北京千方科技股份有限公司 2025 年半年度报告 2025 年 8 月 北京千方科技股份有限公司 2025 年半年度报告全文 1 北京千方科技股份有限公司 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。 公司负责人夏曙东、主管会计工作负责人张丽娟及会计机构负责人(会计 主管人员)赵金丽声明：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。 本报告中涉及对公司未来计划及发展规划等前瞻性陈述，不构成公司对 投资者的实质承诺，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"中"十、公司面临的风险和 应对措施"，详细描述了公司经营中可能存在的风险，敬请投资者关注相关 内容。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 3、其他备查文件。 4 北京千方科技股份有限公司 2025 年半年度报告全文 5 | 第一节 | 重 ...

电连技术股份有限公司 2025 年半年度报告全文 电连技术股份有限公司 2025 年半年度报告 2025-071 2025 年 8 月 电连技术股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人陈育宣、主管会计工作负责人杜元灿及会计机构负责人(会计 主管人员)李小玲声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告涉及未来计划等前瞻性陈述，该陈述不构成公司对投资者的实质承 诺，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。 公司在本报告"第三节 管理层讨论与分析"中"十、公司面临的风险和 应对措施"详细描述了公司经营中可能存在的风险，敬请投资者关注相关内 容。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 1 | 1 | S | | --- | --- | | 1 | | | 第一节 | 重要提示、目录和释义 1 | ...

深圳市昌红科技股份有限公司 2025 年半年度报告全文 深圳市昌红科技股份有限公司 Shen Zhen Changhong Technology Co.,Ltd. （深圳市坪山区碧岭街道沙湖社区锦龙大道 3 号昌红科技公司 1 层至 3 层） 2025 年半年度报告 【2025 年 8 月 22 日】 1 深圳市昌红科技股份有限公司 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。 公司负责人李焕昌、主管会计工作负责人周国铨及会计机构负责人(会计 主管人员)朱金凤声明：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。 公司经营中可能存在的风险及应对措施，详见本报告"第三节 管理层讨 论与分析"之"十、公司面临的风险和应对措施"部分。敬请广大投资者关 注，并注意投资风险。 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 | 目 录 | | --- | | 第一节 重要提示、目录和释义 2 | ...

Important Notice, Table of Contents, and Definitions [Important Notice](index=2&type=section&id=Important%20Notice) The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report and assume legal responsibility - The company's board of directors, supervisory board, and senior management guarantee the report's truthfulness, accuracy, and completeness[3](index=3&type=chunk) - Company head Wang Li, chief accountant Zhang Chi, and head of accounting department Zhang Chi declare the financial report is true, accurate, and complete[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) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This section lists the structured table of contents for the report, covering company profile, financial indicators, management discussion and analysis, corporate governance, significant events, share changes, bond information, and financial reports - The report comprises eight main chapters, covering company profile, financial indicators, management discussion and analysis, corporate governance, significant matters, share changes, bond information, and financial reports[6](index=6&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section provides definitions for common terms and company-related entities used in the report, including company abbreviations, subsidiary names, regulatory bodies, laws, and e-commerce specific terms - The reporting period refers to January 1, 2025, to June 30, 2025[9](index=9&type=chunk) - **GMV** refers to Gross Merchandise Volume, meaning website transaction amount[9](index=9&type=chunk) - **DTC** refers to Direct To Customer marketing model[9](index=9&type=chunk) Company Profile and Key Financial Indicators [Company Profile](index=6&type=section&id=I.%20Company%20Profile) Shanghai Kaytune Industrial Co., Ltd. (stock abbreviation: Kaytune, stock code: 301001) is listed on the Shenzhen Stock Exchange, with Wang Li as its legal representative - Company stock abbreviation: **Kaytune**, stock code: **301001**[12](index=12&type=chunk) - The company's legal representative is Wang Li[12](index=12&type=chunk) [Contact Persons and Information](index=6&type=section&id=II.%20Contact%20Persons%20and%20Information) The company's Board Secretary is Qian Yan, and the Securities Affairs Representative is Yuan Tianyi, with contact details including address and email remaining consistent - Board Secretary: Qian Yan, Securities Affairs Representative: Yuan Tianyi[13](index=13&type=chunk) - Contact address: Building 3, West District, Phase I, Zhizhi'an, No. 2339 Chenhang Road, Pujiang Town, Minhang District, Shanghai[13](index=13&type=chunk) - Email address: IR@kaytune.com[13](index=13&type=chunk) [Other Information](index=6&type=section&id=III.%20Other%20Information) During the reporting period, there were no changes in the company's registered address, office address, website, email, information disclosure and placement locations, or registration status - The company's contact information remained unchanged during the reporting period[14](index=14&type=chunk) - Information disclosure and placement locations remained unchanged during the reporting period[15](index=15&type=chunk) - The company's registration status remained unchanged during the reporting period[16](index=16&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In the first half of 2025, the company's operating revenue decreased by 21.67% to 162.42 million yuan, and net profit attributable to shareholders decreased by 16.17% to 3.01 million yuan 2025 Semi-Annual Key Accounting Data and Financial Indicators | Indicator | Current Reporting Period (yuan) | Prior Year Period (yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 162,415,517.31 | 207,343,632.23 | -21.67% | | Net Profit Attributable to Shareholders of the Listed Company | 3,008,916.58 | 3,589,330.67 | -16.17% | | Net Profit Attributable to Shareholders of the Listed Company (Excluding Non-Recurring Gains and Losses) | 812,890.24 | 2,120,953.07 | -61.67% | | Net Cash Flow from Operating Activities | 23,473,216.20 | 34,576,510.16 | -32.11% | | Basic Earnings Per Share (yuan/share) | 0.04 | 0.04 | 0.00% | | Diluted Earnings Per Share (yuan/share) | 0.04 | 0.04 | 0.00% | | Weighted Average Return on Net Assets | 0.37% | 0.44% | -0.07% | | **Period-End Indicators** | **Current Period-End (yuan)** | **Prior Year-End (yuan)** | **Period-End YoY Change (%)** | | Total Assets | 864,174,222.74 | 910,737,873.16 | -5.11% | | Net Assets Attributable to Shareholders of the Listed Company | 783,560,207.44 | 821,116,981.45 | -4.57% | [Differences in Accounting Data under Domestic and Overseas Accounting Standards](index=7&type=section&id=V.%20Differences%20in%20Accounting%20Data%20under%20Domestic%20and%20Overseas%20Accounting%20Standards) During the reporting period, the company reported no differences in net profit and net assets between financial statements prepared under international or overseas accounting standards and those under Chinese accounting standards - The company reported no differences in net profit and net assets between financial statements disclosed under international accounting standards and Chinese accounting standards during the reporting period[18](index=18&type=chunk) - The company reported no differences in net profit and net assets between financial statements disclosed under overseas accounting standards and Chinese accounting standards during the reporting period[19](index=19&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=VI.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) During the reporting period, the company's total non-recurring gains and losses amounted to 2.196 million yuan, primarily from government grants and fair value changes of financial assets recognized in current profit or loss, net of income tax effects Non-Recurring Gains and Losses Items and Amounts | Item | Amount (yuan) | | :--- | :--- | | 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 sustained impact on the company's profit or loss) | 836,000.00 | | Gains and losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains and losses from disposal of financial assets and liabilities, excluding effective hedging activities related to normal business operations | 2,067,167.48 | | Other non-operating income and expenses apart from the above items | -6,402.77 | | Less: Income tax impact | 700,738.37 | | Total | 2,196,026.34 | - The company has no other profit or loss items that meet the definition of non-recurring gains and losses[22](index=22&type=chunk) - The company has not classified non-recurring gains and losses items as recurring gains and losses[22](index=22&type=chunk) Management Discussion and Analysis [Company's Main Businesses During the Reporting Period](index=9&type=section&id=I.%20Company%27s%20Main%20Businesses%20During%20the%20Reporting%20Period) The company provides comprehensive, customized, and flexible e-commerce and customer relationship management services across all channels for brands, covering marketing, sales, and CRM throughout the entire value chain - The company's main business is providing comprehensive e-commerce and customer relationship management services for well-known domestic and international brands, covering mainstream online channels such as Tmall, JD, Douyin, and Xiaohongshu[24](index=24&type=chunk) - The company's business model includes online brand sales services (retail/distribution), online brand operation services (visual design, warehousing logistics, marketing planning, etc.), and customer relationship management services (social interaction, customer care, etc.)