[Glossary](index=5&type=section&id=第一节%20释义) This section defines key terms, company names, related parties, and policies for clear report understanding - Common terms defined include the Company/Onlly Education (Shanghai Xinnanyang Onlly Education Technology Co., Ltd.), Onlly Technology (Shanghai Onlly Education Technology Group Co., Ltd.), and the Double Reduction Policy (Opinions on Further Reducing the Burden of Homework and Off-Campus Training for Students in Compulsory Education)[15](index=15&type=chunk) [Company Profile and Key Financial Indicators](index=5&type=section&id=第二节%20公司简介和主要财务指标) This section presents the company's basic information, history, contact details, stock overview, and key financial indicators, showing significant operational improvement and a return to profitability [Company Information](index=5&type=section&id=一、公司信息) Established in 1992 and listed in 1993, the company was renamed Shanghai Xinnanyang Onlly Education Technology Co., Ltd. in 2018, focusing on education businesses - The company was listed on the Shanghai Stock Exchange on June 14, 1993[14](index=14&type=chunk) - In 2018, the company was renamed Shanghai Xinnanyang Onlly Education Technology Co., Ltd., with its stock abbreviation changing from "Xinnanyang" to "Onlly Education," operating in the education sector[14](index=14&type=chunk) [Contact Persons and Information](index=6&type=section&id=二、联系人和联系方式) This section provides detailed contact information for the company's Board Secretary and Securities Affairs Representative - The Board Secretary is Xu Jingyun, and the Securities Affairs Representative is Yang Xiaoling, with the contact address for both being 51st Floor, No. 175 Longyao Road, Xuhui District, Shanghai[17](index=17&type=chunk) [Brief Introduction to Changes in Basic Information](index=6&type=section&id=三、基本情况变更简介) The company's office address changed during the reporting period, with an announcement disclosed on February 18, 2025 - The company's office address changed to 51st Floor, No. 175 Longyao Road, Xuhui District, Shanghai[18](index=18&type=chunk) - Details of the change can be found in the "Announcement on Change of Office Address" (Announcement No.: Lin 2025-003) disclosed by the company on February 18, 2025[18](index=18&type=chunk) [Brief Introduction to Changes in Information Disclosure and Document Custody Locations](index=6&type=section&id=四、信息披露及备置地点变更情况简介) The company designates specific newspapers for information disclosure and publishes its semi-annual report on the Shanghai Stock Exchange website - The information disclosure newspapers selected by the company are Shanghai Securities News, China Securities Journal, and Securities Times[19](index=19&type=chunk) - The website address for publishing the semi-annual report is www.sse.com.cn[19](index=19&type=chunk) [Brief Introduction to Company Stock](index=6&type=section&id=五、公司股票简况) The company's A-shares are listed on the Shanghai Stock Exchange, with stock abbreviation "Onlly Education" and stock code 600661 - The company's stock type is A-shares, listed on the Shanghai Stock Exchange[20](index=20&type=chunk) - The stock abbreviation is "Onlly Education," stock code 600661, with the previous stock abbreviation being "Xinnanyang"[20](index=20&type=chunk) [Company's Key Accounting Data and Financial Indicators](index=7&type=section&id=七、公司主要会计数据和财务指标) In H1 2025, operating revenue grew 11.84% to 632 million CNY, and net profit attributable to shareholders turned profitable at 2.8883 million CNY, driven by business expansion and efficiency gains Key Accounting Data and Financial Indicators for H1 2025 | Indicator | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (CNY) | 632,342,417.79 | 565,422,864.70 | 11.84 | | Total Profit (CNY) | 9,178,378.93 | -7,675,543.74 | N/A | | Net Profit Attributable to Shareholders of Listed Company (CNY) | 2,888,288.46 | -17,124,106.97 | N/A | | Net Cash Flow from Operating Activities (CNY) | 118,010,128.12 | 143,479,761.11 | -17.75 | | Basic Earnings Per Share (CNY/share) | 0.0104 | -0.0638 | N/A | | Weighted Average Return on Net Assets (%) | 5.28 | -20.29 | Increased by 25.57 percentage points | - The company's operating performance significantly improved, mainly due to further business expansion, enhanced product and teaching quality, strengthened organizational capabilities and talent development, optimized campus operations, and increased intelligent construction and technological empowerment, leading to continuous improvements in operational and management efficiency and strict cost control[22](index=22&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=8&type=section&id=九、非经常性损益项目和金额) Total non-recurring gains and losses amounted to 4,110,570.27 CNY, primarily from non-current asset disposals and government subsidies Non-Recurring Gains and Losses Items for H1 2025 | Non-Recurring Gains and Losses Item | Amount (CNY) | | :--- | :--- | | Disposal Gains/Losses on Non-Current Assets | 1,647,754.44 | | Government Subsidies Included in Current Profit/Loss | 2,666,307.11 | | Other Non-Operating Income and Expenses Apart from the Above | 100,429.29 | | Less: Income Tax Impact | 268,877.66 | | Minority Interest Impact (After Tax) | 35,042.91 | | **Total** | **4,110,570.27** | [Net Profit After Deducting Share-Based Payment Impact](index=9&type=section&id=十、存在股权激励、员工持股计划的公司可选择披露扣除股份支付影响后的净利润) After deducting share-based payment impact, H1 2025 net profit was 24,788,948.19 CNY, a significant improvement year-on-year Net Profit After Deducting Share-Based Payment Impact | Indicator | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Net Profit After Deducting Share-Based Payment Impact (CNY) | 24,788,948.19 | -1,351,737.57 | N/A | [Management Discussion and Analysis](index=10&type=section&id=第三节%20管理层讨论与分析) This section discusses the company's industry, business development, operations, core competencies, risks, and actions to enhance value and shareholder returns [Explanation of the Company's Industry and Main Business During the Reporting Period](index=10&type=section&id=一、报告期内公司所属行业及主营业务情况说明) The company shifted its focus to quality, vocational, international, and adult education, achieving initial success with 30,500 and 37,000 enrolled students in key segments - Quality Education: Relying on "Onlly Children's Growth Center" and "Onlly Zhilifang Personalized Growth Center," focusing on practical creative camps and after-school care services primarily in "humanities, science, and language," with approximately **30,500 enrolled students** in early childhood/primary and **37,000** in secondary school[29](index=29&type=chunk) - Vocational and Basic Education: Reorganized business and organizational structure, clarifying the "custody + consulting planning + implementation services" development path, adding consulting services for the establishment of **1 vocational college** and custody operation services for **1 school** during the reporting period[30](index=30&type=chunk) - International Education: Continuously strengthened cooperation with high schools and international schools in Shanghai, successfully expanding into Japanese high school cooperative education, with the international education segment having opened **9 teaching service centers** in Shanghai[31](index=31&type=chunk) - Adult Education: Incubated "Happy Commune," an entertainment brand focusing on middle-aged and elderly consumers, creating entertainment activities and cultural tourism routes to enrich the spiritual and cultural life of the elderly consumer group[31](index=31&type=chunk)[32](index=32&type=chunk) [Discussion and Analysis of Operating Conditions](index=11&type=section&id=二、经营情况的讨论与分析) In H1 2025, the company focused on high-quality development, aiming for sustained profit growth through strategic adjustments, improved product quality, talent development, and technology empowerment [Accelerating Strategic Adjustment and Transformation, Forming a Dual-Curve Strategic Framework](index=11&type=section&id=（一）加速战略调整转型，形成双曲线战略框架) The