长虹美菱股份有限公司 2025 年半年度报告 2025 年 8 月 长虹美菱股份有限公司 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。 公司负责人吴定刚先生、主管会计工作负责人杨兵先生及会计机构负责人(会计主管 人员)胡翔飞先生声明：保证本半年度报告中财务报告的真实、准确、完整。 本公司不存在董事、监事、高级管理人员声明对本年度报告内容的真实性、准确性和 完整性无法保证或存在异议的情形。 所有董事均以现场会议方式出席了审议本次半年报的董事会会议。 非标准审计意见提示 □适用 √不适用 对半年度报告涉及未来计划等前瞻性陈述的风险提示 √适用 □不适用 本半年度报告涉及未来计划等前瞻性陈述，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， 敬请投资者注意投资风险。 本公司请投资者认真阅读本半年度报告全文，并特别注意下列风险因素： 公司在本报告第三节"管理层讨论与分析"中"十、公司面 ...

[Important Notice, Table of Contents and Definitions](index=2&type=section&id=第一节%20重要提示%E3%80%81%E7%9B%AE%E5%BD%95%E5%92%8C%E9%87%8A%E4%B9%89) [Important Notice](index=2&type=section&id=重要提示) The company's board and management affirm the report's accuracy and completeness, with no profit distribution planned for the current half-year - The company's management ensures the truthfulness, accuracy, and completeness of this semi-annual report, assuming corresponding legal responsibilities[3](index=3&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[4](index=4&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=第二节%20公司简介%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) [Key Accounting Data and Financial Indicators](index=7&type=section&id=四%E3%80%81%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) During the reporting period, operating revenue increased by **14.27%**, but net profit attributable to shareholders decreased by **30.19%**, while operating cash flow significantly declined by **148.83%** Changes in Key Financial Indicators | Indicator | Current Period (CNY) | Prior Year Period (CNY) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue (CNY) | 891,098,658.63 | 779,836,348.58 | 14.27% | | Net Profit Attributable to Shareholders (CNY) | 47,482,640.29 | 68,015,305.26 | -30.19% | | Net Profit Attributable to Shareholders (Excl. Non-recurring Items) (CNY) | 44,753,929.54 | 38,784,819.97 | 15.39% | | Net Cash Flow from Operating Activities (CNY) | -57,138,772.74 | 117,011,925.36 | -148.83% | | Basic Earnings Per Share (CNY/share) | 0.08 | 0.12 | -33.33% | | Total Assets (CNY) | 3,913,329,918.77 | 3,785,446,761.95 | 3.38% (vs. end of prior year) | | Net Assets Attributable to Shareholders (CNY) | 2,395,760,409.39 | 2,430,378,262.72 | -1.42% (vs. end of prior year) | [Non-recurring Gains and Losses Items and Amounts](index=7&type=section&id=六%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) Non-recurring gains and losses totaled **2.73 million CNY**, primarily from government subsidies, with their decrease contributing to the decline in net profit attributable to shareholders Non-recurring Gains and Losses Items | Item | Amount (CNY) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | -902,449.42 | | Government Grants Recognized in Current Profit/Loss | 3,373,114.26 | | Other Non-operating Income and Expenses | 686,376.60 | | Other Gains/Losses Meeting Definition of Non-recurring Items | 247,966.76 | | Less: Income Tax Impact | 650,746.34 | | Less: Impact on Minority Interests (After Tax) | 25,551.11 | | **Total** | **2,728,710.75** | [Management Discussion and Analysis](index=9&type=section&id=第三节%20管理层讨论%E4%B8%8E%E5%88%86%E6%9E%90) [Principal Business](index=9&type=section&id=一%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company operates as a digital energy firm focused on zero-carbon intelligent society, with core businesses in power electronics manufacturing and power digitalization, driven by AI computing demand and grid transformation [Power Electronics Manufacturing Segment](index=9&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E7%94%B5%E5%8A%9B%E7%94%B5%E5%AD%90%E5%88%B6%E9%80%A0%E6%9D%BF%E5%9D%97) This segment, encompassing data center power, site energy, and EV charging, sees data center power as a key growth driver due to AI computing demand, alongside new wins in site energy and expansion into overseas markets - Rapidly increasing demand for AI computing infrastructure is driving high demand for intelligent computing center power supply systems, with technology evolving towards high voltage, DC, modular, and green power solutions[25](index=25&type=chunk) - During the reporting period, the company's key product, the **10kV to 240V DC power supply system**, maintained delivery growth to meet the needs of multiple large intelligent computing centers[29](index=29&type=chunk) - In the first half of 2025, the company successfully bid for China Tower's 2025 centralized procurement project for switching power supply products[31](index=31&type=chunk) [Power Digitalization Sector](index=12&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E7%94%B5%E5%8A%9B%E6%95%B0%E5%AD%97%E5%8C%96%E9%A2%86%E5%9F%9F) Leveraging over two decades of expertise, the company provides comprehensive power digitalization solutions, including smart dispatch, energy management, and new power system solutions, achieving new growth in grid secondary operation safety and power trading platforms - The company is deeply involved in grid digitalization and new power system construction, with its business covering China and international markets including Africa, West Asia, and