上海电气集团股份有限公司 2025 年半年度报告 1 / 195 上海电气集团股份有限公司2025 年半年度报告 重要提示 六、前瞻性陈述的风险声明 上海电气集团股份有限公司2025 年半年度报告 公司代码：601727 公司简称：上海电气 九、是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、重大风险提示 当前，公司日常生产经营面临来自国内外市场环境的重大风险包括：1、市场风险；2、原材料价格 波动风险；3、汇率波动风险；4、海外业务风险。公司已在本报告中详细描述可能存在的相关风险，敬 请查阅第三节管理层讨论与分析中"可能面对的风险"的内容。 十一、其他 √适用 □不适用 本报告所涉及的未来计划、发展战略等前瞻性陈述，不构成公司对投资者的实质性承诺，请投资者 注意投资风险。 七、是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、是否存在违反规定决策程序对外提供担保的情况 否 □适用 √不适用 2 / 195 一、本公司董事会及董事、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、公司全 ...

广州中望龙腾软件股份有限公司2025 年半年度报告 公司代码：688083 公司简称：中望软件 广州中望龙腾软件股份有限公司 2025 年半年度报告 1 / 230 广州中望龙腾软件股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、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 公司已在本报告中详细阐述公司在经营过程中可能面临的各种风险及应对措施，敬请查阅本 报告第三节"管理层讨论与分析"之"四、风险因素"。 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、 公司负责人杜玉林、主管会计工作负责人李奎及会计机构负责人（会计主管人员）徐嘉玲 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、发展战略等前瞻性陈述，不构成公司对投资者的实质承诺， 请投资者注意投资风险。 九、 ...

中航机载系统股份有限公司2025 年半年度报告 公司代码：600372 公司简称：中航机载 中航机载系统股份有限公司 2025 年半年度报告 1 / 192 中航机载系统股份有限公司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、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人胡林平、主管会计工作负责人杨鲜叶及会计机构负责人（会计主管人员）张灵 斌声明：保证半年度报告中财务报告的真实、准确、完整。 五、 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 六、 前瞻性陈述的风险声明 □适用 √不适用 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 公司已在本报告中描述了可能存在的风险，敬请查阅第三节管理层讨论与分析中可能面对的 风险部分的内容。 十 ...

宁波德昌电机股份有限公司2025 年半年度报告 公司代码：605555 公司简称：德昌股份 宁波德昌电机股份有限公司 2025 年半年度报告 1/152 宁波德昌电机股份有限公司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、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人黄裕昌、主管会计工作负责人许海云及会计机构负责人（会计主管人员）戚盈 盈声明：保证半年度报告中财务报告的真实、准确、完整。 五、 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 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，敬请投资 者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 公 ...

[Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The company's board, supervisors, and management assure the report's accuracy and disclose potential risks and forward-looking statements - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, with no false records, misleading statements, or major omissions[3](index=3&type=chunk) - This semi-annual report has not been audited[5](index=5&type=chunk) - Forward-looking statements regarding future plans and development strategies in this report are subject to various market factors and do not constitute a substantive commitment to investors, who are advised to be aware of investment risks[6](index=6&type=chunk) - There are no instances of non-operating funds being occupied by controlling shareholders or other related parties, nor are there any external guarantees provided in violation of prescribed decision-making procedures[7](index=7&type=chunk)[8](index=8&type=chunk) - The company has detailed potential risk factors in the report; please refer to 'Section III Management Discussion and Analysis', 'V. Other Disclosures', '(I) Risks That May Be Faced'[7](index=7&type=chunk) [Definitions](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) This section defines key terms and reporting periods used throughout the semi-annual report - The reporting period refers to January 1, 2025, to June 30, 2025[12](index=12&type=chunk) - Definitions are provided for various types of pigs in swine farming, including piglets, nursery pigs, fattening pigs, great-grandparent breeding pigs, grandparent breeding pigs, and parent breeding pigs[12](index=12&type=chunk) - PPP refers to the Public-Private Partnership model, where government and private sectors form partnerships for public projects, defining rights, obligations, risks, and benefits[12](index=12&type=chunk) - Numbers in this report are generally rounded to two decimal places; discrepancies in table totals versus the sum of individual values are due to rounding[13](index=13&type=chunk) [Company Profile and Key Financial Indicators](index=5&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section provides an overview of the company's basic information and presents its key financial performance metrics [Company Information](index=5&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This section discloses the company's basic details, including its Chinese name, abbreviation, and legal representative - The company's Chinese name is Tianyu Biotechnology Co., Ltd., with the Chinese abbreviation Tianyu Bio[15](index=15&type=chunk) - The company's legal representative is Shi Dongwei[15](index=15&type=chunk) [Contact Persons and Information](index=5&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section provides contact details for the Board Secretary and Securities Affairs Representative, including address and communication channels - The Board Secretary is Meng Zhuowei, and the Securities Affairs Representative is Xia Qiaoli[16](index=16&type=chunk) - The contact address is 2nd Floor, Building C4, Wanggu Science and Technology Park, No. 1688 Guoquan North Road, Yangpu District, Shanghai[16](index=16&type=chunk) [Overview of Basic Information Changes](index=5&type=section&id=%E4%B8%89%E3%80%81%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5%E5%8F%98%E6%9B%B4%E7%AE%80%E4%BB%8B) This section outlines changes to the company's registered address, office address, website, and email, including historical modifications - The company's registered address is Room 1206, Building 3, No. 25 Juxian Street, Jiangbei District, Chongqing, and its office address is 2nd Floor, Building C4, Wanggu Science and Technology Park, No. 1688 Guoquan North Road, Yangpu District, Shanghai[17](index=17&type=chunk) - The company's website is http://www.tygf.cn, and its email address is IR@tygf.cn[17](index=17&type=chunk) [Overview of Information Disclosure and Document Custody Location Changes](index=5&type=section&id=%E5%9B%9B%E3%80%81%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%A4%87%E7%BD%AE%E5%9C%B0%E7%82%B9%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) This section lists the company's designated newspapers for information disclosure, the website for semi-annual reports, and the report custody location - The company's selected newspapers for information disclosure include Shanghai Securities News, China Securities Journal, Securities Times, and Securities Daily[18](index=18&type=chunk) - The website address for the semi-annual report is http://www.sse.com.cn, and the company's semi-annual report is available at the Board Secretary's Office[18](index=18&type=chunk) [Company Stock Overview](index=5&type=section&id=%E4%BA%94%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8%E7%AE%80%E5%86%B5) This section provides details on the company's stock, including its type, listing exchange, ticker symbol, and stock code - The company's stock type is A-shares, listed on the Shanghai Stock Exchange, with the ticker symbol 'Tianyu Bio' and stock code '603717'[19](index=19&type=chunk) - The previous ticker symbol was 'Tianyu Eco'[19](index=19&type=chunk) [Key Accounting Data and Financial Indicators](index=6&type=section&id=%E4%B8%83%E3%80%81%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section presents the company's key accounting data and financial indicators for the current and prior year periods, with explanations for significant changes Key Accounting Data (Current Reporting Period Jan-Jun) | Indicator | Amount (CNY) | YoY Change (%) | | :--- | :--- | :--- | | Operating Revenue | 412,302,956.07 | -2.62 | | Total Profit | 32,634,628.43 | 121.33 | | Net Profit Attributable to Shareholders of Listed Company | 10,818,017.08 | 73.68 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains and Losses) | -19,301,739.02 | N/A | | Net Cash Flow from Operating Activities | 89,825,730.55 | 55.07 | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 529,557,127.13 | 2.09 | | Total Assets (Period-end) | 3,036,460,559.77 | -5.55 | Key Financial Indicators (Current Reporting Period Jan-Jun) | Indicator | Current Reporting Period | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | 0.0373 | 0.0215 | 73.49 | | Diluted Earnings Per Share (CNY/share) | 0.0373 | 0.0215 | 73.49 | | Basic Earnings Per Share (Excluding Non-Recurring Gains and Losses) (CNY/share) | -0.0665 | -0.0106 | N/A | | Weighted Average Return on Net Assets (%) | 2.06 | 0.96 | increased by 1.10 percentage points | | Weighted Average Return on Net Assets (Excluding Non-Recurring Gains and Losses) (%) | -3.68 | -0.47 | decreased by 3.21 percentage points | - Total profit increased compared to the prior year period, primarily due to an increase in asset disposal gains during the reporting period[22](index=22&type=chunk) - Net cash flow from operating activities increased compared to the prior year period, mainly due to a decrease in cash paid for goods and services during the reporting period[22](index=22&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=%E4%B9%9D%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%92%8C%E9%87%91%E9%A2%9D) This section details the various non-recurring gains and losses and their respective amounts for the reporting period, totaling **CNY 30,119,756.10** Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (CNY) | | :--- | :--- | | Gains or losses from disposal of non-current assets, including the reversal of impairment provisions | 24,503,605.81 | | Government grants recognized in current profit or loss, excluding those closely related to the company's normal operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on the company's profit or loss | 228,440.29 | | Fair value changes and disposal gains/losses from financial assets and liabilities held by non-financial enterprises, excluding effective hedge accounting related to normal business operations | -143,267.77 | | Reversal of impairment provisions for receivables subject to individual impairment testing | 200,000.00 | | Other non-operating income and expenses apart from the above | 10,167,883.87 | | Less: Income tax impact | 289.61 | | Impact on minority interests (after tax) | 4,836,616.49 | | Total | 30,119,756.10 | [Management Discussion and Analysis](index=8&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section provides management's perspective on the company's operations, financial condition, and future outlook [Explanation of the Company's Industry and Main Business Operations During the Reporting Period](index=8&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%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) The company maintains its 'ecological' core, upgrades with 'digital intelligence,' steadily develops ecological agriculture, animal husbandry, food, and ecological energy businesses, and strategically transforms its ecological environment business [Overview of the Company's Main Business Operations](index=8&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E5%85%AC%E5%8F%B8%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5) This section details the operating models, products, and strategic directions of the company's three major business segments, including swine farming, red yeast rice products, health foods, agricultural by-products, distributed photovoltaic power stations, and the transformation of its ecological environment business - The company adheres to 'ecology' as its core business, with 'digital intelligence' as the direction for business upgrades, steadily developing ecological agriculture, animal husbandry, food, and ecological energy businesses, while orderly scaling back and strategically transforming its ecological environment business[26](index=26&type=chunk) - The ecological agriculture, animal husbandry, and food business primarily focuses on swine farming (self-breeding and 'company + farmer' model) and the production and sale of red yeast rice series products, health foods, and agricultural by-products, accounting for **over 50% of the company's revenue**[27](index=27&type=chunk)[28](index=28&type=chunk)[30](index=30&type=chunk)[31](index=31&type=chunk) - The ecological energy business primarily involves the investment, development, and construction of distributed photovoltaic power station projects, exploring standardization and digital intelligence to improve operational efficiency through blockchain and AI agent technologies[32](index=32&type=chunk) - The ecological environment business is undergoing an orderly contraction, focusing on clearing outstanding payments for key projects and recovering accounts receivable, while transforming to expand into 'new infrastructure' and overseas markets[33](index=33&type=chunk) [Industry Overview of the Company](index=10&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E5%85%AC%E5%8F%B8%E6%89%80%E5%A4%84%E8%A1%8C%E4%B8%9A%E6%83%85%E5%86%B5) This section analyzes the current status, development trends, policy support, and challenges facing the swine farming, ecological energy, and ecological environment industries - The swine farming industry is developing towards large-scale, integrated, standardized, intensive, and intelligent operations, with bio-breeding as the mainstream R&D direction, while facing cyclical pig price fluctuations and feed cost impacts on profitability[35](index=35&type=chunk)[36](index=36&type=chunk)[37](index=37&type=chunk) - The ecological energy industry is strongly supported by policies, with a significant increase in new photovoltaic installed capacity, and distributed photovoltaic new installations continuously surpassing centralized photovoltaic installations[38](index=38&type=chunk) - The landscape ecology industry faces a severe external environment, government debt reduction, and difficulties in accounts receivable collection, with the state issuing multiple policies to support the resolution of outstanding payments to private enterprises[39](index=39&type=chunk)[40](index=40&type=chunk) [Discussion and Analysis of Operations](index=11&type=section&id=%E4%BA%8C%E3%80%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) During the reporting period, the company maintained steady development amidst a challenging market, advanced its 'digital intelligence' transformation, achieved results in ecological agriculture, animal husbandry, food, and ecological energy businesses, continued to clear outstanding debts in ecological environment business, leading to an overall improvement in performance - In the first half of 2025, the company