company integrated basic education businesses into four segments and established a dual-curve strategy with K12 quality education as the first curve and B2B2C as the second - The company integrated its existing basic education businesses, forming four major segments: quality education, vocational and basic education, international education, and adult education[34](index=34&type=chunk) - Established a dual-curve strategic framework, focusing on the first-curve business primarily centered on **K12 quality education**, while precisely expanding the second-curve business with **"B2B2C"** as the leverage[34](index=34&type=chunk) [Continuously Enhancing Product Power and Teaching Quality, Strengthening Campus Operations Management](index=11&type=section&id=（二）持续提升产品力和教学质量，加强校区运营管理) The company enhanced product power and market reputation through localized teaching systems, differentiated instruction, and improved teacher development and campus operational management - The company continuously improved its localized product teaching system, implementing precise differentiated instruction and the "Soaring" strategy, effectively meeting diverse student learning needs and enhancing product power and market reputation[36](index=36&type=chunk) - Systematically advanced teacher recruitment, training, and evaluation, building a high-quality teaching force and master teacher system, and implementing a "mentor-throughout" and systematic coaching system[37](index=37&type=chunk) - Implemented the "Campus Operations Value Management System" and "Campus Operations Management Manual," standardizing service processes and enhancing student experience and teaching quality[37](index=37&type=chunk) [Continuously Enhancing Organizational Capabilities, Strengthening Talent Team Building](index=12&type=section&id=（三）持续提升组织能力，加强人才队伍建设) The company optimized its organizational structure, implemented flat management, and energized core talent through talent inventories and an improved value management system - The company continuously promoted organizational structure optimization, implementing flat management to improve organizational decision-making and execution efficiency[38](index=38&type=chunk) - Steadily advanced human resource system development and personnel structure optimization, building a proactive recruitment and training system through full-position talent inventories[38](index=38&type=chunk) - Improved relevant value management system policies, formulated performance implementation management methods, optimized business value management solutions, and continuously motivated core talent[38](index=38&type=chunk) [Strengthening Technology Empowerment, Continuously Advancing Intelligent Construction](index=12&type=section&id=（四）加强科技赋能，持续推进智能化建设) The company established a smart construction working group, researched "AI+Education" system solutions, and implemented five key technology empowerment initiatives to enhance operational management efficiency and innovate education service models - In the first half of 2025, the company established a smart construction working group to comprehensively research "AI+Education" system solutions and continuously advance intelligent construction[39](index=39&type=chunk) - Effectively implemented five key technology empowerment initiatives: lean management for efficiency, campus scheduling and smart attendance, upgrade and re-engineering of new curriculum online education service system, knowledge base construction, and CRM system improvement and deepened application[39](index=39&type=chunk) [Analysis of Core Competencies During the Reporting Period](index=12&type=section&id=三、报告期内核心竞争力分析) The company's core competencies include strong brand, diverse resources, integrated operations, continuous innovation, robust talent, and agile adaptability - The company has cultivated education in Shanghai and national markets for **four decades**, holding multiple honors such as "China's Top Ten Brand Education Groups" and "Shanghai Brand," with a strong brand image and reputation[40](index=40&type=chunk) - Built a C-end education service product system covering all age groups from early childhood to adult, and provides high-quality teaching courses, talent, and operational services to B-end schools and institutions[41](index=41&type=chunk) - Possesses a network of learning centers across core areas of Shanghai, continuously expanding and integrating campuses, and strengthening intelligent construction and environmental upgrade and renovation[42](index=42&type=chunk) - Throughout its **forty-year development**, the company continuously tracked market changes, iteratively upgraded its business and product systems, accelerated innovation and R&D of non-academic products, and focused on the application of AI technology in education[43](index=43&type=chunk) - Established a bulk talent recruitment pipeline, implemented standardized recruitment processes, appointed experienced mentors, and built a **four-tier talent development system**[44](index=44&type=chunk) - Possesses the ability to rapidly build and design teaching products and operating models, capable of timely tracking policy requirements and market demand changes, forming a quick response mechanism, and successfully coping with the impact of the "Double Reduction Policy"[45](index=45&type=chunk) [Key Operating Conditions During the Reporting Period](index=13&type=section&id=四、报告期内主要经营情况) Operating revenue grew 11.84%, total profit turned positive, but operating cash flow decreased, with non-core items significantly impacting profit [Main Business Analysis](index=13&type=section&id=(一)%20主营业务分析) Main business revenue and costs grew due to expansion, financial expenses increased from leases, R&D expenses decreased due to capitalization, and investment income saw equity losses Analysis Table of Changes in Financial Statement Items | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | Change Ratio (%) | Explanation of Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 632,342,417.79 | 565,422,864.70 | 11.84 | Mainly due to the expansion of the company's business scale during the reporting period | | Operating Cost | 333,135,292.23 | 305,236,906.99 | 9.14 | Mainly due to the expansion of the company's business scale during the reporting period | | Financial Expenses | 12,265,940.35 | 9,205,451.28 | 33.25 | Mainly due to increased lease liabilities interest resulting from an increase in campuses during the reporting period | | R&D Expenses | 1,823,160.07 | 6,286,906.70 | -71.00 | Mainly due to the capitalization of R&D projects during the reporting period | | Investment Income | -7,308,296.70 | 1,878,428.11 | -489.06 | Mainly due to increased equity losses caused by fluctuations in the share price of an associate company during the reporting period | | Credit Impairment Losses | 2,190,958.87 | -378,671.73 | 678.59 | Mainly due to the reversal of credit impairment losses from the recovery of receivables during the reporting period | [Explanation of Significant Profit Changes Caused by Non-Core Businesses](index=14&type=section&id=(二)%20非主营业务导致利润重大变化的说明) Share-based payment amortization and equity investment losses significantly impacted H1 2025 profit, totaling 18.6848 million CNY and 6.5872 million CNY respectively - In the first half of 2025, non-core businesses such as the amortization of share-based payment expenses for employee stock ownership plans and equity investment losses significantly impacted the company's profit[49](index=49&type=chunk) - The associate company, NetEase Cloud Music (NTCL.US), incurred a loss of approximately **6.5872 million CNY** to the company's profit due to share price fluctuations in the first half of the year[49](index=49&type=chunk) - The total amortization of share-based payment expenses for the company's 2022 and 2024 employee stock ownership plans in the first half of 2025 was approximately **18.6848 million CNY**[49](index=49&type=chunk) [Analysis of Assets and Liabilities](index=15&type=section&id=(三)%20资产、负债情况分析) Total