Southeast Asia[39](index=39&type=chunk) - Self-developed products like grid secondary operation safety control software and smart safety tools have entered market application, becoming new growth drivers in power safety production[40](index=40&type=chunk) - Focusing on 'dual carbon' goals, the company deepens cooperation with major power generation groups to build integrated power market settlement platforms and virtual power plant intelligent operation platforms, establishing new smart energy management business models[41](index=41&type=chunk) [Core Competitiveness Analysis](index=14&type=section&id=二%E3%80%81%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competitiveness stems from its leading technology in data center HVDC systems, integrated digital energy ecosystem, efficient supply chain, and strong market relationships with key clients - The company was recognized as a Ministry of Industry and Information Technology Manufacturing Single Champion Demonstration Enterprise for its **'240V/336V DC Power Supply System for Information and Communication'**, and led the formulation of relevant national standards[46](index=46&type=chunk) - The company's Fuyang factory has an annual production capacity of **800,000 power modules** and **50,000 power cabinets**, achieving intelligent manufacturing through systems like SAP and MES[48](index=48&type=chunk) - The company has established deep cooperation with leading clients across various sectors, including Alibaba, Tencent, Baidu, telecom operators, and State Grid, creating strong market demonstration effects[50](index=50&type=chunk) [Analysis of Principal Business](index=16&type=section&id=三%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Operating revenue grew by **14.27%** to **891.10 million CNY**, driven by a **60.6%** increase in data center power business, though net profit attributable to shareholders declined by **30.19%** due to a prior-year equity transfer gain, making data center power the largest revenue source at **45.66%** - Operating revenue growth was primarily driven by the data center power business, which achieved **407 million CNY** in revenue, a **60.6%** year-over-year increase[51](index=51&type=chunk) - The year-over-year decrease in net profit attributable to shareholders was mainly due to a **32.68 million CNY** non-recurring gain from equity transfer in the prior period[51](index=51&type=chunk) Operating Revenue Composition (by Product) | Product | Revenue Current Period (CNY) | Share of Total Revenue | YoY Change | | :--- | :--- | :--- | :--- | | Data Center Power | 406,894,229.59 | 45.66% | 60.60% | | Communication Power Systems | 171,308,212.85 | 19.22% | 2.86% | | Power Operating Power Systems | 174,670,445.62 | 19.60% | -5.71% | | Software Development, Sales and Services | 102,246,816.13 | 11.47% | -7.22% | Key Financial Data Year-over-Year Changes | Indicator | Current Period (CNY) | Prior Year Period (CNY) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 891,098,658.63 | 779,836,348.58 | 14.27% | - | | Net Cash Flow from Operating Activities | -57,138,772.74 | 117,011,925.36 | -148.83% | Increase in cash paid for goods and services | | Net Cash Flow from Investing Activities | -284,050,198.50 | -158,886,920.67 | -78.78% | Increase in amount paid for time deposits | | Net Cash Flow from Financing Activities | 71,285,760.08 | -59,311,154.04 | 220.19% | Increase in amount of borrowings obtained | [Risks and Countermeasures](index=21&type=section&id=十%E3%80%81%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company faces key risks including macroeconomic fluctuations, intense competition, raw material price volatility, technological iteration, and talent loss, addressed through innovation, market analysis, supply chain optimization, and talent retention strategies - The company identified key risks, including: - Macroeconomic fluctuations and industry demand changes - Intensified industry competition and market development falling short of expectations - Raw material price volatility - Product technology iteration - Talent attrition[75](index=75&type=chunk)[77](index=77&type=chunk)[78](index=78&type=chunk)[79](index=79&type=chunk)[80](index=80&type=chunk) [Corporate Governance, Environment and Society](index=24&type=section&id=第四节%20公司治理%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) [Social Responsibility (ESG)](index=24&type=section&id=五%E3%80%81%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) The company actively fulfills its social responsibilities, demonstrating practices in environmental, social, and governance aspects, including operating a **zero-carbon smart factory** and engaging in employee welfare and community outreach programs - The company's Fuyang **'zero-carbon' factory** has a total photovoltaic installed capacity of **1.864 MW**, generating approximately **755,822 kWh** of solar power in the first half of 2025[88](index=88&type=chunk) - The company has established training programs like the 'Qinglan Plan' and 'Hengrentang', and actively participates in social welfare initiatives such as the 'Little Electric Hero Warm Sun