achieved operating revenue of **CNY 412.303 million**, a **2.62% YoY decrease**; net profit attributable to shareholders of the listed company was **CNY 10.818 million**, a **73.68% YoY increase**[41](index=41&type=chunk) - Swine sales reached **204,214 heads**, a **21.52% YoY increase**; swine farming revenue was **CNY 311.5323 million**, a **17.49% YoY increase**[42](index=42&type=chunk) - Red yeast rice product capacity increased by **36.78 tons** compared to the prior year period, with sales revenue growing by **CNY 7.3495 million**[42](index=42&type=chunk) - The ecological energy business had **6.30 MW** of projects connected to the grid for power generation, achieving green power generation operating revenue of **CNY 14.8976 million**[44](index=44&type=chunk) - The company is actively exploring 'digital intelligence' transformation and upgrading, planning to introduce smart management systems for large pig farms and AI agent technology to enhance operational management capabilities and business decision-making efficiency[47](index=47&type=chunk) [Analysis of Core Competitiveness During the Reporting Period](index=13&type=section&id=%E4%B8%89%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%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 ecological agriculture, animal husbandry, and food business's advanced farming equipment, regional advantages, and talent team, as well as its ecological technologies and R&D capabilities in comprehensive environmental governance and soil improvement - The swine farming business possesses highly standardized, automated, and intelligent farming equipment, including precision sow feeding systems, body condition recognition, and infrared temperature measurement[49](index=49&type=chunk) - The swine farming business adopts a regional development strategy, focusing on Hubei Province, benefiting from local government support and a complete industrial chain[50](index=50&type=chunk) - The company continuously introduces industry professionals and technical backbones, and collaborates with colleges and universities to cultivate potential talent, possessing a strong talent team advantage[51](index=51&type=chunk) - The company possesses advanced ecological technologies in comprehensive water environment management, soil ecological restoration, and organic waste recycling, which are applied to solve environmental issues in swine farming[52](index=52&type=chunk) - As of the end of the reporting period, the company holds a total of **33 utility model patents** and **8 invention patents**[52](index=52&type=chunk) [Key Operating Performance During the Reporting Period](index=14&type=section&id=%E5%9B%9B%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) This section analyzes changes in the company's main business financial statement items, the impact of non-core operations on profit, asset and liability status, and investment activities, including equity, financial assets, and derivatives Changes in Financial Statement Items | Item | Current Period Amount (CNY) | Prior Year Period Amount (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 412,302,956.07 | 423,381,788.06 | -2.62 | | Operating Cost | 351,962,266.79 | 360,172,864.67 | -2.28 | | Selling Expenses | 1,899,801.48 | 2,001,667.61 | -5.09 | | Administrative Expenses | 39,662,854.21 | 49,757,802.04 | -20.29 | | Financial Expenses | 16,663,808.43 | -1,788,510.21 | N/A | | R&D Expenses | 7,423,736.22 | 3,459,770.68 | 114.57 | | Net Cash Flow from Operating Activities | 89,825,730.55 | 57,925,350.75 | 55.07 | | Net Cash Flow from Investing Activities | -46,292,348.42 | -41,116,027.72 | N/A | | Net Cash Flow from Financing Activities | -51,723,815.26 | 7,646,567.58 | -776.43 | - The change in financial expenses was primarily due to an increase in net interest expenses during the reporting period; the change in R&D expenses was mainly due to increased R&D investment related to ecological energy[53](index=53&type=chunk)[54](index=54&type=chunk) - The significant change in profit from non-core operations this period was primarily due to asset disposal gains of **CNY 25.9116 million**, accounting for **79.40% of total profit**, mainly resulting from the termination and re-signing of pig farm lease contracts[55](index=55&type=chunk) Changes in Asset and Liability Status | Item Name | Current Period-end Amount (CNY) | Change from Prior Year-end (%) | Explanation | | :--- | :--- | :--- | :--- | | Contract Assets | 185,022,030.81 | -45.41 | Mainly due to project settlements during the reporting period | | Non-Current Assets Due Within One Year | 152,714,401.70 | 85.14 | Mainly due to project settlements during the reporting period | | Investment Properties | 6,109,091.23 | 71.91 | Mainly due to adjustment of property use during the reporting period | | Construction in Progress | 44,310,286.17 | 107.33 | Mainly due to new pig farm reconstruction during the reporting period | | Productive Biological Assets | 30,904,975.88 | 35.48 | Mainly due to an increase in sow scale during the reporting period | | Contract Liabilities | 81,432,785.51 | -43.70 | Mainly due to increased project construction during the reporting period | | Taxes Payable | 1,470,739.99 | 30.70 | Mainly due to an increase in corporate income tax payable during the reporting period | | Lease Liabilities | 75,473,419.93 | -32.07 | Mainly due to changes in pig farm leases during the reporting period | - As of the end of the reporting period, the total amount of the company's restricted major assets was **CNY 1,103,080,018.06**, including monetary funds, accounts receivable, long-term receivables, fixed assets, investment properties, right-of-use assets, intangible assets, and other non-current assets[61](index=61&type=chunk) - During the reporting period, the company's live hog futures contracts realized a hedging loss of **CNY 0.1433 million**, effectively mitigating market downside risk through hedging activities[67](index=67&type=chunk) [Other Disclosures](index=20&type=section&id=%E4%BA%94%E3%80%81%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A1%B9) This section details potential risks across the company's business segments, including animal epidemics, feed and live hog price fluctuations, natural disasters for ecological agriculture, animal husbandry, and food; accounts receivable impairment and PPP project implementation risks for ecological environment; and operational management, power station transfer transaction cycle, and policy risks for ecological energy - The ecological agriculture, animal husbandry, and food business faces risks from animal epidemics, feed price fluctuations, live hog price fluctuations, and natural disasters, which could lead to decreased production and sales, increased costs, or losses[70](index=70&type=chunk)[71](index=71&type=chunk)[72](index=72&type=chunk)[73](index=73&type=chunk) - Digital intelligence upgrades for the agricultural and new energy businesses may not progress as expected due to capital investment pressure, talent shortages, and difficulties in technology integration[74](index=74&type=chunk) - The ecological environment business faces risks of impairment losses due to large balances of accounts receivable, contract assets, and long-term receivables, as well as risks in PPP project implementation affected by policy adjustments and financing environment[75](index=75&type=chunk)[76](index=76&type=chunk) - The ecological energy business faces operational management risks (capital-intensive, high operational difficulty) and uncontrollable transaction cycles for power station transfers and sales, as well as policy risks (fluctuating transaction prices, lengthy approval processes, and a trend towards no subsidies)[77](index=77&type=chunk)[78](index=78&type=chunk)[79](index=79&type=chunk) [Corporate Governance, Environment, and Society](index=23&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) This section covers the company's governance structure, environmental initiatives, and social responsibilities [Profit Distribution or Capital Reserve to Share Capital Increase Plan](index=23&type=section&id=%E4%BA%8C%E3%80%81%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E9%A2%84%E6%A1%88) During the reporting period, the company had no plans for profit distribution or converting capital reserves into share capital - There was no profit distribution plan or capital reserve to share capital increase plan for the current reporting period[82](index=82&type=chunk) [Status and Impact of the Company's Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=23&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%E6%83%85%E5%86%B5%E5%8F%8A%E5%85%B6%E5%BD%B1%E5%93%8D) The company completed the cancellation of its 2022 stock option incentive plan during the reporting period, marking the conclusion of the plan's implementation - On April 15, 2025, the company's Board of Directors resolved to cancel **3.555 million stock options** that had been granted but not yet exercised, as the exercise conditions for the third tranche of the initial grant and the second tranche of the reserved grant were not met[83](index=83&type=chunk) - On April 25, 2025, the company completed the aforementioned stock option cancellation procedures, and with this cancellation, the company's 2022 stock option incentive plan has been fully implemented[83](index=83&type=chunk) [Specific Progress in Consolidating and Expanding Poverty Alleviation Achievements and Rural Revitalization](index=24&type=section&id=%E4%BA%94%E3%80%81%E5%B7%A9%E5%9B%BA%E6%8B%93%E5%B1%95%E8%84%B1%E8%B4%AB%E6%94%BB%E5%9D%9A%E6%88%90%E6%9E%9C%E3%80%81%E4%B9%A1%E6%9D%91%E6%8C%AF%E5%85%B4%E7%AD%89%E5%B7%A5%E4%BD%9C%E5%85%B7%E4%BD%93%E6%83%85%E5%86%B5) The company actively participates in rural revitalization through a 'company + farmer' cooperation model, settling **CNY 41.6714 million** with **67 cooperative farmers** during the reporting period, with an average settlement of **CNY 0.622 million per household** - The company actively responds to the call for 'rural revitalization' by adopting a 'company + farmer' cooperation model, promoting farmer income growth through resource assistance and standardized management[85](index=85&type=chunk) - In the first half of 2025, the company settled with **67 cooperative farmers**, with a total settlement amount of **CNY 41.6714 million**, and an average settlement amount of **CNY 0.622 million per household**[85](index=85&type=chunk) [Significant Matters](index=25&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section details important events and commitments, including their fulfillment status and any ongoing legal or financial implications [Fulfillment of Commitments](index=25&type=section&id=%E4%B8%80%E3%80%81%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) This section discloses the fulfillment status of various commitments made by the company's actual controllers, shareholders, and the company itself, including share lock-ups, resolution of related-party transactions, non-competition, social insurance/housing provident fund liabilities, and return enhancement measures, with specific updates on the recovery progress for unfulfilled performance compensation from Qinghai Juzhiyuan - Promisors such as Luo Weiguo and Shi Dongwei have strictly fulfilled commitments regarding share lock-ups, resolution of related-party transactions, non-competition, bearing social insurance/housing provident fund losses, and return enhancement measures[87](index=87&type=chunk)[89](index=89&type=chunk)[90](index=90&type=chunk)[91](index=91&type=chunk)[92](index=92&type=chunk) - Qinghai Juzhiyuan failed to meet its cumulative net profit commitment attributable to the parent company after deducting non-recurring gains and losses for 2022, 2023, and 2024, and is obligated to compensate the company **CNY 423.7693 million**[93](index=93&type=chunk) - The company has applied for arbitration with the Shanghai Arbitration Commission, which ruled that Mr. Liu Bingsheng must pay the company a one-time cash compensation of **CNY 43.2953 million** for performance commitments, and the company has applied for enforcement[93](index=93&type=chunk)[94](index=94&type=chunk) - The company has filed a shareholder right-to-know lawsuit with the Delingha City People's Court in Qinghai Province to accurately calculate the cash compensation amount due for the three-year performance commitment[94](index=94&type=chunk) - Hubei Tiantun committed that Wuhan Tianqian's annual distributable profit from 2024-2034 will not be less than **CNY 18 million**, with Hubei Tiantun making up any shortfall[94](index=94&type=chunk) [Significant Litigation and Arbitration Matters](index=32&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%AF%89%E8%AE%BC%E3%80%81%E4%BB%B2%E8%A3%81%E4%BA%8B%E9%A1%B9) This section discloses the progress of the arbitration case between the company and Mr. Liu Bingsheng regarding unfulfilled performance compensation obligations for Qinghai Juzhiyuan, where the arbitration commission ruled that Mr. Liu Bingsheng must pay **CNY 43.2953 million** in compensation and arbitration fees, and the company has applied for enforcement - The company filed an arbitration application with the Shanghai Arbitration Commission regarding Mr. Liu Bingsheng's failure to fulfill his performance compensation obligations, requesting a one-time cash compensation of **CNY 43.2953 million** for performance commitments[95](index=95&type=chunk) - The Shanghai Arbitration Commission ruled that Liu Bingsheng should pay the company a one-time cash compensation of **CNY 43.2953 million** for performance commitments and arbitration fees of **CNY 0.3143 million**[95](index=95&type=chunk) - As Liu Bingsheng failed to fulfill the payment obligations stipulated in the effective arbitration award, the company has applied to the Haixi Mongolian and Tibetan Autonomous Prefecture Intermediate People's Court in Qinghai Province for legal enforcement, which is currently in the execution phase[95](index=95&type=chunk) [Explanation of the Integrity Status of the Company, its Controlling Shareholders, and Actual Controllers During the Reporting Period](index=32&type=section&id=%E4%B9%9D%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) During the reporting period, the company, its controlling shareholders, and actual controllers had no adverse credit