奥比中光(688322) - 2025 Q2 - 季度财报

Definitions This chapter provides definitions of common terms used in the report, including company names, subsidiaries, technical terms, and legal, regulatory, and financial terms, to help readers understand the report content - Defined the company and its main subsidiary names, such as Orbbec, Mario Technology, Shunde Orbbec - Explained core technical terms, including 3D vision sensor, AIoT, ToF, iToF, dToF, CMOS, SoC, Fabless, SPAD - Clarified the reporting period as January 1, 2025, to June 30, 2025[14] Company Profile and Key Financial Indicators This section outlines the company's basic information, contact details, information disclosure channels, and key accounting data and financial indicators for the first half of 2025, showing significant growth in revenue and net profit, but a decrease in R&D investment as a percentage of revenue Company Basic Information Introduces Orbbec Group Co., Ltd.'s Chinese name, abbreviation, English name, legal representative, registered and office addresses, company website, and email, noting historical changes in the registered address - Company Chinese name: Orbbec Group Co., Ltd., abbreviation: Orbbec[16] - Legal Representative: Huang Yuanhao[16] - Company Website: **https://www.orbbec.com.cn**[16](index=16&type=chunk) Contact Person and Information Provides contact details including address, phone, fax, and email for the company's Board Secretary (domestic information disclosure representative) Jin Shang and Securities Affairs Representative Guo Kailin - Board Secretary: Jin Shang, Contact Number: 0755-26402692[17] - Securities Affairs Representative: Guo Kailin, Email: ir@orbbec.com[17] Brief Introduction to Changes in Information Disclosure and Document Storage Locations Lists the company's designated newspapers for information disclosure (Shanghai Securities News, etc.), the website for semi-annual reports (www.sse.com.cn), and the location for report storage (Company Board Office), stating no changes during the reporting period - Designated newspapers for information disclosure: "Shanghai Securities News," "China Securities Journal," "Securities Times," "Securities Daily"[18] - Report publication website: **www.sse.com.cn**[18](index=18&type=chunk) Brief Introduction to Company Shares/Depositary Receipts Briefly introduces the company's share type, listing exchange and board, stock abbreviation, and code, clarifying that the company has no depositary receipts - Share type: RMB ordinary shares[19] - Listing exchange and board: Shanghai Stock Exchange STAR Market[19] - Stock abbreviation: Orbbec, Stock code: 688322[1] Company's Key Accounting Data and Financial Indicators Discloses the company's key accounting data and financial indicators for the first half of 2025, showing a significant 104.14% year-on-year increase in operating revenue, a shift from loss to profit, and a substantial increase in net cash flow from operating activities, but a decrease in R&D investment as a percentage of operating revenue 2025 H1 Key Accounting Data | Indicator | Current Reporting Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 435,469,288.84 yuan | 213,315,786.16 yuan | 104.14% | | Total Profit | 51,857,544.15 yuan | -51,981,303.30 yuan | N/A | | Net Profit Attributable to Shareholders of Listed Company | 60,190,103.28 yuan | -53,373,140.62 yuan | N/A | | Net Cash Flow from Operating Activities | 84,361,153.19 yuan | -29,149,527.65 yuan | N/A | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 2,932,076,738.45 yuan | 2,867,303,020.47 yuan | 2.26% | | Total Assets (Period-end) | 3,327,061,105.46 yuan | 3,328,990,861.53 yuan | -0.06% | 2025 H1 Key Financial Indicators | Indicator | Current Reporting Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.15 | -0.13 | N/A | | Diluted Earnings Per Share (yuan/share) | 0.15 | -0.13 | N/A | | Basic Earnings Per Share After Deducting Non-recurring Gains and Losses (yuan/share) | 0.08 | -0.20 | N/A | | R&D Investment as % of Operating Revenue | 20.94 | 49.71 | Decreased by 28.77 percentage points | - Operating revenue significantly increased by 104.14%, primarily due to growth in 3D scanning and payment scenarios[22][118] - Net profit attributable to parent company owners turned from loss to profit, increasing by 113.5632 million yuan[22] - Net cash flow from operating activities