Project'[89](index=89&type=chunk)[90](index=90&type=chunk) [Significant Matters](index=25&type=section&id=第五节%20重要事项) [Litigation Matters](index=27&type=section&id=八%E3%80%81%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) The company had no significant litigation or arbitration during the reporting period, with other minor cases primarily involving the company as plaintiff seeking payment, none of which resulted in provisions for liabilities Summary of Other Litigation Matters | Litigation Status | Amount Involved (CNY '0,000) | Provision for Liabilities Formed | | :--- | :--- | :--- | | Company as Plaintiff (seeking payment obligations) | 4,051.05 | No | | Company as Defendant or Respondent | 266.34 | No | [Share Changes and Shareholder Information](index=30&type=section&id=第六节%20股份变动%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) [Share Changes](index=30&type=section&id=1%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) The company completed its share repurchase plan during the reporting period, repurchasing **1,804,400 shares**, representing **0.32%** of total share capital, for a total transaction amount of approximately **25.99 million CNY** - The company cumulatively repurchased **1,804,400 shares** (representing **0.32%** of total share capital) through centralized bidding transactions, with a total transaction amount of **25,989,597 CNY**, and the repurchase plan has been completed[119](index=119&type=chunk) [Number of Shareholders and Shareholding Structure](index=31&type=section&id=三%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5) As of the reporting period end, the company had **75,019** common shareholders, with controlling shareholder Hangzhou Zhongheng Technology Investment Co., Ltd. holding **35.56%**, some of which are pledged, and the actual controller and chairman acting in concert Top Ten Shareholders' Shareholding | Shareholder Name | Shareholding Percentage | Shares Held at Period End | Share Status | | :--- | :--- | :--- | :--- | | Hangzhou Zhongheng Technology Investment Co., Ltd. | 35.56% | 200,389,724 | Pledged 80,550,000 | | Zhu Guoding | 4.56% | 25,696,305 | - | | Morgan Stanley Digital Economy Mixed Securities Investment Fund | 1.74% | 9,822,700 | - | | Bao Xiaoru | 1.28% | 7,210,700 | - | [Bond-Related Information](index=35&type=section&id=第七节%20债券相关情况) [Not Applicable](index=35&type=section&id=不适用) The company had no bond-related matters during the reporting period - The company had no bond-related matters during the reporting period[131](index=131&type=chunk) [Financial Report](index=36&type=section&id=第八节%20财务报告) [Financial Statements](index=36&type=section&id=二%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) As of the reporting period end, total assets were **3.91 billion CNY**, total liabilities **1.49 billion CNY**, with an asset-liability ratio of **38.07%**, while operating revenue reached **891.10 million CNY** and net profit **47.71 million CNY** Consolidated Balance Sheet Summary (June 30, 2025) | Item | Period-End Balance (CNY) | | :--- | :--- | | Total Assets | 3,913,329,918.77 | | Total Liabilities | 1,489,859,852.43 | | Total Owners' Equity | 2,423,470,066.34 | Consolidated Income Statement Summary (First Half 2025) | Item | Amount for Current Period (CNY) | | :--- | :--- | | Total Operating Revenue | 891,098,658.63 | | Total Operating Costs | 859,263,152.47 | | Total Profit | 45,265,077.41 | | Net Profit | 47,708,012.52 | Consolidated Cash Flow Statement Summary (First Half 2025) | Item | Amount for Current Period (CNY) | | :--- | :--- | | Net Cash Flow from Operating Activities | -57,138,772.74 | | Net Cash Flow from Investing Activities | -284,050,198.50 | | Net Cash Flow from Financing Activities | 71,285,760.08 | | Net Increase in Cash and Cash Equivalents | -269,811,241.74 | [Significant Accounting Policies and Estimates](index=55&type=section&id=五%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) Financial statements are prepared on a going concern basis, adhering to accounting standards, with revenue recognized upon transfer of control, financial instruments impaired using expected credit loss models, and qualifying development expenditures capitalized - Revenue is recognized when the customer obtains control of the goods, and for performance obligations satisfied over time, revenue is recognized based on the progress of completion[290](index=290&type=chunk)[291](index=291&type=chunk) - Financial instruments are impaired based on expected credit losses, with impairment provisions recognized for receivables and contract assets[211](index=211&type=chunk) - Development expenditures for internal research and development projects are capitalized as intangible assets when five conditions are met, including technical feasibility, intent to complete, and ability to generate economic benefits[271](index=271&type=chunk) [Other Submitted Data](index=184&type=section&id=第九节%20其他报送数据) [Investor Relations Activities](index=184&type=section&id=二%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%8E%A5%E5%BE%85%E8%B0%83%E7%A0%94%E3%80%81%E6%B2%9F%E9%80%9A%E3%80%81%E9%87%87%E8%AE%BF%E7%AD%89%E6%B4%BB%E5%8A%A8%E7%99%BB%E8%AE%B0%E8%A1%A8) During the reporting period, the company actively engaged with investors through multiple exchange activities in February and April 2025, hosting institutions like CITIC Securities and China Asset Management, and conducting an online performance briefing for 2024 - The company communicated with various institutional investors, including brokerages and funds, and held an online performance briefing for all investors during the reporting period[796](index=796&type=chunk)