records - During the reporting period, the company, its controlling shareholders, and actual controllers had no adverse credit records[96](index=96&type=chunk) [Significant Related-Party Transactions](index=33&type=section&id=%E5%8D%81%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) This section discloses the company's daily related-party transactions, asset acquisition related-party transactions, and related-party fund borrowings during the reporting period - Daily related-party transactions: Procurement of raw materials from Hubei Tianyifengtai Biotechnology Co., Ltd. amounted to **CNY 22.4418 million**, which did not exceed the **CNY 120 million** estimated for 2025[97](index=97&type=chunk) - Asset acquisition related-party transaction: The company purchased **22.50% equity** in its controlled subsidiary, Tianqian Food Co., Ltd., from related party Tianyu Yuan (Shanghai) Technology Development Co., Ltd. for **CNY 58 million**, with **CNY 20.74 million** in equity acquisition payments already made[98](index=98&type=chunk) - Related-party fund borrowing: The company borrowed from Tianyu Yuan, controlled by its controlling shareholder Mr. Luo Weiguo, with **CNY 11.8 million** cumulatively borrowed and **CNY 23.55 million** cumulatively repaid this period, resulting in a period-end balance of **CNY 0 million**; cumulative interest accrued this reporting period was **CNY 1.3977 million**[100](index=100&type=chunk)[101](index=101&type=chunk) [Significant Contracts and Their Fulfillment](index=35&type=section&id=%E5%8D%81%E4%B8%80%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) This section discloses changes to the company's pig farm lease contracts, resulting in a **CNY 24.1003 million** gain from the disposal of right-of-use assets, and presents the total amount and proportion of external guarantees and guarantees to subsidiaries - The company's subsidiary, Tianqian Food, terminated the original 'Pig Farm Lease Service Agreement' with Wuhan Haoshun Ecological Agriculture Co., Ltd. and re-signed a new 'Pig Farm Lease Contract,' with adjustments to the lease term and rent[103](index=103&type=chunk) - The termination of the original agreement and the signing of the new 'Pig Farm Lease Contract' resulted in a gain from disposal of right-of-use assets of **CNY 24.1003 million**[104](index=104&type=chunk) Total Company Guarantees (Including Guarantees to Subsidiaries) | Indicator | Amount (CNY) | | :--- | :--- | | Total Guarantees (A+B) | 1,127,004,146.42 | | Ratio of Total Guarantees to Company's Net Assets (%) | 217.26 | | Of which: Total Guarantee Balance to Subsidiaries (B) | 1,106,929,146.42 | | Ratio of Guarantee Balance to Subsidiaries to Company's Net Assets (%) | 213.39 | | Debt Guarantee Amount (D) Provided Directly or Indirectly to Guaranteed Parties with Asset-Liability Ratio Exceeding 70% | 949,627,867.48 | [Explanation of Progress in Use of Raised Funds](index=37&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E4%BD%BF%E7%94%A8%E8%BF%9B%E5%B1%95%E8%AF%B4%E6%98%8E) This section details the overall use of the company's raised funds, specifics of investment projects, initial investments and replacements, and the temporary use of idle raised funds to supplement working capital Overall Use of Raised Funds | Source of Raised Funds | Total Raised Funds (CNY) | Total Cumulative Investment as of Period-end (CNY) | Cumulative Investment Progress (%) | | :--- | :--- | :--- | :--- | | Issuance of Shares to Specific Objects | 402,272,000.00 | 332,634,788.44 | 84.45 | - The scheduled usable date for the investment project 'Tianchang City Longgang Red Ancient Town Cultural Tourism Scenic Area EPC Project' has been extended to December 2025, with **CNY 2,152,910.91** in benefits realized this year[110](index=110&type=chunk) - The company has used its own funds to pay for parts of the investment projects and has replaced them with an equivalent amount of raised funds[113](index=113&type=chunk) - The company continued to use idle raised funds not exceeding **CNY 74 million** to temporarily supplement working capital, which was repaid on August 12, 2025[114](index=114&type=chunk) - The company again approved the continued use of idle raised funds not exceeding **CNY 61.5 million** to temporarily supplement working capital, with a usage period not exceeding twelve months[115](index=115&type=chunk) [Share Changes and Shareholder Information](index=40&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section provides an overview of changes in the company's share capital and details of its shareholders [Changes in Share Capital](index=40&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E6%9C%AC%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, there were no changes in the company's total share capital or share structure - During the reporting period, there were no changes in the company's total share capital or share structure[118](index=118&type=chunk) [Shareholder Information](index=40&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section discloses the total number of common shareholders and the shareholding status of the top ten shareholders as of the end of the reporting period, including share quantity, proportion, restricted shares, and pledge/freeze status - As of the end of the reporting period, the total number of common shareholders was **20,200**[118](index=118&type=chunk) Top Ten Shareholders' Shareholding Status | Shareholder Name | Period-end Shareholding (shares) | Proportion (%) | Pledge, Freeze Status | | :--- | :--- | :--- | :--- | | Luo Weiguo | 37,251,829 | 12.84 | Pledged 17,000,000 shares, frozen 14,375,524 shares | | Shi Dongwei | 32,338,800 | 11.15 | Pledged 26,000,000 shares, frozen 3,181,856 shares | | Shenzhen Zeyuan Private Securities Fund Management Co., Ltd. - Zeyuan Liwangtian No. 42 Private Securities Investment Fund | 22,000,000 | 7.58 | None | | Mao Shiqi | 7,757,737 | 2.67 | None | | Ren Chao | 2,845,300 | 0.98 | None | | Li Jixiang | 2,802,000 | 0.97 | None | | Shanghai Yunran Investment Management Co., Ltd. - Yunran Emerging Growth XI Private Securities Investment Fund | 2,600,000 | 0.90 | None | | Cai Qizuo | 2,568,100 | 0.89 | None | | Dingtai Sifang (Shenzhen) Private Securities Fund Management Co., Ltd. - Dingtai Sifang Fubao Growth No. 3 Private Securities Investment Fund | 2,333,000 | 0.80 | None | | BARCLAYS BANK PLC | 2,191,871 | 0.76 | None | - During the reporting period, Luo Weiguo and Shi Dongwei were parties acting in concert; as of the date of this report, their concerted action relationship has been terminated[121](index=121&type=chunk) - Luo Weiguo's **14,375,524 shares** in the company were judicially frozen; Shi Dongwei's **3,181,856 shares** in the company were judicially frozen[121](index=121&type=chunk) [Information on Directors, Supervisors, and Senior Management](index=42&type=section&id=%E4%B8%89%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%83%85%E5%86%B5) This section discloses the equity incentives granted to directors, supervisors, and senior management during the reporting period, and explains the cancellation of some stock options due to unfulfilled exercise conditions - The exercise conditions for the third tranche of the initial grant and the second tranche of the reserved grant under the 2022 stock option incentive plan were not met[123](index=123&type=chunk) - The company has canceled **3.555 million stock options** granted but not yet exercised by incentive recipients, and the 2022 stock option incentive plan has been fully implemented[123](index=123&type=chunk) Number of Stock Options Held by Directors, Supervisors, and Senior Management at Period-Beginning | Name | Position | Number of Stock Options Held at Period-Beginning (10,000 shares) | | :--- | :--- | :--- | | Chen Qinghui | Director | 61.30 | | Mei Xiaoyang | Senior Management | 50.00 | | Wang Quan | Director | 16.00 | | Meng Zhuowei | Director | 11.00 | | Total | / | 138.30 | [Financial Report](index=44&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This section presents the company's comprehensive financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in equity [Financial Statements](index=44&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) 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 the first half of 2025, comprehensively reflecting its financial position and operating results Consolidated Balance Sheet (June 30, 2025) | Item | Period-end Balance (CNY) | Period-beginning Balance (CNY) | | :--- | :--- | :--- | | Total Assets | 3,036,460,559.77 | 3,214,984,288.09 | | Total Liabilities | 2,296,058,691.91 | 2,506,452,041.54 | | Total Owners' Equity | 740,401,867.86 | 708,532,246.55 | Consolidated Income Statement (Jan-Jun 2025) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 412,302,956.07 | 423,381,788.06 | | Total Operating Cost | 418,339,106.17 | 414,460,678.23 | | Total Profit | 32,634,628.43 | 14,744,732.08 | | Net Profit | 31,869,621.31 | 13,701,203.81 | | Net Profit Attributable to Parent Company Shareholders | 10,818,017.08 | 6,228,578.44 | | Basic Earnings Per Share (CNY/share) | 0.0373 | 0.0215 | Consolidated Cash Flow Statement (Jan-Jun 2025) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 89,825,730.55 | 57,925,350.75 | | Net Cash Flow from Investing Activities | -46,292,348.42 | -41,116,027.72 | | Net Cash Flow from Financing Activities | -51,723,815.26 | 7,646,567.58 | | Net Increase in Cash and Cash Equivalents | -8,106,544.69 | 24,501,661.74 | [Company Basic Information](index=65&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) This section outlines the company's establishment date, listing status, unified social credit code, legal representative, registered capital, registration authority, registered and office addresses, and primary business activities - Tianyu Biotechnology Co., Ltd. was established on June 21, 2000, and listed on the main board of the Shanghai Stock Exchange on March 27, 2017 (stock code: **603717.SH**)[160](index=160&type=chunk) - The legal representative is Shi Dongwei, and the registered capital is **CNY 290.14624 million**[161](index=161&type=chunk) - The company's main business is concentrated in three major segments: ecological agriculture, animal husbandry, and food (swine farming, agricultural by-product sales, etc.), ecological environment (landscape ecological engineering, seedling cultivation, etc.), and ecological energy (distributed photovoltaic power stations, etc.)[162](index=162&type=chunk) [Basis of Financial Statement Preparation](index=65&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The financial statements are prepared on a going concern basis, adhering to enterprise accounting standards, and the company's ability to continue as a going concern is assessed as sound - The company prepares its financial statements on a going concern basis, recognizing and measuring transactions and events in accordance with the 'Basic Standards for Enterprise Accounting Standards' and other accounting standards[163](index=163&type=chunk) - Based on the company's assessment, its ability to continue as a going concern is sound for the next 12 months from the end of the reporting period, with no factors raising significant doubt about its going concern ability[164](index=164&type=chunk) [Significant Accounting Policies and Estimates](index=65&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 elaborates on the company's specific accounting policies and estimates for business combinations, consolidated financial statements, financial instruments, inventories, contract assets, long-term equity investments, investment properties, fixed assets, construction in progress, biological assets, intangible 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 company's business is divided into ecological agriculture, animal husbandry, and food, ecological environment, and ecological energy segments, with specific accounting policies and estimates formulated based on their actual production and operational characteristics[165](index=165&type=chunk) - Financial assets are classified into three categories based on the business model for managing them and their contractual cash flow characteristics: measured at amortized cost, measured at fair value with changes recognized in other comprehensive income, and measured at fair value with changes recognized in current profit or loss[196](index=196&type=chunk) - Impairment of financial instruments is based on expected credit losses, with impairment accounting applied to financial assets measured at amortized cost, lease receivables, loan commitments, and financial guarantee contracts, and loss provisions measured in three stages[207](index=207&type=chunk)[208](index=208&type=chunk)[209](index=209&type=chunk) - Inventories include raw materials, merchandise inventory, revolving materials, and consumable biological assets (piglets, nursery pigs, fattening pigs, seedlings), valued at the weighted average method at month-end upon issuance[237](index=237&type=chunk)[238](index=238&type=chunk)[239](index=239&type=chunk) - The general principle for revenue recognition is to identify each distinct performance obligation within a contract, determine whether each obligation is satisfied over time or at a point in time, and recognize revenue based on the progress of satisfaction or when the customer obtains control[298](index=298&type=chunk)[299](index=299&type=chunk) - Lease identification, lessee accounting (right-of-use assets, lease liabilities), simplified treatment for short-term and low-value asset leases, and lessor accounting (operating leases, finance leases) are detailed[319](index=319&type=chunk)[320](index=320&type=chunk)[321](index=321&type=chunk)[323](index=323&type=chunk)[324](index=324&type=chunk)[327](index=327&type=chunk)[331](index=331&type=chunk)[332](index=332&type=chunk)[333](index=333&type=chunk) [Taxation](index=96&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) This section discloses the company's main tax categories and rates, including Value-Added Tax, Urban Maintenance and Construction Tax, and Corporate Income Tax, along with detailed explanations of the tax incentives enjoyed by the company Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Taxable Value-Added Amount | 3%、5%、6%、9%、13% | | Urban Maintenance and Construction Tax | Amount of VAT Payable | 5%、7% | | Corporate