer of 4 shares for every 10 shares, with restricted and unrestricted shares changing accordingly Share Change Status | Share Type | Number Before This Change (shares) | Proportion Before This Change | Net Increase/Decrease in This Change (+, -) (shares) | Number After This Change (shares) | Proportion After This Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 59,845,001 | 54.58% | 17,591,472 | 77,436,473 | 50.44% | | 3. Other Domestic Shares | 59,845,001 | 54.58% | 17,591,472 | 77,436,473 | 50.44% | | Domestic Natural Person Shares | 53,548,841 | 48.84% | 15,073,008 | 68,621,849 | 44.70% | | II. Unrestricted Shares | 49,810,390 | 45.42% | 26,270,684 | 76,081,074 | 49.56% | | 1. RMB Ordinary Shares | 49,810,390 | 45.42% | 26,270,684 | 76,081,074 | 49.56% | | III. Total Shares | 109,655,391 | 100.00% | 43,862,156 | 153,517,547 | 100.00% | - The share change was primarily due to the implementation of the 2024 equity distribution plan, where capital reserves were converted to 4 shares for every 10 shares, increasing the total share capital to **153,517,547 shares**[141](index=141&type=chunk) - This equity distribution was completed on May 23, 2025, and the transferred shares have been recorded in shareholders' securities accounts[143](index=143&type=chunk) - The company has retrospectively adjusted the prior year's earnings per share due to the capital reserve conversion to share capital[145](index=145&type=chunk) Restricted Shares at Period-End | Shareholder Name | Restricted Shares at Beginning of Period (shares) | Restricted Shares Released in Current Period (shares) | Restricted Shares Increased in Current Period (shares) | Restricted Shares at End of Period (shares) | Reason for Restriction | Proposed Release Date | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Lin Shanchi | 5,099,890 | 0 | 2,039,956 | 7,139,846 | Senior management restricted shares | According to relevant regulations and shareholder commitments | | Xu Chi | 4,249,908 | 0 | 1,699,964 | 5,949,872 | Senior management restricted shares | According to relevant regulations and shareholder commitments | | Zhuang Xiancai | 2,833,272 | 2,833,272 | 0 | 0 | Not applicable | Not applicable | | Yang Niansong | 1,699,963 | 1,699,963 | 0 | 0 | Not applicable | Not applicable | | Ouyang Hua | 39,665,808 | 0 | 15,866,323 | 55,532,131 | Pre-IPO restricted shares | May 10, 2026 | | Guangzhou Huijing Investment Management Limited Partnership (Limited Partnership) | 6,296,160 | 0 | 2,518,464 | 8,814,624 | Pre-IPO restricted shares | May 10, 2026 | | **Total** | **59,845,001** | **4,533,235** | **22,124,707** | **77,436,473** | | | [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) During the reporting period, the company had no securities issuance or listing activities - The company had no securities issuance or listing activities during the reporting period[148](index=148&type=chunk) [Company Shareholder Numbers and Shareholding Status](index=41&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 the end of the reporting period, the total number of ordinary shareholders was **30,453**, with actual controller Ouyang Hua holding **36.17%** as the largest shareholder; among the top ten shareholders, Ouyang Hua, Lin Shanchi, Guangzhou Huijing Investment Management Limited Partnership, and Xu Chi held restricted shares - At the end of the reporting period, the total number of ordinary shareholders was **30,453**[149](index=149&type=chunk) Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio | Number of Shares Held at End of Reporting Period (shares) | Change in Shares During Reporting Period (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Ouyang Hua | Domestic Natural Person | 36.17% | 55,532,131 | 15,866,323 | 55,532,131 | 0 | | Lin Shanchi | Domestic Natural Person | 6.20% | 9,519,794 | 2,719,941 | 7,139,846 | 2,379,948 | | Guangzhou Huijing Investment Management Limited Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 5.74% | 8,814,624 | 2,518,464 | 8,814,624 | 0 | | Xu Chi | Domestic Natural Person | 5.17% | 7,933,162 | 2,266,618 | 5,949,872 | 1,983,290 | | Zhuang Xiancai | Domestic Natural Person | 2.33% | 3,579,581 | 746,309 | 0 | 3,579,581 | | Shanghai Pudong Development Bank Co., Ltd. - Yongying Digital Economy Smart Selection Mixed Initiated Securities Investment Fund | Other | 1.77% | 2,709,760 | 2,709,760 | 0 | 2,709,760 | | China Construction Bank Corporation - GF Technology Innovation Mixed Securities Investment Fund | Other | 1.67% | 2,557,896 | 2,557,896 | 0 | 2,557,896 | | Yang Niansong | Domestic Natural Person | 