[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=Item%201.%20Important%20Notice%2C%20Table%20of%20Contents%2C%20and%20Definitions) This section provides important notices, the table of contents, and definitions for the report [Company Profile and Key Financial Indicators](index=6&type=section&id=Item%202.%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section introduces the company and presents its key financial performance metrics [Company Profile](index=6&type=section&id=I.%20Company%20Profile) Chengdu Jiafa Antai Education Technology Co., Ltd. (Jiafa Education, stock code 300559) is a company listed on the Shenzhen Stock Exchange, with Yuan Bin as its legal representative | Stock Abbreviation | Jiafa Education | | :--- | :--- | | **Stock Code** | **300559** | | **Stock Exchange** | Shenzhen Stock Exchange | | **Company's Chinese Name** | Chengdu Jiafa Antai Education Technology Co., Ltd. | | **Legal Representative** | Yuan Bin | [Key Accounting Data and Financial Indicators](index=7&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company achieved operating revenue of **RMB 273 million**, a **5.03% increase**, but net profit attributable to shareholders decreased by **4.60%** to **RMB 40.78 million**, while operating cash flow grew by **24.08%** | Indicator | Current Period | Prior Period | YoY Change | | :--- | :--- | :--- | :--- | | **Operating Revenue (RMB)** | 273,407,645.57 | 260,324,998.11 | 5.03% | | **Net Profit Attributable to Shareholders (RMB)** | 40,781,555.35 | 42,747,174.11 | -4.60% | | **Net Profit Attributable to Shareholders Excluding Non-recurring Gains and Losses (RMB)** | 39,061,222.96 | 41,901,770.05 | -6.78% | | **Net Cash Flow from Operating Activities (RMB)** | 53,768,188.19 | 43,334,720.12 | 24.08% | | **Basic Earnings Per Share (RMB/share)** | 0.1021 | 0.1070 | -4.58% | | **Weighted Average Return on Net Assets** | 3.34% | 3.50% | -0.16% | | **Total Assets (RMB)** | 1,396,999,241.81 | 1,410,182,898.36 | -0.93% (vs. end of prior year) | | **Net Assets Attributable to Shareholders (RMB)** | 1,199,863,410.38 | 1,211,120,290.06 | -0.93% (vs. end of prior year) | [Non-recurring Gains and Losses and Amounts](index=7&type=section&id=VI.%20Non-recurring%20Gains%20and%20Losses%20and%20Amounts) Non-recurring gains and losses totaled **RMB 1.72 million**, primarily from government subsidies and financial asset-related gains, while VAT refunds and personal income tax handling fee rebates totaling **RMB 3.06 million** were classified as recurring - Total non-recurring gains and losses for the reporting period amounted to **RMB 1,720,332.39**, primarily comprising government subsidies of **RMB 1,088,152.06** and gains/losses from financial assets of **RMB 764,368.08**[25](index=25&type=chunk) - The company classified VAT refunds (**RMB 2.9568 million**) and personal income tax handling fee rebates (**RMB 0.1070 million**) as recurring gains and losses, as they are closely related to normal operations and continuously enjoyed[26](index=26&type=chunk) [Management Discussion and Analysis](index=9&type=section&id=Item%203.%20Management%20Discussion%20and%20Analysis) This section provides management's perspective on the company's operations, financial condition, and future outlook [Company's Main Business During the Reporting Period](index=9&type=section&id=I.%20Company%27s%20Main%20Business%20During%20the%20Reporting%20Period) The company is an education digitalization solution provider operating across **31 provinces**, leveraging AI and large models to build a **"1+4+N" innovation system** focused on education examination, English speaking, sports, and STEM experiment businesses, with revenue of **RMB 273 million** and net profit of **RMB 40.78 million** in H1 2025 - The company's core business revolves around a **'1+4+N' innovation system**, with education examination as the foundation (1), collaborative development of four specialized businesses—English speaking and listening, physical education, STEM experiments, and higher education informatization (4)—and expansion into innovative businesses such as data asset value mining (N)[28](index=28&type=chunk)[32](index=32&type=chunk)[39](index=39&type=chunk)[42](index=42&type=chunk) - The company launched the **'Linggu Education Large Model'** and **'AI+' series products**, building AI solutions covering teaching, learning, examination, evaluation, and research scenarios, including AI intelligent invigilation and AI question generation assistants[28](index=28&type=chunk) Consolidated Financial Performance (H1 2025) | Financial Indicator | H1 2025 | YoY Change | | :--- | :--- | :--- | | **Operating Revenue** | RMB 273 million | +5.03% | | **Net Profit Attributable to Parent** | RMB 40.78 million | -4.60% | [(IV) Main Performance Driving Factors](index=14&type=section&id=(IV)%20Main%20Performance%20Driving%20Factors) Performance is driven by national policy support, government funding, technological iteration, and a rich product and channel portfolio, with education digitalization and AI integration enhancing market demand and company offerings - National education digitalization strategy continues to strengthen, with the 2025 education expenditure budget reaching **RMB 4.46 trillion**, including approximately **RMB 63 billion** for education informatization, a **18% year-on-year increase**, providing core impetus for industry development[46](index=46&type=chunk)[47](index=47&type=chunk) - The deep integration of AI, cloud computing, and other technologies with education scenarios has raised industry competition barriers, and the company, with data and case accumulation covering **over 500,000 classrooms**, possesses the advantage of precisely matching technology with customer needs[48](index=48&type=chunk) - The company's product lines have expanded into new areas such as English computer-based testing, smart sports, and STEM experiments, with its business model evolving from single product sales to a diversified model integrating products, solutions, operations, and leasing services, extending its customer base from G/B-end to C-end[49](index=49&type=chunk) [(V) Company's Business Development During the Reporting Period](index=17&type=section&id=(V)%20Company%27s%20Business%20Development%20During%20the%20Reporting%20Period) The company provided technical support for the national college entrance examination for the **19th consecutive year**, integrated DeepSeek large models into its products, partnered with Huawei Ascend, launched the **"Lingyutong"** English education sub-brand, and collaborated with universities to apply AI in higher education and sports - The company provided technical assurance for the national college entrance examination in **31 provinces** for the **nineteenth consecutive year**, with its AI intelligent invigilation solution widely adopted in **24 provincial-level administrative regions** and **tens of thousands of examination venues**[56](index=56&type=chunk)[57](index=57&type=chunk) - The company's products are fully integrated with the domestic AI large model **DeepSeek**, and it jointly released the **'Jiafa Education Industry Intelligent Agent Application Base Solution'** with Huawei Ascend, building a vertical education intelligent agent covering examination, teaching, management, evaluation, learning, and research scenarios[59](index=59&type=chunk) - The company launched its new English education sub-brand **'Lingyutong'** and collaborated with Chongqing Normal University to transform **66 classrooms**, creating an innovative practice of AI-empowered higher education[60](index=60&type=chunk)[62](index=62&type=chunk) - The company's **'AI New Sports Exam'** solution served **over 2 million candidates** in **14 provinces** during the 2025 national physical education middle school entrance examination, with cumulative test counts reaching **hundreds of millions**[63](index=63&type=chunk) [Core Competitiveness Analysis](index=23&type=section&id=II.%20Core%20Competitiveness%20Analysis) The company's core competitiveness stems from its **over 20 years** of industry experience, brand recognition, market entry advantages from undertaking national and provincial examination platforms, extensive market coverage across **31 provinces**, and strong technological capabilities with **nearly 500 software copyrights** - Brand Advantage: The company is a comprehensive supplier of national standardized examination center core products, enjoying high industry recognition[78](index=78&type=chunk) - Entry Advantage: Undertaking national and multiple provincial-level examination business platforms provides data integration and customer resource advantages for expanding into school-end businesses[78](index=78&type=chunk) - Market Advantage: Business covers **31 provinces**, autonomous regions, and municipalities directly under the central government, serving **tens of thousands of schools**, possessing a mature sales system and channel resources[79](index=79&type=chunk) - Technological Advantage: Possesses **over 40 core patents** and **nearly 500 software copyrights**, with long-term investment in core technological innovations such as AI and big data[79](index=79&type=chunk) [Main Business Analysis](index=24&type=section&id=III.