increased by 113.5107 million yuan, primarily due to increased sales collections[23] Non-recurring Gains and Losses Items and Amounts Lists non-recurring gains and losses items and their amounts for the first half of 2025, totaling 30.00095189 million yuan, primarily comprising government grants and fair value changes in financial assets 2025 H1 Non-recurring Gains and Losses Items | Non-recurring Gains and Losses Item | Amount | | :--- | :--- | | Gains/losses from disposal of non-current assets | -27,624.01 yuan | | Government grants included in current profit/loss | 15,212,968.39 yuan | | Gains/losses from changes in fair value and disposal of financial assets and liabilities | 18,361,765.38 yuan | | Other non-operating income and expenses | -10,975.63 yuan | | Less: Income tax impact | 3,462,638.25 yuan | | Impact on minority interests (after tax) | 72,543.99 yuan | | Total | 30,000,951.89 yuan | Net Profit After Deducting Share-based Payment Impact Discloses the company's net profit after deducting the impact of share-based payments for the first half of 2025, which was 70.0251 million yuan, a significant improvement from the previous year Net Profit After Deducting Share-based Payment Impact | Indicator | Current Reporting Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Net profit after deducting share-based payment impact | 70.0251 million yuan | -26.9753 million yuan | N/A | Management Discussion and Analysis This section details the company's operating performance for the first half of 2025, including its industry, main business, operating model, core competitiveness, R&D progress, and risks, highlighting continuous innovation in 3D vision sensing, focus on embodied AI and AI terminal markets, and significant revenue and profit growth, marking an "inflection point" in operations Explanation of Industry and Main Business Operations Describes Orbbec as a 3D vision sensing product supplier, specializing in the design, R&D, production, and sales of 3D vision sensors and application equipment, belonging to the "Computer, Communication, and Other Electronic Equipment Manufacturing" industry, with the 3D vision sensing market projected to reach $17.2 billion by 2028, and no significant changes in the company's main business during the reporting period - Company's main business: Design, R&D, production, and sales of 3D vision sensing products[31][34] - Main products: 3D vision sensors, consumer-grade application equipment, and industrial-grade application equipment[31][34] - Industry: "Computer, Communication, and Other Electronic Equipment Manufacturing" within the manufacturing sector[31] - Global 3D vision sensing market size is projected to reach $17.2 billion by 2028[33] - No significant changes in the company's main business during the reporting period[35] Main Operating Models Explains the company's procurement model (general and custom components), production model (primarily in-house with some outsourced processing), and sales model (primarily direct sales), ensuring supply chain efficiency and product quality - Procurement model: Procurement of general and custom components based on order demand and market forecasts (Fabless model for self-developed chips, supplier customization, company design drawings for production)[36] - Production model: 3D vision sensors primarily produced in-house; consumer-grade application equipment combines in-house production with outsourced processing; industrial-grade application equipment is self-processed and produced[37] - Sales model: Primarily direct sales, targeting domestic and international customers[38] Discussion and Analysis of Operating Performance In the first half of 2025, the company's operating performance continued to improve, achieving operating revenue of 435.4693 million yuan, a 104.14% year-on-year increase, and net profit attributable to shareholders of 60.1901 million yuan, successfully reaching an "operating inflection point" by focusing on essential downstream markets and diversifying its market layout, with significant progress in biometric identification, AIoT (robotics, 3D scanning), industrial 3D measurement, and overseas business - 2025 H1 operating revenue: 435.4693 million yuan, a year-on-year increase of 104.14%[40] - 2025 H1 net profit attributable to listed company shareholders: 60.1901 million yuan, an