上海延华智能科技(集团)股份有限公司 2025 年半年度报告全文 上海延华智能科技(集团)股份有限公司 2025 年半年度报告 2025 年 8 月 1 上海延华智能科技(集团)股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人胡新宇、主管会计工作负责人黄慧玲及会计机构负责人(会计 主管人员)唐秋结声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中涉及的未来计划、发展战略等前瞻性陈述可能受宏观经济环境、 市场环境等因素的影响而存在一定的不确定性，不构成公司对投资者的实质 性承诺，敬请投资者注意投资风险!投资者及相关人士均应当对此保持足够的 风险认识，并且应当理解计划、预测与承诺之间的差异。 公司面临的风险及应对措施详见本报告"第三节 管理层讨论与分析"中 的"第十点 公司面临的风险和应对措施"，敬请投资者注意阅读。 公司计划不派发现金红利，不送红股，不以公积金转增股 ...

东阿阿胶股份有限公司 2025 年半年度报告 东阿阿胶股份有限公司 2025 年半年度报告全文 1 【披露时间】 东阿阿胶股份有限公司 2025 年半年度报告全文 2 东阿阿胶股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人孙金妮、主管会计工作负责人及会计机构负责人(会计主管人 员)丁红岩声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 公司经本次董事会审议通过的利润分配预案为：以 643,976,824 股为基 数，向全体股东每 10 股派发现金红利 12.69 元（含税），送红股 0 股（含税）， 不以公积金转增股本。 3 | 第一节 | 重要提示、目录和释义 | | 3 | | --- | --- | --- | --- | | 第二节 | 公司简介和主要财务指标 | | 7 | | 第三节 | 管理层讨论与分析 | | 10 | | 第四节 | 公司治理、环境和社 ...

以 商 业 成 功 为 目 标 / 做 难 而 正 确 的 事 / 迈 向 产 业 链 价 值 高 地 / 打 造 完 整 产 业 链 2025年 半年度报告 山东潍坊润丰化工股份有限公司 SHANDONG WEIFANG RAINBOW CHEMICAL CO.,LTD 股票简称:润丰股份 股票代码:301035 2025年8月 成为全球领先的作物保护公司 源自中国 服务世界 350+ 自主专利 8400+ 全球已有登记 西班牙 制造基地 济南 全球运营中心 美国 休斯顿、香槟 制造基地 潍坊、青岛、宁夏 制造基地 5000+ 全球员工 济南、潍坊 研发中心 110+ 海外子公司 锥坊 工程开发中心 100+ 业务覆盖国 阿根廷 制造基地 中国农化品出口 全球农化公司 始终行业领先 排名第 10 2024排名第 1 2024排名第 10 2023排名第 1 2023排名第 1 1 2022排名第 1 2022排名第 1 1 2021排名第 1 2021排名第 1 1 全球中国造到中国品牌全球化 成为全球领先的作物保护公司 2025年半年度运营分析 7 - 公司明确了以九大流程为基础构建全球化运营管理体 系, ...

- 1 - 二〇二五年八月 成长 长青 共利 沪士电子股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实、准确、 完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 所有董事均已出席了审议本次半年报的董事会会议。公司负责人陈梅芳、主管会计工作 负责人朱碧霞及会计机构负责人李可欣声明：保证本半年度报告中财务报告的真实、准确、 完整。 公司 2025 年半年度财务报告未经审计。公司 2025 年半年度不派发现金红利，不送红股， 不以公积金转增股本。 本半年度报告如涉及未来计划等前瞻性陈述，是公司根据当前的战略规划、经营情况、 市场状况做出的预判，并不代表公司对未来年度的盈利预测及对投资者的实质承诺，能否实 现取决于市场状况变化等多种因素，存在较大的不确定性，投资者及相关人士均应当对此保 持足够的风险认识，并且应当理解计划、预测与承诺之间的差异。 公司董事会提请投资者及相关人士特别关注公司可能面临行业与市场竞争风险、汇率风 险、原物料供应及价格波动风险、产品质量控制风险、环保风险、贸易争端风险和海外工厂 ...

深圳广田集团股份有限公司 2025 年半年度报告全文 深圳广田集团股份有限公司 2025 年半年度报告 二〇二五年八月 1 深圳广田集团股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会及董事、高级管理人员保证半年度报告内容的真实、准确、 完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法 律责任。 公司负责人严静、主管会计工作负责人李辉及会计机构负责人(会计主管 人员)屈才云声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告所涉及的未来计划等前瞻性陈述可能受宏观经济环境、市场环境 等因素的影响而存在一定的不确定性，不构成公司对投资者的实质性承诺， 投资者及相关人士均应对此保持足够的风险认识，并且应当理解计划、预测 与承诺之间的差异。公司在本报告第三节"管理层讨论与分析"的"公司面 临的风险和应对措施"部分描述了公司未来经营中可能面临的风险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 第一节 | 重要提示、目录和释义 2 | | --- | --- | | 第二节 | 公司简介和主要 ...

[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=第一节%20重要提示、目录和释义) The board ensures report accuracy and completeness; no cash dividends or bonus shares are planned - The company's board of directors and senior management ensure the truthfulness, accuracy, and completeness of this semi-annual report, assuming legal responsibility; all directors attended the review meeting[3](index=3&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for this half-year period[4](index=4&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=第二节%20公司简介和主要财务指标) This section details Water Oasis Group Co Ltd's profile and key financial performance [Company Profile](index=6&type=section&id=一、公司简介) Water Oasis Group Co Ltd (**300740**), formerly Yujiahui, is a Shenzhen Stock Exchange-listed company led by Dai Yuefeng Item | Information | :--- | :--- | | Stock Abbreviation | Water Oasis | | Stock Code | **300740** | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | Water Oasis Group Co Ltd | | Legal Representative | Dai Yuefeng | [Key Accounting Data and Financial Indicators](index=7&type=section&id=四、主要会计数据和财务指标) The company achieved **RMB 2.50 billion** revenue (up **9.02%**) and **RMB 123 million** net profit (up **16.54%**), with operating cash flow significantly improving Key Financial Data for H1 2025 | Indicator | Current Period | Prior Year Period | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue (RMB) | **2,499,726,293.89** | **2,292,845,526.07** | **9.02%** | | Net Profit Attributable to Shareholders (RMB) | **123,295,453.50** | **105,796,051.99** | **16.54%** | | Net Profit Attributable to Shareholders Excluding Non-Recurring Items (RMB) | **120,592,203.46** | **119,354,926.83** | **1.04%** | | Net Cash Flow from Operating Activities (RMB) | **166,359,623.51** | **-61,850,822.06** | **368.97%** | | Basic Earnings Per Share (RMB/share) | **0.3190** | **0.2717** | **17.41%** | | Weighted Average Return on Net Assets | **5.76%** | **4.97%** | increase **0.79 percentage points** | | **Indicator** | **End of Current Period** | **End of Prior Year** | **YoY Change** | | Total Assets (RMB) | **4,207,715,166.26** | **4,251,106,914.16** | **-1.02%** | | Net Assets Attributable to Shareholders (RMB) | **2,151,000,384.44** | **2,096,565,253.21** | **2.60%** | [Non-Recurring Gains and Losses](index=8&type=section&id=六、非经常性损益项目及金额) Non-recurring gains and losses totaled **RMB 2.70 million**, primarily from government grants and investment income Non-Recurring Gains and Losses | Item | Amount (RMB) | | :--- | :--- | | Gains/Losses on Disposal of Non-Current Assets | **37,222.88** | | Government Grants Recognized in Current P&L | **1,440,250.00** | | Fair Value Changes in Financial Assets/Liabilities | **690,354.78** | | Other Non-Operating Income and Expenses | **973,380.00** | | **Total** | **2,703,250.04** | [Management Discussion and Analysis](index=9&type=section&id=第三节%20管理层讨论与分析) Management discusses operations, core competencies, financial performance, and risk management strategies [Principal Business and Operating Performance](index=9&type=section&id=一、报告期内公司从事的主要业务) The company primarily engages in cosmetics R&D, production, and sales, achieving **RMB 2.50 billion** revenue and **RMB 123 million** net profit in H1 2025 - The company primarily engages in cosmetics R&D, production, and sales, with product categories covering facial masks, lotions, creams, color cosmetics, and personal care, achieving full online and offline channel coverage and establishing a global sales network[27](index=27&type=chunk) 2025年上半年经营业绩 | Indicator | Amount (RMB '0k) | YoY Growth | | :--- | :--- | :--- | | Operating Revenue | **249,972.63** | **9.02%** | | Net Profit Attributable to Parent | **12,329.55** | **16.54%** | | Own Brand Operating Revenue | **103,863.82** | - | | Own Brand Gross Margin | **76.83%** | Increased by **5.7 percentage points** | - The company continues to advance its dual technology empowerment strategy of 'R&D empowering brands' and 'digital empowering organizations', making progress in skin mechanism exploration, innovative raw material development, and digital system construction[39](index=39&type=chunk)[40](index=40&type=chunk)[44](index=44&type=chunk) - The company adheres to a 'dual business-driven strategy of own brands and CP brands'; own brands have completed high-end and global transformation, while CP brands are strategically positioned across five major categories: skincare, color cosmetics, personal care, fragrances, and health foods[46](index=46&type=chunk)[47](index=47&type=chunk)[54](index=54&type=chunk) [Analysis of Core Competencies](index=16&type=section&id=二、核心竞争力分析) Core competencies include dual-business multi-brand strategy, global presence, R&D, digitalization, and management team - The company has achieved parallel development of its own brand system and CP brand system, building a diversified brand portfolio from luxury to mass market[63](index=63&type=chunk) - The company has initially achieved a global layout of its brand, R&D, supply chain, market and channel, and organizational capabilities[64](index=64&type=chunk) - The company operates multiple R&D centers in Changsha, Shanghai, France, and Japan, with an R&D team of over **200** people, continuously empowering its brands[65](index=65&type=chunk) - The company has completed full-link digitalization from R&D to sales and actively applies AI technology to enhance organizational efficiency[67](index=67&type=chunk) [Analysis of Principal Business](index=17&type=section&id=三、主营业务分析) R&D investment increased by **37.31%**, operating cash flow improved by **368.97%**, with lotions/creams as the main revenue source 主要财务数据同比变动 | Item | Current Period (RMB) | Prior Year Period (RMB) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | R&D Expenses | **43,713,876.78** | **31,836,394.52** | **37.31%** | Primarily due to increased R&D personnel salaries, consulting, and testing fees in this period | | Net Cash Flow from Operating Activities (RMB) | **166,359,623.51** | **-61,850,822.06** | **368.97%** | Primarily due to reduced expenditures on goods purchased in this period compared to the prior period | | Net Cash Flow from Investing Activities (RMB) | **-36,715,094.71** | **-60,838,363.18** | **39.65%** | Primarily due to reduced cash payments for fixed asset construction and wealth management in this period compared to the prior period | | Net Cash Flow from Financing Activities (RMB) | **-127,437,291.96** | **-9,509,249.88** | **-1,240.14%** | Primarily due to the company's share repurchase in this period | 分产品或服务情况 | Product/Service | Operating Revenue (RMB) | Operating Cost (RMB) | Gross Margin | YoY Change in Operating Revenue | YoY Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | | Facial Masks | **422,699,558.00** | **114,221,993.50** | **72.98%** | **17.96%** | Increased by **5.11 percentage points** | | Lotions and Creams | **1,997,480,620.14** | **758,040,264.31** | **62.05%** | **11.70%** | Increased by **3.45 percentage points** | [Analysis of Assets and Liabilities](index=18&type=section&id=五、资产及负债状况分析) Total assets were **RMB 4.21 billion** (down **1.02%**), with stable asset structure and decreased borrowings 资产构成重大变动情况 | Item | End of Current Period (RMB) | Proportion of Total Assets | End of Prior Year (RMB) | Proportion of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | **476,981,760.32** | **11.34%** | **476,961,197.20** | **11.22%** | **0.12%** | | Accounts Receivable | **398,559,256.10** | **9.47%** | **347,378,281.70** | **8.17%** | **1.30%** | | Inventories | **806,475,780.06** | **19.17%** | **829,648,510.18** | **19.52%** | **-0.35%** | | Fixed Assets | **921,440,485.25** | **21.90%** | **918,052,551.16** | **21.60%** | **0.30%** | | Short-term Borrowings | **283,751,461.90** | **6.74%** | **352,934,871.90** | **8.30%** | **-1.56%** | | Long-term Borrowings | **419,465,120.60** | **9.97%** | **545,079,137.70** | **12.82%** | **-2.85%** | [Risks and Countermeasures](index=26&type=section&id=十、公司面临的风险和应对措施) The company faces risks in supply chain, competition, user experience, investment, and macroeconomic fluctuations - The company identified five major risks: - **Supply Chain Management Risk**: High requirements for inventory and product shelf-life management - **Intense Industry Competition Risk**: Facing competitive pressures such as price wars and advertising wars from domestic and international brands - **Declining User Experience Risk**: Online sales channels are highly sensitive to product, marketing, logistics, and after-sales service aspects - **Investment Risk**: External mergers and acquisitions may lead to goodwill impairment risks, and industrial fund investments carry risks of not meeting expectations - **Macroeconomic Fluctuation Risk**: Consumer purchasing power is affected by the overall economic climate[101](index=101&type=chunk)[102](index=102&type=chunk)[103](index=103&type=chunk)[105](index=105&type=chunk)[107](index=107&type=chunk) [Corporate Governance, Environment, and Society](index=29&type=section&id=第四节%20公司治理、环境和社会) This section covers the company's profit distribution plan and employee incentive programs [Profit Distribution Plan](index=29&type=section&id=二、本报告期利润分配及资本公积金转增股本情况) The company plans no profit distribution for H1 2025, including no cash dividends or bonus shares - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period[113](index=113&type=chunk) [Equity Incentive and Employee Stock Ownership](index=29&type=section&id=三、公司股权激励计划、员工持股计划或其他员工激励措施的实施情况) The company cancelled some unvested restricted shares from its **2023** incentive plan - On April **25**, **2025**, the company's board of directors approved the 'Proposal on Cancelling Certain Restricted Shares Granted but Not Yet Vested Under the **2023** Restricted Stock Incentive Plan'[114](index=114&type=chunk) [Significant Matters](index=31&type=section&id=第五节%20重要事项) Significant events include litigation, related party transactions, and major contracts, particularly guarantees for subsidiaries [Litigation Matters](index=32&type=section&id=八、诉讼事项) No significant litigation; other unresolved cases involve **RMB 53.50 million**, not expected to have a major impact 其他诉讼事项 | Litigation Type | Amount Involved (RMB '0k) | Status | | :--- | :--- | :--- | | Unresolved Litigation | **5,349.65** | Under trial/arbitration/mediation | | Resolved Litigation | **397.89** | Adjudicated/Enforcement in progress/Enforcement completed | [Significant Related Party Transactions](index=32&type=section&id=十一、重大关联交易) Related-party transactions totaled **RMB 122 million**, within limits, primarily with entities controlled by the actual controller 与日常经营相关的关联交易 | Related Party | Related Party Transaction Type | Amount Incurred in Current Period (RMB '0k) | Proportion of Similar Transactions | | :--- | :--- | :--- | :--- | | Hunan Zhuoyancang Logistics Co Ltd | Procurement of warehousing and distribution services | **7,721.54** | **78.71%** | | Hunan Zhuoyancang Logistics Co Ltd | Provision of property leasing | **103.29** | **48.13%** | | Hunan Shuiyang New Media Co Ltd | Procurement of promotion services | **4,172.81** | **4.08%** | | Hunan Shuiyang New Media Co Ltd | Provision of property leasing and management services | **250.27** | **50.93%** | | **Total** | -- | **12,247.91** | -- | [Significant Contracts and Their Performance](index=34&type=section&id=十二、重大合同及其履行情况) Total actual guarantee balance for subsidiaries was **RMB 1.52 billion**, accounting for **70.76%** of net assets 重大担保情况 | Item | Amount (RMB '0k) | | :--- | :--- | | Total Approved Guarantee Limit for Subsidiaries in Reporting Period | **300,000** | | Total Approved Guarantee Limit for Subsidiaries at Period End | **1,090,000** | | Total Actual Guarantee Balance for Subsidiaries at Period End | **152,194.67** | | Proportion of Total Actual Guarantees to Company's Net Assets | **70.76%** | [Share Changes and Shareholder Information](index=39&type=section&id=第六节%20股份变动及股东情况) This section outlines share capital changes, including convertible bond conversions and repurchases, and major shareholder information [Share Changes](index=39&type=section&id=一、股份变动情况) Total share capital increased to **390 million shares** due to convertible bond conversions; **8.10 million** shares were repurchased - During the reporting period, due to the conversion of 'Shuiyang Convertible Bonds', the company's total share capital increased by **1,665,614** shares to **390,004,140** shares[150](index=150&type=chunk)[151](index=151&type=chunk) - The company initiated a share repurchase plan, intending to use **RMB 50 million** to **RMB 100 million** to repurchase shares for employee stock ownership plans or equity incentives; as of July **31**, **2025**, **8,097,150** shares have been repurchased, with a transaction amount of **RMB 97.82 million**[154](index=154&type=chunk)[155](index=155&type=chunk) [Shareholder Numbers and Shareholding Structure](index=41&type=section&id=三、公司股东数量及持股情况) Total common shareholders were **25,713**; top three shareholders, acting in concert, held **46.03%** of shares 前十大股东持股情况 | Shareholder Name | Shareholding Percentage | Number of Shares Held at Period End | | :--- | :--- | :--- | | Hunan Yujia Investment Management Co Ltd | **24.59%** | **95,904,214** | | Changsha Tingting Enterprise Management Consulting Partnership (Limited Partnership) | **11.42%** | **44,523,000** | | Dai Yuefeng | **10.02%** | **39,086,611** | | Changsha Yutou Investment Management Partnership (Limited Partnership) | **3.39%** | **13,212,533** | | Du Jingyu | **2.03%** | **7,899,998** | - Mr Dai Yuefeng, the company's actual controller, Hunan Yujia Investment Management Co Ltd, and Changsha Tingting Enterprise Management Consulting Partnership (Limited Partnership) are parties acting in concert[160](index=160&type=chunk) [Bond-Related Information](index=45&type=section&id=第七节%20债券相关情况) This section provides an overview of the company's convertible corporate bonds, including conversion status and credit ratings [Convertible Corporate Bonds](index=45&type=section&id=四、可转换公司债券) Total **RMB 695 million** convertible bonds were issued; **RMB 22.55 million** converted, with **RMB 672 million** remaining 报告期转债变动情况 | Item | Amount (RMB) | | :--- | :--- | | Before this change | **694,890,000.00** | | Current conversion to shares | **22,554,800.00** | | After this change | **672,335,200.00** | 累计转股情况 | Item | Amount/Quantity | | :--- | :--- | | Total Issue Amount (RMB) | **694,987,000.00** | | Accumulated Conversion Amount (RMB) | **22,651,800.00** | | Unconverted Amount (RMB) | **672,335,200.00** | | Proportion of Unconverted Amount to Total Issue Amount | **96.74%** | - China Chengxin International maintained the company's corporate credit rating at **A+** with a **stable** outlook, and the credit rating for 'Shuiyang Convertible Bonds' at **A+**[180](index=180&type=chunk) [Financial Report](index=51&type=section&id=第八节%20财务报告) This section presents the company's unaudited H1 **2025** consolidated and parent company financial statements [Financial Statements](index=51&type=section&id=二、财务报表) This section includes the company's unaudited H1 **2025** consolidated and parent company financial statements [Consolidated Balance Sheet](index=51&type=section&id=1、合并资产负债表) Total assets were **RMB 4.21 billion**, total liabilities **RMB 2.06 billion**, with an asset-liability ratio of **48.93%** [Consolidated Income Statement](index=55&type=section&id=3、合并利润表) Total operating revenue was **RMB 2.50 billion**, total operating costs **RMB 2.33 billion**, resulting in **RMB 124 million** net profit [Consolidated Cash Flow Statement](index=59&type=section&id=5、合并现金流量表) Net cash flow from operating activities was **RMB 166 million**, investing activities **-RMB 37 million**, and financing activities **-RMB 127 million** - The company's semi-annual financial report is unaudited[184](index=184&type=chunk)

[Section I Important Notice, Table of Contents, and Definitions](index=2&type=section&id=Section%20I%20Important%20Notice%2C%20Table%20of%20Contents%2C%20and%20Definitions) [Important Notice](index=2&type=section&id=Important%20Notice) The Board of Directors and senior management guarantee the report's truthfulness, accuracy, and completeness, assuming legal responsibility, while the company plans no cash dividends, bonus shares, or capital reserve conversions. - Company's Board of Directors and senior management guarantee the report's truthfulness, accuracy, and completeness, assuming legal responsibility[4](index=4&type=chunk) - Company's head, chief accountant, and accounting department head declare financial reports are true, accurate, and complete[4](index=4&type=chunk) - Company plans no cash dividends, bonus shares, or capital reserve conversions to share capital[4](index=4&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) The report's clear table of contents lists eight main chapters, covering key information from important notices to financial reports, facilitating quick navigation for investors. - The report comprises eight main chapters with a clear structure[6](index=6&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines common terms used in the report, including company and subsidiary names, laws, IT concepts, and the reporting period's time frame and currency units, ensuring clear understanding of professional terminology. - The report defines key terms such as company, subsidiaries, laws and regulations, and IT technologies (e.g., data centers, Xinchuang, artificial intelligence)[14](index=14&type=chunk)[15](index=15&type=chunk) - The reporting period is defined as January 1, 2025, to June 30, 2025[15](index=15&type=chunk) [Section II Company Profile and Key Financial Indicators](index=7&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) [I. Company Profile](index=7&type=section&id=I.