[25](index=25&type=chunk) - In the first half of 2025, total retail sales of consumer goods increased by **5.0%** year-on-year, and national online retail sales increased by **8.5%**, indicating e-commerce continues to play a significant role in the consumer market[27](index=27&type=chunk)[28](index=28&type=chunk) [Main Businesses and Products](index=9&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%20Main%20Businesses%20and%20Products) The company is dedicated to offering multi-dimensional, customized, and highly flexible integrated e-commerce and customer relationship management services to brands, covering the entire value chain from brand marketing to product sales and customer relationship management across major online channels - The company's vision is "Empowering Brands from 0 to Max," providing multi-dimensional, customized, and highly flexible enterprise services[24](index=24&type=chunk) - The main business is providing comprehensive e-commerce services and customer relationship management services for well-known domestic and international brands[24](index=24&type=chunk) - Services cover mainstream online channels, including Tmall, Taobao, JD, Douyin, Xiaohongshu, Pinduoduo, and WeChat official stores[24](index=24&type=chunk) [Main Operating Models](index=9&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%20Main%20Operating%20Models) The company's operating model encompasses online brand sales services (retail and distribution), online brand operation services (visual design, warehousing logistics, marketing planning), and customer relationship management services (social interaction, customer care), providing comprehensive support to brands - Online brand sales services: Products are purchased outright and retailed or distributed through flagship stores or specialty stores on third-party platforms[25](index=25&type=chunk) - Online brand operation services: Provide visual design, store operations, warehousing and logistics, marketing planning, event management, and customer service[25](index=25&type=chunk) - Customer relationship management services: Enhance customer satisfaction and loyalty, and increase sales revenue through social interaction and customer care activities[25](index=25&type=chunk) [Industry Development Status](index=9&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%20Industry%20Development%20Status) E-commerce, as a core driver of the digital economy, continues to grow with policy support, shifting consumer demand from "traffic competition" to "value creation," emphasizing personalization, quality, and service experience - In the first half of 2025, final consumption expenditure contributed **52.0%** to economic growth, driving GDP growth by **2.8 percentage points**[27](index=27&type=chunk) - In the first half of 2025, total retail sales of consumer goods were **24.5458 trillion yuan**, a year-on-year increase of **5.0%**; national online retail sales were **7.4295 trillion yuan**, a year-on-year increase of **8.5%**[27](index=27&type=chunk)[28](index=28&type=chunk) - The e-commerce industry is transitioning from "traffic competition" to "value creation," with consumers increasingly prioritizing personalization, quality, and service experience[29](index=29&type=chunk) - The government has introduced policies such as the "Three-Year Action Plan for Digital Business (2024-2026)" to promote high-quality industry development[31](index=31&type=chunk) - AI, VR/AR technologies, and the metaverse concept are driving the integration of virtual shopping scenarios with social e-commerce, enhancing user experience[33](index=33&type=chunk) [Performance Driving Factors](index=11&type=section&id=%EF%BC%88%E5%9B%9B%EF%BC%89%20Performance%20Driving%20Factors) In the first half of 2025, the company achieved operating revenue of 162.42 million yuan and a net profit of 3.01 million yuan, driven by full-link digital intelligence, AI empowerment, and omni-channel marketing Company Performance from January to June 2025 | Indicator | Amount (yuan) | | :--- | :--- | | Operating Revenue | 162,415,517.31 | | Net Profit Attributable to Shareholders of the Listed Company | 3,008,916.58 | - The company assists multi-category clients in achieving business growth by integrating brand analysis, product research, and systematic operational strategies[37](index=37&type=chunk) - The company deeply applies generative AI technology in e-commerce operations, customer relationship management, and internal enterprise management, building a "triangular model" and establishing an "AI Intelligent Laboratory"[38](index=38&type=chunk)[39](index=39&type=chunk) - The company enhances its omni-channel marketing capabilities, integrating CRM, omni-channel private domain marketing, and e-commerce thinking to create a closed-loop marketing and operation strategy focused on customer acquisition and business growth[40](index=40&type=chunk) [Company's Industry Position](index=12&type=section&id=%EF%BC%88%E4%BA%94%EF%BC%89%20Company%27s%20Industry%20Position) With over a decade of development, the company has excelled in omni-channel, full-domain, and multi-industry operational services, partnering with nearly a hundred renowned brands across various consumer sectors - The company has collaborated with nearly **100+** brands, serving industries including aviation, automotive, fast-moving consumer goods, luxury goods, beauty, maternal and infant products, food, apparel, and retail[41](index=41&type=chunk) - The company has received multiple industry awards, such as "Tmall Ecosystem Five-Star Operating Service Provider" and "Super V-Partner Digital Intelligence Operation in the FMCG Industry"[41](index=41&type=chunk) - As a BCMM consulting service organization, the company actively participates in the implementation of the "Business Enterprise Digital Transformation Capability Maturity Model" standard, exploring new "AI+Consumer" scenarios[41](index=41&type=chunk) [Company's Main Operating Situation](index=12&type=section&id=%EF%BC%88%E5%85%AD%EF%BC%89%20Company%27s%20Main%20Operating%20Situation) During the reporting period, the company focused on its "intelligent operations" strategy, deeply applying AI technology to optimize consumer shopping experiences, enhance marketing effectiveness, and improve customer service quality, achieving cost reduction and efficiency gains - The company actively embraces the "intelligent operations" strategic opportunity, applying new technologies like AI to optimize consumer shopping experiences, enhance marketing effectiveness, and improve customer service quality, achieving cost reduction and efficiency gains[42](index=42&type=chunk) - The company improves operational efficiency through data analysis tools (such as Power BI) and Robotic Process Automation (RPA), with AI applications showing significant results in content generation and intelligent customer service[44](index=44&type=chunk) Company's Operating Performance on Platforms with Over 10% Revenue Share (January-June 2025) | Platform Name | Sales Model | Sales Revenue Jan-Jun 2025 (yuan) | Revenue Share (%) | Sales Revenue Jan-Jun 2024 (yuan) | Revenue Share (%) | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Tmall | Online Brand Sales Service | 26,338,000.85 | 16.22% | 34,656,136.91 | 16.71% | -0.49% | | JD | Online Brand Sales Service | 14,653,651.78 | 9.02% | 20,915,747.48 | 10.09% | -1.07% | - The company has established a comprehensive information security management system, formed an information security committee, formulated relevant policies and regulations, and implemented encryption and authorized use for consumer personal information to ensure data security and privacy protection[55](index=55&type=chunk)[56](index=56&type=chunk) [Core Competitiveness Analysis](index=15&type=section&id=II.%20Core%20Competitiveness%20Analysis) The company's core competitiveness stems from strong long-term service relationships with renowned brands across multiple industries, comprehensive multi-platform and multi-domain service capabilities, professional IT development, and integrated data capabilities - The company has focused on the industry for over a decade, collaborating with over **100** well-known brand clients across a wide range of industries, demonstrating high brand recognition, strong service stickiness, and long-term relationships[57](index=57&type=chunk)[58](index=58&type=chunk) - The company possesses strong omni-platform and omni-domain service capabilities, reflected in its "platform conversion," "service segment conversion," and "brand conversion" capabilities[59](index=59&type=chunk) - The company has professional IT system development and implementation capabilities, having independently developed Omni-channel E-commerce Operation Management Software (OMS), Warehouse Management Software (WMS), and Financial Management System (FMS), and registered over **30** computer software copyrights[61](index=61&type=chunk) - The company independently developed the **KAYNETICS** omni-channel consumer operation system and the **"Zhi Ting"** intelligent agent analysis system, enabling real-time consumer insights and deep semantic analysis of massive user reviews[63](index=63&type=chunk) - The company has built multiple high-quality business teams with a stable core team, attracting talent through a comprehensive training system and corporate culture[64](index=64&type=chunk) - The company uniquely integrates CRM, omni-channel private domain marketing, and e-commerce thinking to create a closed-loop marketing and operation strategy focused on sales and customer acquisition[65](index=65&type=chunk) [Main Business Analysis](index=17&type=section&id=III.%20Main%20Business%20Analysis) During the reporting period, the company's main business revenue decreased by 21.67% year-on-year, with a 2.45% decline in gross profit margin, while various service revenues also saw reductions Year-on-Year Changes in Key Financial Data | Indicator | Current Reporting Period (yuan) | Prior Year Period (yuan) | YoY Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 162,415,517.31 | 207,343,632.23 | -21.67% | | | Operating Cost | 117,464,735.78 | 144,879,411.47 | -18.92% | | | Selling Expenses | 26,169,586.06 | 40,324,306.24 | -35.10% | Primarily due to reduced personnel expenses in the current reporting period | | Income Tax Expense | 577,756.67 | 2,259,572.05 | -74.43% | Primarily due to changes in profit and deferred income tax in the current reporting period | | Net Cash Flow from Operating Activities | 23,473,216.20 | 34,576,510.16 | -32.11% | Primarily due to reduced cash inflows from operating activities in the current reporting period | | Net Cash Flow from Investing Activities | -134,666,075.48 | -107,942,640.20 | 24.76% | Primarily due to increased purchases of structured wealth management products in the current reporting period | | Net Cash Flow from Financing Activities | -34,478,010.72 | -15,290,181.86 | 125.49% | Primarily due to increased dividend distribution and share repurchases compared to the prior year period | | Total Profit | 3,586,673.25 | 5,848,902.72 | -38.68% | Primarily due to reduced sales scale in the current reporting period weakening marginal contribution | Performance by Product or Service | Product or Service | Operating Revenue (yuan) | Operating Cost (yuan) | Gross Profit Margin (%) | YoY Change in Operating Revenue (%) | YoY Change in Operating Cost (%) | YoY Change in Gross Profit Margin (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | E-commerce | 162,415,517.31 | 117,464,735.78 | 27.68% | -21.67% | -18.92% | -2.45% | | **By Sales Model** | | | | | | | | Online Brand Sales Service | 55,121,329.67 | 37,090,276.17 | 32.71% | -36.05% | -32.44% | -3.59% | | Online Brand Operation Service | 63,968,843.74 | 46,541,371.83 | 27.24% | -17.21% | -16.98% | -0.20% | | Customer Relationship Management Service | 42,834,884.30 | 33,309,078.56 | 22.24% | -2.39% | -1.79% | -0.48% | - The company's profit composition or sources of profit did not undergo significant changes during the reporting period[69](index=69&type=chunk) [Non-Main Business Analysis](index=18&type=section&id=IV.