increase of 113.5632 million yuan compared to the prior year period[40] - The company successfully reached an "operating inflection point", with continuous improvement in business scale and profitability[39] Focusing on Essential Downstream Markets and Improving Diversified Market Layout The company actively seizes opportunities from large model technology, smart device terminal upgrades, and breakthroughs in embodied AI, continuously promoting 3D vision sensing technology in biometric identification (offline payment, medical insurance verification, 'tap-to-pay'), AIoT (service robots, industrial robots, humanoid robots, 3D scanning), industrial 3D measurement, and overseas markets, establishing collaborations with industry leaders - Biometric identification: Strengthened the application of 3D vision sensors in offline retail, self-service cabinets, catering, medical, and transportation payment scenarios[41] - Biometric identification: Full-process "smart medical insurance facial recognition for medical treatment" has been implemented in major provinces nationwide, effectively preventing medical insurance fraud[42] - Biometric identification: Partnered with Ant Group to launch "tap-to-pay" integrated payment devices, optimizing payment convenience[43][44] - AIoT (Robotics): Provides full technical route 3D vision sensors including monocular structured light, binocular structured light, lidar, and iToF, empowering service robots, industrial robots, and humanoid robots[45] - AIoT (Robotics): Collaborated with Yunji Technology, Keenon Robotics, Pudu Robotics, Gaussian Robotics, RoboCare, and others, covering service robot scenarios such as lawnmowers, hotel delivery, commercial cleaning, and elder companionship[46] - AIoT (Robotics): Assisted Twinny in launching the NarGo order picking robot and Captic in launching the AI vision system Captic AIR, enhancing industrial automation efficiency[47][48] - AIoT (Robotics): The "Tiangong" robot, equipped with the company's 3D vision sensor, won the championship in the world's first humanoid robot marathon[48] - AIoT (3D Scanning): Assisted Creality in launching two new 3D scanners, Otter Lite and Raptor Pro, improving scanning accuracy and efficiency[50] - AIoT (3D Scanning): The 3D scanning market demand continues to grow, projected to reach $8.8 billion by 2030[49] - Industrial 3D Measurement: Optimized and upgraded industrial-grade application equipment and software such as 3D full-field strain measurement, 3D optical scanning measurement, and 3D optical pipe bending measurement[53] - Industrial 3D Measurement: Subsidiary Xintuo Xi'an's operations continue to accelerate, with continuous optimization of product iteration and R&D[53] - Overseas Business: Collaborated with South Korea's RoboCare, Twinny, and Poland's Lavavision to expand overseas robot and interactive software applications[54] - Overseas Business: Established partnerships with five technical distributors, including WDL Systems, at the Automate 2025 exhibition, expanding the global distribution network[55] Optimizing Product Series, Focusing on Robotics and AI Vision Application Scenarios The company, relying on its full-stack R&D capabilities and comprehensive technology roadmap, continuously optimizes its 3D vision sensing product series, launching the new industrial-grade stereo 3D camera Orbbec Gemini 435Le to meet market demands in embodied AI, AI vision, and 3D printing, and has accumulated numerous patents and software copyrights - Launched the new industrial-grade stereo 3D camera Orbbec Gemini 435Le, featuring long-range high-precision sensing and accurate edge contour restoration capabilities[57] - As of the end of the reporting period, cumulatively applied for 1,903 patents (990 invention patents), obtained 1,112 patents (479 invention patents), and 117 software copyrights[58] Analysis of Core Competitiveness The company's core competitiveness lies in its full-stack, all-domain 3D vision sensing technology R&D and innovation capabilities, a multidisciplinary core team, upstream and downstream resources gathering global supply chains and industry-leading customers, million-unit scale production capacity, and a brand advantage that efficiently empowers global customers - Technology Advantage: Possesses "full-stack technology R&D capabilities + full-domain technology