assets slightly increased, with significant rises in financial assets held for trading and receivables financing, while employee compensation and lease liabilities decreased Assets and Liabilities Status for H1 2025 | Item Name | Current Period End Amount (CNY) | Proportion of Total Assets at Period End (%) | Prior Year End Amount (CNY) | Proportion of Total Assets at Prior Year End (%) | Change Ratio of Current Period End Amount vs. Prior Year End (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Financial Assets Held for Trading | 59,020,000.00 | 3.46 | 5,029,026.71 | 0.30 | 1,073.59 | Mainly due to an increase in bank wealth management products during the reporting period | | Receivables Financing | 2,970,801.20 | 0.17 | 494,556.78 | 0.03 | 500.70 | Mainly due to an increase in bank acceptance bill settlements during the reporting period | | Contract Liabilities | 689,424,640.78 | 40.47 | 622,097,460.02 | 36.73 | 10.82 | | | Employee Compensation Payable | 60,133,833.95 | 3.53 | 89,751,987.53 | 5.30 | -33.00 | Mainly due to bonus payments during the reporting period | | Deferred Income Tax Liabilities | 931,504.13 | 0.05 | 303,108.50 | 0.02 | 207.32 | Mainly due to an increase in taxable temporary differences during the reporting period | | Overseas Assets | 76,102,859.50 | 4.47 | | | | | [Investment Status Analysis](index=16&type=section&id=(四)%20投资状况分析) The company established two new subsidiaries and deregistered two others, reflecting adjustments to its investment portfolio during the reporting period - Newly established subsidiaries: Shanghai Xuhui Xinnanyang Vocational Technology College Co., Ltd. (**100% owned**), Shanghai Onlly Xiaoyao Culture Tourism Co., Ltd. (**100% owned**)[53](index=53&type=chunk) - Deregistered subsidiaries: Ningbo Bonded Area Juefeng Investment Management Co., Ltd. (**20% owned**), Shanghai Yingfei Decoration Engineering Co., Ltd. (**18% owned**)[53](index=53&type=chunk) - Equity transfer: Shanghai Langen Management Consulting Co., Ltd. (**100% owned**)[53](index=53&type=chunk) [Analysis of Major Holding and Associate Companies](index=17&type=section&id=(六)%20主要控股参股公司分析) This section lists financial data for major holding and associate companies, highlighting key subsidiaries' significant impact on net profit Major Subsidiary Financial Data (Unit: 10,000 CNY) | Company Name | Company Type | Main Business | Registered Capital | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Onlly Education Technology Group Co., Ltd. | Subsidiary | Quality education, adult education, etc. | 12,180 | 92,979.63 | -13,425.26 | 45,537.92 | 4,125.84 | 3,803.93 | | Shanghai Nanyang Onlly Education Training Co., Ltd. | Subsidiary | Quality education, etc. | 20,000 | 50,739.08 | 35,609.37 | 5,822.65 | 788.30 | 713.24 | | Shanghai Xinnanyang Education Technology Co., Ltd. | Subsidiary | Vocational education, international education | 15,000 | 32,040.83 | 17,400.18 | 6,641.42 | 644.44 | 484.51 | | Shanghai Jiading Onlly Zhilifang Education Training Co., Ltd. | Subsidiary | Quality education, etc. | 300 | 4,814.73 | 805.16 | 1,433.40 | 82.65 | 82.65 | | Shanghai Sumitomo Property Co., Ltd. | Subsidiary | Education services, etc. | 600 | 17,582.33 | 14,853.73 | 727.47 | 112.01 | 126.42 | [Other Disclosure Matters](index=18&type=section&id=五、其他披露事项) The company faces policy, market, operational, and AI risks, actively responding with "quality improvement, efficiency enhancement, and return focus" actions to drive growth and enhance value [Potential Risks Faced](index=18&type=section&id=(一)%20可能面对的风险) The company faces strict non-academic training regulations, intensified market competition, operational risks from business transformation, and AI technology opportunities and challenges - Policy and Regulatory Risk: The non-academic training sector is strictly regulated, requiring the company to continuously monitor policy dynamics to ensure compliant operations[56](index=56&type=chunk) - Market Environment Risk: Business transformation leads to intensified market competition, and changes in the education evaluation system place higher demands on the company's R&D and innovation capabilities[57](index=57&type=chunk) - Operational Management Risk: Business adjustments and organizational changes may lead to operational management risks due to insufficient understanding or inadequate risk assessment[58](index=58&type=chunk) - AI Technology Risk: AI technology profoundly impacts the education industry, requiring the company to continuously explore and adapt to new technologies to enhance business vitality and health[59](index=59&type=chunk)[60](index=60&type=chunk) [Other Disclosure Matters](index=19&type=section&id=(二)%20其他披露事项) The company achieved 632 million CNY revenue and 2.8883 million CNY net profit in H1, established an AI working group, enhanced investor communication, and strengthened governance - Quality Improvement and Efficiency Enhancement to Drive High-Quality Business Development: In the first half of 2025, operating revenue reached **632 million CNY**, a **11.84% year-on-year increase**; net profit attributable to shareholders of the listed company was **2.8883 million CNY**, turning profitable[61](index=61&type=chunk) - Technology Empowerment to Strengthen Intelligent Construction: Established a smart construction working group, proposed "AI+Education" research topics, and utilized AI technology to empower products and businesses[61](index=61&type=chunk) - Expanded Communication Channels and Strengthened Investor Communication: Actively responded to investor inquiries through earnings calls, investor hotlines, emails, and the SSE e-interaction platform[62](index=62&type=chunk) - Strengthened Responsibilities of "Key Minorities" and Enhanced Performance Capabilities: Strengthened learning and training on the latest regulatory policies for directors, supervisors, and senior management to improve compliance awareness and performance capabilities[62](index=62&type=chunk) [Corporate Governance, Environment, and Society](index=19&type=section&id=第四节%20公司治理、环境和社会) This section reports on changes in the company's directors, supervisors, and senior management, the semi-annual profit distribution plan, equity incentive progress, and rural revitalization public welfare activities [Changes in Company Directors, Supervisors, and Senior Management](index=19&type=section&id=一、公司董事、监事、高级管理人员变动情况) Independent directors Mr. Feng Lun and Mr. Lu Jianzhong resigned due to term expiration, and Mr. Zou Rong and Mr. Jin Yuchao were elected as new independent directors - Independent directors Mr. Feng Lun and Mr. Lu Jianzhong resigned after serving six consecutive years as independent directors of the company[65](index=65&type=chunk) - Following nominations by the company's fifteenth meeting of the eleventh board of directors and election at the first extraordinary general meeting of shareholders in 2025, Mr. Zou Rong and Mr. Jin Yuchao were elected as independent directors of the company's eleventh board of directors[65](index=65&type=chunk) [Profit Distribution or Capital Reserve Conversion Plan](index=20&type=section&id=二、利润分配或资本公积金转增预案) The company's proposed semi-annual profit distribution or capital reserve to share capital conversion plan is "No," meaning no distribution or conversion will be made - The company's proposed semi-annual profit distribution or capital reserve to share capital conversion plan is **"No"**[66](index=66&type=chunk) [Status and Impact of Company's Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=20&type=section&id=三、公司股权激励计划、员工持股计划或其他员工激励措施的情况及其影响) The 2022 employee stock ownership plan's third unlocking period performance was met, and the 2024 employee stock ownership plan completed non-trading share transfers - The company-level performance assessment for the third unlocking period of the company's **2022 employee stock ownership plan** has been met, and corresponding shares will be unlocked after the lock-up period expires, based on individual performance assessments and personal