%20Company%20Profile) Beijing CE-Service Technology Co., Ltd. (stock code: 301208) is listed on the Shenzhen Stock Exchange, with Li Dongping as its legal representative. - Company's stock abbreviation is “CE-Service Technology”, stock code “301208”, listed on the Shenzhen Stock Exchange[17](index=17&type=chunk) - The legal representative of the company is Li Dongping[17](index=17&type=chunk) [II. Contact Persons and Information](index=7&type=section&id=II.%20Contact%20Persons%20and%20Information) Qiao Ju is the Board Secretary and He Huan is the Securities Affairs Representative, both located at 12th Floor, Building 3, No. 10 Courtyard, Automobile Museum East Road, Fengtai District, Beijing, with phone/fax 010-81377575 and email BODoffice@ce-service.com.cn. - The Board Secretary is Qiao Ju, and the Securities Affairs Representative is He Huan[18](index=18&type=chunk) - Company's contact phone and fax are 010-81377575, and email is BODoffice@ce-service.com.cn[18](index=18&type=chunk) [III. Other Information](index=7&type=section&id=III.%20Other%20Information) During the reporting period, there were no changes in the company's contact information, information disclosure, or registration, consistent with the 2024 annual report. The semi-annual report is disclosed on the Shenzhen Stock Exchange website and in media such as "Securities Times". - Company's registered address, office address, website, and email remained unchanged during the reporting period[19](index=19&type=chunk) - The company discloses its semi-annual report on the Shenzhen Stock Exchange website (www.szse.cn) and in media including "Securities Times", with the Board of Directors' Office as the designated location[20](index=20&type=chunk) - Company's registration status remained unchanged during the reporting period[21](index=21&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=8&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In the first half of 2025, the company's operating revenue decreased by 19.87% year-on-year, net profit attributable to shareholders decreased by 44.22%, and non-recurring net profit decreased by 44.40%. Net cash flow from operating activities significantly increased by 58.02% but remained negative, while total assets and net assets attributable to shareholders slightly declined. 2025 Half-Year Key Accounting Data and Financial Indicators | Indicator | Current Reporting Period (RMB) | Prior Year Period (RMB) | YoY Change | Current Period End (RMB) | Prior Year End (RMB) | Period-End vs. Prior Year-End Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 377,867,207.89 | 471,577,846.55 | -19.87% | - | - | - | | Net Profit Attributable to Listed Company Shareholders | 22,077,540.03 | 39,580,440.43 | -44.22% | - | - | - | | Net Profit Attributable to Listed Company Shareholders (Excluding Non-Recurring Items) | 22,088,827.10 | 39,727,766.38 | -44.40% | - | - | - | | Net Cash Flow from Operating Activities | -101,155,330.14 | -240,944,293.40 | 58.02% | - | - | - | | Basic Earnings Per Share (RMB/share) | 0.1840 | 0.3298 | -44.21% | - | - | - | | Diluted Earnings Per Share (RMB/share) | 0.1840 | 0.3298 | -44.21% | - | - | - | | Weighted Average Return on Net Assets | 1.44% | 2.65% | -1.21% | - | - | - | | Total Assets | - | - | - | 1,870,295,839.49 | 1,925,805,805.44 | -2.88% | | Net Assets Attributable to Listed Company Shareholders | - | - | - | 1,525,911,678.78 | 1,527,834,150.75 | -0.13% | [V. Differences in Accounting Data under Domestic and International Accounting Standards](index=8&type=section&id=V.%20Differences%20in%20Accounting%20Data%20under%20Domestic%20and%20International%20Accounting%20Standards) During the reporting period, the company had no differences in net profit and net assets disclosed under international or foreign accounting standards compared to Chinese accounting standards. - The company had no differences in accounting data under domestic and international accounting standards during the reporting period[23](index=23&type=chunk)[24](index=24&type=chunk) [VI. Non-Recurring Gains and Losses and Amounts](index=8&type=section&id=VI.%20Non-Recurring%20Gains%20and%20Losses%20and%20Amounts) During the reporting period, the company's total non-recurring gains and losses amounted to -11,287.07 yuan, primarily comprising government grants of 3,000.00 yuan and other non-operating income/expenses of -16,278.91 yuan, after deducting income tax impact of -1,991.84 yuan. 2025 Half-Year Non-Recurring Gains and Losses and Amounts | Item | Amount (RMB) | Explanation | | :--- | :--- | :--- | | Government grants included in current profit or loss | 3,000.00 | - | | Other non-operating income and expenses apart from the above | -16,278.91 | - | | Less: Income tax impact | -1,991.84 | - | | Total | -11,287.07 | - | - The company had no other profit or loss items that met the definition of non-recurring gains and losses, nor did it classify any non-recurring gains and losses as recurring gains and losses[26](index=26&type=chunk) [Section III Management Discussion and Analysis](index=10&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) [I. Principal Business Activities During the Reporting Period](index=10&type=section&id=I.%20Principal%20Business%20Activities%20During%20the%20Reporting%20Period) The company's core business focuses on IT infrastructure, offering full-stack, full-lifecycle "services + products" including IT operation and maintenance, technical architecture consulting and integration, and intelligent O&M products. Despite revenue and net profit declines due to budget cuts and competition, operating cash flow significantly improved. [(I) Industry Development During the Reporting Period](index=10&type=section&id=(I)%20Industry%20Development%20During%20the%20Reporting%20Period) The company operates in the IT infrastructure sector, serving large and medium-sized enterprises and government bodies, experiencing new opportunities driven by "Digital China" and Xinchuang policies, with the market transitioning from centralized "IOE" architectures to distributed cloud and Xinchuang product architectures. - Company's clients are concentrated in large and medium-sized enterprises and government departments across finance, manufacturing, transportation, logistics, telecommunications, healthcare, energy, and education sectors[28](index=28&type=chunk) - "Digital China" construction and Xinchuang trends are driving transformation in the IT infrastructure sector, with the market shifting from "IOE" centralized architectures to distributed cloud and Xinchuang product architectures[28](index=28&type=chunk) - The multi-billion yuan market presents a coexisting trend of existing system conversion and incremental expansion, creating new opportunities for the company[28](index=28&type=chunk) [(II) Main Business, Products, and Applications](index=10&type=section&id=(II)%20Main%20Business%2C%20Products%2C%20and%20Applications) The company is a full-stack, full-lifecycle "service + product" provider for IT infrastructure, specializing in IT operation and maintenance, technical architecture consulting and integration, and intelligent O&M products, leveraging multi-brand, cross-platform technical capabilities and AI-driven solutions. - Company's main business is providing full-stack, full-lifecycle "services + products" for IT infrastructure[29](index=29&type=chunk) - Main businesses are categorized into IT operation and maintenance services, technical architecture consulting and integration, and intelligent O&M products and services[29](index=29&type=chunk) - The company independently develops an AI-driven intelligent O&M product system, integrating data analysis and automated O&M technologies[29](index=29&type=chunk)[35](index=35&type=chunk) [(III) Main Business Model](index=11&type=section&id=(III)%20Main%20Business%20Model) The company employs a direct sales model through a national sales team, offering IT operation and maintenance services (health checks, fault response, performance optimization), technical architecture consulting and integration (planning, customized solutions, hardware/software integration), and intelligent O&M products and services (standardized products, custom development, full-lifecycle support). - The company sells directly to end-users through a nationwide sales team, acquiring project information via bidding and proactive engagement[37](index=37&type=chunk) - IT operation and maintenance services include proactive health checks, preventive maintenance, emergency fault response, and system performance optimization[38](index=38&type=chunk) - Intelligent O&M products and services offer out-of-the-box standardized products, and also integrate deeply into client business scenarios through implementation services and customized development[40](index=40&type=chunk) [(IV) Market Position and Competitive Advantages](index=12&type=section&id=(IV)%20Market%20Position%20and%20Competitive%20Advantages) The IT infrastructure O&M service market is highly fragmented but is expected to consolidate due to increasing architectural complexity and Xinchuang initiatives, where the company holds a competitive edge with nearly two decades of experience, comprehensive technical capabilities, full-lifecycle consulting, and an AI-driven intelligent O&M product system. - The IT infrastructure O&M service market is highly fragmented, but market concentration will further increase with architectural complexity and Xinchuang initiatives[41](index=41&type=chunk)[42](index=42&type=chunk) - The company possesses full-coverage technical capabilities across six layers of IT infrastructure, supporting multiple brands and platforms, excelling in comprehensive problem localization across architectures and products[43](index=43&type=chunk) - The company independently develops an AI-driven intelligent O&M product system, integrating machine learning, deep learning, and anomaly detection algorithms to achieve full-link closed-loop