roadmap", making it one of the few companies globally with a comprehensive layout of mainstream 3D vision sensing technologies[59][60] - Talent Advantage: A multidisciplinary R&D team led by founder Huang Yuanhao, with 24 PhDs and R&D personnel accounting for approximately 43.45%[62][64] - Industry Chain Advantage: Possesses sensor module production, 3D vision sensing solutions, and application algorithm capabilities, establishing partnerships with leading customers across various industries, forming strong customer stickiness[65][66] - Mass Production Advantage: Mastered independent core technologies, achieved million-unit scale production capacity, and invested in self-built factories, with the first phase of the Foshan Shunde intelligent manufacturing base already in operation[67][68] - Brand Advantage: Possesses deep technological accumulation and rich industry application experience, launched the industrial-grade stereo vision solution Gemini 435Le, expanded its global distribution network, and received multiple technology awards[69] Core Technologies and R&D Progress The company has built a "full-stack technology R&D capability + full-domain technology roadmap" 3D vision sensing technology system, achieving significant progress in both consumer and industrial fields, with core technologies covering system design, chip design, algorithm development, optical design, and mass production technology, continuously investing in R&D, and holding numerous patents and ongoing projects - Core Technology System: "Full-stack technology R&D capabilities + full-domain technology roadmap", covering structured light, iToF, dToF, Lidar, and other technical routes[71][72] - Chip Design: Successfully developed five generations of depth engine chips (MX series), three dToF photosensitive chips (LS635), two iToF photosensitive chips, and structured light specific photosensitive chips[77][78][81][82][83][84] - Algorithm R&D: Depth engine algorithms (structured light, stereo, iToF) and consumer-grade application algorithms (skeleton tracking, image segmentation, 3D reconstruction, VSLAM, immersive AR)[86][87][88] - R&D Investment: 2025 H1 R&D investment totaled 91.1807 million yuan, accounting for 20.94% of operating revenue[99] - Intellectual Property: As of the end of the reporting period, cumulatively applied for 1,903 patents (990 invention patents), obtained 1,112 patents (479 invention patents), and 117 software copyrights[98] Core Technologies and Their Advanced Nature The company's core technology advanced nature is reflected in its full-stack R&D capabilities and system-level optimization, covering consumer and industrial 3D vision sensing technologies, including structured light, iToF, dToF, Lidar system design, depth engine chips (MX series), photosensitive chips (LS635), depth engine algorithms, consumer application algorithms, optical design, and mass production technologies for consumer applications, and 3D optical scanning, 3D full-field strain measurement, and 3D optical pipe bending measurement systems and core algorithms for industrial applications - Advanced Consumer 3D Vision Sensing Technology: System design covers speckle structured light off-axis optical 3D measurement, three-tap iToF, disparity dToF, and single-point/multi-line/solid-state array Lidar system solutions[76] - Advanced Consumer 3D Vision Sensing Technology: Chip design includes MX series depth engine chips (MX400 to MX6800), iToF photosensitive chips (BSI back-illuminated 65nm+65nm Stacking process), dToF photosensitive chips (LS635, 3D stacking process), and structured light specific photosensitive chips[78][79][80][81][83][85] - Advanced Consumer 3D Vision Sensing Technology: Algorithm R&D includes depth engine algorithms (structured light, stereo, iToF) and consumer-grade application algorithms (skeleton tracking, image segmentation, 3D reconstruction, VSLAM, immersive AR)[86][88] - Advanced Consumer 3D Vision Sensing Technology: Optical design covers laser emitters, diffractive optical elements, laser projection modules, lenses, and optical system design[89][90] - Advanced Consumer 3D Vision Sensing Technology: Mass production technology includes independently developed high-precision assembly, optical axis AA, calibration alignment, and other full-chain mass production process core equipment, achieving million-unit