changes of holders[67](index=67&type=chunk) - The company's **2024 employee stock ownership plan** has passed relevant proposals and completed non-trading transfer of shares[67](index=67&type=chunk)[68](index=68&type=chunk) [Specifics of Consolidating and Expanding Poverty Alleviation Achievements, Rural Revitalization, and Other Work](index=21&type=section&id=五、巩固拓展脱贫攻坚成果、乡村振兴等工作具体情况) Controlled subsidiary Shanghai Jiao Tong University Education (Group) Co., Ltd. sponsored and organized the "Children's Voices of Mountains and Seas" public welfare project, supporting rural education revitalization through study tours, teaching support, and performance models - In July 2025, the company's controlled subsidiary, Shanghai Jiao Tong University Education (Group) Co., Ltd., sponsored and organized the "Children's Voices of Mountains and Seas" public welfare project[69](index=69&type=chunk) - This project provided the Dabie Mountains Red Azalea Rural Youth Choir with study tour and joint performance opportunities in Shanghai, and established a long-term "Monthly Art Teaching Support Program" to aid rural education revitalization[69](index=69&type=chunk) [Significant Matters](index=21&type=section&id=第五节%20重要事项) This section covers the company's fulfillment of commitments, significant litigation and arbitration matters, and the integrity status of the company, its controlling shareholder, and actual controller during the reporting period, confirming that all commitments have been strictly fulfilled and integrity status is good [Fulfillment of Commitments](index=21&type=section&id=一、承诺事项履行情况) All commitments by the actual controller, shareholders, and related parties, including resolving competition and related-party transactions, have been strictly fulfilled - Shanghai Jiao Tong University, Jiao Tong University Industrial Group, and Jiao Tong University Enterprise Management Center all committed to resolving horizontal competition and related-party transactions, and ensuring the company's independent operation; all commitments have been strictly fulfilled[71](index=71&type=chunk)[72](index=72&type=chunk)[73](index=73&type=chunk) - The original top five shareholders of the injected assets (Onlly Technology) committed to fully compensate for any losses incurred due to non-compliant actions before the acquisition; this commitment has been strictly fulfilled[74](index=74&type=chunk) [Significant Litigation and Arbitration Matters](index=25&type=section&id=七、重大诉讼、仲裁事项) The company's controlled subsidiary, Shanghai Jiao Tong University Education (Group) Co., Ltd., was involved in a loan contract dispute case and received the first-instance civil judgment in August 2024 - The company's controlled subsidiary, Shanghai Jiao Tong University Education (Group) Co., Ltd., received the first-instance Civil Judgment from the Shanghai Xuhui District People's Court in August 2024 regarding a loan contract dispute with Shanghai Xuhua Education Development Co., Ltd. (now renamed: Shanghai Jiaomei Management Consulting Co., Ltd.) and Shanghai Shunyi International Logistics Co., Ltd.[76](index=76&type=chunk) [Explanation of the Integrity Status of the Company, its Controlling Shareholder, and Actual Controller During the Reporting Period](index=26&type=section&id=九、报告期内公司及其控股股东、实际控制人诚信状况的说明) During the reporting period, the company, its controlling shareholder, and actual controller maintained good integrity, with no unfulfilled effective court judgments or overdue large debts - During the reporting period, the integrity status of the company, its controlling shareholder, and actual controller was good[78](index=78&type=chunk) - There were no unfulfilled effective court judgments or overdue large debts[78](index=78&type=chunk) [Share Changes and Shareholder Information](index=28&type=section&id=第六节%20股份变动及股东情况) This section details that the company's share capital structure remained unchanged during the reporting period, and lists the total number of shareholders, the top ten shareholders' holdings, and their related-party relationships, including pledged share information, as of the end of the reporting period [Share Capital Change Status](index=28&type=section&id=一、股本变动情况) The company's total share capital and share capital structure remained unchanged during the reporting period - During the reporting period, the company's total share capital and share capital structure remained unchanged[82](index=82&type=chunk) [Shareholder Information](index=29&type=section&id=二、股东情况) As of period-end, the company had 23,088 common shareholders. Among the top ten shareholders, Zhongjin Investment and its concerted parties held 23.79%, and Changjia Investment and its concerted parties held 15.83% - As of the end of the reporting period, the total number of common shareholders was **23,088**[84](index=84&type=chunk) Top Ten Shareholders' Holdings as of the End of the Reporting Period | Shareholder Name | Number of Shares Held at Period End (shares) | Proportion (%) | Pledged, Marked, or Frozen Status (Number) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | | Zhongjin Investment (Group) Co., Ltd. | 23,988,074 | 8.37 | None: 0 | Domestic Non-State-Owned Legal Person | | Ningbo Meishan Bonded Port Area Changjia Hongtai Investment Center (Limited Partnership) | 20,175,185 | 7.04 | None: 0 | Other | | Shanghai Changjia Investment Co., Ltd. | 20,153,815 | 7.03 | None: 0 | Domestic Non-State-Owned Legal Person | | Shanghai Zhongjin Capital Investment Co., Ltd. | 15,749,077 | 5.50 | Pledged: 1,100,000 | Domestic Non-State-Owned Legal Person | | Shanghai Xinnanyang Onlly Education Technology Co., Ltd.－2024 Employee Stock Ownership Plan | 13,053,500 | 4.56 | None: 0 | Other | | Shanghai Oriental Infrastructure Development Co., Ltd. | 11,411,971 | 3.98 | Pledged: 11,411,971 | Domestic Non-State-Owned Legal Person | | Shanghai Hengshi Investment Management Co., Ltd. | 7,567,997 | 2.64 | None: 0 | Domestic Non-State-Owned Legal Person | | CITIC Securities Asset Management－SPD Bank－CITIC Securities Asset Management Xinghe No. 42 Collective Asset Management Plan | 5,730,800 | 2.00 | None: 0 | Other | | Shanghai Jiao Tong University Industrial Investment Management (Group) Co., Ltd. | 5,559,800 | 1.94 | None: 0 | State-Owned Legal Person | | Xinjiang Huizhong Yifu Investment Co., Ltd. | 5,335,961 | 1.86 | None: 0 | Domestic Non-State-Owned Legal Person | - As of June 30, 2025, Zhongjin Group and its concerted parties collectively held **68,156,380 shares**, accounting for **23.79%** of the company's total share capital[88](index=88&type=chunk) - As of June 30, 2025, Changjia Investment and its concerted parties collectively held **45,368,004 shares**, accounting for **15.83%** of the company's total share capital[89](index=89&type=chunk) [Bond-Related Information](index=32&type=section&id=第七节%20债券相关情况) This section states that the company had no corporate bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds during the reporting period - Corporate bonds (including enterprise bonds) and non-financial enterprise debt financing instruments: **N/A**[92](index=92&type=chunk) - Convertible corporate bonds: **N/A**[92](index=92&type=chunk) [Financial Report](index=33&type=section&id=第八节%20财务报告) This section provides the company's unaudited H1 2025 financial report, including consolidated and parent company statements and detailed notes on accounting policies and estimates [Audit Report](index=33&type=section&id=一、审计报告) This semi-annual report is unaudited - This semi-annual report is **unaudited**[4](index=4&type=chunk) [Financial Statements](index=33&type=section&id=二、财务报表) This section includes the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for H1 2025 [Consolidated Balance Sheet](index=33&type=section&id=合并资产负债表) As of June 30, 2025, consolidated total assets were **1.704 billion CNY**, liabilities **1.558 billion CNY**, and parent company owners' equity **58 million CNY** Key Consolidated Balance Sheet Data (June 30, 2025) | Item | June 30, 2025 (CNY) | December 