operations[43](index=43&type=chunk) [(V) Key Performance Drivers](index=13&type=section&id=(V)%20Key%20Performance%20Drivers) In the first half of 2025, the company pursued a strategy of "expanding services, strengthening solutions and products, and achieving sustained quality growth" by broadening market reach (IOE and Xinchuang O&M), continuously enhancing "quality construction" (technical, sales, and efficiency differentiation), and leveraging certifications and ecosystem partnerships, resulting in over 150 new clients and improved Xinchuang and intelligent O&M capabilities. - The company comprehensively expanded its market reach, including “IOE centralized architecture” O&M market and “Xinchuang product architecture” O&M market, adding over **150 new clients** during the reporting period[44](index=44&type=chunk) - Continuous “quality construction” includes forging technical resources (Xinchuang talent layout, AI-integrated database O&M platform products), training sales personnel, and optimizing business and management efficiency[45](index=45&type=chunk)[46](index=46&type=chunk)[47](index=47&type=chunk) - Achieved ISO27017, ITSS Level 2 certifications, participated in drafting group standards, and obtained Huawei and OceanBase gold technical service partner certificates, fostering an ecosystem[48](index=48&type=chunk) [(VI) Analysis of Company's Operating Performance During the Reporting Period](index=14&type=section&id=(VI)%20Analysis%20of%20Company's%20Operating%20Performance%20During%20the%20Reporting%20Period) Facing industry changes, client budget cuts, and intensified market competition, the company's operating revenue in the first half of 2025 was 377.87 million yuan, a 19.87% year-on-year decrease, with net profit attributable to shareholders at 22.08 million yuan, down 44.22%. IT operation and maintenance service revenue decreased by 4.80%, and technical architecture consulting and integration revenue by 40.64%, while net operating cash flow, though negative at -101.16 million yuan, improved significantly by 58.02% year-on-year. 2025 Half-Year Operating Performance Overview | Indicator | 2025 Half-Year (RMB 10,000) | YoY Change | | :--- | :--- | :--- | | Operating Revenue | 37,786.72 | -19.87% | | Net Profit Attributable to Listed Company Shareholders | 2,207.75 | -44.22% | | Net Profit Attributable to Listed Company Shareholders (Excluding Non-Recurring Items) | 2,208.88 | -44.40% | | Net Cash Flow from Operating Activities | -10,115.53 | 58.02% | - IT operation and maintenance service business revenue decreased by **4.80%** compared to the same period last year, and technical architecture consulting and integration business revenue decreased by **40.64%**, primarily due to reduced client budgets, intensified market competition, and extended project acceptance cycles[50](index=50&type=chunk) - The company continuously optimized cash flow management, strengthening payment term and collection management, resulting in a significant year-on-year increase in net cash flow from operating activities[50](index=50&type=chunk) [II. Analysis of Core Competencies](index=15&type=section&id=II.%20Analysis%20of%20Core%20Competencies) The company's five core competencies include comprehensive technical capabilities (multi-brand, cross-platform, Xinchuang tech upgrades), full-lifecycle consulting (finance industry expertise, Xinchuang transformation solutions), best-practice product capabilities (AI-driven intelligent O&M), client-trusted sales capabilities (customer-centric, multi-industry layout), and the "Together to the Sea" corporate culture (shared responsibility, progress, growth, and sharing). - The company possesses full-coverage technical capabilities across six layers of IT infrastructure, supporting multiple brands and platforms, and strengthening Xinchuang product O&M technology upgrades[52](index=52&type=chunk) - The company has accumulated full-lifecycle consulting capabilities around IT infrastructure and launched a series of solutions for data center cloudification and Xinchuang transformation for Xinchuang products and architectures[53](index=53&type=chunk) - The company's intelligent O&M products are AI-driven, deeply integrating data analysis and automated O&M technologies to achieve full-link closed-loop operations[54](index=54&type=chunk)[55](index=55&type=chunk) - Adhering to a “customer-centric” philosophy, the company has cultivated client-trusted sales capabilities through deep engagement in the financial sector and a multi-industry, multi-regional business layout[56](index=56&type=chunk) - The company has established the “Together to the Sea” corporate culture and the development philosophy of “shared responsibility, progress, growth, and sharing,” maintaining talent cohesion through incentive mechanisms[57](index=57&type=chunk) [III. Analysis of Principal Business](index=16&type=section&id=III.%20Analysis%20of%20Principal%20Business) During the reporting period, the company's operating revenue decreased by 19.87% year-on-year, and operating costs decreased by 19.80%, leading to fluctuating gross margins. IT operation and maintenance service revenue declined by 4.80% with a 38.21% gross margin, while technical architecture consulting and integration revenue fell by 40.64% with a 9.07% gross margin. The financial sector remains the primary revenue source, despite a 14.66% year-on-year revenue decrease. The proportion of purchased software and hardware products in main business costs decreased, while purchased services and labor costs increased. Major Financial Data YoY Change | Indicator | Current Reporting Period (RMB) | Prior Year Period (RMB) | YoY Change | Change Reason | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 377,867,207.89 | 471,577,846.55 | -19.87% | - | | Operating Cost | 267,020,883.67 | 332,964,315.59 | -19.80% | - | | Selling Expenses | 38,277,045.91 | 44,063,905.56 | -13.13% | - | | Administrative Expenses | 32,331,405.66 | 33,056,867.10 | -2.19% | - | | Financial Expenses | -7,570,681.25 | -10,048,385.24 | 24.66% | - | | Income Tax Expense | 106,838.72 | 4,553,437.68 | -97.65% | Decrease in net profit and R&D super deduction impact | | R&D Investment | 24,257,701.32 | 25,662,345.25 | -5.47% | - | | Net Cash Flow from Operating Activities | -101,155,330.14 | -240,944,293.40 | 58.02% | Decrease in payments for purchases | | Net Cash Flow from Investing Activities | -907,442.95 | -9,714,903.23 | 90.66% | Decrease in acquisition of fixed assets | | Net Cash Flow from Financing Activities | -24,857,750.59 | -40,141,296.89 | 38.07% | Impact of dividend payments | | Net Increase in Cash and Cash Equivalents | -126,920,523.68 | -290,800,493.52 | 56.35% | Comprehensive impact of the above factors | Products or Services Accounting for Over 10% of Revenue | Product or Service | Operating Revenue (RMB) | Operating Cost (RMB) | Gross Margin | YoY Change in Operating Revenue | YoY Change in Operating Cost | YoY Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | IT Operation and Maintenance Services | 256,959,472.12 | 158,769,744.54 | 38.21% | -4.80% | 4.68% | -5.60% | | Technical Architecture Consulting and Integration | 117,381,884.48 | 106,740,310.29 | 9.07% | -40.64% | -40.32% | -0.49% | Industry Information Accounting for Over 10% of Company's Operating Revenue or Profit | Client Industry | Operating Revenue (RMB) | Operating Cost (RMB) | Gross Margin | YoY Change in Operating Revenue | YoY Change in Operating Cost | YoY Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Financial | 282,210,211.85 | 206,172,383.03 | 26.94% | -14.66% | -10.17% | -3.65% | | Of which: Banks | 181,799,209.40 | 131,427,814.67 | 27.71% | -7.68% | 0.00% | -5.56% | | Other Financial Institutions | 100,411,002.45 | 74,744,568.36 | 25.56% | -24.93% | -23.79% | -1.11% | | Other | 67,115,134.12 | 40,900,789.71 | 39.06% | 13.48% | 25.95% | -6.03% | Main Business Cost Composition | Cost Component | Current Reporting Period Amount (RMB) | Proportion of Operating Cost | Prior Year Period Amount (RMB) | Proportion of Operating Cost | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Purchased Software and Hardware Products | 113,497,582.98 | 42.51% | 185,222,107.32 | 55.63% | -13.12% | | Purchased Services | 85,160,862.98 | 31.89% | 83,514,583.31 | 25.08% | 6.81% | | Labor Costs | 64,087,355.35 | 24.00% | 60,415,331.75 | 18.14% | 5.86% | | Other Direct Expenses | 4,275,082.36 | 1.60% | 3,812,293.21 | 1.14% | 0.46% | [IV. Analysis of Non-Principal Business](index=18&type=section&id=IV.%20Analysis%20of%20Non-Principal%20Business) During the reporting period, non-principal business had a minor impact on total profit. Investment income was 4,209.55 yuan, primarily from equity method recognition of associate company profits, which is not sustainable. Asset impairment losses totaled -755,033.73 yuan, mainly from bad debt provisions for accounts receivable and inventory write-downs, also not sustainable. Total non-operating income and expenses amounted to 16,278.91 yuan. Non-Principal Business Profit and Loss | Item | Amount (RMB) | Proportion of Total Profit | Explanation of Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 4,209.55 | 0.02% | Recognition of current period profit/loss under equity method for associate companies | No | | Asset Impairment | -755,033.73 | -3.40% | Provision for bad debts on accounts receivable and inventory write-downs | No | | Non-Operating Expenses | 20,034.76 | 0.09% | - | No | | Non-Operating Income | 36,313.67 | 0.16% | - | No | [V. Analysis of Assets and Liabilities](index=18&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) As of the end of the reporting period, the company's total assets were 1.87 billion yuan, a 2.88% decrease from the previous year-end. Cash and cash equivalents decreased, while inventory significantly increased by 5.23%. On the liability side, contract liabilities and lease liabilities increased. Restricted cash at period-end amounted to 18,962,198.51 yuan due to bank acceptance bill and letter of guarantee deposits. Major Changes in Asset Composition | Item | Current Period End Amount (RMB) | Proportion of Total Assets | Prior Year End Amount (RMB) | Proportion of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 1,000,742,920.60 | 53.51% | 1,122,926,963.07 | 58.31% | -4.80% | | Accounts Receivable | 165,515,981.48 | 8.85% | 170,623,522.70 | 8.86% | -0.01% | | Contract Assets | 192,490,929.66 | 10.29% | 208,826,264.47 | 10.84% | -0.55% | | Inventory | 268,143,204.14 | 14.34% | 175,411,267.07 | 9.11% | 5.23% | | Long-Term Equity Investment | 4,209.55 | 0.00% | - | - | 0.00% | | Fixed Assets | 186,645,051.44 | 9.98% | 189,298,890.91 | 9.83% | 0.15% | | Right-of-Use Assets | 4,342,398.23 | 0.23% | 1,250,128.78 | 0.06% | 0.17% | | Contract Liabilities | 104,780,980.22 | 5.60% | 97,821,239.74 | 5.08% | 0.52% | | Lease Liabilities | 2,373,885.04 | 0.13% | 428,033.25 | 0.02% | 0.11% | - As of the end of the reporting period, **18,962,198.51 yuan** of cash and cash equivalents were restricted due to bank acceptance bill deposits and letter of guarantee deposits[69](index=69&type=chunk) - The company had no significant changes in major overseas assets or assets and liabilities measured at fair value during the reporting period[23](index=23&type=chunk)[24](index=24&type=chunk)[69](index=69&type=chunk) [VI. Analysis of Investment Status](index=19&type=section&id=VI.