1.28% | 1,965,968 | 266,005 | 0 | 1,965,968 | | Jingye Investment Group Co., Ltd. | Domestic Non-State-Owned Legal Person | 0.86% | 1,320,772 | -1,256,547 | 0 | 1,320,772 | | Guangdong Yueke Venture Capital Management Co., Ltd. - Guangdong Yueke Co-Win Venture Capital Partnership (Limited Partnership) | Other | 0.69% | 1,062,158 | -1,882,628 | 0 | 1,062,158 | - Actual controller Ouyang Hua directly holds **56.18%** of the capital contribution in Guangzhou Huijing Investment Management Limited Partnership (Limited Partnership) and serves as its general partner and executive partner[150](index=150&type=chunk) - The company's top 10 ordinary shareholders and top 10 unrestricted ordinary shareholders did not engage in agreed repurchase transactions during the reporting period[151](index=151&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=43&type=section&id=%E5%9B%9B%E3%80%81%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%8C%81%E8%82%A1%E5%8F%98%E5%8A%A8) During the reporting period, the shareholdings of Chairman Ouyang Hua, Director and General Manager Lin Shanchi, and Director and Deputy General Manager Xu Chi all increased due to capital reserve conversion to share capital, but there were no share increases or decreases in the current period Changes in Shareholdings of Directors, Supervisors, and Senior Management | Name | Position | Employment Status | Shares Held at Beginning of Period (shares) | Shares Increased in Current Period (shares) | Shares Decreased in Current Period (shares) | Shares Held at End of Period (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Ouyang Hua | Chairman | Current | 39,665,808 | 0 | 0 | 55,532,131 | | Lin Shanchi | Director, General Manager | Current | 6,799,853 | 0 | 0 | 9,519,794 | | Xu Chi | Director, Deputy General Manager | Current | 5,666,544 | 0 | 0 | 7,933,162 | | **Total** | | | **52,132,205** | **0** | **0** | **72,985,087** | [Changes in Controlling Shareholder or Actual Controller](index=43&type=section&id=%E4%BA%94%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E6%88%96%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5) During the reporting period, there were no changes in the company's controlling shareholder or actual controller - The company's controlling shareholder did not change during the reporting period[153](index=153&type=chunk) - The company's actual controller did not change during the reporting period[154](index=154&type=chunk) [Preferred Share Information](index=44&type=section&id=%E5%85%AD%E3%80%81%E4%BC%98%E5%85%88%E8%82%A1%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[155](index=155&type=chunk) Bond-Related Information The company had no bond-related information during the reporting period - The company had no bond-related information during the reporting period[157](index=157&type=chunk) Financial Report [Audit Report](index=46&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[159](index=159&type=chunk) [Financial Statements](index=46&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section presents Gloryview Technology Co., Ltd.'s consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, comprehensively reflecting the company's financial position, operating results, and cash flows - Includes consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity[160](index=160&type=chunk)[164](index=164&type=chunk)[168](index=168&type=chunk)[171](index=171&type=chunk)[175](index=175&type=chunk)[178](index=178&type=chunk)[182](index=182&type=chunk)[189](index=189&type=chunk)[193](index=193&type=chunk) [Company Basic Information](index=64&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) Gloryview Technology Co., Ltd. was listed on the Shenzhen Stock Exchange on November 11, 2022, with stock code 301396 and a registered capital of **RMB 153,517,547**, headquartered at 111 Yingri Road, Huangpu District, Guangzhou, primarily engaged in software and information technology services - The company was listed on the Shenzhen Stock Exchange on November 11, 2022, with stock code 301396[198](index=198&type=chunk) - As of June 30, 2025, the registered capital was **RMB 153,517,547.00**[198](index=198&type=chunk) - The company's registered and headquarters address is 111 Yingri Road, Huangpu District, Guangzhou, primarily engaged in software and information technology services[198](index=198&type=chunk)[199](index=199&type=chunk) [Basis of Financial Statement Preparation](index=64&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The company prepares its financial statements on a going concern basis, in accordance