31, 2024 (CNY) | | :--- | :--- | :--- | | Total Assets | 1,703,523,809.50 | 1,693,707,991.79 | | Total Liabilities | 1,558,279,660.77 | 1,564,860,048.79 | | Total Owners' Equity Attributable to Parent Company | 57,978,829.28 | 44,798,462.10 | [Parent Company Balance Sheet](index=37&type=section&id=母公司资产负债表) As of June 30, 2025, parent company total assets were **1.563 billion CNY**, liabilities **1.070 billion CNY**, and total owners' equity **493 million CNY** Key Parent Company Balance Sheet Data (June 30, 2025) | Item | June 30, 2025 (CNY) | December 31, 2024 (CNY) | | :--- | :--- | :--- | | Total Assets | 1,563,076,965.95 | 1,426,062,276.35 | | Total Liabilities | 1,069,681,013.77 | 897,844,987.65 | | Total Owners' Equity | 493,395,952.18 | 528,217,288.70 | [Consolidated Income Statement](index=40&type=section&id=合并利润表) In H1 2025, consolidated total operating revenue was **632 million CNY** (up 11.84%), net profit **6.1041 million CNY**, and parent company net profit **2.8883 million CNY**, turning profitable Key Consolidated Income Statement Data (Jan-Jun 2025) | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 632,342,417.79 | 565,422,864.70 | | Total Profit | 9,178,378.93 | -7,675,543.74 | | Net Profit | 6,104,127.01 | -10,742,112.87 | | Net Profit Attributable to Parent Company Shareholders | 2,888,288.46 | -17,124,106.97 | | Basic Earnings Per Share (CNY/share) | 0.0104 | -0.0638 | [Parent Company Income Statement](index=42&type=section&id=母公司利润表) In H1 2025, parent company operating revenue was **339,300 CNY**, and net profit was **-49.0482 million CNY**, with the loss expanding compared to the prior period Key Parent Company Income Statement Data (Jan-Jun 2025) | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Operating Revenue | 339,297.93 | 189,205.43 | | Total Profit | -49,048,215.94 | -39,486,307.95 | | Net Profit | -49,048,215.94 | -39,486,307.95 | [Consolidated Cash Flow Statement](index=44&type=section&id=合并现金流量表) In H1 2025, consolidated net cash flow from operating activities was **118 million CNY**, while investing and financing activities both resulted in net cash outflows, leading to a net increase in cash and cash equivalents of **-38.3370 million CNY** Key Consolidated Cash Flow Statement Data (Jan-Jun 2025) | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 118,010,128.12 | 143,479,761.11 | | Net Cash Flow from Investing Activities | -92,137,525.50 | -156,463,291.58 | | Net Cash Flow from Financing Activities | -64,209,600.97 | -134,186,865.86 | | Net Increase in Cash and Cash Equivalents | -38,336,998.35 | -147,170,396.33 | [Parent Company Cash Flow Statement](index=46&type=section&id=母公司现金流量表) In H1 2025, parent company operating and investing cash flows were both net outflows, but financing activities generated a net cash inflow of **187 million CNY**, resulting in a net increase in cash and cash equivalents of **103 million CNY** Key Parent Company Cash Flow Statement Data (Jan-Jun 2025) | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -29,674,460.12 | -38,545,136.43 | | Net Cash Flow from Investing Activities | -54,704,337.10 | -28,006,659.51 | | Net Cash Flow from Financing Activities | 187,208,689.20 | 124,938,473.96 | | Net Increase in Cash and Cash Equivalents | 102,829,891.98 | 58,386,678.02 | [Consolidated Statement of Changes in Owners' Equity](index=49&type=section&id=合并所有者权益变动表) In H1 2025, consolidated total owners' equity increased to **145 million CNY**, primarily influenced by the increase in net profit attributable to parent company shareholders and the amount of share-based payments recognized in owners' equity Key Consolidated Statement of Changes in Owners' Equity Data (Jan-Jun 2025) | Item | June 30, 2025 (CNY) | December 31, 2024 (CNY) | | :--- | :--- | :--- | | Paid-in Capital (or Share Capital) | 286,548,830.00 | 286,548,830.00 | | Capital Reserve | 343,879,309.36 | 325,194,488.18 | | Total Owners' Equity Attributable to Parent Company | 57,978,829.28 | 44,798,462.10 | | Total Owners' Equity | 145,244,148.73 | 128,847,943.00 | [Parent Company Statement of Changes in Owners' Equity](index=53&type=section&id=母公司所有者权益变动表) In H1 2025, parent company total owners' equity decreased to **493 million CNY**, primarily influenced by net profit losses and share-based payments recognized in equity Key Parent Company Statement of Changes in Owners' Equity Data (Jan-Jun 2025) | Item | June 30, 2025 (CNY) | December 31, 2024 (CNY) | | :--- | :--- | :--- | | Paid-in Capital (or Share Capital) | 286,548,830.00 | 286,548,830.00 | | Capital Reserve | 607,909,572.45 | 589,224,751.27 | | Retained Earnings | -298,226,501.31 | -249,178,285.37 | | Total Owners' Equity | 493,395,952.18 | 528,217,288.70 | [Company Basic Information](index=56&type=section&id=三、公司基本情况) Established in 1992 and listed in 1993, the company focuses on education technology, with Zhongjin Group as controlling shareholder and Mr. Zhou Chuanyou as actual controller - The company was established in July 1992 and listed on the Shanghai Stock Exchange in June 1993[129](index=129&type=chunk) - The company's business scope includes technology development, transfer, consulting, and services in the education technology sector, production and sales of high-tech products, and education industry investment[130](index=130&type=chunk) - Zhongjin Group and its concerted parties are the company's controlling shareholder, and Mr. Zhou Chuanyou is the company's actual controller[130](index=130&type=chunk) [Basis of Financial Statement Preparation](index=56&type=section&id=四、财务报表的编制基础) Financial statements are prepared on a going concern basis, adhering to accounting standards and regulations, confirming the company's ability to continue for at least 12 months - The company's financial statements are prepared on a going concern basis, in accordance with the Accounting Standards for Business Enterprises issued by the Ministry of Finance and the "No. 15 Rules for Information Disclosure by Companies Issuing Securities to the Public - General Provisions on Financial Reports" issued by the China Securities Regulatory Commission[131](index=131&type=chunk) - The company has the ability to continue as a going concern for at least **12 months** from the end of the reporting period, with no significant matters affecting its going concern ability[132](index=132&type=chunk) [Significant Accounting Policies and Accounting Estimates](index=56&type=section&id=五、重要会计政策及会计估计) This section details accounting policies and estimates for financial instruments, revenue, leases, and other items, ensuring accurate financial statement reflection - The company's financial statements comply with the requirements of Accounting Standards for Business Enterprises, truly and completely reflecting the company's financial position, operating results, changes in shareholders' equity, and cash flows[134](index=134&type=chunk) - Financial instruments are classified at initial recognition as: financial assets measured at amortized cost, financial assets measured at fair value through other comprehensive income, and financial assets measured at fair value through profit or loss[149](index=149&type=chunk) - The company recognizes revenue when it satisfies a performance obligation in a contract, i.e., when the customer obtains control of the related goods or services[204](index=204&type=chunk) - As a lessee, the company recognizes right-of-use assets and lease liabilities for leases other than low-value asset leases; as a lessor, leases are classified as finance leases and operating leases[214](index=214&type=chunk)[217](index=217&type=chunk) [Taxation](index=83&type=section&id=六、税项) This section lists main tax categories and rates, including VAT, urban maintenance tax, and corporate income tax, detailing applicable rates and preferential policies - Main tax categories include VAT (rates **1%**, **3%**, **5%**, **6%**, **9%**, **13%**), Urban Maintenance and Construction Tax (rate **7%**), and Corporate Income Tax (rates **16.5%**, **19%**, **20%**, **25%**)[223](index=223&type=chunk) - Several of the company's subsidiaries are subject to corporate income tax rates of **20%** or **25%**[224](index=224&type=chunk)[225](index=225&type=chunk)[226](index=226&type=chunk)[227](index=227&type=chunk) - For small low-profit enterprises, the portion of annual taxable income exceeding **1 million CNY** but not exceeding **3 million CNY** is included in taxable income at **25%** and subject to corporate income tax at a rate of **20%**, resulting in an effective tax rate of **5%**[228](index=228&type=chunk) - Hong Kong registered company Yulun Overseas Study Co., Ltd. applies a two-tiered profits tax system, with assessable profits not exceeding **2 million HKD** taxed at **8.25%**, and the excess taxed at **16.5%**[229](index=229&type=chunk) [Notes to Consolidated Financial Statement Items](index=87&type=section&id=七、合并财务报表项目注释) This section provides detailed notes for each item in the consolidated financial statements, including cash and cash equivalents, financial assets held for trading, accounts receivable, inventories, long-term equity investments, fixed assets, right-of-use assets, goodwill, contract liabilities, employee compensation payable, operating revenue and costs, R&D expenses, investment income, credit impairment losses, income tax expenses, etc., explaining their composition, changes, and accounting treatment [Cash and Cash Equivalents](index=87&type=section&id=1、货币资金) At period-end, the company's total cash and cash equivalents amounted to **566 million CNY**, with bank deposits accounting for the vast majority, and **25.7854 million CNY** held overseas Composition of Cash and Cash Equivalents | Item | Period-End Balance (CNY) | Period-Beginning Balance (CNY) | | :--- | :--- | :--- | | Cash on Hand | 4,383.32 | | | Bank Deposits | 565,203,112.51 | 604,152,304.84 | | Other Cash and Cash Equivalents | 744,741.08 | 853,525.56 | | Total | 565,947,853.59 | 605,010,213.72 | | Of which: Total Amount Held Overseas | 25,785,352.43 | 20,693,942.16 | [Financial Assets Held for Trading](index=87&type=section&id=2、交易性金融资产) At period-end, the company's financial assets held for trading significantly increased to **59.02 million CNY**, primarily due to an increase in bank wealth management products Composition of Financial Assets Held for Trading | Item | Period-End Balance (CNY) | Period-Beginning Balance (CNY) | | :--- | :--- | :--- | | Financial Assets Measured at Fair Value Through Profit or Loss | 59,020,000.00 | 5,029,026.71 | | Of which: Bank Wealth Management Products | 59,020,000.00 | 5,029,026.71 | | Total | 59,020,000.00 | 5,029,026.71 | [Accounts Receivable](index=90&type=section&id=5、应收账款) At period-end, the company's accounts receivable book balance was **51.7503 million CNY**, with the highest proportion being within 1 year. Bad debt provisions of **11.5523 million CNY** have been made for accounts receivable, of which **997,400 CNY** was individually provided for and fully recognized due to "preparation for deregistration" Aging Analysis of Accounts Receivable | Aging | Period-End Book Balance (CNY) | Period-Beginning Book Balance (CNY) | | :--- | :--- | :--- | | Within 1 year (inclusive) | 34,578,952.94 | 35,525,126.16 | | 1 to 2 years | 7,985,120.00 | 8,023,961.45 | | 2 to 3 years | 1,919,888.53 | 1,436,751.29 | | Over 3 years | 7,266,369.48 | 7,215,157.24 | | Total | 51,750,330.95 | 52,200,996.14 | - Of accounts receivable, **997,415.99 CNY** was individually provided for bad debts at a **100% provision rate**, due to "preparation for deregistration"[244](index=244&type=chunk) [Inventories](index=105&type=section&id=10、存货) At period-end, the company's inventory book value was **11.8451 million CNY**, primarily consisting of raw materials, work-in-progress, finished goods, contract costs, and goods issued, with inventory impairment provisions of **10.9911 million CNY** already made Inventory Classification and Impairment Provisions | Item | Period-End Book Balance (CNY) | Inventory Impairment Provision (CNY) | Book Value (CNY) | | :--- | :--- | :--- | :--- | | Raw Materials | 546,219.92 | 40,206.02 | 506,013.90 | | Work-in-Progress | 3,547,021.54 | 434,750.33 | 3,112,271.21 | | Finished Goods | 15,499,412.69 | 10,516,136.79 | 4,983,275.90 | | Contract Costs | 3,243,503.60 | 0 | 3,243,503.60 | | Goods Issued | 787,395.40 | 0 | 787,395.40 | | Total | 22,836,157.75 | 10,991,093.14 | 11,845,064.61 | [Long-Term Equity Investments](index=111&type=section&id=17、长期股权投资) At period-end, the company's long-term equity investments had a book value of **34.6411 million CNY**, primarily comprising investments in associates. During the reporting period, investment income from associates was **-8.1365 million CNY**, mainly impacted by investment losses from Jiaxing Hongli Equity Investment Partnership (Limited Partnership) Changes in Long-Term Equity Investments in Associates | Investee | Period-Beginning Balance (CNY) | Investment Gains/Losses Recognized Under Equity Method (CNY) | Period-End Balance (CNY) | | :--- | :--- | :--- | :--- | | Shanghai Jiao Tong University Science Park (Jiaxing) Co., Ltd. | 26,291,494.68 | 14,090.97 | 26,305,585.65 | | Jiaxing Hongli Equity Investment Partnership (Limited Partnership) | 11,309,183.85 | -6,587,163.68 | 4,722,020.17 | | Shanghai Angyitong Education Technology Co., Ltd. | 2,038,536.74 | 124,314.67 | 2,412,851.41 | | Shanghai Chenjia Huaqi Education Technology Co., Ltd. | 863,176.52 | -764,004.23 | 99,172.29 | | Shanghai Aili Education Technology Co., Ltd. | 1,384,229.93 | -763,972.76 | 620,257.17 | | Subtotal | 45,664,633.12 | -8,136,524.34 | 37,418,936.49 | [Fixed Assets](index=115&type=section&id=21、固定资产) At period-end, the company's fixed assets had a book value of **59.9189 million CNY**, primarily comprising buildings, general equipment, specialized equipment, and other equipment, with **4.3946 million CNY** in new fixed assets added during the current period Composition and Book Value of Fixed Assets | Item | Buildings (CNY) | Transportation Vehicles (CNY) | General Equipment (CNY) | Specialized Equipment (CNY) | Other Equipment (CNY) | Total (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Period-End Book Original Cost | 68,426,763.06 | 1,902,853.63 | 20,807,333.24 | 7,036,842.01 | 35,061,514.74 | 133,235,306.68 | | Period-End Accumulated Depreciation | 26,952,719.62 | 1,807,774.13 | 15,178,845.54 | 5,029,193.35 | 23,902,533.20 | 72,871,065.84 | | Period-End Impairment Provision | 0 | 0 | 9,768.88 | 53,098.40 | 382,440.03 | 445,307.31 | | Period-End Book Value | 41,474,043.44 | 95,079.50 | 5,618,718.82 | 1,954,550.26 | 10,776,541.51 | 59,918,933.53 | [Right-of-Use Assets](index=120&type=section&id=25、使用权资产) At period-end, the company's right-of-use assets had a book value of **468 million CNY**, primarily consisting of buildings, with **64.4943 million CNY** in new leases added during the current period Right-of-Use Assets Status | Item | Buildings (CNY) | Total (CNY) | | :--- | :--- | :--- | | Period-End Book Original Cost | 637,513,666.00 | 637,513,666.00 | | Period-End Accumulated Depreciation | 168,315,694.70 | 168,315,694.70 | | Period-End Impairment Provision | 1,220,807.23 | 1,220,807.23 | | Period-End Book Value | 467,977,164.07 | 467,977,164.07 | [Goodwill](index=122&type=section&id=27、商誉) At period-end, the company's goodwill original cost was **248 million CNY**, primarily from the acquisitions of Shanghai Yulun Education Technology Development Co., Ltd., Shanghai Kaidun Information Technology Co., Ltd., and STAR EDUCATION INVESTMENT LIMITED. Impairment provisions of **176 million CNY** have been made for a portion of goodwill Goodwill Book Original Cost | Name of Investee or Event Forming Goodwill | Period-End Balance (CNY) | | :--- | :--- | | Shanghai Yulun Education Technology Development Co., Ltd. | 72,091,936.99 | | Shanghai Kaidun Information Technology Co., Ltd. | 154,059,467.67 | | STAR EDUCATION INVESTMENT LIMITED | 21,722,408.95 | | Total | 247,873,813.61 | - The period-end balance of goodwill impairment