%20Analysis%20of%20Investment%20Status) During the reporting period, the company had no significant equity or non-equity investments. The overall use of raised funds shows that the net proceeds from the initial public offering were 700.08 million yuan, with 372.89 million yuan cumulatively used, representing a 53.26% utilization rate. Some fundraising projects (R&D center construction, intelligent O&M platform upgrade, national IT infrastructure O&M market expansion and service system construction) have had their expected completion dates extended to July 2026 or July 2027 due to actual progress and unforeseen factors. The company uses part of its idle raised funds and own funds for cash management. Overall Use of Raised Funds | Fundraising Year | Fundraising Method | Total Raised Funds (RMB 10,000) | Net Raised Funds (RMB 10,000) | Total Raised Funds Used in Current Period (RMB 10,000) | Total Raised Funds Cumulatively Used (RMB 10,000) | Raised Funds Utilization Rate at Period End | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 2022 | Initial Public Offering | 76,766.82 | 70,007.72 | 4,660.14 | 37,289.39 | 53.26% | - The expected completion date for the “R&D Center Construction Project” and “Intelligent O&M Platform Upgrade Project” has been extended from the original July 2024 to **July 2026**[77](index=77&type=chunk) - The expected completion date for the “National IT Infrastructure O&M Market Expansion and Service System Construction Project” has been extended from the original July 2025 to **July 2027**[77](index=77&type=chunk) - The company uses idle raised funds not exceeding **390.00 million yuan** and its own funds not exceeding **500.00 million yuan** for cash management[78](index=78&type=chunk) [VII. Significant Asset and Equity Sales](index=24&type=section&id=VII.%20Significant%20Asset%20and%20Equity%20Sales) The company did not engage in any significant asset or equity sales during the reporting period. - The company did not sell any significant assets during the reporting period[83](index=83&type=chunk) - The company did not sell any significant equity during the reporting period[84](index=84&type=chunk) [VIII. Analysis of Major Holding and Participating Companies](index=24&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) The company had no important holding or participating company information to disclose during the reporting period. - The company had no important holding or participating company information to disclose during the reporting period[84](index=84&type=chunk) [IX. Structured Entities Controlled by the Company](index=25&type=section&id=IX.%20Structured%20Entities%20Controlled%20by%20the%20Company) The company did not control any structured entities during the reporting period. - The company did not control any structured entities during the reporting period[85](index=85&type=chunk) [X. Risks Faced by the Company and Countermeasures](index=25&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces risks such as intensified competition in the O&M service market, slower-than-expected product market expansion, technological innovation challenges, and insufficient talent reserves. To address these, the company plans to continuously enhance Xinchuang product technical capabilities, intensify intelligent O&M product market development, keep pace with cutting-edge technologies, improve independent innovation, and strengthen talent incentive and training systems. - The company faces competition risks in the O&M service market and needs to continuously accumulate and enhance Xinchuang product technical capabilities[85](index=85&type=chunk) - Market expansion for intelligent O&M products has uncertainties; the company will intensify market development and accelerate product iteration[86](index=86&type=chunk)[87](index=87&type=chunk) - The industry the company operates in experiences rapid technological updates, posing technological innovation risks, requiring continuous attention to cutting-edge technologies and enhancement of independent innovation capabilities[88](index=88&type=chunk) - Insufficient talent reserves may adversely affect the company's development; the company will further broaden talent acquisition channels, optimize talent structure, and strengthen training[89](index=89&type=chunk)[90](index=90&type=chunk) [XI. Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period](index=26&type=section&id=XI.%20Registration%20Form%20for%20Research%2C%20Communication%2C%20Interview%2C%20and%20Other%20Activities%20During%20the%20Reporting%20Period) During the reporting period, the company hosted three investor relations activities, including one online earnings conference and two on-site surveys, engaging institutional investors to address questions regarding the company's basic situation, business, operations, and future development. - During the reporting period, the company hosted **three investor relations activities**, including an online earnings conference and on-site surveys[91](index=91&type=chunk) - The attendees were primarily institutional investors, and discussions covered the company's basic situation, business, operations, and future development[91](index=91&type=chunk) [XII. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=26&type=section&id=XII.%20Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company did not formulate a market value management system or disclose a valuation enhancement plan during the reporting period. - The company did not formulate a market value management system during the reporting period[92](index=92&type=chunk) - The company did not disclose a valuation enhancement plan during the reporting period[92](index=92&type=chunk) [XIII. Implementation of "Dual Improvement in Quality and Returns" Action Plan](index=26&type=section&id=XIII.%20Implementation%20of%20%22Dual%20Improvement%20in%20Quality%20and%20Returns%22%20Action%20Plan) The company did not disclose an announcement regarding the "Dual Improvement in Quality and Returns" action plan during the reporting period. - The company did not disclose an announcement regarding the “Dual Improvement in Quality and Returns” action plan during the reporting period[92](index=92&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=27&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) [I. Changes in Directors, Supervisors, and Senior Management](index=27&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) There were no changes in the company's directors, supervisors, and senior management during the reporting period, with details available in the 2024 annual report. - There were no changes in the company's directors, supervisors, and senior management during the reporting period[94](index=94&type=chunk) [II. Profit Distribution and Capital Reserve Conversion to Share Capital During the Reporting Period](index=27&type=section&id=II.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20During%20the%20Reporting%20Period) The company plans no cash dividends, bonus shares, or capital reserve conversions to share capital for the semi-annual period. - The company plans no cash dividends, bonus shares, or capital reserve conversions to share capital for the semi-annual period[95](index=95&type=chunk) [III. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=27&type=section&id=III.%20Implementation%20of%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period. - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[96](index=96&type=chunk) [IV. Environmental Information Disclosure](index=27&type=section&id=IV.%20Environmental%20Information%20Disclosure) The listed company and its subsidiaries are not classified as key pollutant-discharging entities by environmental protection authorities. - The listed company and its subsidiaries are not classified as key pollutant-discharging entities by environmental protection authorities[97](index=97&type=chunk) [V. Social Responsibility](index=27&type=section&id=V.%20Social%20Responsibility) During the reporting period, the company actively fulfilled its social responsibilities by operating legally, paying taxes, prioritizing employee occupational health, and protecting labor rights. It safeguarded shareholder interests through robust governance and transparent disclosure, ensured employee rights via legal contracts and comprehensive benefits, and fostered trust with clients and suppliers through strict contract adherence and ethical practices. The company also contributed to industry standards and rural revitalization. [1. Protection of Shareholder Rights](index=27&type=section&id=1.