%20Non-Main%20Business%20Analysis) During the reporting period, the impact of the company's non-main businesses on total profit primarily stemmed from structured deposit income, fair value changes, inventory impairment provisions, government grants, and credit impairment losses, none of which are sustainable Impact of Non-Main Business on Total Profit | Item | Amount (yuan) | Percentage of Total Profit (%) | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 1,523,161.22 | 42.47% | Primarily structured deposit income in the current reporting period | No | | Fair Value Change Gains and Losses | 544,006.26 | 15.17% | Primarily fair value changes of structured deposits in the current reporting period | No | | Asset Impairment | -1,521,856.49 | -42.43% | Primarily inventory impairment provisions in the current reporting period | No | | Non-Operating Income | 836,003.21 | 23.31% | Primarily government grants received in the current reporting period | No | | Credit Impairment Losses | -213,075.32 | -5.94% | Primarily impact of bad debt provisions for accounts receivable and other receivables | No | [Analysis of Assets and Liabilities](index=18&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's total assets decreased by 5.11% year-on-year, and net assets attributable to shareholders decreased by 4.57% Significant Changes in Asset Composition | Item | Amount at Current Period-End (yuan) | Percentage of Total Assets (%) | Amount at Prior Year-End (yuan) | Percentage of Total Assets (%) | Change in Proportion (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 277,189,314.38 | 32.08% | 424,516,614.30 | 46.61% | -14.53% | | Trading Financial Assets | 185,759,472.69 | 21.50% | 50,224,257.67 | 5.51% | 15.99% | | Prepayments | 3,800,495.61 | 0.44% | 19,502,824.44 | 2.14% | -1.70% | | Short-term Borrowings | 9,004,387.50 | 1.04% | 0.00 | 0.00% | 1.04% | | Long-term Borrowings | 19,968,750.00 | 2.31% | 21,566,250.00 | 2.37% | -0.06% | | Lease Liabilities | 5,223,042.31 | 0.60% | 5,063,667.20 | 0.56% | 0.04% | - The company's total assets at the end of the reporting period were **864.17 million yuan**, a decrease of **5.11%** compared to the end of the prior year[17](index=17&type=chunk)[70](index=70&type=chunk) - The company's net assets attributable to shareholders at the end of the reporting period were **783.56 million yuan**, a decrease of **4.57%** compared to the end of the prior year[17](index=17&type=chunk)[70](index=70&type=chunk) - The fair value of financial assets measured at fair value at period-end was **185.76 million yuan**, compared to **50.22 million yuan** at the beginning of the period, primarily consisting of trading financial assets[74](index=74&type=chunk) - At the end of the reporting period, **268,012.26 yuan** in bank deposits was restricted due to inactive transactions, and **211,032.65 yuan** in other monetary funds was frozen in an Alipay account[75](index=75&type=chunk) [Investment Status Analysis](index=20&type=section&id=VI.%20Investment%20Status%20Analysis) During the reporting period, the company had no significant equity or non-equity investments, with financial assets measured at fair value totaling 186 million yuan, primarily bank wealth management products Financial Assets Measured at Fair Value | Asset Category | Initial Investment Cost (yuan) | Fair Value Change Gains and Losses in Current Period (yuan) | Amount Purchased in Reporting Period (yuan) | Amount Sold in Reporting Period (yuan) | Cumulative Investment Income (yuan) | Period-End Amount (yuan) | Source of Funds | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Other | 50,224,257.67 | 544,006.26 | 717,030,402.59 | 582,039,193.83 | 1,523,161.22 | 185,759,472.69 | Own funds, raised funds | - All of the company's fundraising projects have been completed, and the unused raised funds of **56.723 million yuan** will be permanently used to supplement working capital, with account cancellation procedures completed[79](index=79&type=chunk)[84](index=84&type=chunk) Overview of Wealth Management | Specific Type | Source of Wealth Management Funds | Amount of Wealth Management Transactions (10,000 yuan) | Unmatured Balance (10,000 yuan) | Overdue Unrecovered Amount (10,000 yuan) | | :--- | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Funds | 51,400 | 13,500 | 0 | | Bank Wealth Management Products | Raised Funds | 13,000 | 0 | 0 | | Brokerage Wealth Management Products | Own Funds | 7,303.04 | 5,000 | 0 | | Total | | 71,703.04 | 18,500 | 0 | - The company had no derivative investments or entrusted loans during the reporting period[96](index=96&type=chunk)[97](index=97&type=chunk) [Significant Asset and Equity Sales](index=29&type=section&id=VII.%20Significant%20Asset%20and%20Equity%20Sales) During the reporting period, the company did not engage in any significant asset or equity sales - The company did not sell significant assets during the reporting period[98](index=98&type=chunk) - The company did not sell significant equity during the reporting period[99](index=99&type=chunk) [Analysis of Major Holding and Participating Companies](index=29&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) The company's main subsidiaries, including Ningbo Kayrongle International Trade Co., Ltd., Shanghai Kaiziman E-commerce Co., Ltd., Shanghai Peixiang Information Technology Co., Ltd., and Shanghai Kaiyi Advertising Co., Ltd., engage in e-commerce, brand online sales/operations, technical R&D support, and integrated marketing services, respectively Financial Performance of Major Subsidiaries | Company Name | Main Business | Registered Capital (yuan) | Total Assets (yuan) | Net Assets (yuan) | Operating Revenue (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Ningbo Kayrongle International Trade Co., Ltd. | Cross-border e-commerce business support | 2,000,000.00 | 91,156,669.81 | 35,883,867.39 | 35,566,641.02 | 3,752,105.78 | | Shanghai Kaiziman E-commerce Co., Ltd. | Brand online sales/operation services | 10,000,000.00 | 28,608,187.60 | 10,077,786.10 | 10,087,933.39 | -311,351.38 | | Shanghai Peixiang Information Technology Co., Ltd. | Technology R&D support, software development | 1,000,000.00 | 166,763,811.00 | 16,978,353.21 | 8,622,680.95 | -806,194.56 | | Shanghai Kaiyi Advertising Co., Ltd. | Integrated marketing services | 10,000,000.00 | 7,406,437.68 | 5,697,762.31 | 112,499.55 | -927,920.77 | - During the reporting period, Kaiyi (Hong Kong) International Trade Co., Ltd. was deregistered, which had no significant impact on the company's overall production, operations, and performance[100](index=100&type=chunk) [Information on Structured Entities Controlled by the Company](index=30&type=section&id=IX.%20Information%20on%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[101](index=101&type=chunk) [Risks Faced by the Company and Countermeasures](index=30&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces 22 risks, including innovation, technology, intensified industry competition, brand market performance fluctuations, brand authorization and expansion, loss of core operational talent, policy changes, and consumer preference shifts - The company faces **22** risks, including innovation, technology, intensified industry competition, brand market performance fluctuations, brand authorization and expansion, and loss of core operational talent[102](index=102&type=chunk)[103](index=103&type=chunk) - The company actively embraces change, flexibly adjusts strategic directions, continuously optimizes service experiences, and promotes steady business growth for brands by optimizing existing businesses and exploring new market spaces[104](index=104&type=chunk) - The company accelerates technological progress and iteration, implementing AI capabilities in comprehensive e-commerce services, having integrated the DeepSeek large model and advancing its localized deployment and application adaptation[104](index=104&type=chunk) - The company adheres to a long-term operational philosophy, focusing on continuous deep cultivation to become a long-term partner for brands[105](index=105&type=chunk) [Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period](index=31&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 multiple on-site research visits from institutions such as Huaxi Securities, CITIC Securities, CMB Wealth Management, Open Source Securities, TF Securities, Industrial Securities, Junyi Asset, and GF Securities - From January to February 2025, the company hosted multiple on-site research visits from institutions including Huaxi Securities, CITIC Securities, CMB Wealth Management, Open Source Securities, TF Securities, Industrial Securities, Junyi Asset, and GF Securities[106](index=106&type=chunk)[107](index=107&type=chunk) - On May 8, 2025, the company conducted an online exchange via the Panorama Network "Investor Relations Interactive Platform" to address questions related to the 2024 annual performance briefing[107](index=107&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=32&type=section&id=XII.