provision was **175,781,876.62 CNY**, mainly for Shanghai Kaidun Information Technology Co., Ltd. and STAR EDUCATION INVESTMENT LIMITED[302](index=302&type=chunk) - Recoverable amounts are determined based on the present value of estimated future cash flows[304](index=304&type=chunk) [Contract Liabilities](index=129&type=section&id=38、合同负债) At period-end, the company's contract liabilities amounted to **689 million CNY**, primarily consisting of advance receipts for education and training fees, accounting for over **99%** Composition of Contract Liabilities | Item | Period-End Balance (CNY) | Period-Beginning Balance (CNY) | | :--- | :--- | :--- | | Advance Receipts for Education and Training Fees | 685,305,691.06 | 618,695,183.58 | | Advance Receipts for Goods Sales | 2,492,048.69 | 1,581,959.29 | | Advance Receipts for Property Management Fees | 1,626,901.03 | 1,820,317.15 | | Total | 689,424,640.78 | 622,097,460.02 | [Employee Compensation Payable](index=129&type=section&id=39、应付职工薪酬) At period-end, the company's employee compensation payable was **60.1338 million CNY**, a **33% decrease** from the beginning of the period, mainly due to bonus payments during the current period. Short-term compensation accounts for the vast majority of employee compensation payable Composition of Employee Compensation Payable | Item | Period-Beginning Balance (CNY) | Increase During Current Period (CNY) | Decrease During Current Period (CNY) | Period-End Balance (CNY) | | :--- | :--- | :--- | :--- | :--- | | I. Short-Term Compensation | 78,727,637.65 | 342,104,887.00 | 366,501,103.46 | 54,331,421.19 | | II. Post-Employment Benefits - Defined Contribution Plans | 5,035,542.40 | 29,589,898.93 | 29,742,014.46 | 4,883,426.87 | | III. Termination Benefits | 5,988,807.48 | 3,419,095.97 | 8,488,917.56 | 918,985.89 | | Total | 89,751,987.53 | 375,113,881.90 | 404,732,035.48 | 60,133,833.95 | [Operating Revenue and Operating Cost](index=141&type=section&id=61、营业收入和营业成本) In H1 2025, operating revenue was **632 million CNY** and operating cost was **333 million CNY**, mainly from education and services, with most revenue recognized over time Composition of Operating Revenue and Operating Cost | Item | Revenue (CNY) | Cost (CNY) | | :--- | :--- | :--- | | Main Business | 632,342,417.79 | 333,135,292.23 | | Education and Services | 624,638,879.14 | 328,223,005.86 | | Product Manufacturing | 7,703,538.65 | 4,912,286.37 | | Total | 632,342,417.79 | 333,135,292.23 | - Classified by the timing of goods transfer, revenue recognized over a period of time was **595,673,728.21 CNY**, accounting for **94.2%** of total revenue[352](index=352&type=chunk) [R&D Expenses](index=145&type=section&id=65、研发费用) In H1 2025, R&D expenses were **1.8232 million CNY**, a **71% significant decrease** from the prior period, mainly due to the capitalization of R&D projects Composition of R&D Expenses | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Employee Compensation, Experimental Materials, etc. | 1,823,160.07 | 6,286,906.70 | | Total | 1,823,160.07 | 6,286,906.70 | [Investment Income](index=146&type=section&id=68、投资收益) In H1 2025, investment income was **-7.3083 million CNY**, a significant decrease from the prior period, mainly due to negative investment income from long-term equity investments accounted for under the equity method, partially offset by investment income from bank wealth management products Composition of Investment Income | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Investment Income from Long-Term Equity Investments Accounted for Under Equity Method | -8,136,524.34 | 1,101,681.28 | | Investment Income from Bank Wealth Management Products | 828,227.64 | 776,746.83 | | Total | -7,308,296.70 | 1,878,428.11 | [Credit Impairment Losses](index=147&type=section&id=71、信用减值损失) In H1 2025, credit impairment losses were **2.1910 million CNY**, turning from a loss to a gain compared to the prior period, mainly due to the reversal of bad debt losses on other receivables Composition of Credit Impairment Losses | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Bad Debt Losses on Notes Receivable | 6,704.12 | 139,460.00 | | Bad Debt Losses on Accounts Receivable | -162,703.74 | -251,873.26 | | Bad Debt Losses on Other Receivables | 2,346,958.49 | -266,258.47 | | Total | 2,190,958.87 | -378,671.73 | [Income Tax Expenses](index=149&type=section&id=76、所得税费用) In H1 2025, income tax expenses were **3.0743 million CNY**, primarily consisting of current income tax expenses. During the adjustment process between accounting profit and income tax expenses, the application of different tax rates by subsidiaries and deductible temporary differences for which deferred income tax assets were not recognized had a significant impact Income Tax Expense Table | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Current Income Tax Expense | 3,074,251.92 | 3,389,454.96 | | Deferred Income Tax Expense | 0 | -322,885.83 | | Total | 3,074,251.92 | 3,066,569.13 | Reconciliation of Accounting Profit to Income Tax Expense | Item | Current Period Amount (CNY) | | :--- | :--- | | Total Profit | 9,178,378.93 | | Income Tax Expense Calculated at Statutory/Applicable Tax Rate | 2,294,594.73 | | Impact of Different Tax Rates Applicable to Subsidiaries | -1,051,173.38 | | Impact of Utilizing Deductible Losses for Which Deferred Income Tax Assets Were Not Recognized in Prior Periods | -285,252.72 | | Impact of Deductible Temporary Differences or Deductible Losses for Which Deferred Income Tax Assets Were Not Recognized in Current Period | 2,116,083.29 | | Income Tax Expense | 3,074,251.92 | [R&D Expenditures](index=157&type=section&id=八、研发支出) In H1 2025, the company's total R&D expenditures were **8.4140 million CNY**, of which **6.5908 million CNY** was capitalized, mainly for the "Onlly R&D Project," with expensed R&D expenditures of **1.8232 million CNY** R&D Expenditures by Nature of Expense | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Employee Compensation, Experimental Materials, etc. | 7,884,443.07 | 5,735,677.66 | | Depreciation Expense | 433,326.65 | 484,604.82 | | Other | 96,217.23 | 64,584.22 | | Total | 8,413,986.95 | 6,284,866.70 | | Of which: Expensed R&D Expenditures | 1,823,160.07 | 6,284,866.70 | | Capitalized R&D Expenditures | 6,590,826.88 | 0 | - The "Onlly R&D Project" saw an increase in internal development expenditures of **6,590,826.88 CNY** in the current period, with a period-end balance of **6,590,826.88 CNY**[389](index=389&type=chunk) [Changes in Consolidation Scope](index=158&type=section&id=九、合并范围的变更) During the reporting period, there were no changes in the company's consolidation scope due to business combinations not under common control, business combinations under common control, reverse acquisitions, or disposal of subsidiaries - There were no changes in the consolidation scope in the current period due to business combinations not under common control, business combinations under common control, reverse acquisitions, or disposal of subsidiaries[390](index=390&type=chunk) [Interests in Other Entities](index=159&type=section&id=十、在其他主体中的权益) This section details the composition of the company's enterprise group, including numerous subsidiaries and their shareholding percentages, and discloses important non-wholly-owned subsidiaries and their key financial information, as well as significant joint operations [Composition of the Enterprise Group](index=159&type=section&id=(1).企业集团的构成) The company's enterprise group comprises numerous subsidiaries, covering various business natures such as education services, property management, and technology, with most shareholding percentages at **100%**, and some being controlled subsidiaries List of Major Subsidiaries | Subsidiary Name | Main Operating Location | Registered Capital (10,000 CNY) | Shareholding Percentage (%) (Direct) | | :--- | :--- | :--- | :--- | | Shanghai Jiao Tong University Education (Group) Co., Ltd. | Shanghai | 15,000 | 63.50 | | Shanghai Onlly Education Technology Group Co., Ltd. | Shanghai | 12,180 | 100.00 | | Shanghai Nanyang Onlly Education Training Co., Ltd. | Shanghai | 20,000 | 100.00 | | Shanghai Xinnanyang Education Technology Co., Ltd. | Shanghai | 15,000 | 100.00 | | Shanghai Sumitomo Property Co., Ltd. | Shanghai | 600 | 100.00 | | Star Education Investment Limited | UK | (GBP) | 100.00 | | KENSINGTON PARK SCHOOL LIMITED | UK | (GBP) | 100.00 | [Significant Non-Wholly-Owned Subsidiaries](index=163&type=section&id=(2).