Income Tax | Taxable Income | 15%、25% | - The corporate income tax rate for Tianyu Biotechnology Co., Ltd., Zhongsheng Huaxing International Construction Engineering Co., Ltd., Sichuan Zhongtai Qihang New Energy Technology Co., Ltd., and Wuhan Jiacheng Biological Products Co., Ltd. is **15%**[338](index=338&type=chunk)[341](index=341&type=chunk)[342](index=342&type=chunk) - Agricultural producers are exempt from Value-Added Tax on the sale of self-produced agricultural products[340](index=340&type=chunk) - Distributed photovoltaic projects enjoy a corporate income tax preferential policy of 'three years exemption, three years half reduction'[343](index=343&type=chunk) [Notes to Consolidated Financial Statement Items](index=98&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 and explanations for various assets, liabilities, owners' equity, income, costs, and expenses in the consolidated financial statements, including period-end balances, period-beginning balances, reasons for changes, bad debt provisions, and restricted conditions Monetary Funds | Item | Period-end Balance (CNY) | Period-beginning Balance (CNY) | | :--- | :--- | :--- | | Cash on Hand | 40.56 | 40.56 | | Bank Deposits | 92,160,607.07 | 100,267,151.76 | | Other Monetary Funds | 65,574,690.48 | 77,781,334.94 | | Total | 157,735,338.11 | 178,048,527.26 | - Among other monetary funds, **CNY 25,009,868.83** is judicially frozen, **CNY 31,564,821.65** is otherwise frozen, and **CNY 9,000,000.00** is in a securities special account[346](index=346&type=chunk) - Accounts receivable had a period-end book value of **CNY 339,538,667.93**, with bad debt provisions of **CNY 516,363,474.55**, including **CNY 369,012,444.55** from Zunyi Xinpu Development Group Co., Ltd. fully provided for bad debts[353](index=353&type=chunk)[354](index=354&type=chunk) - Contract assets had a period-end book value of **CNY 185,022,030.81**, with bad debt provisions of **CNY 8,579,378.11**[361](index=361&type=chunk) - Long-term receivables had a period-end book value of **CNY 424,258,157.88**, with bad debt provisions of **CNY 23,940,393.62**, primarily comprising non-PPP project receivables, PPP project receivables, and loans[392](index=392&type=chunk) - Long-term equity investments had a period-end book value of **CNY 90,855,340.65**, with an impairment provision of **CNY 137,432,973.78** for the investment in Qinghai Juzhiyuan New Material Co., Ltd.[404](index=404&type=chunk)[405](index=405&type=chunk)[406](index=406&type=chunk) - Fixed assets had a period-end book value of **CNY 332,260,178.73**, construction in progress had a period-end book value of **CNY 44,310,286.17**, and productive biological assets had a period-end book value of **CNY 30,904,975.88**[412](index=412&type=chunk)[416](index=416&type=chunk)[420](index=420&type=chunk) - Goodwill had a period-end original book value of **CNY 7,084,846.72**, with an impairment provision of **CNY 5,002,663.84**[432](index=432&type=chunk)[434](index=434&type=chunk) - Asset disposal gains for the current period amounted to **CNY 25,911,620.61**, primarily from the disposal of right-of-use assets[508](index=508&type=chunk) - Non-operating income for the current period amounted to **CNY 10,298,004.56**, mainly from unpayable intercompany balances and insurance compensation income[509](index=509&type=chunk) [Research and Development Expenses](index=154&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) This section discloses the composition of the company's R&D expenses by nature of cost during the reporting period, with total expensed R&D expenditures amounting to **CNY 7,423,736.22** R&D Expenses by Nature of Cost | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Employee Compensation | 5,387,525.17 | 3,214,361.01 | | Material Costs | 1,281,055.34 | 107,493.10 | | Labor Costs | 55,000.00 | 132,000.00 | | Lease Expenses | 549,630.20 | - | | Office Expenses | 108,116.77 | - | | Total | 7,423,736.22 | 3,459,770.68 | - Total expensed R&D expenditures for the current period amounted to **CNY 7,423,736.22**, representing a **114.57% increase** compared to the prior year period[533](index=533&type=chunk)[53](index=53&type=chunk) [Changes in Consolidation Scope](index=155&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 added Wuxue Qiangda Animal Husbandry Co., Ltd. as a subsidiary through a non-common control business combination, established Wuhan Tianyi Animal Husbandry Co., Ltd., Weihai Tianyu Frontier New Energy Technology Co., Ltd., and Hainan Tianyu Yafu Computing Technology Co., Ltd., and liquidated Jiaxing Tianrui Cultural Tourism Development Co., Ltd. and Wuhan Yisite Biotechnology Co., Ltd. - This period, Wuxue Qiangda Animal Husbandry Co., Ltd. was added as a subsidiary through a non-common control business combination, with an equity acquisition cost of **CNY 15,650,000.00**[535](index=535&type=chunk)[537](index=537&type=chunk) - Newly established subsidiaries this period include Wuhan Tianyi Animal Husbandry Co., Ltd., Weihai Tianyu Frontier New Energy Technology Co., Ltd., and Hainan Tianyu Yafu Computing Technology Co., Ltd.[542](index=542&type=chunk) - Subsidiaries liquidated this period include Jiaxing Tianrui Cultural Tourism Development Co., Ltd. and Wuhan Yisite Biotechnology Co., Ltd.[542](index=542&type=chunk) [Interests in Other Entities](index=158&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 details the composition of the company's enterprise group, including the main operating locations, registered capital, business nature, and shareholding ratios of each subsidiary, and provides key financial information for the significant non-wholly owned subsidiary, Tianqian Food - The company owns multiple subsidiaries, with businesses covering ecological environment, ecological agriculture, animal husbandry, food, and ecological energy sectors[544](index=544&type=chunk) - For the significant non-wholly owned subsidiary Tianqian Food, the minority shareholder's equity interest is **9.90%**, and the profit attributable to minority shareholders for the current period was **CNY 3,006,349.88**[551](index=551&type=chunk) Key Financial Information for Significant Non-Wholly Owned Subsidiary Tianqian Food (Current Period Amounts) | Item | Operating Revenue (CNY) | Net Profit (CNY) | Total Comprehensive Income (CNY) | Cash Flow from Operating Activities (CNY) | | :--- | :--- | :--- | :--- | :--- | | Tianqian Food | 315,502,160.23 | 48,616,724.20 | 48,616,724.20 | 42,582,570.21 | - The total book value of the company's investments in associates is **CNY 90,855,340.65**, with a net profit calculated based on shareholding ratio of **-CNY 238,866.22** for the current period[555](index=555&type=chunk) [Government Grants](index=166&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) This section discloses the total government grants recognized in current profit or loss during the reporting period, amounting to **CNY 218,131.70**, comprising both income-related and asset-related grants Government Grants Recognized in Current Profit or Loss | Type | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Income-Related | 177,614.30 | 400,793.20 | | Asset-Related | 40,517.40 | 20,258.70 | | Total | 218,131.70 | 421,051.90 | [Risks Related to Financial Instruments](index=167&type=section&id=%E

浙江鼎龙科技股份有限公司2025 年半年度报告 公司代码：603004 公司简称：鼎龙科技 浙江鼎龙科技股份有限公司 2025 年半年度报告 1 / 175 浙江鼎龙科技股份有限公司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、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人史元晓、主管会计工作负责人李丽君及会计机构负责人（会计主管人员）金琪 韵声明：保证半年度报告中财务报告的真实、准确、完整。 五、 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 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中涉及的未来计划、发展战略等前瞻性描述，不构成公司对投资者的实质承诺，敬请投资 者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 | 第一节 | 释义 ...

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Definitions [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This chapter defines key terms used in the report, covering company specifics, industry concepts like IoT and dual carbon, and financial terms such as data asset capitalization - Company's short name is **"Jiahua Technology"**, full name **"Rock Jiahua Technology Group Co., Ltd"**[9](index=9&type=chunk) - Reporting period refers to **January 1, 2025, to June 30, 2025**[10](index=10&type=chunk) - Detailed definitions of key industry terms such as IoT, carbon peak, carbon neutrality, dual carbon goals, green finance, digital economy, data elements, data assets, data asset capitalization, and large models are provided[9](index=9&type=chunk) Company Profile and Key Financial Indicators [Company's Basic Information](index=5&type=section&id=Company%27s%20Basic%20Information) This section introduces Rock Jiahua Technology Group Co., Ltd's fundamental details, including its names, legal representative, and contact addresses - Company's Chinese name is **Rock Jiahua Technology Group Co., Ltd**, abbreviated as **Jiahua Technology**[12](index=12&type=chunk) - The legal representative is **Li Wei**, and the registered address is at No. 9, 205 Jingtong Street, Taihu Town, Tongzhou District, Beijing[12](index=12&type=chunk) [Contact Person and Contact Information](index=5&type=section&id=Contact%20Person%20and%20Contact%20Information) This chapter provides contact details for the company's Board Secretary and Securities Affairs Representative - The Board Secretary is **Huang Zhilong**, and the Securities Affairs Representative is **Zhang Qiao'e**, both with contact number **010-57230290**[13](index=13&type=chunk) [Brief Introduction to Changes in Information Disclosure and Document Placement Locations](index=5&type=section&id=Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Placement%20Locations) This section outlines the company's designated channels for information disclosure and the location for semi-annual report placement - The company's information disclosure newspapers are **Shanghai Securities News, Securities Daily, and Securities Times**, with the designated website **http://www.sse.com.cn**[14](index=14&type=chunk) [Overview of Company Shares/Depositary Receipts](index=5&type=section&id=Overview%20of%20Company%20Shares%2FDepositary%20Receipts) This chapter summarizes the company's stock information, including its type, listing exchange, abbreviation, and code - The company's stock is **RMB ordinary shares (A-shares)**, listed on the **Shanghai Stock Exchange's STAR Market**, with stock abbreviation **Jiahua Technology** and stock code **688051**[16](index=16&type=chunk) [Company's Key Accounting Data and Financial Indicators](index=6&type=section&id=Company%27s%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company's operating revenue decreased by **38.91%** year-on-year, and net loss increased by **38.55%**, primarily due to intensified market competition, tight customer fiscal funds, and cautious budget allocation; however, smart dual carbon business revenue grew over **450%**, indicating new growth opportunities 2025 Semi-Annual Key Accounting Data | Indicator | Current Reporting Period (Jan-Jun) (10,000 yuan) | Prior Year Period (10,000 yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 10,942.90 | 17,912.91 | -38.91 | | Total Profit | -4,279.89 | -2,899.63 | N/A | | Net Profit Attributable to Shareholders of Listed Company | -4,088.17 | -2,950.62 | N/A | | Net Profit Attributable to Shareholders of Listed Company After Non-Recurring Gains and Losses | -4,589.61 | -3,702.69 | N/A | | Net Cash Flow from Operating Activities | -3,188.19 | -2,495.72 | N/A | 2025 Semi-Annual Key Financial Indicators | Indicator | Current Reporting Period (Jan-Jun) | Prior Year Period | Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | -0.53 | -0.38 | N/A | | Weighted Average Return on Net Assets (%) | -5.85 | -3.65 | Decreased by 2.20 percentage points | | R&D Investment as % of Operating Revenue (%) | 21.07 | 15.32 | Increased by 5.75 percentage points | - Smart dual carbon business achieved operating revenue of **12.4544 million yuan**, a year-on-year increase of over **450%**, accounting for **11.38%** of current operating revenue[20](index=20&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This section details the non-recurring gains and losses items and their amounts for the reporting period, totaling **5,014,381.56 yuan**, primarily including government grants, non-monetary asset exchange gains/losses, and other non-operating income and expenses 2025 Semi-Annual Non-Recurring Gains and Losses Items | Non-Recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | -126,349.50 | | Government Grants Included in Current Profit or Loss | 4,044,824.94 | | Gains/Losses from Fair Value Changes and Disposal of Financial Assets | 276,977.74 | | Gains/Losses from Non-Monetary Asset Exchange | 687,650.80 | | Gains/Losses from Debt Restructuring | -375,894.03 | | Other Non-Operating Income and Expenses | 771,073.41 | | Less: Income Tax Impact | 9.95 | | Minority Interest Impact (After Tax) | 263,891.85 | | Total | 5,014,381.56 | Management Discussion and Analysis [Explanation of the Company's Industry and Main Business Operations During the Reporting Period](index=8&type=section&id=Explanation%20of%20the%20Company%27s%20Industry%20and%20Main%20Business%20Operations%20During%20the%20Reporting%20Period) Jiahua Technology, an innovator in IoT big data, focuses on smart environmental protection, smart dual carbon, and low-carbon smart cities, building a "data factory" technical system that integrates AI, blockchain, cloud computing, big data, and IoT, actively responding to national policies and launching the world's first green low-carbon management platform - The company focuses on **IoT big data technology R&D and application**, accumulating core technologies in the perception layer, platform layer, and application layer[24](index=24&type=chunk) - Built a **"data factory" technical system**, integrating five core technologies: **AI, blockchain, cloud computing, big data, and IoT**[25](index=25&type=chunk) - Launched the **world's first green low-carbon management platform**, integrating **20 years of ecological environment data** with **AI large model technology** to empower the ecological environment and dual carbon sectors[25](index=25&type=chunk)[34](index=34&type=chunk) - Undertook the Ministry of Ecology and Environment's **"National Carbon Market Management Platform"** and **"National