%20Main%20Business%20Analysis) Operating revenue increased by **5.03%**, but a **20.94%** surge in operating costs led to a **6.83 percentage point** decline in gross margin to **48.06%**; smart education product revenue grew by **66.55%** despite a **15.07 percentage point** drop in gross margin, while standardized examination products decreased by **11.93%**, with the Southwest region showing **94.71%** growth Key Financial Indicators | Financial Indicator | Current Period (RMB) | Prior Period (RMB) | YoY Change | Main Reason | | :--- | :--- | :--- | :--- | :--- | | **Operating Revenue** | 273,407,645.57 | 260,324,998.11 | 5.03% | - | | **Operating Cost** | 142,018,440.41 | 117,429,775.92 | 20.94% | - | | **Selling Expenses** | 27,103,683.66 | 36,791,418.07 | -26.33% | - | | **R&D Investment** | 14,790,300.55 | 23,255,671.99 | -36.40% | Decrease in R&D expensed items | | **Net Cash Flow from Financing Activities** | -59,937,697.16 | -43,357,777.58 | -38.24% | Increase in short-term loan repayments | Revenue and Gross Margin by Product/Service | Product/Service | Operating Revenue (RMB) | Revenue YoY | Gross Margin | Gross Margin YoY | | :--- | :--- | :--- | :--- | :--- | | **Standardized Examination Center Products** | 153,619,069.96 | -11.93% | 59.71% | -0.47% | | **Smart Education Products** | 94,582,913.27 | 66.55% | 28.80% | -15.07% | - From the regional revenue structure, the Southwest region became the company's largest revenue source and growth engine, with revenue reaching **RMB 115 million** during the reporting period, a **94.71% year-on-year increase**[85](index=85&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 risks including delayed policy implementation, high dependence on the education informatization industry, gross margin fluctuations, management challenges from rapid growth, and the risk of lagging technological innovation, which it addresses through R&D, product diversification, and internal management optimization - Policy Risk: While policy dividends for education informatization are expected to continue, there remains a risk of tightening fiscal budgets in some regions and policy implementation falling short of expectations[105](index=105&type=chunk) - Industry Dependence Risk: The company's main business is highly dependent on the development of the education informatization industry; changes in relevant policies could impact customer demand[106](index=106&type=chunk) - Gross Margin Fluctuation Risk: The increasing revenue share of smart education business, which may face intense competition, and its product structural fluctuations could lead to overall gross margin volatility[107](index=107&type=chunk) - Technological Risk: The industry in which the company operates experiences rapid technological development, posing risks of lagging technological innovation and delayed returns on R&D investment[111](index=111&type=chunk) [Corporate Governance, Environment, and Society](index=32&type=section&id=Item%204.%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section details changes in corporate governance, including executive appointments, profit distribution plans, and employee incentive programs [Changes in Directors, Supervisors, and Senior Management](index=32&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, the company's Chief Financial Officer changed, with Zhou Junlong resigning due to work reassignment and Zhang Bochao taking over | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Zhou Junlong | Chief Financial Officer | Resignation | April 19, 2025 | Work Reassignment | | Zhang Bochao | Chief Financial Officer | Appointment | April 19, 2025 | Work Reassignment | [Profit Distribution and Capital Reserve Conversion to Share Capital in the Current Reporting Period](index=32&type=section&id=II.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20in%20the%20Current%20Reporting%20Period) The company plans no cash dividends, bonus shares, or capital reserve conversions to share capital for the first half of 2025 - The company plans no profit distribution or capital reserve conversion to share capital for the half-year period[116](index=116&type=chunk) [Implementation of Share Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=32&type=section&id=III.%20Implementation%20of%20Share%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The company implemented two employee stock ownership plans in 2023 and 2024, with the 2024 plan seeing a reduction to **88 participants** due to one employee's departure, resulting in a **RMB 7.89 million** expense and a **RMB 6.71 million** impact on net profit during the reporting period - During the reporting period, the company amortized employee stock ownership plan expenses of **RMB 7,888,750.02**, impacting net profit by **RMB 6,705,437.52**[120](index=120&type=chunk) [Significant Matters](index=37&type=section&id=Item%205.%20Significant%20Matters) This section covers significant events, including the fulfillment of commitments and major related-party transactions [Fulfillment of Commitments by the Company's Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During the Reporting Period and Overdue Unfulfilled Commitments as of the End of the Reporting Period](index=37&type=section&id=I.