%20Protection%20of%20Shareholder%20Rights) The company strictly adheres to laws and regulations, ensuring truthful, accurate, complete, timely, and fair information disclosure, while improving corporate governance and internal control to guarantee equal access to information for all shareholders and investors. The company implements an active profit distribution policy, values shareholder returns, and explicitly defines its cash dividend policy in the Articles of Association to strengthen the protection of small and medium investors' rights. - The company strictly adheres to laws and regulations, ensuring truthful, accurate, complete, timely, and fair information disclosure to protect the legitimate rights and interests of all shareholders and investors[98](index=98&type=chunk) - The company implements an active profit distribution policy, values reasonable shareholder returns, and explicitly defines its cash dividend policy in the Articles of Association to strengthen the protection mechanisms for small and medium investors' rights[99](index=99&type=chunk) [2. Protection of Employee Rights](index=28&type=section&id=2.%20Protection%20of%20Employee%20Rights) The company strictly enforces labor laws, legally signs employment contracts, maintains a comprehensive occupational health and safety management system, regularly pays social insurance and housing provident funds, and ensures employees receive all entitled leaves. It has established a complete management system covering recruitment, training, compensation, performance evaluation, talent development, and incentives to foster mutual growth between employees and the company. - The company strictly enforces labor laws and regulations, legally signs employment contracts with employees, and has obtained “Occupational Health and Safety Management System Certification”[100](index=100&type=chunk) - The company regularly pays social insurance and housing provident funds for employees, ensuring their legitimate rights and various leaves[100](index=100&type=chunk) - The company has established a comprehensive employee management system covering recruitment, training, compensation and benefits, performance evaluation, talent development, and incentives[100](index=100&type=chunk) [3. Protection of Client and Supplier Rights](index=28&type=section&id=3.%20Protection%20of%20Client%20and%20Supplier%20Rights) The company maintains strong mutual trust with clients and suppliers. For clients, it strictly fulfills contracts, responds quickly to needs, and enhances service quality through its service management department and internal systems, supported by multiple quality management system certifications. For suppliers, it has established management systems to prevent improper transactions, strictly adheres to contracts, and fosters long-term, stable cooperative relationships. - The company strictly adheres to client contract terms, responds quickly to demands, enhances service quality through its service management department and internal management systems, and has obtained multiple quality management system certifications[102](index=102&type=chunk) - The company has established a supplier management system to prevent backroom deals and improper transactions, fostering long-term, stable, mutually beneficial cooperative relationships with suppliers[103](index=103&type=chunk) [4. Other Social Responsibilities](index=28&type=section&id=4.%20Other%20Social%20Responsibilities) The company participated in drafting the "Social Responsibility Governance Evaluation Index System for Software and Information Services Industry" and the "Integrity Enterprise Assessment Standard for Software and Information Services Industry" group standards, aiming to promote industry technical standardization and enhance corporate social responsibility governance. - The company participated in drafting the “Social Responsibility Governance Evaluation Index System for Software and Information Services Industry” and the “Integrity Enterprise Assessment Standard for Software and Information Services Industry” group standards[104](index=104&type=chunk) - The company is committed to promoting the standardization of industrial database technology and advancements in the IT service sector[104](index=104&type=chunk) [5. Consolidating and Expanding Achievements in Poverty Alleviation and Rural Revitalization](index=29&type=section&id=5.%20Consolidating%20and%20Expanding%20Achievements%20in%20Poverty%20Alleviation%20and%20Rural%20Revitalization) The company actively responds to national calls, contributing to rural revitalization and fulfilling its social responsibilities through practical actions. - The company actively responds to national calls, contributes to rural revitalization, and fulfills its social responsibilities[106](index=106&type=chunk) [Section V Significant Matters](index=30&type=section&id=Section%20V%20Significant%20Matters) [I. Commitments Fulfilled or Overdue by Controlling Shareholder, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=30&type=section&id=I.%20Commitments%20Fulfilled%20or%20Overdue%20by%20Controlling%20Shareholder%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%20During%20and%20as%20of%20the%20End%20of%20the%20Reporting%20Period) During the reporting period, there were no commitments by the company's controlling shareholder, shareholders, related parties, acquirers, or the company that were either fulfilled or overdue as of the end of the reporting period. - The company had no commitments that were unfulfilled or overdue by the controlling shareholder, shareholders, related parties, acquirers, or the company during the reporting period[108](index=108&type=chunk) [II. Non-Operating Funds Occupied by Controlling Shareholder and Other Related Parties from the Listed Company](index=30&type=section&id=II.%20Non-Operating%20Funds%20Occupied%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties%20from%20the%20Listed%20Company) During the reporting period, there were no instances of non-operating funds being occupied by the controlling shareholder or other related parties from the listed company. - The company had no instances of non-operating funds being occupied by the controlling shareholder or other related parties during the reporting period[109](index=109&type=chunk) [III. Irregular External Guarantees](index=30&type=section&id=III.%20Irregular%20External%20Guarantees) The company had no irregular external guarantees during the reporting period. - The company had no irregular external guarantees during the reporting period[110](index=110&type=chunk) [IV. Appointment and Dismissal of Accounting Firms](index=30&type=section&id=IV.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual report was not audited. - The company's semi-annual report was not audited[111](index=111&type=chunk) [V. Board of Directors' and Supervisory Board's Explanations on "Non-Standard Audit Report" for the Current Period](index=30&type=section&id=V.%20Board%20of%20Directors'%20and%20Supervisory%20Board's%20Explanations%20on%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Current%20Period) During the reporting period, the company did not receive a "non-standard audit report" from its accounting firm. - The company did not receive a “non-standard audit report” from its accounting firm during the reporting period[112](index=112&type=chunk) [VI. Board of Directors' Explanations on "Non-Standard Audit Report" for the Previous Year](index=30&type=section&id=VI.%20Board%20of%20Directors'%20Explanations%20on%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Previous%20Year) During the reporting period, the company had no explanations regarding a "non-standard audit report" for the previous year. - The company had no explanations regarding a “non-standard audit report” for the previous year during the reporting period[112](index=112&type=chunk) [VII. Bankruptcy and Reorganization Matters](index=30&type=section&id=VII.%20Bankruptcy%20and%20Reorganization%20Matters) The company had no bankruptcy and reorganization matters during the reporting period. - The company had no bankruptcy and reorganization matters during the reporting period[112](index=112&type=chunk) [VIII. Litigation Matters](index=30&type=section&id=VIII.%20Litigation%20Matters) During the reporting period, the company had no significant litigation or arbitration matters. Other litigation and arbitration cases involved a total amount of 2.0563 million yuan, awaiting judgment, but the amount is small relative to the company's net assets and will not significantly impact its financial condition or going concern ability. - The company had no significant litigation or arbitration matters during the reporting period[113](index=113&type=chunk) - Other litigation and arbitration cases involved a total amount of **2.0563 million yuan**, which is small relative to the company's net assets and will not constitute a significant adverse impact[114](index=114&type=chunk) [IX. Penalties and Rectification](index=31&type=section&id=IX.%20Penalties%20and%20Rectification) The company had no penalties or rectification situations during the reporting period. - The company had no penalties or rectification situations during the reporting period[115](index=115&type=chunk) [X. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=31&type=section&id=X.%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) During the reporting period, there were no issues regarding the integrity status of the company, its controlling shareholder, or actual controller. - There were no issues regarding the integrity status of the company, its controlling shareholder, or actual controller during the reporting period[115](index=115&type=chunk) [XI. Significant Related Party Transactions](index=31&type=section&id=XI.%20Significant%20Related%20Party%20Transactions) During the reporting period, the company had no related party transactions related to daily operations, asset or equity acquisitions/disposals, joint external investments, related party receivables/payables, or financial business with related financial companies. There were no other significant related party transactions. - The company had no related party transactions related to daily operations during the reporting period[115](index=115&type=chunk) - The company had no related party transactions involving asset or equity acquisitions or disposals during the reporting period[116](index=116&type=chunk) - The company had no related party receivables or payables during the reporting period[118](index=118&type=chunk) - The company had no other significant related party transactions during the reporting period[122](index=122&type=chunk) [XII. Significant Contracts and Their Performance](index=32&type=section&id=XII.