Non-CO2 Greenhouse Gas Emission Data Statistics Platform,"** comprehensively covering carbon emission monitoring, management, and trading[29](index=29&type=chunk)[30](index=30&type=chunk)[31](index=31&type=chunk) - Actively responded to national policies on **digital economy, carbon peaking and carbon neutrality, and urban renewal**, participated in the compilation of the **"White Paper on Data Element Circulation Standardization (2024 Edition),"** and was selected as a typical case for **"Data Elements × Green Low Carbon"**[35](index=35&type=chunk)[36](index=36&type=chunk)[37](index=37&type=chunk)[38](index=38&type=chunk)[39](index=39&type=chunk)[40](index=40&type=chunk)[41](index=41&type=chunk)[42](index=42&type=chunk) [Discussion and Analysis of Operating Conditions](index=13&type=section&id=Discussion%20and%20Analysis%20of%20Operating%20Conditions) In the first half of 2025, the company's operating revenue decreased by **38.91%** year-on-year, and net loss increased by **38.55%**, mainly due to macroeconomic adjustments, intensified market competition, and tight customer fiscal funds; the company is actively optimizing its business structure and strategically developing dual carbon and data platform businesses to address challenges and seize opportunities from digital economy and dual carbon policies 2025 First Half Operating Performance | Indicator | Amount (10,000 yuan) | Year-on-Year Change (%) | | :--- | :--- | :--- | | Operating Revenue | 10,942.90 | -38.91 | | Net Profit Attributable to Shareholders of Listed Company | -4,088.17 | Loss increased by 38.55 | | Net Profit Attributable to Shareholders of Listed Company After Non-Recurring Gains and Losses | -4,589.61 | Loss increased by 23.95 | - Revenue decline primarily due to intensified market competition, tight customer fiscal funds, cautious budget allocation, and reduced renewal amounts for some operation and maintenance projects, leading to a decrease in gross profit margin[47](index=47&type=chunk) - The company is actively deploying **dual carbon and data platform businesses**, with smart terminals, ecological environment dual carbon cloud map, data resource management platform, and green low-carbon management platform products expected to usher in development opportunities[48](index=48&type=chunk) [Analysis of Core Competitiveness During the Reporting Period](index=14&type=section&id=Analysis%20of%20Core%20Competitiveness%20During%20the%20Reporting%20Period) Jiahua Technology's core competitiveness lies in strong R&D capabilities, rich data resources, extensive customer base, professional products and services, efficient operational capabilities, and unique brand and corporate culture; the company continues to innovate in IoT big data, especially in AI large models, data resource management, and dual carbon applications, actively participates in national standard setting, and has obtained multiple intellectual property rights and industry honors [Core Competitiveness Analysis](index=14&type=section&id=Core%20Competitiveness%20Analysis) The company's core competitiveness encompasses R&D, data resources, customer base, products and services, operational efficiency, and brand advantages; in R&D, the company possesses a national engineering technology center, over **1,000** intellectual property rights, and integrates five core technologies (A+B+C+D+I); regarding data resources, it has built a "data factory" system and "ecological environment dual carbon cloud map"; customer advantage is reflected in extensive government and enterprise client coverage and high stickiness; product and service advantage lies in providing full lifecycle solutions; operational advantage is demonstrated in platform-based services across smart environmental protection, smart dual carbon, and smart cities; brand advantage stems from its industry position and technological strength - The company undertakes the **National Engineering Technology Center for Industrial Pollution Source Monitoring** under the Ministry of Ecology and Environment and the **National Engineering Research Center for IoT Applications**, possessing over **1,000** independent intellectual property rights[49](index=49&type=chunk)[50](index=50&type=chunk) - Built a **"data factory" technical system**, integrating **artificial intelligence, blockchain, cloud computing, big data, and IoT** five core technologies, forming six core capabilities[51](index=51&type=chunk) - Possesses nearly **30 years** of urban data from various provinces, cities, and counties nationwide, and pollution emission information from over **700,000** enterprises, forming the **"ecological environment dual carbon cloud map"** core dataset[54](index=54&type=chunk) - Continuously serves the Ministry of Ecology and Environment's **"National Carbon Market Management Platform"** with its platform-based product layout and strong data processing capabilities[29](index=29&type=chunk) - Chairman **Li Wei** was appointed as an expert committee member for the **"15th Five-Year Plan"** of Beijing Urban Sub-center (Tongzhou District)[61](index=61&type=chunk) - **Rock Jiahua Technology Group** was awarded the **"National May 1st Labor Medal,"** recognizing its contributions in the ecological environment dual carbon sector and technological innovation[78](index=78&type=chunk) [Core Technologies and R&D Progress](index=22&type=section&id=Core%20Technologies%20and%20R%26D%20Progress) During the reporting period, the company continued to deepen core technology R&D, achieving significant progress in eight major areas: ecological environment dual carbon large models, data empowerment platforms (data resource management, algorithm platform, data management center), AI algorithm and system R&D, AI edge-cloud collaboration platform, Haidongqing time-series database, IoT platform, cloud-chain sharing platform, and smart terminals and data security products; the company actively participates in national standard setting, newly obtained **5** invention patents, **6** software copyrights, and **3** trademarks, with a cumulative total of **1,039** intellectual property rights; the capitalization ratio of R&D investment significantly increased, demonstrating the company's emphasis on future technological productization [Core Technologies, Their Advanced Nature, and Changes During the Reporting Period](index=22&type=section&id=Core%20Technologies%2C%20Their%20Advanced%20Nature%2C%20and%20Changes%20During%20the%20Reporting%20Period) During the reporting period, the company continued to advance core technology innovation, covering eight major areas: ecological environment dual carbon large models, data empowerment platforms, AI algorithm and system R&D, AI edge-cloud collaboration platform, Haidongqing time-series database, IoT platform, cloud-chain sharing platform, smart terminals, and data security products; in these areas, the company developed multiple advanced technologies, such as dynamic network compression, long-context understanding, retrieval-augmented generation, data asset mapping, intelligent training task scheduling, high-performance gateways, national secret-supported blockchain underlying architecture, and embedded software and hardware technologies, and actively participated in national standard setting, demonstrating its leading position in IoT big data and AI - During the reporting period, the company led or participated in the revision of **9** standards (**7** national standards, **1** industry standard, **1** group standard), and participated in the release of **12** standards[81](index=81&type=chunk) - The ecological environment dual carbon large model possesses **11** core technologies, including dynamic network compression and optimization, long-context understanding, large model capability expansion and enhancement, retrieval-augmented generation (RAG), TextToSQL based on natural language generation, and smart enforcement based on large language models[82](index=82&type=chunk)[83](index=83&type=chunk)[84](index=84&type=chunk)[85](index=85&type=chunk)[86](index=86&type=chunk)[87](index=87&type=chunk)[88](index=88&type=chunk)[89](index=89&type=chunk) - The data empowerment platform includes core technologies such as the data resource management platform (data asset mapping, value dynamic evaluation model, cost-benefit quantification model), algorithm platform (intelligent training task scheduling, efficient inference service deployment, connecting to massive data from the data management center), and data management center (metadata management, data development and ETL, MCP services, file data extraction)[90](index=90&type=chunk)[91](index=91&type=chunk)[92](index=92&type=chunk)[93](index=93&type=chunk)[94](index=94&type=chunk)[95](index=95&type=chunk)[96](index=96&type=chunk)[97](index=97&type=chunk)[98](index=98&type=chunk)[99](index=99&type=chunk)[100](index=100&type=chunk)[101](index=101&type=chunk) - AI algorithm and system R&D possesses **6** core technologies, including AI algorithm model training, cross-hardware AI inference, precise traceability and dynamic pollution control, integrated air quality forecasting and early warning, multi-source time-series fusion prediction, and large model-based off-site enforcement[102](index=102&type=chunk)[103](index=103&type=chunk)[104](index=104&type=chunk)[105](index=105&type=chunk)[106](index=106&type=chunk)[107](index=107&type=chunk)[108](index=108&type=chunk) - Haidongqing time-series database possesses **12** core technologies, including time-series indexing, SQL optimization, ISR distributed algorithm, data storage encryption, pre-computation aggregation query optimization algorithm, memory limits, master-slave switching, data desensitization, lossy compression, MySQL protocol, hierarchical Binder, and Cascades optimizer[117](index=117&type=chunk)[118](index=118&type=chunk)[119](index=119&type=chunk)[120](index=120&type=chunk)[121](index=121&type=chunk) - IoT platform possesses **9** core technologies, including high-performance gateways, distributed computing engines, underlying network protocols, low-code data parsing, full-link monitoring, rule engines, big data analysis based on SQL combined with graphical operations, flexible data visualization and data asset services, and multi-source heterogeneous data flow[122](index=122&type=chunk)[123](index=123&type=chunk)[124](index=124&type=chunk)[125](index=125&type=chunk)[126](index=126&type=chunk)[127](index=127&type=chunk) - Cloud-chain sharing platform possesses **12** core technologies, including national secret-supported blockchain underlying architecture, role-based permission control system based on key pairs, secure and controllable peer-to-peer data sharing network, blockchain infrastructure supporting hardware encryption, K8S-based blockchain management platform technology, open platform technology, blockchain cross-chain subsystem, blockchain-based user authentication technology, blockchain-based data rights confirmation technology, DHT network-based blockchain file processing technology, smart contract execution supervision system, and blockchain digital asset management platform[128](index=128&type=chunk)[129](index=129&type=chunk)[130](index=130&type=chunk)[131](index=131&type=chunk)[132](index=132&type=chunk)[133](index=133&type=chunk) - Smart terminals possess **6** core technologies, including embedded software and hardware technology, smart sensor design technology, data processing and analysis technology, data perception technology, data security technology, and remote control technology[134](index=134&type=chunk)[135](index=135&type=chunk)[136](index=136&type=chunk)[137](index=137&type=chunk)[138](index=138&type=chunk)[139](index=139&type=chunk)[140](index=140&type=chunk) - Data security products possess **8** core technologies, including IAM unified identity authentication, API data security gateway, blockchain trusted storage platform, content data security platform, IoT security gateway, Haidongqing database anti-ransomware, national secret system, and commercial cryptographic service middleware technology[141](index=141&type=chunk)[142](index=142&type=chunk)[143](index=143&type=chunk)[144](index=144&type=chunk)[145](index=145&type=chunk)[146](index=146&type=chunk) - Subsidiary **Taiyuan Rock Jiahua Industrial Co., Ltd** was recognized as a national **"specialized, refined, unique, and new"** small giant enterprise, with its products being air quality monitoring products[146](index=146&type=chunk) [R&D Achievements Obtained During the Reporting Period](index=43&type=section&id=R%26D%20Achievements%20Obtained%20During%20the%20Reporting%20Period) During the reporting period, the company newly obtained **5** authorized invention patents, **6** software copyrights, and **3** trademarks; as of the end of the reporting period, the company cumulatively owned **1,039** intellectual property rights, including **52** invention patents, **38** utility model patents, **17** design patents, **617** software copyrights, and **315** trademarks Intellectual Property New Additions and Cumulative Numbers During the Reporting Period | Intellectual Property Type | New Applications in Current Period (items) | New Acquisitions in Current Period (items) | Cumulative Applications (items) | Cumulative Acquisitions (items) | | :--- | :--- | :--- | :--- | :--- | | Invention Patents | 1 | 5 | 41 | 52 | | Utility Model Patents | 0 | 0 | 2 | 38 | | Design Patents | 0 | 0 | 0 | 17 | | Software Copyrights | 7 | 6 | 1 | 617 | | Other (Trademarks) | 0 | 3 | 0 | 315 | | Total | 8 | 14 | 44 | 1,039 | [R&D Investment Table](index=43&type=section&id=R%26D%20Investment%20Table) During the reporting period, the company's total R&D investment was **23.0579 million yuan**, a year-on-year decrease of **16.00%**; expensed R&D investment decreased by **43.37%** year-on-year, while capitalized R&D investment significantly increased by **250.30%**, with the capitalization ratio of R&D investment increasing by **29.55** percentage points, mainly due to the addition of **4** capitalized projects R&D Investment | Indicator | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 14,095,006.35 | 24,890,644.85 | -43.37 | | Capitalized R&D Investment | 8,962,921.47 | 2,558,665.59 | 250.30 | | Total R&D Investment | 23,057,927.82 | 27,449,310.44 | -16.00 | | Total R&D Investment as % of Operating Revenue (%) | 21.07 | 15.32 | Increased by 5.75 percentage points | | Capitalization Ratio of R&D Investment (%) | 38.87 | 9.32 | Increased by 29.55 percentage points | - The significant change in the capitalization ratio of R&D investment is mainly due to the addition of **4** capitalized projects in the current period[149](index=149&type=chunk) [R&D Project Status](index=44&type=section&id=R%26D%20Project%20Status) The company had **17** R&D projects during the reporting period, covering Digital Jiahua Platform, Scientific Regulation of Air Pollution Prevention and Control, Ecological Environment Dual Carbon Cloud Map, Smart Environmental Protection Platform, AI Visual Recognition System, Group Carbon Emission and Carbon Asset Management Platform, Industrial Park Safety Risk Intelligent Control Platform, Government Carbon Ledger, Vehicle-mounted Environmental Monitoring Series Products, Greenhouse Gas Online Automatic Monitoring System, Energy Saving and Carbon Reduction Green Transformation Big Data Analysis Platform, Digital Low-Carbon Environmental Steward Operation Service Platform, and Environmental Large Model Application Platform; these projects have a total estimated investment of **164.5291 million yuan**, with **20.6894 million yuan** invested in the current period and a cumulative investment of **90.0702 million yuan**, with most projects in the functional development, testing, or trial operation stages, aiming to enhance the company's technological level and market competitiveness in smart environmental protection, dual carbon, and smart city sectors Major R&D Project Status (Partial) | No. | Project Name | Estimated Total Investment (10,000 yuan) | Current Period Investment (10,000 yuan) | Cumulative Investment (10,000 yuan) | Progress or Phased Achievements | | :--- | :--- | :--- | :--- | :--- | :--- | | 1 | Digital Jiahua Platform V2.0 | 1,433.42 | 4.84 | 1,522.94 | CRM, OA, procurement management system optimized, project management closed-loop, SaaS transformation completed | | 3 | Ecological Environment Dual Carbon Cloud Map V2.0 | 909.83 | 95.45 | 942.12 | Data element management tool entered testing, AreMod model automated operation, pollution source data verification algorithm developed | | 6 | Group Carbon Emission and Carbon Asset Management Platform V1.0 | 1,522.09 | 248.62 | 766.26 | Dual carbon cockpit, carbon target management R&D completed, support for 6 major industries and 15 sub-industries added | | 13 | Ecological Environment Digital Transformation Platform | 2,103.45 | 214.24 | 214.24 | Ecological environment enforcement large model implemented, R&D of enterprise pollutant discharge permit post-verification large model, etc | | 14 | Three-in-One Platform | 869.02 | 163.69 | 163.69 | First version of algorithm platform functions developed, data synchronization with data management center completed, data trading market R&D completed | [R&D Personnel Status](index=52&type=section&id=R%26D%20Personnel%20Status) As of the end of the reporting period, the company had **175** R&D personnel, accounting for **27.05%** of the total workforce; total R&D personnel compensation was **13.6196 million yuan**, with an average compensation of **77,400 yuan**; the R&D team is primarily composed of bachelor's and master's degree holders, with an age structure concentrated between **30-40** years old Basic Information of R&D Personnel | Indicator | Current Period Number | Prior Year Period Number | | :--- | :--- | :--- | | Number of Company R&D Personnel (persons) | 175 | 200 | | R&D Personnel as % of Total Company Workforce (%) | 27.05% | 28.17% | | Total R&D Personnel Compensation (10,000 yuan) | 1,361.96 | 1,664.94 | | Average R&D Personnel Compensation (10,000 yuan) | 7.74 | 6.94 | Education Level of R&D Personnel | Education Level | Number (persons) | Proportion (%) | | :--- | :--- | :--- | | Doctoral Candidate | 1 | 0.57 | | Master's Candidate | 32 | 18.29 | | Bachelor's Degree | 131 | 74.86 | | Associate Degree | 9 | 5.14 | | High School and Below | 2 | 1.14 | | Total | 175 | 100 | [Risk Factors](index=52&type=section&id=Risk%20Factors) The company faces risks including performance growth falling short of expectations, core competitiveness challenges (rapid technology upgrades, talent loss, R&D iteration difficulties), operational risks (intensified market competition, business transformation falling short, dual carbon business uncertainties, customer concentration), financial risks (revenue decline, gross profit margin reduction, accounts receivable impairment, R&D investment, cash flow, negative operating cash flow, asset impairment), and macroeconomic environment risks; management is actively responding through R&D optimization, market promotion, and enhanced customer management [Risk of Performance Growth Falling Short of Expectations](index=52&type=section&id=Risk%20of%20Performance%20Growth%20Falling%20Short%20of%20Expectations) The company's operating revenue decreased by **38.91%** year-on-year in the first half of 2025, mainly due to macroeconomic factors, industry development, intensified market competition, tight customer fiscal funds, and cautious budget allocation; if product sales and R&D project progress fall short of expectations, the company faces the risk of sustained losses in the future - In the first half of 2025, operating revenue was **109.429 million yuan**, a **38.91%** decrease compared to the same period last year[161](index=161&type=chunk) - The risk of loss primarily stems from intensified market competition, tight customer fiscal funds, cautious budget allocation, and reduced renewal amounts for data operation service projects, leading to a gross profit margin below expectations[161](index=161&type=chunk) [Core Competitiveness Risk](index=52&type=section&id=Core%20Competitiveness%20Risk) The company faces risks from the rapid iteration of IoT technology, loss of core technical and R&D personnel, and disruptions in technology R&D iteration due to personnel changes; the company needs continuous innovation, optimized R&D investment, and talent reserves to address challenges from rapid technological development and talent mobility - The IoT industry experiences rapid technological upgrades and iterations; if the company fails to continuously innovate or successfully commercialize new technologies, its competitiveness will be weakened[163](index=163&type=chunk) - Loss of core technical and R&D personnel may hinder the achievement of the company's operational goals[163](index=163&type=chunk) - Changes in R&D personnel may lead to difficulties in the maintenance and upgrade of underlying architectural technologies (such as databases, IoT, AI platforms) and the smooth extension and expansion of main business applications[164](index=164&type=chunk) [Operational Risk](index=53&type=section&id=Operational%20Risk) The company faces risks from intensified market competition, business transformation falling short of expectations, uncertainties in dual carbon business development, and customer concentration; market competition may lead to market share decline and gross profit margin reduction; new product promotion during business transformation may take a long time, potentially affecting traditional businesses; the dual carbon market is subject to policy and institutional improvements, leading to uncertainties; customer concentration exists in the smart desulfurization operation sector - Intensified market competition in the smart environmental protection sector may lead to a decline in market share and gross profit margin[165](index=165&type=chunk) - The company's transformation to a platform-based model requires a longer time for new product promotion, which may affect traditional businesses and carry the risk of unsuccessful transformation[165](index=165&type=chunk) - Dual carbon business development is influenced by the international climate governance landscape and domestic carbon market policies and institutional improvements, posing a risk of falling short of expectations[166](index=166&type=chunk) - Customer concentration risk exists in the smart desulfurization operation sector, with a single power plant customer served for many years[166](index=166&type=chunk) [Financial Risk](index=54&type=section&id=Financial%20Risk) The company faces financial risks including revenue decline, gross profit margin reduction, impairment of accounts receivable, R&D investment (failure or impairment of capitalized projects), cash flow shortages, persistently negative operating cash flow, and asset impairment; main reasons include fewer new orders, long collection cycles, tight customer funds, and intensified market competition - Fewer new orders, reduced contract renewal amounts, and project audit settlement reductions may lead to revenue decline and gross profit margin reduction[167](index=167&type=chunk) - Accounts receivable balance has increased year by year, and deterioration of customer credit may lead to bad debts, affecting profitability and cash flow[167](index=167&type=chunk) - If capitalized R&D projects fail to develop or do not generate economic benefits, they will result in asset impairment losses[167](index=167&type=chunk) - Long customer collection cycles and tight funds may lead to cash flow shortages and persistently negative operating cash flow[168](index=168&type=chunk)[169](index=169&type=chunk) - Changes in market conditions, intensified industry competition, and technological substitution may lead to impairment of inventory, fixed assets, intangible assets, and other assets[169](index=169&type=chunk) [Industry Risk](index=55&type=section&id=Industry%20Risk) The IoT industry faces intensified competition with the entry of leading enterprises like Huawei, and the company has a gap in capital, talent, and R&D investment compared to these giants, which may affect its ability to compete in comprehensive businesses, retain existing customers, and acquire new ones - Intensified competition in the IoT industry, with the entry of leading enterprises like **Huawei**, puts the company at a disadvantage in terms of capital, talent, and R&D investment[170](index=170&type=chunk) - Competitive disadvantages may affect the company's ability to participate in comprehensive business competition, retain existing customers, and acquire new customers[170](index=170&type=chunk) [Macroeconomic Environment Risk](index=55&type=section&id=Macroeconomic%20Environment%20Risk) The development of the IoT industry is closely related to macroeconomic conditions; if the macroeconomic environment fluctuates or growth slows down, it may lead to fluctuations in demand for IoT technology applications, thereby affecting the company's business development and operating conditions - The development of the IoT industry is related to macroeconomic conditions, and macroeconomic fluctuations may affect the demand for IoT technology applications[171](index=171&type=chunk) [Major Operating Conditions During the Reporting Period](index=55&type=section&id=Major%20Operating%20Conditions%20During%20the%20Reporting%20Period) During the reporting period, the company's operating revenue decreased by **38.91%** year-on-year, and net loss increased by **38.55%**; major financial items such as operating cost, R&D expenses, net cash flow from operating activities, net cash flow from investing activities, and net cash flow from financing activities all experienced significant changes, reflecting intensified market competition, tight fiscal funds, adjustments in R&D investment structure, and changes in cash management and borrowing activities [Main Business Analysis](index=55&type=section&id=Main%20Business%20Analysis) During the reporting period, the company's operating revenue decreased by **38.91%** year-on-year, and operating cost decreased by **33.66%** year-on-year, mainly due to intensified market competition and tight customer fiscal funds leading to fewer orders; R&D expenses decreased by **43.37%** year-on-year, mainly due to reduced R&D personnel and increased capitalized projects; net cash flow from operating activities was negative due to reduced sales collections, net cash flow from investing activities significantly decreased due to reduced cash management, and net cash flow from financing activities turned positive due to increased borrowings Financial Statement Related Items Fluctuation Analysis | Item | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 109,428,980.18 | 179,129,122.18 | -38.91 | | Operating Cost | 87,074,414.89 | 131,259,258.78 | -33.66 | | Selling Expenses | 8,459,329.88 | 11,066,273.06 | -23.56 | | Administrative Expenses | 28,970,444.79 | 34,373,432.21 | -15.72 | | Financial Expenses | 757,194.23 | 691,219.42 | 9.54 | | R&D Expenses | 14,095,006.35 | 24,890,644.85 | -43.37 | | Net Cash Flow from Operating Activities | -31,881,866.46 | -24,957,225.44 | N/A | | Net Cash Flow from Investing Activities | 11,805,673.40 | 89,887,068.00 | -86.87 | | Net Cash Flow from Financing Activities | 2,286,656.61 | -1,826,407.56 | N/A | - Operating revenue decrease mainly due to intensified industry market competition, tight fiscal funds in various regions, and a reduction in company orders[173](index=173&type=chunk) - R&D expenses decrease mainly due to a reduction in R&D personnel, decreased salaries and wages, and an increase in capitalized R&D projects[174](index=174&type=chunk) - Net cash flow from investing activities significantly decreased by **86.87%**, mainly due to a reduction in cash management in the current period[174](index=174&type=chunk) [Analysis of Assets and Liabilities](index=56&type=section&id=Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's total assets and net assets attributable to shareholders of the listed company both decreased; trading financial assets significantly decreased by **94.98%**, mainly due to the recovery of cash management funds; notes receivable increased by **292.07%**, due to new bank notes with lower credit ratings; right-of-use assets increased by **49.26%**, due to new office space leases; development expenditures increased by **93.49%**, due to new capitalized R&D projects; employee compensation payable decreased by **58.64%**, due to the distribution of bonuses and severance benefits accrued in the previous year Asset and Liability Status Changes (Partial) | Item Name | Current Period End Amount (yuan) | Current Period End as % of Total Assets (%) | Prior Year End Amount (yuan) | Prior Year End as % of Total Assets (%) | Change from Prior Year End (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 63,715,118.02 | 6.54 | 80,346,375.99 | 7.83 | -20.70 | | | Trading Financial Assets | 1,003,243.84 | 0.10 | 20,000,944.44 | 1.95 | -94.98 | Mainly due to recovery of cash management funds | | Notes Receivable | 12,469,096.72 | 1.28 | 3,180,286.25 | 0.31 | 292.07 | New bank notes with lower credit ratings at current period end | | Right-of-Use Assets | 5,165,535.26 | 0.53 | 3,460,798.96 | 0.34 | 49.26 | New office space leases at current period end | | Development Expenditures | 8,008,466.34 | 0.82 | 4,138,963.93 | 0.40 | 93.49 | Mainly due to new capitalized R&D projects in current period | | Employee Compensation Payable | 8,105,893.26 | 0.83 | 19,596,315.35 | 1.91 | -58.64 | Mainly due to distribution of bonuses and severance benefits accrued at prior year end | [Investment Status Analysis](index=57&type=section&id=Investment%20Status%20Analysis) At the end of the reporting period, the company's financial assets measured at fair value totaled **2.7189 million yuan**, a significant decrease from **23.7668 million yuan** at the beginning of the period; current period purchases amounted to **154 million yuan**, and sales/redemptions amounted to **173 million yuan**, mainly reflecting changes in structured deposits Changes in Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (10,000 yuan) | Fair Value Change Gains/Losses in Current Period (10,000 yuan) | Current Period Purchases (10,000 yuan) | Current Period Sales/Redemptions (10,000 yuan) | Other Changes (10,000 yuan) | Ending Balance (10,000 yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Other (Structured Deposits) | 2,000.09 | 0.23 | 15,400.00 | 17,300.00 | 0 | 100.32 | | Other (Receivables Financing) | 376.59 | 0 | 0 | 0 | -205.02 | 171.57 | | Total | 2,376.68 | 0.23 | 15,400.00 | 17,300.00 | -205.02 | 271.89 | [Analysis of Major Holding and Participating Companies](index=58&type=section&id=Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) During the reporting period, the company's major subsidiary, Taiyuan Rock Jiahua Industrial Co., Ltd, achieved operating revenue of **49.3024 million yuan** and net profit of **6.9480 million yuan**; other subsidiaries such as Taiyuan Rock Jiahua Data Technology Co., Ltd and Chengdu Jiahua IoT Cloud Technology Co., Ltd incurred losses, with Chengdu Jiahua IoT Cloud Technology Co., Ltd reporting a net loss of **15.3170 million yuan** Financial Status of Major Subsidiaries (Partial) | Company Name | Operating Revenue (10,000 yuan) | Net Profit (10,000 yuan) | | :--- | :--- | :--- | | Taiyuan Rock Jiahua Industrial Co., Ltd | 4,930.24 | 694.80 | | Taiyuan Rock Jiahua Data Technology Co., Ltd | 681.05 | -1,111.92 | | Beijing Jiahua Zhilian Technology Co., Ltd | 1,583.95 | -424.84 | | Shandong Rock Jiahua Technology Co., Ltd | 492.86 | -211.77 | | Rock Jiahua (Chongqing) Technology Co., Ltd | 605.37 | -435.03 | | Chengdu Jiahua IoT Cloud Technology Co., Ltd | 229.63 | -1,531.70 | Corporate Governance, Environment, and Society [Changes in Company Directors, Supervisors, Senior Management, and Core Technical Personnel](index=59&type=section&id=Changes%20in%20Company%20Directors%2C%20Supervisors%2C%20Senior%20Management%2C%20and%20Core%20Technical%20Personnel) During the reporting period, the company completed the re-election of the third board of directors, dismissing **4** directors/independent directors including Zhao Ang, and electing **4** directors/independent directors including Meng Xiaomei; concurrently, the first meeting of the fourth board of directors appointed Li Wei as General Manager, Chen Jingnan and Chi Zhihui as Deputy General Managers, Huang Zhilong as Deputy General Manager and Board Secretary, and Wang Pengpeng as Financial Controller; the identification of core technical personnel is based on their leading role in core technology areas and outstanding contributions to intellectual property Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Change Status | | :--- | :--- | :--- | | Zhao Ang | Director | Dismissed | | Ma Zhiming | Independent Director | Dismissed | | Zheng Jianming | Independent Director | Dismissed | | Qiang Li | Independent Director | Dismissed | | Meng Xiaomei | Director | Elected | | Huang Hong | Independent Director | Elected | | Han Yufeng | Independent Director | Elected | | Li Weifeng | Independent Director | Elected | - The first meeting of the fourth board of directors appointed **Li Wei** as General Manager, **Chen Jingnan** and **Chi Zhihui** as Deputy General Managers, **Huang Zhilong** as Deputy General Manager and Board Secretary, and **Wang Pengpeng** as Financial Controller[184](index=184&type=chunk) - Core technical personnel identification criteria: leading figures in core technology areas with profound qualifications and R&D experience; undertaking important work in the company's R&D, with outstanding contributions to the invention and design of major intellectual property[185](index=185&type=chunk) [Profit Distribution or Capital Reserve Conversion Plan](index=59&type=section&id=Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) During the reporting period, the company had no profit distribution plan or capital reserve conversion to share capital plan - The company has no profit distribution plan or capital reserve conversion to share capital plan for this semi-annual report[186](index=186&type=chunk) Significant Matters [Fulfillment of Commitments](index=61&type=section&id=Fulfillment%20of%20Commitments) The company's controlling shareholder, actual controllers, core technical personnel, and other shareholders strictly fulfilled all commitments related to the initial public offering, including share lock-up, shareholding intentions and reduction intentions, stabilizing company stock price and share repurchase, share repurchase and compensation for fraudulent issuance, measures to mitigate dilution of immediate returns, avoiding horizontal competition, reducing and regulating related-party transactions, and social insurance and housing provident fund contributions; all commitments were strictly fulfilled on schedule, with no unfulfilled situations - Controlling shareholder **Shanghai Baiyu**, actual controllers **Li Wei** and **Wang Qian**, core technical personnel, and other shareholders strictly fulfilled share lock-up commitments related to the initial public offering[190](index=190&type=chunk)[191](index=191&type=chunk)[192](index=192&type=chunk)[193](index=193&type=chunk)[194](index=194&type=chunk)[195](index=195&type=chunk) - Controlling shareholder, actual controllers, and directors, senior management strictly fulfilled commitments to stabilize company stock price and share repurchase[197](index=197&type=chunk)[198](index=198&type=chunk) - The company, controlling shareholder, actual controllers, and directors, supervisors, senior management strictly fulfilled commitments for share repurchase and compensation for fraudulent issuance[198](index=198&type=chunk)[199](index=199&type=chunk)[200](index=200&type=chunk) - Controlling shareholder, actual controllers, and all directors, senior management strictly fulfilled measures and commitments to mitigate dilution of immediate returns[200](index=200&type=chunk)[201](index=201&type=chunk)[202](index=202&type=chunk) - Controlling shareholder, actual controllers, and shareholders holding **5%** or more, directors, supervisors, senior management strictly fulfilled commitments to avoid horizontal competition[202](index=202&type=chunk)[203](index=203&type=chunk) - Controlling shareholder, actual controllers, and shareholders holding **5%** or more strictly fulfilled commitments to reduce and regulate related-party transactions[203](index=203&type=chunk) - Controlling shareholder and actual controllers strictly fulfilled commitments regarding social insurance and housing provident fund contributions[204](index=204&type=chunk) [Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties During the Reporting Period](index=75&type=section&id=Non-Operating%20Fund%20Occupation%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties%20During%20the%20Reporting%20Period) During the reporting period, there was no non-operating fund occupation by the controlling shareholder or other related parties - During the reporting period, there was no non-operating fund occupation by the controlling shareholder or other related parties[204](index=204&type=chunk) [Irregular Guarantees](index=75&type=section&id=Irregular%20Guarantees) During the reporting period, the company did not provide external guarantees in violation of prescribed decision-making procedures - During the reporting period, the company did not provide external guarantees in violation of prescribed decision-making procedures[204](index=204&type=chunk) [Major Litigation and Arbitration Matters](index=75&type=section&id=Major%20Litigation%20and%20Arbitration%20Matters) During the reporting period, the company had no major litigation or arbitration matters - During the reporting period, the company had no major litigation or arbitration matters[204](index=204&type=chunk) [Suspected Violations, Penalties, and Rectification of Listed Company, Its Directors, Supervisors, Senior Management, Controlling Shareholder, and Actual Controllers](index=75&type=section&id=Suspected%20Violations%2C%20Penalties%2C%20and%20Rectification%20of%20Listed%20Company%2C%20Its%20Directors%2C%20Supervisors%2C%20Senior%20Management%2C%20Controlling%20Shareholder%2C%20and%20Actual%20Controllers) During the reporting period, there were no suspected violations, penalties, or rectification situations involving the company, its directors, supervisors, senior management, controlling shareholder, or actual controllers - During the reporting period, the company, its controlling shareholder, and actual controllers did not have unfulfilled effective court judgments or large overdue debts[204](index=204&type=chunk) [Major Contracts and Their Fulfillment](index=76&type=section&id=Major%20Contracts%20and%20Their%20Fulfillment) During the reporting period, the total guarantee amount provided by the company and its subsidiaries to subsidiaries was **31.7151 million yuan**, accounting for **4.74%** of the company's net assets; specifically, Taiyuan Rock Jiahua Industrial Co., Ltd received a joint liability guarantee of **7.5075 million yuan** from the company Company's Total Guarantee Amount | Indicator | Amount (10,000 yuan) | | :--- | :--- | | Total Guarantees Provided to Subsidiaries in Current Period | 750.75 | | Total Outstanding Guarantees to Subsidiaries at Period End (B) | 3,171.51 | | Total Guarantees (A+B) | 3,171.51 | | Total Guarantees as % of Company's Net Assets (%) | 4.74 | - **Taiyuan Rock Jiahua Industrial Co., Ltd** received a joint liability guarantee of **7.5075 million yuan** from the company, with a guarantee start date of **January 13, 2025**, and an expiration date of **January 13, 2026**[208](index=208&type=chunk) Share Changes and Shareholder Information [Share Capital Changes](index=79&type=section&id=Share%20Capital%20Changes) During the reporting period, there were no changes in the company's total ordinary share capital or share capital structure - During the reporting period, there were no changes in the company's total ordinary share capital or share capital structure[212](index=212&type=chunk) [Shareholder Information](index=79&type=section&id=Shareholder%20Information) As of the end of the reporting period, the total number of ordinary shareholders was **5,075**; among the top ten shareholders, Shanghai Baiyu Information Technology Co., Ltd held **31.63%** of the shares, being the controlling shareholder; Li Wei held **15.63%**, being one of the actual controllers; Li Wei and Wang Qian, as a couple, collectively controlled **48.46%** of the company's shares through direct and indirect means Total Number of Ordinary Shareholders as of the End of the Reporting Period | Indicator | Number (households) | | :--- | :--- | | Total Number of Ordinary Shareholders as of the End of the Reporting Period | 5,075 | Top Ten Shareholders' Shareholding (Partial) | Shareholder Name | Shares Held at Period End (shares) | Proportion (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Shanghai Baiyu Information Technology Co., Ltd | 24,463,099 | 31.63 | Domestic Non-State-Owned Legal Person | | Li Wei | 12,089,574 | 15.63 | Domestic Natural Person | | Gongqingcheng Huayun Investment Management Partnership (Limited Partnership) | 8,952,485 | 11.58 | Domestic Non-State-Owned Legal Person | | Li Jin | 2,500,000 | 3.23 | Domestic Natural Person | | Shanghai Pugang Enterprise Management Center (Limited Partnership) | 1,855,000 | 2.40 | Domestic Non-State-Owned Legal Person | - Actual controllers **Li Wei** and **Wang Qian**, as a couple, collectively controlled **48.46%** of the company's shares through direct and indirect means[217](index=217&type=chunk) Bond-Related Information [Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=82&type=section&id=Corporate%20Bonds%20%28Including%20Enterprise%20Bonds%29%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments - During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[220](index=220&type=chunk) [Convertible Corporate Bonds](index=82&type=section&id=Convertible%20Corporate%20Bonds) During the reporting period, the company had no convertible corporate bonds - During the reporting period, the company had no convertible corporate bonds[220](index=220&type=chunk) Financial Report [Financial Statements](index=83&type=section&id=Financial%20Statements) This chapter provides the company'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 presenting the financial position, operating results, and cash flow situation at the end of the reporting period - Includes consolidated balance sheet, parent company balance sheet, consolidated income statement, parent company income statement, consolidated cash flow statement, parent company cash flow statement, consolidated statement of changes in owners' equity, and parent company statement of changes in owners' equity[222](index=222&type=chunk)[226](index=226&type=chunk)[230](index=230&type=chunk)[234](index=234&type=chunk)[237](index=237&type=chunk)[240](index=240&type=chunk)[243](index=243&type=chunk)[249](index=249&type=chunk) [Company's