with enterprise accounting standards and relevant CSRC regulations, confirming its ability to continue as a going concern for at least the next 12 months - The company prepares its financial statements on a going concern basis, in accordance with enterprise accounting standards and the China Securities Regulatory Commission's "Information Disclosure Rules for Companies Issuing Securities No. 15 - General Provisions for Financial Reports" (Revised 2023)[200](index=200&type=chunk) - The company possesses the ability to continue as a going concern for at least **12 months** from the end of the current reporting period[201](index=201&type=chunk) [Significant Accounting Policies and Estimates](index=64&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details the company's statement of compliance with enterprise accounting standards, accounting period, operating cycle, functional currency, materiality criteria, business combinations, consolidated financial statement preparation, joint arrangements, cash and cash equivalents, foreign currency transactions, financial instruments, various receivables, inventories, assets held for sale, debt investments, long-term equity investments, fixed assets, construction in progress, borrowing costs, intangible assets, impairment of long-term assets, long-term deferred expenses, contract liabilities, employee compensation, provisions, share-based payments, revenue, contract costs, government grants, deferred income tax assets/liabilities, and leases - The financial statements prepared by the company comply with enterprise accounting standards and truly and completely reflect its financial position[203](index=203&type=chunk) - The company has formulated specific accounting policies and estimates for transactions and events such as financial asset impairment and revenue recognition[202](index=202&type=chunk) - During the reporting period, the company changed accounting estimates related to accounts receivable, contract assets, asset impairment losses, and credit impairment losses, adopting the prospective application method without retrospective adjustment of prior year financial statements[303](index=303&type=chunk) [Taxes](index=90&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) The company's main taxes include VAT, urban maintenance and construction tax, enterprise income tax, local education surcharge, and education surcharge; as a high-tech enterprise, it enjoys a reduced enterprise income tax rate of 15% and VAT exemption for small-scale taxpayers Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Sales of goods and taxable services calculated according to tax laws, with output tax minus input tax as payable VAT | 6%, 9%, 13% | | Urban Maintenance and Construction Tax | Levied on payable VAT | 7%, 5% | | Enterprise Income Tax | Taxable income | 15%, 16.5%, 25% | | Local Education Surcharge | Levied on payable VAT | 2% | | Education Surcharge | Levied on payable VAT | 3% | - As a high-tech enterprise, the company's enterprise income tax is levied at a reduced rate of **15%**[306](index=306&type=chunk) - The company enjoys a VAT exemption policy for small-scale taxpayers with monthly sales below **RMB 100,000**[306](index=306&type=chunk) [Notes to Consolidated Financial Statement Items](index=91&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed notes on consolidated financial statement items, including assets, liabilities, owners' equity, and profit/loss items such as monetary funds, accounts receivable, inventories, fixed assets, construction in progress, short-term borrowings, contract liabilities, operating revenue, operating costs, and financial expenses, disclosing their period-end balances, beginning-of-period balances, and current period changes - Monetary funds at period-end were **RMB 114.63 million**, and at the beginning of the period were **RMB 192.57 million**, primarily comprising bank deposits and other monetary funds[309](index=309&type=chunk) - Accounts receivable at period-end had a book balance of **RMB 1.077 billion**, bad debt provision of **RMB 177.55 million**, and book value of **RMB 899.52 million**[323](index=323&type=chunk) - Inventories at period-end had a book value of **RMB 640.01 million**, primarily representing costs of uncompleted projects[383](index=383&type=chunk) - Fixed assets at period-end had a book value of **RMB 431.72 million**, increasing by **RMB 216.88 million** in the current period, mainly from transfers from construction in progress[427](index=427&type=chunk) - Construction in progress at period-end had a book