%20Significant%20Contracts%20and%20Their%20Performance) During the reporting period, the company had no entrustment or contracting situations, but leased offices and warehouses for operational needs. There were no leasing projects generating profit exceeding 10% of total profit, no significant guarantees, no major contracts for daily operations, and no other significant contracts. - The company had no entrustment or contracting situations during the reporting period[123](index=123&type=chunk)[124](index=124&type=chunk) - The company leased offices and warehouses for operational needs, with all relevant agreements signed[125](index=125&type=chunk) - The company had no significant guarantee situations during the reporting period[127](index=127&type=chunk) - The company had no major contracts for daily operations or other significant contracts during the reporting period[129](index=129&type=chunk)[130](index=130&type=chunk) [XIII. Explanation of Other Significant Matters](index=33&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) During the reporting period, the company approved the 2024 profit distribution plan, the proposal to cancel the supervisory board and amend the Articles of Association, and the re-appointment of the accounting firm for 2025. - The company approved the **2024 profit distribution plan**[131](index=131&type=chunk) - The company approved the proposal to cancel the supervisory board, amend the Articles of Association, and authorize the Board of Directors to handle industrial and commercial registration procedures[131](index=131&type=chunk) - The company approved the proposal to re-appoint the accounting firm for 2025[132](index=132&type=chunk) [XIV. Significant Matters of Company Subsidiaries](index=33&type=section&id=XIV.%20Significant%20Matters%20of%20Company%20Subsidiaries) The company had no significant matters concerning its subsidiaries during the reporting period. - The company had no significant matters concerning its subsidiaries during the reporting period[133](index=133&type=chunk) [Section VI Share Changes and Shareholder Information](index=34&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) [I. Share Change Status](index=34&type=section&id=I.%20Share%20Change%20Status) During the reporting period, the company's total share capital remained at 120,000,060 shares. Restricted shares decreased by 495,000 shares, and unrestricted shares increased by 495,000 shares, primarily due to the release of restricted shares following the departure of senior executive Leng Jin. These share changes had no impact on financial indicators such as basic earnings per share, diluted earnings per share, and net assets per share. Share Change Status | Item | Number Before This Change (shares) | Proportion Before This Change | Increase/Decrease in This Change (shares) | Number After This Change (shares) | Proportion After This Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 70,978,500 | 59.15% | -495,000 | 70,483,500 | 58.74% | | II. Unrestricted Shares | 49,021,560 | 40.85% | 495,000 | 49,516,560 | 41.26% | | III. Total Shares | 120,000,060 | 100.00% | 0 | 120,000,060 | 100.00% | - Share changes primarily resulted from the release of restricted shares due to the departure of senior executive Leng Jin[139](index=139&type=chunk) - Share changes had no impact on basic and diluted earnings per share, or net assets per share attributable to common shareholders for the most recent year and period[136](index=136&type=chunk) [II. Securities Issuance and Listing](index=35&type=section&id=II.%20Securities%20Issuance%20and%20Listing) The company had no securities issuance or listing activities during the reporting period. - The company had no securities issuance or listing activities during the reporting period[137](index=137&type=chunk) [III. Number of Shareholders and Shareholding Status](index=35&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholding%20Status) As of the end of the reporting period, the company had 18,829 common shareholders. Among the top ten shareholders, Xu Xiaofei, Tian Chuanke, Shao Feng, and Li Dongping are parties acting in concert and the company's actual controllers, collectively holding 53.14% of shares. Restricted shares primarily consist of pre-IPO restricted shares and shares locked up due to director, supervisor, and senior management positions. Among the top ten unrestricted shareholders, Huang Yuanbang held 1,000,000 shares, and BARCLAYS BANK PLC held 661,920 shares. - As of the end of the reporting period, the total number of common shareholders was **18,829**[138](index=138&type=chunk) Shareholding Status of Common Shareholders Holding 5% or More, or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held at Period End (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Xu Xiaofei | Domestic Natural Person | 17.14% | 20,574,000 | 20,574,000 | 0 | | Tian Chuanke | Domestic Natural Person | 12.00% | 14,400,000 | 14,400,000 | 0 | | Shao Feng | Domestic Natural Person | 12.00% | 14,400,000 | 14,400,000 | 0 | | Li Dongping | Domestic Natural Person | 12.00% | 14,400,000 | 14,400,000 | 0 | | Du Dashan | Domestic Natural Person | 1.81% | 2,171,600 | 2,025,000 | 146,600 | | Leng Jin | Domestic Natural Person | 1.45% | 1,745,000 | 1,485,000 | 260,000 | | Yang Ling | Domestic Natural Person | 1.29% | 1,545,400 | 1,485,000 | 60,400 | | Huang Yuanbang | Domestic Natural Person | 0.83% | 1,000,000 | 0 | 1,000,000 | | Qiao Ju | Domestic Natural Person | 0.60% | 720,000 | 540,000 | 180,000 | | BARCLAYS BANK PLC | Overseas Legal Person | 0.55% | 661,920 | 0 | 661,920 | - Xu Xiaofei, Tian Chuanke, Shao Feng, and Li Dongping are parties acting in concert and the company's actual controllers[140](index=140&type=chunk) [IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=37&type=section&id=IV.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, the total shareholdings of the company's directors, supervisors, and senior management slightly decreased, primarily due to changes in holdings by some executives such as Du Dashan, Leng Jin, Yang Ling, and Zhang Aihong, with Leng Jin reducing holdings by 495,000 shares, Du Dashan by 528,400 shares, Yang Ling by 434,600 shares, and Zhang Aihong by 160,000 shares. Changes in Shareholdings of Directors, Supervisors, and Senior Management | Name | Position | Shares Held at Beginning of Period (shares) | Shares Reduced in Current Period (shares) | Shares Held at End of Period (shares) | | :--- | :--- | :--- | :--- | :--- | | Li Dongping | Chairman | 14,400,000 | 0 | 14,400,000 | | Tian Chuanke | Director, General Manager | 14,400,000 | 0 | 14,400,000 | | Shao Feng | Director | 14,400,000 | 0 | 14,400,000 | | Xu Xiaofei | Director | 20,574,000 | 0 | 20,574,000 | | Du Dashan | Chairman of Supervisory Board | 2,700,000 | 528,400 | 2,171,600 | | Leng Jin | Supervisor | 1,980,000 | 495,000 | 1,485,000 | | Yang Ling | Deputy General Manager | 1,980,000 | 434,600 | 1,545,400 | | Zhang Aihong | Deputy General Manager, CFO | 720,000 | 160,000 | 560,000 | | Qiao Ju | Deputy General Manager, Board Secretary | 720,000 | 0 | 720,000 | | Li Haifeng | Deputy General Manager | 30,000 | 0 | 30,000 | | Total | - | 69,924,000 | 1,123,000 | 68,801,000 | [V. Changes in Controlling Shareholder or Actual Controller](index=37&type=section&id=V.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) The company's controlling shareholder and actual controller remained unchanged during the reporting period. - The company's controlling shareholder remained unchanged during the reporting period[145](index=145&type=chunk) - The company's actual controller remained unchanged during the reporting period[145](index=145&type=chunk) [VI. Preferred Share Information](index=38&type=section&id=VI.%20Preferred%20Share%20Information) The company had no preferred shares during the reporting period. - The company had no preferred shares during the reporting period[146](index=146&type=chunk) [Section VII Bond-Related Information](index=39&type=section&id=Section%20VII%20Bond-Related%20Information) [Bond-Related Information](index=39&type=section&id=Bond-Related%20Information) The company had no bond-related information during the reporting period. - The company had no bond-related information during the reporting period[148](index=148&type=chunk) [Section VIII Financial Report](index=40&type=section&id=Section%20VIII%20Financial%20Report) [I. Audit Report](index=40&type=section&id=I.%20Audit%20Report) The company's semi-annual financial report was unaudited. - The company's semi-annual financial report was unaudited[150](index=150&type=chunk) [II. Financial Statements](index=40&type=section&id=II.