%20Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company's board of directors approved and formulated the "Market Value Management System" on April 18, 2025, aiming to strengthen market value management, promote investment value enhancement, and increase investor returns - The company has formulated a market value management system[108](index=108&type=chunk) - On April 18, 2025, the company convened the twelfth meeting of the third board of directors, which approved the "Proposal on Formulating the Market Value Management System"[108](index=108&type=chunk) - The company has not disclosed a valuation enhancement plan[108](index=108&type=chunk) [Implementation of "Quality and Return Dual Improvement" Action Plan](index=33&type=section&id=XIII.%20Implementation%20of%20%E2%80%9CQuality%20and%20Return%20Dual%20Improvement%E2%80%9D%20Action%20Plan) The company did not disclose any announcements regarding the "Quality and Return Dual Improvement" action plan during the reporting period - The company did not disclose any announcements regarding the "Quality and Return Dual Improvement" action plan[109](index=109&type=chunk) Corporate Governance, Environment, and Society [Changes in Directors, Supervisors, and Senior Management](index=34&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, there were no changes in the company's directors, supervisors, and senior management - The company's directors, supervisors, and senior management did not change during the reporting period[111](index=111&type=chunk) [Profit Distribution and Capital Reserve Conversion to Share Capital in the Current Reporting Period](index=34&type=section&id=II.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20in%20the%20Current%20Reporting%20Period) The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for this half-year period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for this half-year period[112](index=112&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=34&type=section&id=III.%20Implementation%20of%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) During the reporting period, the company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures, nor any implementation thereof - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures, nor any implementation thereof during the reporting period[113](index=113&type=chunk) [Environmental Information Disclosure](index=35&type=section&id=IV.%20Environmental%20Information%20Disclosure) The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[114](index=114&type=chunk) [Social Responsibility](index=35&type=section&id=V.%20Social%20Responsibility) The company adheres to a sustainable development philosophy, actively fulfilling its social responsibilities in areas such as employee rights and welfare, corporate culture, environmental protection, network and data information security, public welfare, compliant operations, and information disclosure - The company respects and protects employees' legitimate rights and interests, strictly complies with labor laws and regulations, with a **100%** signing rate for labor contracts and social insurance contributions[115](index=115&type=chunk) - The company establishes special funds to provide employees with housing loans, major illness, and accident expense turnover, and purchases group comprehensive welfare insurance[116](index=116&type=chunk) - The company advocates green and sustainable development, practicing "green office," "green transportation," and "green transformation" by promoting paperless operations, optimizing logistics layouts, and strengthening environmental protection awareness[120](index=120&type=chunk)[121](index=121&type=chunk)[122](index=122&type=chunk) - The company independently develops Omni-channel E-commerce Operation Management Software (OMS), Warehouse Management Software (WMS), and Financial Management System (FMS), and formulates information security management systems to ensure network and data information security[123](index=123&type=chunk) - The company launched the "Chunxin Tongxing" public welfare initiative to provide living and educational support for school-age children in Kela Township and plans to launch a "one-on-one" scholarship program[126](index=126&type=chunk) - The company strictly adheres to laws, regulations, and internal policies for information disclosure, designating Securities Times and Juchao Information Network as information disclosure media to ensure all investors have fair access to company information[129](index=129&type=chunk) Significant Matters [Fulfillment of Commitments](index=38&type=section&id=I.%20Fulfillment%20of%20Commitments) The company's directors' commitments regarding share repurchases were fulfilled within the reporting period, including maintaining integrity, diligence, protecting company interests, and ensuring the repurchase does not impair debt-paying ability or ongoing operations - The company's directors' commitments regarding share repurchases were fulfilled on time[131](index=131&type=chunk) - The commitments include safeguarding the company's interests and the legitimate rights and interests of shareholders and creditors, ensuring that the repurchase does not impair the company's ability to fulfill its debts or its ongoing operational capacity[131](index=131&type=chunk) [Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties](index=38&type=section&id=II.%20Non-Operating%20Fund%20Occupation%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties) During the reporting period, there was no non-operating occupation of the listed company's funds by the controlling shareholder or other related parties - During the reporting period, there was no non-operating occupation of the listed company's funds by the controlling shareholder or other related parties[132](index=132&type=chunk) [Irregular External Guarantees](index=38&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[133](index=133&type=chunk) [Appointment and Dismissal of Accounting Firms](index=38&type=section&id=IV.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[134](index=134&type=chunk) [Explanation of Non-Standard Audit Report by Board of Directors, Supervisory Board, and Audit Committee](index=39&type=section&id=V.%20Explanation%20of%20Non-Standard%20Audit%20Report%20by%20Board%20of%20Directors%2C%20Supervisory%20Board%2C%20and%20Audit%20Committee) The company had no non-standard audit report during the reporting period, thus no explanation is required - The company had no non-standard audit report during the reporting period[135](index=135&type=chunk) [Board of Directors' Explanation of Prior Year's Non-Standard Audit Report](index=39&type=section&id=VI.%20Board%20of%20Directors%27%20Explanation%20of%20Prior%20Year%27s%20Non-Standard%20Audit%20Report) The company had no non-standard audit report for the prior year, thus no explanation is required - The company had no non-standard audit report for the prior year during the reporting period[135](index=135&type=chunk) [Bankruptcy and Reorganization Matters](index=39&type=section&id=VII.%20Bankruptcy%20and%20Reorganization%20Matters) The company did not experience any bankruptcy or reorganization matters during the reporting period - The company did not experience any bankruptcy or reorganization matters during the reporting period[135](index=135&type=chunk) [Litigation Matters](index=39&type=section&id=VIII.%20Litigation%20Matters) During the reporting period, the company had no significant litigation or arbitration matters, but several other lawsuits below the disclosure threshold are ongoing or have been withdrawn, with no major impact on the company - The company had no significant litigation or arbitration matters during this reporting period[136](index=136&type=chunk) Other Litigation Matters | Basic Situation of Litigation (Arbitration) | Amount Involved (10,000 yuan) | Provision for Estimated Liabilities Formed | Progress of Litigation (Arbitration) | Outcome and Impact of Litigation (Arbitration) | | :--- | :--- | :--- | :--- | :--- | | Summary of matters where the company is a defendant, not meeting the disclosure standard for significant litigation (arbitration) | 123.1 | No | Under review | No significant impact | | Summary of matters where the company is a plaintiff, not meeting the disclosure standard for significant litigation (arbitration) | 479.4 | No | Under review | No significant impact | | Cases where the company is a third party with virtually no responsibility | 281.64 | No | Plaintiff withdrew lawsuit | No significant impact | [Penalties and Rectification Measures](index=39&type=section&id=IX.%20Penalties%20and%20Rectification%20Measures) The company had no penalties or rectification measures during the reporting period - The company had no penalties or rectification measures during the reporting period[137](index=137&type=chunk) [Integrity Status](index=39&type=section&id=X.%20Integrity%20Status) During the reporting period, the company, its controlling shareholder, and actual controller did not fail to comply with effective court judgments or have large overdue debts - During the reporting period, the company, its controlling shareholder, and actual controller did not fail to comply with effective court judgments or have large overdue debts[138](index=138&type=chunk) [Significant Related Party Transactions](index=40&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, or related party creditor-debtor relationships - The company had no related party transactions related to daily operations during the reporting period[139](index=139&type=chunk) - The company had no related party transactions involving asset or equity acquisitions or disposals during the reporting period[140](index=140&type=chunk) - The company had no related party creditor-debtor relationships during the reporting period[142](index=142&type=chunk) [Significant Contracts and Their Performance](index=40&type=section&id=XII.