%20Fulfillment%20of%20Commitments%20by%20the%20Company%27s%20Actual%20Controller%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%20During%20the%20Reporting%20Period%20and%20Overdue%20Unfulfilled%20Commitments%20as%20of%20the%20End%20of%20the%20Reporting%20Period) All commitments made by the company and related parties during the initial public offering, such as share lock-ups, avoidance of horizontal competition, and regulation of related-party transactions, were being fulfilled normally as of the end of the reporting period, with no overdue unfulfilled items - All commitments made by the company and related parties during the initial public offering were being fulfilled normally as of the end of the reporting period[129](index=129&type=chunk)[130](index=130&type=chunk)[131](index=131&type=chunk)[132](index=132&type=chunk)[133](index=133&type=chunk)[134](index=134&type=chunk)[135](index=135&type=chunk) [Major Related-Party Transactions](index=44&type=section&id=XI.%20Major%20Related-Party%20Transactions) During the reporting period, the company had no major related-party transactions concerning daily operations, asset or equity acquisitions/disposals, or joint external investments - The company had no major related-party transactions during the reporting period[143](index=143&type=chunk)[144](index=144&type=chunk)[145](index=145&type=chunk) [Share Changes and Shareholder Information](index=47&type=section&id=Item%206.%20Share%20Changes%20and%20Shareholder%20Information) This section details changes in the company's share capital and provides information on its shareholders [Share Change Information](index=47&type=section&id=I.%20Share%20Change%20Information) As of the end of the reporting period, the company's total share capital was **399,514,567 shares**, with no changes during the period; restricted shares accounted for **22.12%**, and unrestricted shares for **77.87%** Share Capital Structure | Share Type | Quantity (shares) | Proportion | | :--- | :--- | :--- | | **Restricted Shares** | 88,377,734 | 22.12% | | **Unrestricted Shares** | 311,136,833 | 77.87% | | **Total Share Capital** | **399,514,567** | **100.00%** | [Company Shareholder Numbers and Shareholding Information](index=48&type=section&id=III.%20Company%20Shareholder%20Numbers%20and%20Shareholding%20Information) As of the end of the reporting period, the company had **14,712 common shareholders**, with Yuan Bin, Ling Yun, and Tibet Deyuan Tai Information Technology Co., Ltd. being the top three shareholders - As of the end of the reporting period, the company had **14,712 common shareholders**[162](index=162&type=chunk) Top Shareholders | Shareholder Name | Shareholding Proportion | Number of Shares Held (shares) | | :--- | :--- | :--- | | Yuan Bin | 29.43% | 117,568,630 | | Ling Yun | 8.04% | 32,140,839 | | Tibet Deyuan Tai Information Technology Co., Ltd. | 6.34% | 25,320,591 | | Chen Daqiang | 4.69% | 18,753,080 | [Bond-Related Information](index=53&type=section&id=Item%207.%20Bond-Related%20Information) This section provides details on the company's bond-related activities [Bond-Related Information](index=53&type=section&id=Item%207.%20Bond-Related%20Information) The company had no bond-related matters during the reporting period - The company had no bond-related matters during the current reporting period[170](index=170&type=chunk) [Financial Report](index=54&type=section&id=Item%208.%20Financial%20Report) This section presents the company's unaudited financial statements for the reporting period [Financial Statements](index=54&type=section&id=II.%20Financial%20Statements) The company's H1 2025 financial report is unaudited, showing total assets of **RMB 1.397 billion**, total equity attributable to parent company of **RMB 1.200 billion**, operating revenue of **RMB 273 million**, net profit attributable to parent company of **RMB 40.78 million**, and net cash flow from operating activities of **RMB 53.77 million** - The company's half-year financial report is unaudited[172](index=172&type=chunk) Consolidated Balance Sheet Key Items (June 30, 2025) | Item | Period-end Balance (RMB) | | :--- | :--- | | **Total Assets** | 1,396,999,241.81 | | **Total Liabilities** | 176,861,026.58 | | **Total Equity Attributable to Parent Company Owners** | 1,199,863,410.38 | Consolidated Income Statement Key Items (H1 2025) | Item | Amount (RMB) | | :--- | :--- | | **Total Operating Revenue** | 273,407,645.57 | | **Operating Profit** | 47,502,427.23 | | **Total Profit** | 47,835,137.67 | | **Net Profit** | 43,038,828.82 | | **Net Profit Attributable to Parent Company Shareholders** | 40,781,555.35 | Consolidated Cash Flow Statement Key Items (H1 2025) | Item | Amount (RMB) | | :--- | :--- | | **Net Cash Flow from Operating Activities** | 53,768,188.19 | | **Net Cash Flow from Investing Activities** | -41,366,497.63 | | **Net Cash Flow from Financing Activities** | -59,937,697.16 | | **Net Increase in Cash and Cash Equivalents** | -47,536,006.60 |

青岛三柏硕健康科技股份有限公司 2025 年半年度报告全文 1 青岛三柏硕健康科技股份有限公司 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。 公司负责人朱希龙、主管会计工作负责人吴志强及会计机构负责人(会计 主管人员)李金鹏声明：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，不构成本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。 公司已在第三节管理层讨论与分析"十、公司面临的风险和应对措施" 中对可能面临的风险及对策进行详细描述，敬请广大投资者留意查阅。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | | | . | | --- | --- | --- | | | œ | | | | | . | | 第一节 | 重要提示、目录和释义 | 2 | | --- | --- | --- ...