value of **RMB 113.26 million**, compared to **RMB 219.17 million** at the beginning of the period, primarily for computing center projects[439](index=439&type=chunk) - Short-term borrowings at period-end amounted to **RMB 271.19 million**, primarily guarantee borrowings[467](index=467&type=chunk) - Contract liabilities at period-end amounted to **RMB 336.88 million**, primarily for project engineering payments[492](index=492&type=chunk) - Operating revenue for the current period was **RMB 1.188 billion**, and operating cost was **RMB 1.044 billion**[542](index=542&type=chunk) - Financial expenses for the current period were **RMB 14.10 million**, mainly due to increased interest expenses[550](index=550&type=chunk) [Research and Development Expenses](index=145&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) During the reporting period, the company's total R&D expenditure was **RMB 25,316,701.98**, all expensed, primarily comprising employee compensation, depreciation and amortization, and material costs R&D Expenditure Details | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Employee Compensation | 11,755,443.64 | 14,212,616.53 | | Depreciation and Amortization | 4,092,162.46 | 1,835,196.62 | | Material Costs | 8,752,594.77 | 5,847,237.14 | | **Total** | **25,316,701.98** | **23,588,665.36** | | Of which: Expensed R&D Expenditure | 25,316,701.98 | 23,588,665.36 | - During the reporting period, the company had no R&D projects that met capitalization criteria[591](index=591&type=chunk) [Changes in Consolidation Scope](index=146&type=section&id=%E4%B9%9D%E3%80%81%E5%90%88%E5%B9%B6%E8%8C%83%E5%9B%B4%E7%9A%84%E5%8F%98%E6%9B%B4) During the reporting period, the company did not undergo business combinations under non-common control or common control, but established two new subsidiaries: Shenzhen Digital Zongheng Technology Co., Ltd. and Shenzhen Gloryview Zongheng Technology Co., Ltd. - During the reporting period, the company did not undergo business combinations under non-common control or common control[594](index=594&type=chunk)[600](index=600&type=chunk) Changes in Consolidation Scope Due to Other Reasons | Subsidiary Name | Reason for Change in Current Period | Date of Establishment/Change | | :--- | :--- | :--- | | Shenzhen Digital Zongheng Technology Co., Ltd. | New establishment | 2025/5/8 | | Shenzhen Gloryview Zongheng Technology Co., Ltd. | New establishment | 2025/6/10 | [Interests in Other Entities](index=149&type=section&id=%E5%8D%81%E3%80%81%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) This section discloses the company's enterprise group structure, including several wholly-owned and controlled subsidiaries primarily engaged in software, information system integration, and technology promotion and application services; no financial information for significant non-wholly-owned subsidiaries, joint ventures, or associates was disclosed during the reporting period - The company owns several wholly-owned and controlled subsidiaries, such as Guangdong Gloryview Digital Technology Co., Ltd., Guangdong Gloryview Intelligent Technology Co., Ltd., and Shenzhen Digital Zongheng Technology Co., Ltd[607](index=607&type=chunk) - The main business nature of the subsidiaries covers software, information system integration services, and technology promotion and application services[607](index=607&type=chunk) - No financial information for significant non-wholly-owned subsidiaries, joint ventures, or associates was disclosed during the reporting period[609](index=609&type=chunk)[613](index=613&type=chunk) [Government Grants](index=155&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) During the reporting period, the company's total government grants recognized in current profit or loss amounted to **RMB 300,000.00**, all recorded as non-operating income Government Grants Recognized in Current Profit or Loss | Accounting Account | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Other Income | 0.00 | 96,376.43 | | Non-Operating Income | 300,000.00 | 3,893,912.00 | | **Total** | **300,000.00** | **3,990,288.43** | [Risks Related to Financial Instruments](index=156&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E4%B8%8E%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E7%9B%B8%E5%85%B3%E7%9A%84%E9%A3%8E%E9%99%A9) The company faces credit risk, liquidity risk, and market risk (interest rate risk and foreign exchange risk), which it manages by assessing counterparty credit, monitoring liquidity needs, utilizing various financing methods, and conducting most business in RMB; during