%20Significant%20Contracts%20and%20Their%20Performance) During the reporting period, the company had no trusteeship or contracting arrangements but engaged in leasing activities for warehouses, offices, and employee dormitories, with total rent of 1.01 million yuan and property fees of 501,000 yuan - The company had no trusteeship arrangements during the reporting period[146](index=146&type=chunk) - The company had no contracting arrangements during the reporting period[148](index=148&type=chunk) - During the reporting period, the company's leasing activities primarily included warehouse, office building, and employee dormitory rentals, with total rent of **1.0096 million yuan** and property fees of **501,000 yuan** in the first half of the year[149](index=149&type=chunk) - The company had no significant guarantee situations during the reporting period[150](index=150&type=chunk) - The company had no other significant contracts during the reporting period[152](index=152&type=chunk) [Explanation of Other Significant Matters](index=41&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) The company had no other significant matters requiring explanation during the reporting period - The company had no other significant matters requiring explanation during the reporting period[153](index=153&type=chunk) [Significant Matters of Company Subsidiaries](index=41&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[154](index=154&type=chunk) Share Changes and Shareholder Information [Share Change Status](index=42&type=section&id=I.%20Share%20Change%20Status) During the reporting period, the company's total share capital remained unchanged at 80,000,000 shares, with the proportion of restricted and unrestricted shares remaining constant Share Change Status | Share Type | Number Before This Change (shares) | Proportion (%) | Increase/Decrease in This Change (＋,－) | Number After This Change (shares) | Proportion (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 29,700,000 | 37.12% | 0 | 29,700,000 | 37.12% | | II. Unrestricted Shares | 50,300,000 | 62.88% | 0 | 50,300,000 | 62.88% | | III. Total Shares | 80,000,000 | 100.00% | 0 | 80,000,000 | 100.00% | - The company initiated its first share repurchase through a dedicated securities account via centralized bidding on June 19, 2025[158](index=158&type=chunk) - As of June 27, 2025, the company had cumulatively repurchased **336,800 shares**, accounting for **0.421%** of its total share capital, with a total transaction amount of **10.0018 million yuan**, completing the repurchase plan[159](index=159&type=chunk) [Issuance and Listing of Securities](index=43&type=section&id=II.%20Issuance%20and%20Listing%20of%20Securities) The company had no issuance or listing of securities during the reporting period - The company had no issuance or listing of securities during the reporting period[160](index=160&type=chunk) [Company Shareholder Numbers and Shareholding Status](index=43&type=section&id=III.%20Company%20Shareholder%20Numbers%20and%20Shareholding%20Status) At the end of the reporting period, the company had 11,820 common shareholders, with Wang Li as the largest shareholder holding 38.65% and Xu Lei holding 10.29% - The total number of common shareholders at the end of the reporting period was **11,820**[161](index=161&type=chunk) Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio (%) | Number of Shares Held at Period-End (shares) | Change in Shareholding During Reporting Period (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Wang Li | Domestic Natural Person | 38.65% | 30,920,000 | -280,000 | 23,400,000 | 7,520,000 | | Xu Lei | Domestic Natural Person | 10.29% | 8,230,000 | -170,000 | 6,300,000 | 1,930,000 | | Zhuhai Shengguang Yisong No. 1 Cultural Media Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 9.00% | 7,200,000 | 0 | 0 | 7,200,000 | | Shanghai Chunrong Investment Center (Limited Partnership) | Domestic Non-State-Owned Legal Person | 5.59% | 4,470,000 | -1,530,000 | 0 | 4,470,000 | - Wang Li and Xu Lei signed a "Concerted Action Agreement" on April 1, 2016, to exercise shareholder rights as concerted parties[162](index=162&type=chunk) - As of the end of the reporting period, the company's dedicated share repurchase securities account held **336,800 repurchased shares**, accounting for **0.42%** of the company's total shares[163](index=163&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=46&type=section&id=IV.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) The shareholdings of the company's directors, supervisors, and senior management did not change during the reporting period - The shareholdings of the company's directors, supervisors, and senior management did not change during the reporting period[164](index=164&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=46&type=section&id=V.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) The company's controlling shareholder and actual controller did not change during the reporting period - The company's controlling shareholder did not change during the reporting period[165](index=165&type=chunk) - The company's actual controller did not change during the reporting period[165](index=165&type=chunk) [Preferred Shares Information](index=47&type=section&id=VI.%20Preferred%20Shares%20Information) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[166](index=166&type=chunk) Bond-Related Information The company had no bond-related information during the reporting period - The company had no bond-related information during the reporting period[168](index=168&type=chunk) Financial Report [Audit Report](index=49&type=section&id=I.%20Audit%20Report) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[170](index=170&type=chunk) [Financial Statements](index=49&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 Consolidated Balance Sheet Key Data (Period-End) | Item | Period-End Balance (yuan) | | :--- | :--- | | Cash and Bank Balances | 277,189,314.38 | | Trading Financial Assets | 185,759,472.69 | | Accounts Receivable | 116,954,126.26 | | Inventories | 45,287,363.53 | | Total Assets | 864,174,222.74 | | Short-term Borrowings | 9,004,387.50 | | Accounts Payable | 14,403,131.03 | | Total Liabilities | 80,614,015.30 | | Total Equity Attributable to Parent Company Owners | 783,560,207.44 | Consolidated Income Statement Key Data (First Half of 2025) | Item | First Half of 2025 (yuan) | | :--- | :--- | | Total Operating Revenue | 162,415,517.31 | | Total Operating Costs | 160,154,721.76 | | Operating Profit | 2,757,076.02 | | Total Profit | 3,586,673.25 | | Net Profit | 3,008,916.58 | | Net Profit Attributable to Parent Company Owners | 3,008,916.58 | | Basic Earnings Per Share | 0.04 | Consolidated Cash Flow Statement Key Data (First Half of 2025) | Item | First Half of 2025 (yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | 23,473,216.20 | | Net Cash Flow from Investing Activities | -134,666,075.48 | | Net Cash Flow from Financing Activities | -34,478,010.72 | | Net Increase in Cash and Cash Equivalents | -145,694,630.90 | | Cash and Cash Equivalents at Period-End | 276,710,269.47 | [Company Basic Information](index=66&type=section&id=III.%20Company%20Basic%20Information) Shanghai Kaytune Industrial Co., Ltd. was established in October 2016 with a registered capital of 80 million yuan and was listed on the ChiNext board of the Shenzhen Stock Exchange on May 28, 2021 - Shanghai Kaytune Industrial Co., Ltd. was established in October 2016 with a registered capital of **80 million yuan**[204](index=204&type=chunk) - The company's initial public offering on the ChiNext board of the Shenzhen Stock Exchange on May 28, 2021, increased its share capital to **80 million yuan**[206](index=206&type=chunk) - The company's main operating activities involve e-commerce and customer relationship management services[207](index=207&type=chunk) - During this reporting period, the subsidiary Kaiyi (Hong Kong) International Trade Co., Ltd. was deregistered on April 3, 2025[209](index=209&type=chunk) [Basis of Financial Statement Preparation](index=67&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) The company's financial statements are prepared on a going concern basis, in accordance with Accounting Standards for Business Enterprises and their application guidelines and interpretations, and disclosed according to CSRC rules - The company prepares its financial statements on a going concern basis, in accordance with the Accounting Standards for Business Enterprises and their application guidelines and interpretations[211](index=211&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 matters affecting its going concern ability[212](index=212&type=chunk) [Significant Accounting Policies and Estimates](index=68&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's adherence to Accounting Standards for Business Enterprises, covering accounting periods, operating cycles, functional currency, materiality, business combinations, consolidated financial statements, cash and cash equivalents, foreign currency transactions, financial instruments, accounts receivable, inventories, long-term equity investments, fixed assets, intangible assets, impairment of long-term assets, contract liabilities, employee benefits, revenue recognition, government grants, deferred income tax assets/liabilities, and leases - The financial statements prepared by the company comply with the requirements of Accounting Standards for Business Enterprises, accurately and completely reflecting the company's financial position, operating results, and other information[214](index=214&type=chunk) - At initial recognition, the company classifies financial assets as measured at amortized cost, fair value through profit or loss, or fair value through other comprehensive income, based on the business model for managing financial assets and the contractual cash flow characteristics of the financial assets[245](index=245&type=chunk) - For accounts receivable and contract assets, the company measures loss provisions based on expected credit losses over the entire lifetime, regardless of the presence of a significant financing component[261](index=261&type=chunk) - The company recognizes revenue when it has satisfied its performance obligations in the contract, meaning when the customer obtains control of the related goods[339](index=339&type=chunk) - The company's classification of financial assets, measurement of expected credit losses for accounts receivable, and recognition of deferred income tax assets involve significant judgments and estimates[390](index=390&type=chunk)[391](index=391&type=chunk)[392](index=392&type=chunk) [Taxes](index=101&type=section&id=VI.