百奥泰生物制药股份有限公司2025 年半年度报告 公司代码：688177 公司简称：百奥泰 百奥泰生物制药股份有限公司 2025 年半年度报告 1 / 241 百奥泰生物制药股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 重大风险提示 公司已在本报告中详细阐述公司核心竞争力风险、经营风险、行业风险和宏观环境风险等因 素，敬请查阅本报告第三节"管理层讨论与分析"之"四、风险因素"。 三、 公司全体董事出席董事会会议。 四、 本半年度报告未经审计。 五、 公司负责人LI SHENGFENG（李胜峰）、主管会计工作负责人占先红及会计机构负责人（会 计主管人员）史利华声明：保证半年度报告中财务报告的真实、准确、完整。 六、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 七、 是否存在公司治理特殊安排等重要事项 □适用 √不适用 八、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的公司未来计划、发展战略等前瞻性陈述，不构成公司对投资者的实质承 ...

江苏恒瑞医药股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人孙飘扬、主管会计工作负责人刘健俊及会计机构负责人（会计主管人员）武加 刚声明：保证半年度报告中财务报告的真实、准确、完整。 公司代码：600276 公司简称：恒瑞医药 江苏恒瑞医药股份有限公司 2025 年半年度报告 1 / 147 江苏恒瑞医药股份有限公司2025 年半年度报告 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，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，敬 请广大投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否 ...

上述事项发生后，东方金诚通过向公司邮件询问、查询公开资料等方式了解到，公司业绩变动 原因主要包括：1、2025 年上半年，公司应收款项主要受到账龄结构延长和单项计提的影响，当期 计提的信用减值损失较上年同期增加；2、同期，因公司接受非现金资产抵债和部分以房抵债资产处 置完成，前期针对该类资产计提的减值准备予以转销，导致资产损失的可抵扣暂时性差异减少，依 据企业会计准则相关规定，使得当期递延所得税费用较去年同期增加；3、同期，"帝欧转债"摊销 财务费用约 4940 万元。 2025 年 7 月 24 日，帝欧家居发布了《帝欧家居集团股份有限公司关于变更募集资金用途并将 剩余募集资金永久补充流动资金的公告》，称为提高募集资金使用效率，降低募集资金投资风险， 优化资源配置，公司董事会同意变更"帝欧转债"募集资金投资项目"欧神诺八组年产 5000 万平 方高端墙地砖智能化生产线（节能减排、节水）项目二期"及"两组年产 1300 万㎡高端陶瓷地砖 智能化生产线项目"的募集资金用途，并将节余募集资金 47658.43 万元（包含利息收入、尚需支付 的项目尾款后的净额，具体金额以实际结转时项目专户资金余额为准）用于永久补充 ...

国科天成科技股份有限公司 2025 年半年度报告全文 国科天成科技股份有限公司 2025 年半年度报告 2025-045 2025 年 8 月 1 国科天成科技股份有限公司 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。 公司负责人罗珏典、主管会计工作负责人吴明星及会计机构负责人(会计 主管人员)刘雯雯声明：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。 本年度报告中涉及发展战略、经营计划等前瞻性陈述受市场变化等多方 面因素影响，不构成公司对投资者的实质承诺，敬请投资者注意投资风险。 公司可能面临的风险详见本报告"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"，敬请广大投资者关注。 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 | | . | 4 | . | | --- | --- | --- | --- | | . | | | | | 第一节 | 重要提示、目录和释义 ...

广东泰恩康医药股份有限公司 2025 年半年度报告全文 广东泰恩康医药股份有限公司 2025 年半年度报告 2025-054 二〇二五年八月 1 广东泰恩康医药股份有限公司 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。 公司负责人郑汉杰、主管会计工作负责人周桂惜及会计机构负责人(会计 主管人员)周桂惜声明：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。 本报告中如有涉及未来的计划、业绩预测等方面的前瞻性陈述内容，均不 构成本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。 公司可能存在研发风险、药品上市的风险、代理运营业务的风险、进口药 品注册证到期再注册风险等，敬请广大投资者注意投资风险。详见"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"。 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 ...

贵州益佰制药股份有限公司2025 年半年度报告 公司代码：600594 公司简称：益佰制药 贵州益佰制药股份有限公司 2025 年半年度报告 1 / 219 贵州益佰制药股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人窦啟玲、主管会计工作负责人窦雅琪及会计机构负责人（会计主管人员）曾宪 体声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本半年度报告内容涉及的未来计划、发展战略等前瞻性描述因存在不确定性，不构成公司对 投资者的实质承诺，敬请投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 ...