the reporting period, the company transferred some accounts receivable through supply chain finance, transfer, and factoring - The company faces credit risk, liquidity risk, and market risk (interest rate risk and foreign exchange risk)[622](index=622&type=chunk)[623](index=623&type=chunk) - The company manages credit risk by assessing debtor creditworthiness, setting credit limits and terms, and regularly monitoring credit records[622](index=622&type=chunk) - The company manages liquidity risk by coordinating cash management, monitoring liquidity needs, and utilizing bill settlements and bank borrowings as financing methods[623](index=623&type=chunk) - The company's main activities are denominated in RMB, so foreign exchange risk is not significant[623](index=623&type=chunk) Transfer Method Classification | Transfer Method | Nature of Transferred Financial Assets | Amount of Transferred Financial Assets (RMB) | Derecognition Status | Basis for Derecognition Judgment | | :--- | :--- | :--- | :--- | :--- | | Supply chain finance, transfer, factoring | Accounts receivable | 650,000.00 | Not derecognized | Retained almost all risks and rewards, including default risk | | Supply chain finance, transfer, factoring | Accounts receivable | 12,126,841.48 | Derecognized | Transferred almost all risks and rewards | [Disclosure of Fair Value](index=158&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E7%9A%84%E6%8A%AB%E9%9C%B2) This section discloses the fair value of the company's assets and liabilities measured at fair value at the end of the reporting period, but does not provide specific amounts; the company has no qualitative or quantitative information on the determination basis, valuation techniques, and significant parameters for Level 1, 2, and 3 fair value measurement items, both recurring and non-recurring - The company disclosed the fair value of assets and liabilities measured at fair value at the end of the reporting period, but did not provide specific amounts[631](index=631&type=chunk) - The company has no qualitative or quantitative information on the determination basis, valuation techniques, and significant parameters for Level 1, 2, and 3 fair value measurement items, both recurring and non-recurring[632](ind

来源：金融界 天眼查商业履历信息显示，宏景科技股份有限公司，成立于1997年，位于广州市，是一家以从事互联网 和相关服务为主的企业。企业注册资本15351.7547万人民币，实缴资本2018万人民币。公司法定代表人 为欧阳华。 金融界消息 截至2025年8月15日收盘，宏景科技（301396）报收于59.96元，上涨0.81%，换手率 18.28%，成交量13.91万手，成交金额8.28亿元。 通过天眼查大数据分析，宏景科技股份有限公司共对外投资了13家企业，参与招投标项目2609次，知识 产权方面有商标信息7条，专利信息133条，此外企业还拥有行政许可21个。 资金流向方面，今日主力资金净流入3463.59万元，占比成交额4.18%。其中，超大单净流入2472.86万 元、占成交额2.99%，大单净流入990.73万元、占成交额1.2%，中单净流出流入1349.98万元、占成交额 1.63%，小单净流出4813.57万元、占成交额5.81%。 宏景科技最新一期业绩显示，截至2025一季报，公司营业总收入4.89亿元、同比增长958.26%，归属净 利润2165.12万元，同比增长334.14%，扣非净利润2 ...

Market Overview - The Shanghai Composite Index closed at 3666.44 points, above the six-month moving average, with a decline of 0.46% [1] - The total trading volume of A-shares reached 23062.83 billion yuan [1] Stocks Breaking Six-Month Moving Average - A total of 21 A-shares have surpassed the six-month moving average today [1] - Notable stocks with significant deviation rates include: - Haiguang Information: 6.29% - AVIC Optoelectronics: 3.02% - Hongjing Technology: 3.01% [1] Detailed Stock Performance - The following stocks showed notable performance: - Haiguang Information (688041): Increased by 8.83% with a turnover rate of 3.39%, latest price at 152.49 yuan [1] - AVIC Optoelectronics (002179): Increased by 4.15% with a turnover rate of 3.55%, latest price at 40.66 yuan [1] - Hongjing Technology (301396): Increased by 4.98% with a turnover rate of 21.13%, latest price at 59.48 yuan [1] - Other stocks with smaller deviation rates include: - Sichuan Road and Bridge (600039): Increased by 0.72% with a turnover rate of 0.94%, latest price at 8.42 yuan [2] - Jike Technology (835579): Increased by 2.49% with a turnover rate of 10.49%, latest price at 29.66 yuan [2]

金融界消息 截至2025年8月14日收盘，宏景科技（301396）报收于59.48元，上涨4.98%，换手率 21.13%，成交量16.08万手，成交金额9.28亿元。 资金流向方面，今日主力资金净流入5395.80万元，占比成交额5.82%。其中，超大单净流入4864.47万 元、占成交额5.24%，大单净流入531.33万元、占成交额0.57%，中单净流出流出2136.70万元、占成交 额2.3%，小单净流出3259.11万元、占成交额3.51%。 通过天眼查大数据分析，宏景科技股份有限公司共对外投资了13家企业，参与招投标项目2609次，知识 产权方面有商标信息7条，专利信息133条，此外企业还拥有行政许可21个。 来源：金融界 天眼查商业履历信息显示，宏景科技股份有限公司，成立于1997年，位于广州市，是一家以从事互联网 和相关服务为主的企业。企业注册资本15351.7547万人民币，实缴资本2018万人民币。公司法定代表人 为欧阳华。 宏景科技最新一期业绩显示，截至2025一季报，公司营业总收入4.89亿元、同比增长958.26%，归属净 利润2165.12万元，同比增长334.14%，扣非净利润2 ...

（文章来源：证券日报） 证券日报网讯 8月13日晚间，宏景科技发布公告称，公司2025年第二次临时股东大会于2025年8月13日 召开，审议通过了《关于增加2025年度担保额度及担保对象的议案》。 ...