%20Taxes) The company's main taxes include Value-Added Tax, Urban Maintenance and Construction Tax, and Enterprise Income Tax, with rates varying by business type and region Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate (%) | | :--- | :--- | :--- | | Value-Added Tax | Taxable Income | 13%, 9%, 6% | | Urban Maintenance and Construction Tax | Amount of Turnover Tax Payable | 7%, 5% | | Enterprise Income Tax | Amount of Turnover Tax Payable | 25%, 20%, 16.5%, 15%, 8.25% | - Ningbo Kayrongle International Trade Co., Ltd. enjoys preferential tax rates for small and micro-profit enterprises[396](index=396&type=chunk) - Shanghai Peixiang Information Technology Co., Ltd. enjoys a preferential high-tech enterprise tax rate of **15%**[396](index=396&type=chunk) - Kaiyi (Hong Kong) International Trade Co., Ltd. is subject to Hong Kong tax law, paying **8.25%** enterprise income tax on profits up to **2 million Hong Kong dollars** and **16.50%** on profits above that amount[396](index=396&type=chunk) [Notes to Consolidated Financial Statement Items](index=102&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes on various asset, liability, and owner's equity items in the consolidated financial statements Period-End Balances of Major Consolidated Financial Statement Items | Item | Period-End Balance (yuan) | | :--- | :--- | | Cash and Bank Balances | 277,189,314.38 | | Trading Financial Assets | 185,759,472.69 | | Accounts Receivable | 116,954,126.26 | | Inventories | 45,287,363.53 | | Fixed Assets | 213,110,129.85 | | Right-of-Use Assets | 6,881,302.79 | | Short-term Borrowings | 9,004,387.50 | | Employee Benefits Payable | 14,654,657.72 | | Taxes Payable | 5,921,918.71 | | Treasury Stock | 10,002,817.31 | | Retained Earnings | 185,100,953.79 | - Of the cash and bank balances, **268,000 yuan** was restricted due to inactive transactions, and **211,000 yuan** was frozen in an Alipay account[399](index=399&type=chunk) - Accounts receivable at period-end totaled **125 million yuan**, with a bad debt provision of **8.12 million yuan**; the top five customers accounted for **57.35%** of total accounts receivable[412](index=412&type=chunk)[414](index=414&type=chunk)[422](index=422&type=chunk) - Inventories at period-end totaled **48.56 million yuan**, with an inventory impairment provision of **3.28 million yuan**[477](index=477&type=chunk)[482](index=482&type=chunk) - Fixed assets increased by **523,000 yuan** in the current period, and accumulated depreciation increased by **2.7 million yuan**[518](index=518&type=chunk)[519](index=519&type=chunk) - Right-of-use assets increased by **1.81 million yuan** in the current period, and accumulated depreciation increased by **1.187 million yuan**[536](index=536&type=chunk)[537](index=537&type=chunk) - Intangible assets increased by **424,500 yuan** in the current period, and accumulated amortization increased by **535,500 yuan**[539](index=539&type=chunk)[540](index=540&type=chunk) - Treasury stock increased by **10 million yuan** in the current period due to share repurchases[611](index=611&type=chunk)[612](index=612&type=chunk) - Surplus reserves increased by **130,000 yuan** in the current period, resulting from a **10%** appropriation of the parent company's net profit for statutory surplus reserves[615](index=615&type=chunk) - Retained earnings decreased by **27.12 million yuan** in the current period, primarily due to a **30 million yuan** dividend distribution[616](index=616&type=chunk) [Research and Development Expenses](index=152&type=section&id=VIII.%20Research%20and%20Development%20Expenses) During the reporting period, the company's total R&D expenditure was 2.4377 million yuan, all expensed, primarily consisting of labor and human resources costs, showing a slight year-on-year increase R&D Expenditure Details | Item | Amount in Current Period (yuan) | Amount in Prior Period (yuan) | | :--- | :--- | :--- | | Labor Costs | 2,429,526.48 | 2,269,959.91 | | Human Resources Fees | 8,159.58 | 4,073.69 | | Total | 2,437,686.06 | 2,274,033.60 | | Of which: Expensed R&D Expenditure | 2,437,686.06 | 2,274,033.60 | | Capitalized R&D Expenditure | 0.00 | 0.00 | - The company has no R&D projects that meet the capitalization criteria[670](index=670&type=chunk) - The company has no significant externally acquired R&D projects[672](index=672&type=chunk) [Changes in Consolidation Scope](index=153&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) During the reporting period, the company's consolidation scope changed due to the deregistration of its subsidiary Kaiyi (Hong Kong) International Trade Co., Ltd. on April 3, 2025 - The company's subsidiary Kaiyi (Hong Kong) International Trade Co., Ltd. was deregistered on April 3, 2025[681](index=681&type=chunk) - The company had no business combinations involving entities not under common control during the reporting period[673](index=673&type=chunk) - The company had no business combinations involving entities under common control during the reporting period[678](index=678&type=chunk) - The company had no reverse acquisitions during the reporting period[681](index=681&type=chunk) [Interests in Other Entities](index=156&type=section&id=X.%20Interests%20in%20Other%20Entities) The company holds full ownership in several subsidiaries, including Shanghai Kaiziman E-commerce Co., Ltd., Ningbo Kayrongle International Trade Co., Ltd., Kaiyi (Hong Kong) International Trade Co., Ltd., Shanghai Peixiang Information Technology Co., Ltd., and Shanghai Kaiyi Advertising Co., Ltd Composition of the Enterprise Group | Subsidiary Name | Registered Capital (yuan) | Main Operating Location | Business Nature | Shareholding Ratio (Direct) (%) | | :--- | :--- | :--- | :--- | :--- | | Shanghai Kaiziman E-commerce Co., Ltd. | 10,000,000.00 | Shanghai | E-commerce | 100.00% | | Ningbo Kayrongle International Trade Co., Ltd. | 2,000,000.00 | Ningbo | Retail and Wholesale | 100.00% | | Kaiyi (Hong Kong) International Trade Co., Ltd. | 50,000,000.00 | Hong Kong, China | E-commerce | 100.00% (Indirect) | | Shanghai Peixiang Information Technology Co., Ltd. | 1,000,000.00 | Shanghai | Information Technology | 100.00% | | Shanghai Kaiyi Advertising Co., Ltd. | 10,000,000.00 | Shanghai | Integrated Marketing | 100.00% | - The company has no significant non-wholly-owned subsidiaries[685](index=685&type=chunk) - The company has no significant joint ventures or associates[689](index=689&type=chunk)[691](index=691&type=chunk) - The company did not provide financial or other support to structured entities included in the consolidated financial statements[688](index=688&type=chunk) [Government Grants](index=161&type=section&id=XI.%20Government%20Grants) During the reporting period, government grants recognized in current profit or loss amounted to 836,000 yuan, primarily as non-operating income Government Grants Recognized in Current Profit or Loss | Accounting Account | Amount in Current Period (yuan) | Amount in Prior Period (yuan) | | :--- | :--- | :--- | | Non-Operating Income | 836,000.00 | 485,000.00 | - The company had no government grants recognized at their receivable amount at the end of the reporting period[695](index=695&type=chunk) [Risks Related to Financial Instruments](index=162&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) The company faces credit risk, liquidity risk, and market risk (foreign currency risk and interest rate risk), which are managed through various strategies - The company faces credit risk, liquidity risk, and market risk (foreign currency risk, interest rate risk)[696](index=696&type=chunk) - Among the company's accounts receivable, the top five customers account for **57.35%** of the total (2024 year-end: 53.20%)[705](index=705&type=chunk) Maturity Analysis of Financial Liabilities (June 30, 2025) | Item | Within 1 Year (yuan) | 1-2 Years (yuan) | 2-3 Years (yuan) | Over 3 Years (yuan) | | :--- | :--- | :--- | :--- | :--- | | Accounts Payable | 14,403,131.03 | - | - | - | | Other Payables | 4,899,199.09 | - | - | - | | Non-Current Liabilities Due Within One Year | 6,018,409.05 | - | - | - | | Short-term Borrowings | 9,004,387.50 | - | - | - | | Long-term Borrowings | - | 3,195,000.00 | 3,195,000.00 | 13,578,750.00 | | Lease Liabilities | - | 1,625,427.65 | 1,359,957.60 | 2,237,657.06 | | Total | 34,325,126.67 | 4,820,427.65 | 4,554,957.60 | 15,816,407.06 | - As of June 30, 2025, if the RMB appreciates or depreciates by **10%** against foreign currencies, the company's net profit for the year would increase or decrease by **4.2717 million yuan**[711](index=711&type=chunk) - As of June 30, 2025, if floating-rate borrowing interest rates increase or decrease by **1%**, the company's net profit for the year would decrease or increase by **111,900 yuan**[712](index=712&type=chunk) [Fair Value Disclosure](index=167&type=section&id=XIII.%20Fair%20Value%20Disclosure) At period-end, the company's assets measured at fair value primarily consisted of trading financial assets, totaling 186 million yuan, classified as Level 2 fair value measurements using market valuation methods Period-End Fair Value of Assets and Liabilities Measured at Fair Value | Item | Period-End Fair Value (Level 2 Fair Value Measurement) (yuan) | Total (yuan) | | :--- | :--- | :--- | | I. Recurring Fair Value Measurements | | | | (I) Trading Financial Assets | 185,759,472.69 | 185,759,472.69 | | 1. Financial assets measured at fair value through profit or loss | 185,759,472.69 | 185,759,472.69 | | Wealth Management Products | 185,759,472.69 | 185,759,472.69 | - Trading financial assets are valued using the market approach, with inputs based on quotes for similar assets[717](index=717&type=chunk) - The carrying amounts of financial assets and liabilities not measured at fair value are very close to their fair values[719](index=719&type=chunk) [Related Parties and Related Party Transactions](index=168&type=section&id=XIV.