Basic Information](index=99&type=section&id=Company%27s%20Basic%20Information) Rock Jiahua Technology Group Co., Ltd was listed on the Shanghai Stock Exchange on March 20, 2020, with a total share capital of **77.3340 million shares** as of June 30, 2025; the company belongs to the software and information technology services industry, focusing on IoT big data technology R&D and application, providing full lifecycle solutions and data operation services in smart environmental protection, smart dual carbon, and low-carbon smart cities; **17** subsidiaries were included in the scope of consolidation for this period - The company was listed on the Shanghai Stock Exchange on **March 20, 2020**, with a cumulative issued share capital of **77.3340 million shares** as of **June 30, 2025**[253](index=253&type=chunk) - The company belongs to the **software and information technology services industry**, with its main business being **IoT big data technology R&D and application**, focusing on smart environmental protection, smart dual carbon, and low-carbon smart cities[254](index=254&type=chunk) - **17** subsidiaries were included in the scope of consolidation for this period, with no change in the scope of consolidation compared to the previous period[255](index=255&type=chunk) [Basis of Financial Statement Preparation](index=99&type=section&id=Basis%20of%20Financial%20Statement%20Preparation) The company's financial statements are prepared in accordance with enterprise accounting standards and relevant regulations of the China Securities Regulatory Commission, using the accrual basis of accounting and historical cost as the measurement basis, and a going concern assessment was performed with no significant doubts identified - Financial statements are prepared in accordance with **enterprise accounting standards** and **"Information Disclosure Rules for Companies Issuing Securities to the Public No. 15 – General Provisions for Financial Reports (Revised 2023)"** by the China Securities Regulatory Commission[257](index=257&type=chunk) - Accounting is based on the **accrual basis**, and except for certain financial instruments, **historical cost** is used as the measurement basis[259](index=259&type=chunk) - The company assessed its ability to continue as a going concern for **12 months** from the end of the reporting period and found no significant doubts[258](index=258&type=chunk) [Significant Accounting Policies and Accounting Estimates](index=99&type=section&id=Significant%20Accounting%20Policies%20and%20Accounting%20Estimates) This chapter details the significant accounting policies and estimates followed by the company in preparing its financial statements, including the classification, recognition, and measurement of financial instruments, methods for impairment provision for notes receivable, accounts receivable, and other receivables, classification and valuation of inventories, recognition of contract assets, accounting for long-term equity investments, depreciation and amortization of fixed assets and intangible assets, capitalization criteria for R&D expenditures, and specific methods for revenue recognition; the company has detailed provisions for each accounting treatment based on business characteristics and industry experience, and continuously assesses the reasonableness of key accounting estimates - Detailed provisions for the classification, recognition, measurement, and derecognition of financial assets and financial liabilities, as well as fair value determination and impairment treatment[288](index=288&type=chunk)[289](index=289&type=chunk)[290](index=290&type=chunk)[291](index=291&type=chunk)[292](index=292&type=chunk)[293](index=293&type=chunk)[294](index=294&type=chunk)[295](index=295&type=chunk)[296](index=296&type=chunk)[297](index=297&type=chunk)[298](index=298&type=chunk)[299](index=299&type=chunk)[300](index=300&type=chunk)[301](index=301&type=chunk)[302](index=302&type=chunk)[303](index=303&type=chunk)[304](index=304&type=chunk)[305](index=305&type=chunk)[306](index=306&type=chunk)[307](index=307&type=chunk)[308](index=308&type=chunk)[309](index=309&type=chunk) - Impairment provisions for notes receivable, accounts receivable, and other receivables are calculated using the **expected credit loss model**, and are grouped based on credit risk characteristics[310](index=310&type=chunk)[311](index=311&type=chunk)[312](index=312&type=chunk)[314](index=314&type=chunk)[315](index=315&type=chunk)[316](index=316&type=chunk) - Inventories are initially measured at **cost**, valued at the **weighted average method** at month-end when issued, and impairment provisions are made at the lower of cost and net realizable value at period-end[317](index=317&type=chunk)[318](index=318&type=chunk)[319](index=319&type=chunk) - Revenue recognition follows the principle of recognizing revenue when the customer obtains control of the related goods or services, and different methods are applied based on business types (product sales, operation and maintenance services, engineering construction, other businesses)[361](index=361&type=chunk)[362](index=362&type=chunk)[363](index=363&type=chunk)[364](index=364&type=chunk) - R&D expenditures are divided into research and development phases, with development phase expenditures recognized as intangible assets when specific conditions are met[345](index=345&type=chunk)[346](index=346&type=chunk) [Taxes](index=130&type=section&id=Taxes) The company's main taxes include value-added tax, property tax, land use tax, urban maintenance and construction tax, education surcharge, local education surcharge, and corporate income tax; the company and some subsidiaries enjoy high-tech enterprise income tax incentives (**15%** tax rate), while some subsidiaries enjoy Western Development encouraged industry policies (**15%** tax rate) or small and micro enterprise income tax incentives (**20%** tax rate) Major Tax Types and Rates | Tax Type | Tax Rate | | :--- | :--- | | Value-Added Tax | 13%, 9%, 6%, 5%, 3% | | Property Tax | 1.2%, 12% | | Land Use Tax | 3 yuan/sqm | | Urban Maintenance and Construction Tax | 7%, 5% | | Education Surcharge | 3% | | Local Education Surcharge | 2% | | Corporate Income Tax | 15%, 20%, 25% | - The company and its subsidiaries **Tai Luo Industrial, Jiahua Zhilian, Chengdu Company, and Rock Jiahua (Chongqing) Technology Co., Ltd** enjoy a **15%** corporate income tax preferential rate[377](index=377&type=chunk)[379](index=379&type=chunk)[380](index=380&type=chunk) - Subsidiaries **Huahuan Ecology, Tianyi Blue, Shanghai Technology, Zhihui Juyuan, Tianjin Zhichuang, Jiahua Xinghui, and Hainan Company** are eligible for small and micro enterprise corporate income tax preferential policies[381](index=381&type=chunk) [Notes to Consolidated Financial Statement Items](index=132&type=section&id=Notes%20to%20Consolidated%20Financial%20Statement%20Items) This chapter details the specific situation and changes of each item in the consolidated financial statements, including cash and bank balances, trading financial assets, notes receivable, accounts receivable, contract assets, receivables financing, prepayments, other receivables, inventories, non-current assets due within one year, other current assets, long-term receivables, long-term equity investments, fixed assets, construction in progress, right-of-use assets, intangible assets, long-term deferred expenses, deferred income tax assets/liabilities, other non-current assets, assets with restricted ownership or use rights, short-term borrowings, notes payable, accounts payable, contract liabilities, employee compensation payable, taxes payable, other payables, non-current liabilities due within one year, lease liabilities, provisions, deferred income, share capital, capital reserves, surplus reserves, undistributed profits, operating revenue and operating cost, taxes and surcharges, selling expenses, administrative expenses, R&D expenses, financial expenses, other income, investment income, fair value change gains, asset disposal gains, credit impairment losses, asset impairment losses, non-operating income, non-operating expenses, income tax expenses, cash flow statement items, and leases Cash and Bank Balances at Period-End | Item | Period-End Balance (yuan) | | :--- | :--- | | Cash on Hand | 12,691.30 | | Bank Deposits | 63,232,434.72 | | Other Cash and Bank Balances | 469,992.00 | | Total | 63,715,118.02 | Restricted Cash and Bank Balances Details | Item | Period-End Balance (yuan) | Period-Beginning Balance (yuan) | | :--- | :--- | :--- | | Letter of Guarantee Deposit | 402,417.00 | 327,100.00 | | Judicially Frozen Funds | 1,572,961.48 | 490,000.00 | | Total | 1,975,378.48 | 817,100.00 | Trading Financial Assets at Period-End | Item | Period-End Balance (yuan) | Period-Beginning Balance (yuan) | | :--- | :--- | :--- | | Structured Deposits | 1,003,243.84 | 20,000,944.44 | | Total | 1,003,243.84 | 20,000,944.44 | Accounts Receivable Book Value at Period-End | Category | Period-End Book Value (yuan) | | :--- | :--- | | Impairment Provision for Individual Items | 0 | | Impairment Provision for Portfolio | 364,584,964.04 | | Total | 364,584,964.04 | Inventory Classification Book Value at Period-End | Item | Period-End Book Value (yuan) | | :--- | :--- | | Raw Materials | 8,196,205.38 | | Work in Progress | 52,591.86 | | Finished Goods | 3,075,751.90 | | Revolving Materials | 748,320.97 | | Contract Performance Costs | 21,583,311.38 | | Consigned Processing Materials | 18,095.13 | | Total | 33,674,276.62 | Fixed Assets Book Value at Period-End | Item | Period-End Book Value (yuan) | | :--- | :--- | | Buildings and Structures | 253,067,674.53 | | Office Equipment | 1,330,656.30 | | Machinery and Equipment | 29,841,724.72 | | Transportation Vehicles | 936,862.96 | | Smart Environmental Monitoring Equipment | 9,966,036.52 | | Total | 295,142,955.03 | Intangible Assets Book Value at Period-End | Item | Period-End Book Value (yuan) | | :--- | :--- | | Land Use Rights | 36,970,639.41 | | Software | 4,992,741.72 | | Data Resources | 4,838,748.10 | | Total | 46,802,129.23 | Short-Term Borrowings at Period-End | Item | Period-End Balance (yuan) | | :--- | :--- | | Guaranteed Loans | 63,715,105.18 | | Credit Loans | 10,000,000.00 | | Factoring Financing | 5,000,000.00 | | Total | 78,715,105.18 | Operating Revenue and Operating Cost for the Current Period | Item | Revenue (yuan) | Cost (yuan) | | :--- | :--- | :--- | | Main Business | 108,956,681.68 | 86,885,609.16 | | Other Businesses | 472,298.50 | 188,805.73 | | Total | 109,428,980.18 | 87,074,414.89 | Operating Revenue by Product Type | Product Type | Operating Revenue (yuan) | | :--- | :--- | | Smart Environmental Protection | 74,388,767.73 | | Smart City | 21,880,645.48 | | Smart Dual Carbon | 12,454,406.85 | | Other | 232,861.62 | | Total | 108,956,681.68 | R&D Expenses for the Current Period | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Salaries and Benefits | 11,354,935.56 | 20,304,619.56 | | Technical Consulting and Service Fees | 473,038.12 | 781,397.57 | | Material Consumption | 303,583.60 | 87,156.51 | | Depreciation and Amortization | 1,424,190.24 | 2,795,371.74 | | Office and Travel Expenses | 535,916.20 | 916,524.23 | | Other | 3,342.63 | 5,575.24 | | Total | 14,095,006.35 | 24,890,644.85 | Net Cash Flow from Operating Activities | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -31,881,866.46 | -24,957,225.44 | [R&D Expenditures](index=179&type=section&id=R%26D%20Expenditures) During the reporting period, the company's total R&D expenditures were **23.0579 million yuan**, of which **14.0950 million yuan** was expensed R&D and **8.9629 million yuan** was capitalized R&D; capitalized R&D expenditures significantly increased by **250.30%** year-on-year, mainly due to the addition of several important capitalized R&D projects, including Ecological Environment Dual Carbon Cloud Map V2.0, Ecological Environment Digital Transformation Platform, Digital Jiahua Platform V3.0, Three-in-One Platform, and Energy Saving and Carbon Reduction Green Transformation Big Data Analysis Platform R&D Expenditures by Expense Nature | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Salaries and Benefits | 17,563,366.34 | 22,348,568.60 | | Depreciation and Amortization | 2,561,657.51 | 3,179,917.58 | | Technical Consulting and Service Fees | 1,857,665.98 | 844,014.90 | | Office and Travel Expenses | 752,616.13 | 983,873.47 | | Material Consumption | 318,879.25 | 87,360.65 | | Other | 3,742.61 | 5,575.24 | | Total | 23,057,927.82 | 27,449,310.44 | | Of which: Expensed R&D Expenditures | 14,095,006.35 | 24,890,644.85 | | Capitalized R&D Expenditures | 8,962,921.47 | 2,558,665.59 | Important Capitalized R&D Projects (Partial) | Project | R&D Progress | Estimated Completion Time | Capitalization Start Date | | :--- | :--- | :--- | :--- | | Ecological Environment Dual Carbon Cloud Map V2.0 | 100% completed | 2025/4/30 | 2024/1/1 | | Ecological Environment Digital Transformation Platform | 16% completed | 2027/12/31 | 2025/2/1 | | Digital Jiahua Platform V3.0 | 25% completed | 2026/12/31 | 2025/1/1 | | Three-in-One Platform | 25% completed | 2026/12/31 | 2025/1/1 | | Energy Saving and Carbon Reduction Green Transformation Big Data Analysis Platform | 16% completed | 2027/12/31 | 2025/1/1 | [Changes in Consolidation Scope](index=182&type=section&id=Changes%20in%2

湖北万润新能源科技股份有限公司2025 年半年度报告 公司代码：688275 公司简称：万润新能 湖北万润新能源科技股份有限公司 2025 年半年度报告 1 / 196 湖北万润新能源科技股份有限公司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 公司已在本报告中描述可能存在的风险，敬请查阅"第三节 管理层讨论与分析"之"四、风 险因素"部分，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、 公司负责人刘世琦、主管会计工作负责人柴小琴及会计机构负责人（会计主管人员）刘惠 兰声明：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 本半年报中涉及的公司未来计划、发展战略等前瞻性陈述，不构成公司对投资者的实质承诺， 请投资者注意投资风 ...

新希望六和股份有限公司 2025 年半年度报告全文 新希望六和股份有限公司 2025 年半年度报告全文 新希望六和股份有限公司 2025 年半年度报告 2025-85 2025 年 8 月 30 日 1 自然灾害风险方面，饲料、屠宰与种植、畜禽养殖业紧密关联，因此， 气温反常、干旱、洪涝、地震、冰雹、雪灾等自然灾害均会对行业经营和发 展带来不利影响。在公司生产区域发生的自然灾害可能造成生产设施或设备 的重大损坏，自然灾害和极端气候也会推动部分饲料原料、肉类价格上涨。 2 新希望六和股份有限公司 2025 年半年度报告全文 例如，2023 年初，西南地区冬春连旱，导致部分地区旱情持续发展，对产业 链上的种植、养殖等多个环节产生不同程度的影响。2023 年中，中原地区出 现大范围持续阴雨天气，造成较大范围农作物受灾，也会对饲料原料价格产 生冲击，并影响原料质量。华南地区台风登陆带来的大范围大暴雨，也对生 猪养殖的疫病防控带来不利影响。 风险应对措施：在应对动物疫病方面，公司所建设的养殖场都是规范化、 标准化的养殖场，配备专业的养殖技术人员，采取了严格的防范措施，能够 较好地防范和控制疫病的发生。通过多年积累，公司 ...