二〇二五年 八月 北京市中伦（广州）律师事务所 广东省广州市天河区珠江新城华夏路 10 号富力中心 23 楼整层及 31 楼 01、04 单元 邮编：510623 23/F, Units 01 & 04 of 31/F, R&F Center, 10 Huaxia Road, Zhujiang New Town, Tianhe District Guangzhou, Guangdong 510623, P. R. China 电话/Tel : +86 20 2826 1688 传真/Fax : +86 20 2826 1666 www.zhonglun.com 关于宏景科技股份有限公司 2025 年第二次临时股东大会之 法律意见书 北京市中伦（广州）律师事务所 关于宏景科技股份有限公司 2025 年第二次临时股东大会之法律意见书 致：宏景科技股份有限公司 北京市中伦（广州）律师事务所（以下简称"本所"）受宏景科技股份有限 公司（以下简称"公司"）委托，指派张梦麟律师、蔡金会律师（以下简称"本 所律师"）出席公司 2025 年第二次临时股东大会（以下简称"本次股东大会"）。 本所律师根据《中华人民共和国公司法》 ...

宏景科技股份有限公司 证券代码：301396 证券简称：宏景科技 公告编号：2025-052 2025 年第二次临时股东大会决议公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 特别提示： 1、本次股东大会没有出现否决议案的情况； 2、本次会议不涉及变更以往股东大会已通过的决议的情况。 一、会议召开及出席情况 （一）会议召开情况 1、会议召开时间： （1）现场会议召开时间：2025年8月13日（星期三）15:30 （2）网络投票时间：2025年8月13日。其中，通过深圳证券交易所交易系统 进行网络投票的具体时间为：2025年8月13日上午9:15-9:25、9:30-11:30，下午 13:00-15:00；通过深圳证券交易所互联网投票系统投票的具体时间为：2025年8 月13日9:15-15:00期间的任意时间。 2、会议召开地点：广州市黄埔区映日路111号8楼会议室 2、中小投资者出席会议的总体情况 通过现场表决和网络投票的中小投资者及其授权代表共计290名，代表公司 有表决权股份6,763,281股，占公司有表决权股份总数的4.4055%。 3、会议召开方 ...

Group 1 - The brain-computer interface concept stocks have seen a significant increase, with companies like Innovation Medical and Jihua Group reaching their daily limit up [1] - Beikang has risen over 20%, while Sanbo Neuroscience, Aipeng Medical, and Chengyitong have all increased by more than 10% [1]

Core Insights - The report highlights that as of July 29, 2024, there are 5,817 listed companies in the A-share market, with a total of 1,144 secretaries earning over 1 million yuan, accounting for over 21% of the total [1] - The total salary for A-share secretaries reached 4.086 billion yuan in the previous year, with an average salary of 754,300 yuan [1] Salary Distribution in IT Services Industry - The IT services sector has 153 listed companies, with an average secretary salary of 699,200 yuan, ranking 68th among 125 secondary industries [1] - The average salary for IT service secretaries decreased by 43,900 yuan compared to the previous year, ranking 105th in salary growth among 125 primary industries [1] - Among the 153 secretaries, 61 earn between 0-500,000 yuan, and 67 earn between 500,000-1 million yuan, indicating that over 80% earn below 1 million yuan [1] Top and Bottom Salaries - The highest-paid secretary in the IT services sector is Zhou Liping from Wangsu Technology, earning 3.8818 million yuan, significantly higher than others [1] - The lowest-paid secretary among those in office for the entire year is Wang Leibing from Guozi Software, with a salary of 230,400 yuan [1] Age Distribution of Secretaries - The age distribution of secretaries ranges from 30 to 60 years, with the majority (83 out of 151) aged between 36-44 years, accounting for over 50% [3] - The highest average salary is found in the 48-year age group, at 1.3083 million yuan, largely driven by Zhou Liping's high salary [3] Educational Background - Among the 152 secretaries with available educational data, 83 hold master's degrees, and 59 hold bachelor's degrees, making up over 90% of the total [5] - The only secretary with a high school diploma is Cao Wei from Yacon Co., earning 667,300 yuan, only slightly below the average salary of those with bachelor's degrees [5] Salary and Stock Performance Relationship - An analysis of secretary salaries in the IT services sector shows a negative correlation with stock price performance, with stock price changes of 8.91%, 3.02%, and -3.37% corresponding to salary ranges of 0-1.5 million yuan [7]