%20Related%20Parties%20and%20Related%20Party%20Transactions) The company's ultimate controlling party is Wang Li, with key related parties including shareholders holding over 5% of the company's shares and key management personnel - The ultimate controlling party of this enterprise is Wang Li[720](index=720&type=chunk) Other Related Party Information | Other Related Party Name | Relationship with the Enterprise | | :--- | :--- | | Shanghai Chunrong Investment Center (Limited Partnership) | Shareholder holding over 5% of the company's shares; Wang Li serves as the general partner and executive partner | | Zhuhai Shengguang Yisong No. 1 Cultural Media Partnership (Limited Partnership) | Shareholder holding over 5% of the issuer's shares | | Company Directors, Supervisors, Senior Management | Related natural persons | - The company had no related party transactions involving the purchase or sale of goods, or the provision or acceptance of services during the reporting period[723](index=723&type=chunk)[724](index=724&type=chunk) - The company had no related party entrusted management/contracting or entrusted management/outsourcing situations during the reporting period[725](index=725&type=chunk)[726](index=726&type=chunk) - The company had no related party leases, related party guarantees, or related party fund borrowings during the reporting period[728](index=728&type=chunk)[729](index=729&type=chunk)[730](index=730&ty

[Company Profile and Key Financial Indicators](index=4&type=section&id=%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 fundamental information and presents its key financial performance metrics for the reporting period [Company Information](index=4&type=section&id=%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) Anhui Communications Construction Co., Ltd. (Stock Code: 603815) is listed on the Shanghai Stock Exchange, with Wu Xiaohui as its legal representative, primarily engaged in highway and municipal infrastructure construction, survey, design, and testing services - Basic company information: **Anhui Communications Construction Co., Ltd.**, stock code **603815**, legal representative **Wu Xiaohui**[13](index=13&type=chunk)[19](index=19&type=chunk) [Key Accounting Data and Financial Indicators](index=5&type=section&id=%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) The company achieved strong performance growth during the reporting period, with revenue increasing by 9.01%, and total profit and net profit attributable to shareholders significantly rising by 51.74% and 48.66% respectively, driven by cost reduction initiatives Key Accounting Data (January-June 2025) | Key Accounting Data | Current Period (Jan-Jun) (yuan) | Prior Period (yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,962,402,647.94 | 1,800,226,416.46 | 9.01 | | Total Profit | 155,596,308.37 | 102,539,083.98 | 51.74 | | Net Profit Attributable to Shareholders | 112,545,582.99 | 75,706,265.02 | 48.66 | | Net Profit Attributable to Shareholders (Excl. Non-recurring Items) | 113,834,451.46 | 76,755,883.32 | 48.31 | | Net Cash Flow from Operating Activities | -168,176,610.59 | -219,786,334.54 | N/A | Key Financial Indicators (January-June 2025) | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | Change | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.18 | 0.12 | 50.00% | | Diluted Earnings Per Share (yuan/share) | 0.18 | 0.12 | 50.00% | | Weighted Average Return on Net Assets (%) | 4.69 | 3.27 | Increased by 1.42 percentage points | - The primary reasons for profit growth include **reduced project procurement costs** and the company's **'cost reduction and efficiency improvement' measures**, leading to **effective cost compression** and **increased returns from investment projects**[22](index=22&type=chunk) [Management Discussion and Analysis](index=6&type=section&id=%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 an in-depth analysis of the company's industry, operational performance, core competencies, main business segments, and potential risks faced during the reporting period [Industry and Main Business Overview](index=6&type=section&id=%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) The company's core business is highway and municipal infrastructure construction, aiming to build an integrated "investment, design, construction, and maintenance" industrial pattern, with stable industry prospects driven by national infrastructure development - The company's core business is **highway and municipal infrastructure construction**, with operating models including **construction general contracting, PPP, and EPC models**[26](index=26&type=chunk)[27](index=27&type=chunk) - The industry benefits from the national **14th Five-Year Plan**'s emphasis on infrastructure construction, particularly **new infrastructure, new urbanization, and major projects**, with China's infrastructure investment growing by **4.6%** in H1 2025[27](index=27&type=chunk)[28](index=28&type=chunk) - Infrastructure investment in the regional market (**Anhui Province**) grew rapidly by **7.3%** in H1, providing a favorable market environment for the company[28](index=28&type=chunk) [Discussion and Analysis of Operations](index=7&type=section&id=%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) In H1 2025, the company significantly improved its operating performance, with total profit increasing by over 50%, driven by market expansion, technological innovation, enhanced project management, and active shareholder returns Key Operating Indicators for H1 2025 | Indicator | Amount (billion yuan) | YoY Growth | | :--- | :--- | :--- | | Operating Revenue | 1.962 | 9.01% | | Total Profit | 0.156 | 51.74% | | Net Profit Attributable to Shareholders | 0.113 | 48.66% | - Market expansion: Successfully penetrated **East China and Southwest markets**, and deepened strategic collaboration with **central and state-owned enterprises**, jointly winning multiple projects[31](index=31&type=chunk) - Technological innovation: Increased R&D investment, achieving **9 provincial-level construction methods**, **7 national invention patents**, and **11 utility model patents** in H1[34](index=34&type=chunk) - Shareholder returns: Completed **2024 annual profit distribution**, with a **cash dividend of 0.65 yuan per 10 shares** totaling **39.80 million yuan**; also completed **share repurchase plan**, repurchasing **6.5467 million shares** totaling **40.01 million yuan**[36](index=36&type=chunk)[37](index=37&type=chunk) [Analysis of Core Competencies](index=8&type=section&id=%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competencies stem from its experienced management team, excellent project management, strong technological innovation, leading qualification system, and established brand reputation through quality projects - Talent advantage: Experienced core team, with **75% of employees under 35** and **over 500 professional technical personnel**[38](index=38&type=chunk) - Project management: Developed a full lifecycle project management model centered on **four controls** (quality, safety, progress, cost), earning national awards such as the **Luban Prize** and **Li Chun Prize**[39](index=39&type=chunk)[40](index=40&type=chunk) - Technological innovation: Holds **42 invention patents**, **58 utility model patents**, **74 provincial/ministerial-level construction methods**, and established the **Jiaojian Digital Construction Platform**[41](index=41&type=chunk) - Qualifications and reputation: Possesses **Special-grade qualification for highway engineering general contracting** and other high-level qualifications, maintaining an **AA credit rating in the national construction market for 5 consecutive years**[42](index=42&type=chunk) [Main Business Analysis](index=9&type=section&id=%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) During the reporting period, the company's operating revenue and cost grew by 9.01% and 4.20% respectively, indicating effective cost control, while financial and R&D expenses saw significant increases, and bill settlements rose Analysis of Major Financial Statement Item Changes | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,962,402,647.94 | 1,800,226,416.46 | 9.01 | | Operating Cost | 1,714,046,385.39 | 1,644,917,711.53 | 4.20 | | Financial Expenses | 33,338,262.40 | 25,742,038.86 | 29.51 | | R&D Expenses | 6,882,571.30 | 3,541,161.08 | 94.36 | Major Balance Sheet Item Changes | Item Name | Current Period End Amount (yuan) | Change from Prior Year End (%) | Primary Reason | | :--- | :--- | :--- | :--- | | Notes Receivable | 12,309,825.33 | 317.34 | Increased settlement of receivables by notes | | Notes Payable | 128,628,717.84 | 51.70 | Increased settlement by notes | - The company's main subsidiaries, **Bozhou Xiangju, Jieshou Qimei, and Xinyun Construction**, all achieved profitability during the reporting period, contributing stable profits to the company[52](index=52&type=chunk) [Potential Risks](index=13&type=section&id=%E5%8F%AF%E8%83%BD%E9%9D%A2%E5%AF%B9%E7%9A%84%E9%A3%8E%E9%99%A9) The company faces various risks including macroeconomic fluctuations, intense market competition, potential safety and environmental incidents, management challenges from business expansion, and raw material price volatility - **Macroeconomic risks**: The company's business is highly correlated with national macroeconomic conditions and fixed asset investment, where economic downturns could adversely affect operations[51](index=51&type=chunk) - **Market competition risks**: The highway and municipal construction industry is fragmented and highly competitive, with the company facing