重要的非全资子公司) The company's significant non-wholly-owned subsidiaries include Shanghai Jiao Tong University Education (Group) Co., Ltd., Shanghai Onlly Education Investment Consulting Co., Ltd., and Shanghai Yulun Education Technology Development Co., Ltd., with minority shareholder percentages of **36.50%**, **41.73%**, and **20.00%**, respectively Significant Non-Wholly-Owned Subsidiaries | Subsidiary Name | Minority Shareholding Percentage (%) | | :--- | :--- | | Shanghai Jiao Tong University Education (Group) Co., Ltd. | 36.50 | | Shanghai Onlly Education Investment Consulting Co., Ltd. | 41.73 | | Shanghai Yulun Education Technology Development Co., Ltd. | 20.00 | [Key Financial Information of Significant Non-Wholly-Owned Subsidiaries](index=163&type=section&id=(3).重要非全资子公司的主要财务信息) This section lists the key financial data, including assets, liabilities, operating revenue, net profit, and net cash flow from operating activities, for significant non-wholly-owned subsidiaries such as Shanghai Jiao Tong University Education (Group) Co., Ltd., Shanghai Onlly Education Investment Consulting Co., Ltd., and Shanghai Yulun Education Technology Development Co., Ltd. Key Financial Information of Significant Non-Wholly-Owned Subsidiaries (Unit: 10,000 CNY) | Subsidiary Name | Operating Revenue (Current Period) | Net Profit (Current Period) | Total Comprehensive Income (Current Period) | Net Cash Flow from Operating Activities (Current Period) | | :--- | :--- | :--- | :--- | :--- | | Shanghai Jiao Tong University Education (Group) Co., Ltd. | 3,063.47 | 54.86 | 54.86 | -370.46 | | Shanghai Onlly Education Investment Consulting Co., Ltd. | 2,621.75 | 452.66 | 452.66 | 374.23 | | Shanghai Yulun Education Technology Development Co., Ltd. | 1,335.24 | 365.54 | 365.54 | 208.89 | [Significant Joint Operations](index=164&type=section&id=4、重要的共同经营) The company's significant joint operation is Shanghai Jiao Tong University Science Park (Jiaxing) Co., Ltd., with a shareholding percentage of **30.00%** - The company's significant joint operation is Shanghai Jiao Tong University Science Park (Jiaxing) Co., Ltd., with its main operating location and registered address both in Jiaxing City, Zhejiang, and its business nature being services, with the company's direct shareholding percentage at **30.00%**[400](index=400&type=chunk) [Government Grants](index=165&type=section&id=十一、政府补助) During the reporting period, the company's total government grants recognized in current profit or loss amounted to **2.6663 million CNY**, all of which were income-related government grants Government Grants Recognized in Current Profit or Loss | Type | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Income-Related | 2,666,307.11 | 821,439.59 | | Total | 2,666,307.11 | 821,439.59 | [Risks Related to Financial Instruments](index=166&type=section&id=十二、与金融工具相关的风险) This section does not disclose detailed information on risks related to financial instruments, hedging activities, or transfers of financial assets - The company did not disclose detailed information on financial instrument risks, hedging activities, or transfers of financial assets[401](index=401&type=chunk)[403](index=403&type=chunk) [Disclosure of Fair Value](index=167&type=section&id=十三、公允价值的披露) The company disclosed the period-end fair values of assets and liabilities measured at fair value, primarily including financial assets held for trading, other equity instrument investments, and receivables financing, with fair values determined based on market observable prices or cost valuations Period-End Fair Value of Assets and Liabilities Measured at Fair Value | Item | Level 1 Fair Value Measurement (CNY) | Level 2 Fair Value Measurement (CNY) | Level 3 Fair Value Measurement (CNY) | Total (CNY) | | :--- | :--- | :--- | :--- | :--- | | (I) Financial Assets Held for Trading | 0 | 59,020,000.00 | 0 | 59,020,000.00 | | (III) Other Equity Instrument Investments | 0 | 0 | 20,743,191.00 | 20,743,191.00 | | (VI) Receivables Financing | 2,970,801.20 | 0 | 0 | 2,970,801.20 | | Total Assets Continuously Measured at Fair Value | 2,970,801.20 | 59,020,000.00 | 20,743,191.00 | 82,733,992.20 | - Market prices for Level 1 fair value measurement items are determined based on market observable prices[406](index=406&type=chunk) - Level 2 fair value measurement items are determined using market observable prices after considering liquidity risk[408](index=408&type=chunk) - Level 3 fair value measurement items are reported at relevant cost as fair value due to insufficient recent information[409](index=409&type=chunk) [Related Parties and Related-Party Transactions](index=169&type=section&id=十四、关联方及关联交易) This section discloses the company's other related parties, including minority shareholders of subsidiaries, controlling shareholders, etc., and details related-party transactions such as purchases and sales of goods, provision of services, related-party leases, and key management personnel compensation, also explaining outstanding receivables and payables with related parties [Other Related Parties](index=170&type=section&id=4、其他关联方情况) The company's other related parties include Jiaxing Nanyang Vo

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深圳市振业(集团)股份有限公司 2025 年半年度报告全文 深圳市振业(集团)股份有限公司 2025 年半年度报告 2025 年 08 月 29 日 1 深圳市振业(集团)股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人宋扬、主管会计工作负责人李伟、分管会计工作负责人李普 及会计机构负责人张春研声明：保证本半年度报告中财务报告的真实、准 确、完整。 公司董事李伟因工作原因未能亲自出席审议本报告的董事会会议，授权 董事王增金代出席会议并行使表决权，董事石澜、孙慧荣因工作原因未能亲 自出席审议本报告的董事会会议，均授权董事长宋扬代出席会议并行使表决 权。公司其他董事均亲自出席了审议本报告的董事会会议。 公司本次半年度报告未经会计师事务所审计。 公司半年度报告中部分涉及对于未来经营计划或经营工作安排的描述， 相关计划或安排的落实受到多方面因素的影响，并不构成公司对于投资者的 实质承诺，在此提请广大投资者注意投资风险。 公司需遵守 ...

浙江闰土股份有限公司 2025 年半年度报告 证券简称：闰土股份 证券代码：002440 2025 年 8 月 浙江闰土股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人阮静波、主管会计工作负责人周成余及会计机构负责人(会计 主管人员)丁兴娟声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 1、宏观经济及产业政策变化的风险 纺织印染行业的发展与国家的产业政策密切相关，国家的宏观调控和相关 政策，对染料行业和纺织印染行业有较大影响。公司将密切关注国家宏观经 济态势，适时调整公司的发展策略和经营模式，以应对宏观经济周期及上下 游产业政策变化的风险。 2、安全的风险 公司所属精细化工行业，安全生产是企业的立身之本。公司将始终坚持 "安全、环保、效益"的经营理念，不断加大安全生产方面的投入，积极推 广北京思创、澳大利亚凯诺斯等先进安全管理方法，抓好各生产领域安全风 险防控，夯实基层 ...

【披露时间】 陈克明食品股份有限公司 2025 年半年度报告全文 1 2025 年半年度报告 陈克明食品股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人陈宏、主管会计工作负责人张舟涛及会计机构负责人(会计主 管人员)张舟涛声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本半年度报告涉及的未来规划、发展战略等前瞻性陈述，不构成对投资者 的实质承诺，敬请广大投资者及相关人士均对此保持足够的风险认识，并且 理解计划、预测与承诺之间的差异。 公司需遵守《深圳证券交易所上市公司自律监管指引第 3 号——行业信息 披露》中的"畜禽、水产养殖相关业务"、"食品及酒制造相关业务"的披 露要求。 公司在本报告第三节"管理层讨论与分析"中"十、公司面临的风险和应 对措施"部分，详细描述了公司经营中可能存在的风险，敬请投资者关注相 关内容。 公司计划不派发现金红利，不送红股，不以公积金转增股 ...

太极计算机股份有限公司 2025 年半年度报告全文 太极计算机股份有限公司 2025 年半年度报告 2025 年 8 月 1 太极计算机股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人仲恺、主管会计工作负责人王茜及会计机构负责人(会计主管 人员)刘晓思声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告涉及未来计划等前瞻性陈述，并不代表公司对未来年度的盈利预 测及对投资者的实质承诺，能否实现取决于市场状况变化等多种因素，存在 很大的不确定性，请投资者注意投资风险。 公司在本报告第三节"管理层讨论与分析"中"十、公司面临的风险和 应对措施"部分，描述了公司存在市场环境风险、行业竞争风险、创新转型 等风险，敬请广大投资者注意查阅。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 第一节 | 重要提示、目录和释义 | 2 | | | --- | --- | ...

安徽壹石通材料科技股份有限公司2025 年半年度报告 公司代码：688733 公司简称：壹石通 安徽壹石通材料科技股份有限公司 2025 年半年度报告 1 / 224 安徽壹石通材料科技股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 重大风险提示 报告期内，不存在对公司生产经营产生实质性影响的特别重大风险。公司在经营过程中可能 面临的各种风险，敬请查阅本报告"第三节 管理层讨论与分析"之"四、风险因素"部分，敬请 投资者注意投资风险。 三、 公司全体董事出席董事会会议。 四、 本半年度报告未经审计。 五、 公司负责人蒋学鑫、主管会计工作负责人张月月及会计机构负责人（会计主管人员）潘丽 珠声明：保证半年度报告中财务报告的真实、准确、完整。 六、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 七、 是否存在公司治理特殊安排等重要事项 □适用 √不适用 八、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的公司未来计划、发展战 ...