%20Financial%20Statements) This section presents 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. The consolidated balance sheet shows total assets of 1.87 billion yuan, total current assets of 1.67 billion yuan, and total current liabilities of 341 million yuan. The consolidated income statement reports total operating revenue of 378 million yuan and net profit of 22.08 million yuan. The consolidated cash flow statement indicates net cash flow from operating activities was -101 million yuan, a significant improvement from the prior year. Consolidated Balance Sheet Key Data (June 30, 2025) | Item | Period-End Balance (RMB) | Period-Beginning Balance (RMB) | | :--- | :--- | :--- | | Total Current Assets | 1,670,805,557.62 | 1,726,834,321.91 | | Total Non-Current Assets | 199,490,281.87 | 198,971,483.53 | | Total Assets | 1,870,295,839.49 | 1,925,805,805.44 | | Total Current Liabilities | 341,063,474.22 | 396,553,246.53 | | Total Non-Current Liabilities | 3,320,686.49 | 1,418,408.16 | | Total Liabilities | 344,384,160.71 | 397,971,654.69 | | Total Owners' Equity Attributable to Parent Company | 1,525,911,678.78 | 1,527,834,150.75 | | Total Owners' Equity | 1,525,911,678.78 | 1,527,834,150.75 | | Total Liabilities and Owners' Equity | 1,870,295,839.49 | 1,925,805,805.44 | Consolidated Income Statement Key Data (2025 Half-Year) | Item | 2025 Half-Year (RMB) | 2024 Half-Year (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 377,867,207.89 | 471,577,846.55 | | Total Operating Costs | 355,392,122.69 | 425,979,363.19 | | Operating Profit | 22,200,657.66 | 44,215,974.98 | | Total Profit | 22,184,378.75 | 44,133,878.11 | | Net Profit | 22,077,540.03 | 39,580,440.43 | | Net Profit Attributable to Parent Company Shareholders | 22,077,540.03 | 39,580,440.43 | | Total Comprehensive Income | 22,077,540.03 | 39,580,440.43 | | Basic Earnings Per Share | 0.1840 | 0.3298 | | Diluted Earnings Per Share | 0.1840 | 0.3298 | Consolidated Cash Flow Statement Key Data (2025 Half-Year) | Item | 2025 Half-Year (RMB) | 2024 Half-Year (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -101,155,330.14 | -240,944,293.40 | | Net Cash Flow from Investing Activities | -907,442.95 | -9,714,903.23 | | Net Cash Flow from Financing Activities | -24,857,750.59 | -40,141,296.89 | | Net Increase in Cash and Cash Equivalents | -126,920,523.68 | -290,800,493.52 | | Cash and Cash Equivalents at Period End | 977,772,960.32 | 764,052,271.83 | [III. Company Overview](index=60&type=section&id=III.%20Company%20Overview) Beijing CE-Service Technology Co., Ltd., established in 2005 and listed on the Shenzhen Stock Exchange in July 2022, had a total share capital of 120,000,060 shares as of June 30, 2025, and primarily provides full-stack, full-lifecycle IT infrastructure "services + products." - The company was established in 2005 and listed on the Shenzhen Stock Exchange ChiNext board on **July 7, 2022**[184](index=184&type=chunk) - As of **June 30, 2025**, the company's total share capital was **120,000,060 shares**[185](index=185&type=chunk) - The company's main business is providing full-stack, full-lifecycle “services + products” for IT infrastructure, including IT operation and maintenance services, technical architecture consulting and integration, and intelligent O&M products and services[186](index=186&type=chunk) [IV. Basis of Financial Statement Preparation](index=61&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) The Group's financial statements are prepared in accordance with the Accounting Standards for Business Enterprises issued by the Ministry of Finance and relevant regulations, as well as the China Securities Regulatory Commission's "Information Disclosure Rules for Companies Issuing Securities to the Public No. 15 – General Provisions for Financial Reports" (Revised 2023), with the company deeming the going concern basis reasonable. - Financial statements are prepared in accordance with the Accounting Standards for Business Enterprises and relevant regulations of the China Securities Regulatory Commission[189](index=189&type=chunk) - The company prepares its financial statements on a going concern basis[190](index=190&type=chunk) [V. Significant Accounting Policies and Estimates](index=61&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's adherence to accounting standards, accounting period, operating cycle, functional currency, and materiality determination methods. It also explains accounting treatments for business combinations, consolidated financial statements, joint arrangements, cash and cash equivalents, foreign currency transactions, and foreign currency statement translation. Furthermore, it elaborates on the recognition, classification, measurement, and impairment of financial instruments, contract assets, inventories, contract-related costs, long-term equity investments, fixed assets, construction in progress, intangible assets, long-term asset impairment, long-term deferred expenses, contract liabilities, employee benefits, share-based payments, revenue recognition and measurement, government grants, deferred income tax assets/liabilities, and leases. - The financial statements prepared by the company comply with the requirements of accounting standards, accurately and completely reflecting the financial position, operating results, and cash flows[192](index=192&type=chunk) - The company provides detailed disclosures on key accounting policies and estimates, including financial instruments, revenue recognition, government grants, and leases[209](index=209&type=chunk)[215](index=215&type=chunk)[257](index=257&type=chunk)[271](index=271&type=chunk)[276](index=276&type=chunk) - The company assesses impairment of financial instruments based on expected credit losses and makes impairment provisions based on credit risk characteristics[215](index=215&type=chunk)[218](index=218&type=chunk) [VI. Taxation](index=80&type=section&id=VI.%20Taxation) This section discloses the company's main tax categories and rates, including VAT (13%, 6%), urban maintenance and construction tax (7%), corporate income tax, education surcharge (3%), and local education surcharge (2%). The company enjoys a 15% corporate income tax preferential rate as a high-tech enterprise, and its subsidiary CE-Service Data (Hong Kong) Co., Ltd. applies Hong Kong's two-tiered profits tax rate. Additionally, the company benefits from VAT immediate refund policies for eligible software product revenue. Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Taxable income calculated at applicable tax rates for output tax, and paid based on the difference after deducting deductible input tax for the current period | 13%, 6% | | Urban Maintenance and Construction Tax | VAT payable | 7% | | Corporate Income Tax | Taxable income | See table below | | Education Surcharge | VAT payable | 3% | | Local Education Surcharge | VAT payable | 2% | Corporate Income Tax Rates for Different Taxable Entities | Taxable Entity Name | Income Tax Rate | | :--- | :--- | | The Company | 15% | | CE-Service Data (Hong Kong) Co., Ltd. | 8.25% | - The company enjoys a **15%** corporate income tax preferential rate as a high-tech enterprise, and benefits from VAT immediate refund policies for eligible software product revenue[290](index=290&type=chunk)[291](index=291&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=81&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes on various assets, liabilities, owners' equity, and profit/loss items in the consolidated financial statements. Key changes include cash and cash equivalents of 1.001 billion yuan at period-end, with 18.96 million yuan restricted; accounts receivable of 166 million yuan, with bad debt provisions of 4.60 million yuan; and inventory of 268 million yuan, including inventory depreciation provisions of 23.02 million yuan. Both operating revenue and operating costs decreased year-on-year, with IT operation and maintenance services and technical architecture consulting and integration being the main revenue sources. Income tax expense significantly decreased by 97.65%, primarily due to lower net profit and R&D super deduction. Net cash flow from operating activities was -101 million yuan, a 58.02% improvement from the prior year. Cash and Cash Equivalents at Period End | Item | Period-End Balance (RMB) | | :--- | :--- | | Bank Deposits | 981,780,722.09 | | Other Cash and Cash Equivalents | 18,962,198.51 | | Total | 1,000,742,920.60 | - At period-end, other cash and cash equivalents of **18,962,198.51 yuan** and accrued interest of **4,007,761.77 yuan** in bank deposits are not classified as cash equivalents[292](index=292&type=chunk) Top Five Accounts Receivable and Contract Assets at Period End | Entity Name | Accounts Receivable Period-End Balance (RMB) | Contract Assets Period-End Balance (RMB) | Total Accounts Receivable and Contract Assets Period-End Balance (RMB) | Proportion of Total Accounts Receivable and Contract Assets Period-End Balance | | :--- | :--- | :--- | :--- | :--- | | Client One | 7,431,647.62 | 20,579,345.61 | 28,010,993.23 | 7.62% | | Client Two | 8,952,992.06 | 2,463,296.37 | 11,416,288.43 | 3.11% | | Client Three | 544,871.43 | 10,372,334.15 | 10,917,205.58 | 2.97% | | Client Four | 560,973.52 | 8,588,367.49 | 9,149,341.01 | 2.49% | | Client Five | 8,035,023.43 | 253,326.88 | 8,288,350.31 | 2.25% | | Total | 25,525,508.06 | 42,256,670.50 | 67,782,178.56 | 18.44% | Operating Revenue and Operating Cost Breakdown (by Business Type) | Business Type | Operating Revenue (RMB) | Operating Cost (RMB) | | :--- | :--- | :--- | | IT Operation and Maintenance Services | 256,959,472.12 | 158,769,744.54 | | Technical Architecture Consulting and Integration | 117,381,884.48 | 106,740,310.29 | | Intelligent O&M Products and Services | 3,525,851.29 | 1,510,828.84 | - Income tax expense for the current period was **106,838.72 yuan**, a **97.65%** decrease from **4,553,437.68 yuan** in the prior period, primarily due to lower net profit and the impact of R&D super deduction[60](index=60&type=chunk)[414](index=414&type=chunk) - Net cash flow from operating activities was **-101,155,330.14 yuan**, a **58.02%** increase from **-240,944,293.40 yuan** in the prior year, primarily due to a decrease in payments for purchases during the reporting period[60](index=60&type=chunk)[422](index=422&type=chunk) [VIII. Research and Development Expenses](index=106&type=section&id=VIII.%20Research%20and%20Development%20Expenses) During the reporting period, the company's total R&D investment was 24.26 million yuan, a 5.47% decrease year-on-year. R&D expenses were primarily composed of employee compensation, accounting for over 89%. All R&D expenditures were expensed and not capitalized. R&D Expense Composition | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Employee Compensation | 21,593,919.71 | 23,327,993.05 | | Travel Expenses | 1,292,856.55 | 803,241.71 | | Depreciation of Fixed Assets | 398,460.72 | 417,735.51 | | Technical Service Fees | 283,018.86 | - | | Depreciation of Right-of-Use Assets | 193,838.44 | 205,741.80 | | Transportation Expenses | 149,033.63 | 212,602.0

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