pressure from central and local state-owned enterprises[51](index=51&type=chunk) - **Raw material price fluctuation risks**: Unforeseen fluctuations in prices of major raw materials like steel, cement, and asphalt could lead to construction costs exceeding budget, impacting operating performance[53](index=53&type=chunk)[54](index=54&type=chunk) [Corporate Governance, Environment, and Society](index=15&type=section&id=%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 details changes in the company's directors, supervisors, and senior management, along with the proposed profit distribution plan for the reporting period [Changes in Directors, Supervisors, Senior Management, and Profit Distribution](index=15&type=section&id=%E8%91%A3%E7%9B%91%E9%AB%98%E5%8F%98%E5%8A%A8%E4%B8%8E%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D) During the reporting period, Mr. Cao Zhenming resigned as the company's board secretary, and the company does not plan any semi-annual profit distribution or capital reserve capitalization - On **May 28, 2025**, the company's board secretary **Cao Zhenming** resigned due to personal reasons[57](index=57&type=chunk) - The company plans no profit distribution or capital reserve capitalization for H1 2025[58](index=58&type=chunk) [Significant Matters](index=16&type=section&id=%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section covers significant matters including the fulfillment of commitments, major litigation and arbitration cases, and the status of significant guarantees and the use of raised funds [Commitments and Litigation/Arbitration](index=16&type=section&id=%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E4%B8%8E%E8%AF%89%E8%AE%BC%E4%BB%B2%E8%A3%81) During the reporting period, the company and related parties strictly fulfilled commitments made during IPO and refinancing, while disclosing several major litigation and arbitration cases primarily involving significant engineering payment disputes - The company's actual controller, shareholders, and directors, supervisors, and senior management strictly fulfilled long-term commitments regarding **avoiding horizontal competition, regulating related-party transactions, and not occupying company funds** during the reporting period[61](index=61&type=chunk)[62](index=62&type=chunk)[63](index=63&type=chunk) - The company is involved in multiple major lawsuits, such as the **engineering payment dispute case** with **Guangxi Dehetaihe Investment Co., Ltd.** (involving approximately **101 million yuan**) and the **engineering payment dispute case** with **Bengbu Lingang Infrastructure Investment Development Co., Ltd.** (involving approximately **44.57 million yuan**), both currently in second-instance trial[69](index=69&type=chunk) [Significant Guarantees and Use of Raised Funds](index=27&type=section&id=%E9%87%8D%E5%A4%A7%E6%8B%85%E4%BF%9D%E4%B8%8E%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E4%BD%BF%E7%94%A8) As of the reporting period end, the company's external guarantees were exclusively for subsidiaries, totaling **1.462 billion yuan** (58.56% of net assets), while **859 million yuan** in raised funds from 2021 have been fully utilized for debt repayment and a rural construction project Guarantees at Period End | Guarantee Item | Amount (million yuan) | | :--- | :--- | | Total Guarantee Balance for Subsidiaries at Period End | 1,462.39 | | Total Guarantees as % of Company Net Assets | 58.56 | - The **859 million yuan** raised from the 2021 non-public offering of shares has been almost fully utilized, with a cumulative investment progress exceeding **100%**; however, the **Jieshou City Beautiful Countryside Construction PPP Project** has experienced construction delays due to the owner, with the construction period extended to **June 2026**[76](index=76&type=chunk)[79](index=79&type=chunk) [Share Changes and Shareholder Information](index=31&type=section&id=%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 the company's shareholding structure and key shareholder information at the end of the reporting period [Shareholder Information](index=31&type=section&id=%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of the reporting period end, the company had **20,552 shareholders**, with controlling shareholder Xiangyuan Holding Group Co., Ltd. holding **44.32%** and actual controller Mr. Yu Faxiang directly holding **2.54%**, indicating a relatively concentrated equity structure with some shares pledged - As of the reporting period end, the company had **20,552 shareholders**[83](index=83&type=chunk) Top Five Shareholders' Holdings | Shareholder Name | Shares Held at Period End (shares) | Percentage (%) | Share Status | | :--- | :--- | :--- | :--- | | 祥源控股集团有限责任公司 | 274,293,290 | 44.32 | Pledged | | 俞发祥 | 15,729,100 | 2.54 | Pledged | | 黄山市为众投资管理中心（有限合伙） | 8,690,000 | 1.40 | Pledged | | 俞水祥 | 7,294,930 | 1.18 | Pledged | | 黄山市行远投资管理中心（有限合伙） | 6,965,000 | 1.13 | None | - Controlling shareholder **Xiangyuan Holding Group Co., Ltd.** and actual controller **Yu Faxiang** are parties acting in concert, with Xiangyuan Holding serving as the executive partner for three limited partnerships among the top ten shareholders[86](index=86&type=chunk) [Financial Report](index=36&type=section&id=%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This section presents the company's comprehensive financial statements and detailed notes, offering insights into its financial position, performance, and cash flows [Financial Statements](index=36&type=section&id=%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) Financial statements show that as of the reporting period end, total assets were **10.003 billion yuan**, and net assets attributable to shareholders were **2.392 billion yuan**, with operating revenue of **1.962 billion yuan** (up **9.01%**) and net profit attributable to shareholders of **113 million yuan** (up **48.66%**), while operating cash flow remained negative but improved [Consolidated Balance Sheet](index=36&type=section&id=%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, the company's total assets were **10.003 billion yuan**, a slight decrease of **1.45%** from the end of last year, with total liabilities at **7.506 billion yuan** and an asset-liability ratio of **75.0%**, while accounts receivable and contract assets combined constituted **over 50%** of total assets Consolidated Balance Sheet Key Items (Unit: billion yuan) | Item | June 30, 2025 (billion yuan) | December 31, 2024 (billion yuan) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 100.03 | 101.50 | -1.45% | | Total Liabilities | 75.06 | 76.85 | -2.33% | | Equity Attributable to Parent Company Owners | 23.92 | 23.50 | 1.79% | | Accounts Receivable | 42.90 | 45.18 | -5.05% | | Contract Assets | 12.01 | 10.66 | 12.66% | [Consolidated Income Statement](index=40&type=section&id=%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) In H1 2025, the company achieved **1.962 billion yuan** in operating revenue, a **9.01%** year-on-year increase, with operating costs growing slower than revenue at **4.20%**, leading to improved gross margin and a significant **48.66%** rise in net profit attributable to parent company shareholders to **113 million yuan** Consolidated Income Statement Key Items (Unit: billion yuan) | Item | H1 2025 (billion yuan) | H1 2024 (billion yuan) | YoY Growth | | :--- | :--- | :--- | :--- | | Operating Revenue | 19.62 | 18.00 | 9.01% | | Operating Cost | 17.14 | 16.45 | 4.20% | | Total Profit | 1.56 | 1.03 | 51.74% | | Net Profit | 1.19 | 0.76 | 56.99% | | Net Profit Attributable to Parent Company Shareholders | 1.13 | 0.76 | 48.66% | [Consolidated Cash Flow Statement](index=44&type=section&id=%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) During the reporting period, net cash flow from operating activities was **-168 million yuan**, a net outflow but an improvement from **-220 million yuan** in the prior year, with investing activities showing an **11.86 million yuan** outflow and financing activities a **8.78 million yuan** net outflow, resulting in a period-end cash and cash equivalents balance of **587 million yuan**, a decrease of **189 million yuan** from the beginning of the period Consolidated Cash Flow Statement Key Items (Unit: billion yuan) | Item | H1 2025 (billion yuan) | H1 2024 (billion yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -1.68 | -2.20 | | Net Cash Flow from Investing Activities | -0.12 | -0.09 | | Net Cash Flow from Financing Activities | -0.09 | -0.60 | | Net Increase in Cash and Cash Equivalents | -1.89 | -2.89 | [Notes to Consolidated Financial Statements](index=91&type=section&id=%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) The notes to the financial statements detail the composition and changes of various accounting items, highlighting **2.791 billion yuan** in restricted assets used for bank loans and several pending lawsuits primarily involving engineering payment disputes - As of the period end, the book value of assets with restricted ownership or use rights totaled **2.791 billion yuan**, primarily including long-term receivables, accounts receivable, other non-current assets pledged for bank loans, and mortgaged fixed assets and investment properties[371](index=371&type=chunk)[372](index=372&type=chunk) - The company is involved in multiple pending lawsuits and arbitrations, mainly concerning engineering payment disputes, with significant cases including an arbitration with **Lingbi County Transportation Investment Co., Ltd.** (involving **134 million yuan**) and a lawsuit with **Guangxi Dehetaihe Investment Co., Ltd.** (involving **101 million yuan**)[494](index=494&type=chunk)[495](index=495&type=chunk) - The period-end balance of accounts receivable was **4.659 billion yuan**, with a bad debt provision of **369 million yuan**; notably, **over 60% of accounts receivable are over 1 year old**, indicating **collection risk is noteworthy**[304](index=304&type=chunk)[305](index=305&type=chunk)

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