scale mass production[92] - Advanced Industrial 3D Vision Sensing Technology: System design includes 3D optical scanning measurement, 3D full-field strain measurement, and 3D optical pipe bending measurement systems[94] - Advanced Industrial 3D Vision Sensing Technology: Algorithm design includes photogrammetry, image correlation matching, multi-view vision pipe bending reconstruction, and stereo structured light 3D reconstruction core algorithms[95] - Advanced Industrial 3D Vision Sensing Technology: Software platform includes building an industrial software development platform to achieve unified interfaces, local inheritance and calibration, diversified functions, and differentiated authorization[97] R&D Achievements During the Reporting Period As of the end of the reporting period, the company had cumulatively applied for 1,903 patents, obtained 1,112 authorized patents (including 479 invention patents), and 117 software copyrights, with 47 new patent applications and 110 patents obtained during the reporting period Cumulative R&D Achievements | Category | Applications (units) | Grants (units) | | :--- | :--- | :--- | | Invention Patents | 990 | 479 | | Utility Model Patents | 419 | 395 | | Design Patents | 282 | 238 | | Software Copyrights | 117 | 117 | | Others | 228 | 16 | | Total | 2,036 | 1,245 | New R&D Achievements in Current Period | Category | Applications (units) | Grants (units) | | :--- | :--- | :--- | | Invention Patents | 9 | 64 | | Utility Model Patents | 6 | 17 | | Design Patents | 20 | 17 | | Software Copyrights | 12 | 12 | | Total | 47 | 110 | R&D Investment Table In the first half of 2025, the company's total R&D investment was 91.1807 million yuan, a year-on-year decrease of 14.02%, with R&D investment accounting for 20.94% of operating revenue, a decrease of 28.77 percentage points from the previous year R&D Investment Status | Indicator | Current Period Amount | Prior Year Period Amount | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 91,180,748.39 yuan | 106,049,656.44 yuan | -14.02% | | Total R&D Investment | 91,180,748.39 yuan | 106,049,656.44 yuan | -14.02% | | Total R&D Investment as % of Operating Revenue | 20.94% | 49.71% | -28.77 percentage points | Ongoing R&D Projects The company currently has 8 major ongoing R&D projects, covering stereo 3D vision sensors, SDK and application algorithms, array dToF photosensitive chips, handheld scanners, robot autonomous mobile solutions, high-performance wide-angle short-range lidar, 'tap-to-pay' terminals, and multi-core heterogeneous 3D reconstruction chips, with a total estimated investment of 810 million yuan and 76.7582 million yuan invested in the current period Overview of Major R&D Projects | No. | Project Name | Estimated Total Investment (million yuan) | Current Period Investment (million yuan) | Cumulative Investment (million yuan) | Progress or Interim Results | Target | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 1 | R&D and Industrialization of Stereo 3D Vision Sensors | 80.00 | 8.8461 | 143.1947 | Commercialization stage, continuous optimization and iteration | Industry advanced level | | 2 | R&D of User-Oriented SDK and Application Algorithms | 300.00 | 4.6526 | 221.2866 | Continuous optimization and iteration, building algorithm display and application platform | Industry advanced level | | 3 | Design and R&D of Array dToF Photosensitive Chips | 100.00 | 5.4627 | 86.5699 | Application expansion stage, continuous optimization and iteration | Industry advanced level | | 4 | R&D and Industrialization of Handheld Scanner Key Technologies | 30.00 | 16.7858 | 62.4564 | Commercialization stage, continuous optimization and iteration | International advanced level | | 5 | R&D and Industrialization of Core Technologies for Robot Autonomous Mobile Solutions | 200.00 | 17.9852 | 53.6160 | Commercialization stage, continuous optimization and iteration | Industry advanced level | | 6 | R&D and Industrialization of High-Performance Wide-Angle Short-Range Lidar | 20.00 | 3.4155 | 12.6486 | R&D stage | Industry advanced level | | 7 | R&D and Industrialization of "Tap-to-Pay" Terminals | 50.00 | 11.1332 | 17.7795 | Commercialization stage, continuous optimization and iteration | Industry advanced level | | 8 | R&D of Multi-core Heterogeneous 3D Reconstruction Chips | 30.00 | 8.4771 | 9.9759 | R&D stage | Industry leading level | | Total | 810.00 | 76.7582 | 607.5276 | | | R&D Personnel Information As of the end of the reporting period, the company had 335 R&D personnel, accounting for 43.45% of the total workforce, with total R&D personnel compensation of 67.0480 million yuan and an average compensation of 0.2020 million yuan, and the R&D team's educational background is primarily bachelor's and master's degrees, with an age structure mainly between 30-40 years old - R&D personnel count: 335 people, accounting for 43.45% of the company's total workforce[106] - Total R&D personnel compensation: 67.0480 million yuan[106] - R&D personnel educational background: 13 PhDs (3.88%), 90 Masters (26.87%), 206 Bachelors (61.49%)[106] - R&D personnel age structure: 139 people under 30 (41.49%), 158 people aged 30-40 (47.16%)[106] Risk Factors The company faces risks such as not yet being profitable, rapid iteration of 3D vision sensing technology, core technology leakage, loss of core technical talent, and macroeconomic uncertainties, and has implemented various countermeasures including improving R&D efficiency, optimizing product structure, strengthening intellectual property protection, and talent incentives to address these challenges - Risk of not yet being profitable: Although the company has achieved profitability, the risk of full-year profitability still exists, which will be addressed by improving R&D efficiency, optimizing product structure, and reducing costs and increasing efficiency[107] - Risk of technological iteration and innovation: 3D vision sensing technology is rapidly evolving, requiring the company to continuously research and iterate, accelerate the development of reserve technologies, and ensure a leading technological edge[109] - Risk of core technology leakage: The company has established strict R&D processes and intellectual property protection systems, and signed confidentiality and non-compete agreements with core technical personnel[110] - Risk of core technical talent loss: The company strengthens talent cultivation and incentives through equity incentive plans and interest-free housing loans for employees, increasing employee cohesion[111] - Operating risk: The application scenarios for 3D vision sensing products are still in the early stages of large-scale industrialization, and growth has uncertainties; the company will strategically focus on core technology essential application scenarios[113] - Macroeconomic environment risk: Increased uncertainty in the global political and economic environment; the company will monitor international trade frictions, enhance R&D, intelligent manufacturing, and management capabilities to strengthen its risk resistance[114] Key Operating Performance During the Reporting Period During the reporting period, the company's total operating revenue increased by 104.14% year-on-year, and net profit attributable to shareholders turned profitable, with this section detailing the changes in financial statement items, asset and liability status, investment situation, and key holding and associate companies - Total operating revenue: 435.4693 million yuan, a year-on-year increase of 104.14%[115] - Net profit attributable to parent company owners: 60.1901 million yuan, an increase of 113.5632 million yuan compared to the prior year period[115] - Net profit attributable to parent company owners after deducting non-recurring gains and losses: 30.1892 million yuan, an increase of 111.0951 million yuan compared to the prior year period[115] Main Business Analysis Analyzes the changes in key financial statement items, showing significant increases in operating revenue and cost of goods sold, an 'N/A' change in financial expenses due to reduced interest income, and a substantial improvement in net cash flow from operating activities due to increased sales collections Changes in Financial Statement Items | Item | Current Period Amount | Prior Year Period Amount | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 435,469,288.84 | 213,315,786.16 | 104.14 | Growth in 3D scanning and payment scenarios | | Operating Cost | 255,741,949.30 | 122,571,606.27 | 108.65 | Increase in operating revenue | | Selling Expenses | 32,935,469.18 | 33,959,233.23 | -3.01 | | | Administrative Expenses | 44,916,314.95 | 54,245,250.94 | -17.20 | | | Financial Expenses | -2,802,412.14 | -27,366,618.73 | N/A | Decrease in interest income | | R&D Expenses | 91,180,748.39 | 106,049,656.44 | -14.02 | | | Net Cash Flow from Operating Activities | 84,361,153.19 | -29,149,527.65 | N/A | Increase in sales collections | | Net Cash Flow from Investing Activities | -29,365,865.85 | -329,457,864.80 | N/A | Decrease in infrastructure expenditure and increase in bank wealth management product redemptions | | Net Cash Flow from Financing Activities | -44,912,992.99 | -90,091,414.32 | N/A | Increase in bank borrowings | Analysis of Assets and Liabilities Analyzes changes in the company's period-end assets and liabilities, with notes receivable, construction in progress, right-of-use assets, employee compensation payable, and taxes payable decreasing, while prepayments, notes payable, and other current liabilities increased, and overseas assets accounted for 1.01% of total assets Changes in Assets and Liabilities | Item Name | Current Period End Amount | % of Total Assets at Period End | Prior Year End Amount | % of Total Assets at Prior Year End | % Change from Prior Year End | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Notes Receivable | 26,374,952.02 | 0.79 | 45,203,383.35 | 1.36 | -41.65 | Notes matured | | Prepayments | 15,499,170.59 | 0.47 | 10,446,870.65 | 0.31 | 48.36 | Increase in supplier prepayments | | Construction in Progress | 44,820,928.30 | 1.35 | 72,214,966.46 | 2.17 | -37.93 | Partial transfer of Shunde subsidiary infrastructure project to fixed assets | | Right-of-Use Assets | 2,026,076.62 | 0.06 | 3,031,075.81 | 0.09 | -33.16 | Depreciation of right-of-use assets | | Notes Payable | 7,041,898.00 | 0.21 | 5,407,618.08 | 0.16 | 30.22 | Increase in note payments | | Employee Compensation Payable | 30,719,609.21 | 0.92 | 45,067,447.16 | 1.35 | -31.84 | Payment of prior year's annual bonus | | Taxes Payable | 6,492,668.61 | 0.20 | 9,375,267.04 | 0.28 | -30.75 | Payment of prior year-end VAT | | Other Current Liabilities | 1,760,354.13 | 0.05 | 990,416.91 | 0.03 | 77.74 | Increase in deferred output VAT | | Lease Liabilities | 571,659.00 | 0.02 | 855,589.73 | 0.03 | -33.19 | Rent payment | - Overseas assets: 33.58279074 million yuan, accounting for 1.01% of total assets[122] - Restricted assets: 6.92778574 million yuan in monetary funds, primarily for letter of guarantee deposits, bank acceptance bill deposits, and e-commerce platform deposits[123] Analysis of Investment Status During the reporting period, the company's external equity investment decreased by 100%, while the period-end balance of financial assets measured at fair value increased, primarily due to trading financial assets and equity instrument investments - Current period investment amount: 3.00 yuan, prior year period investment amount: 62.60 million yuan, change: -100.00%[126] Financial Assets Measured at Fair Value | Asset Category | Beginning Balance | Current Period Purchases | Current Period Sales/Redemptions | Ending Balance | | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 345,000,000.00 | 857,930,000.00 | 772,859,690.12 | 430,540,288.67 | | Other Equity Instrument Investments | 94,345,463.44 | 0 | 0 | 94,345,463.44 | | Total | 439,345,463.44 | 857,930,000.00 | 772,859,690.12 | 524,885,752.11 | Analysis of Major Holding and Associate Companies Lists basic information for the company's major holding and associate companies, including Mario Technology and Shanghai Aocheng, and notes the deregistration of subsidiary Mario Software during the reporting period, with no significant impact Major Holding and Associate Company Financial Data | Company Name | Company Type | Main Business | Registered Capital | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Mario Technology | Subsidiary | R&D and sales of payment identification related products | 20,000,000.00 | 293,336,620.10 | 160,573,591.86 | 211,223,850.68 | 13,925,176.26 | 14,690,541.95 | | Shanghai Aocheng | Subsidiary | Chip-related R&D | 60,000,000.00 | 1,200,382.85 | -11,311,565.61 | -10,376,341.39 | -10,376,090.49 | -10,376,090.49 | - During the reporting period, subsidiary Mario Software was deregistered, with no significant impact on overall production, operations, or performance[129] Corporate Governance, Environment, and Society This section discloses changes in the company's directors, senior management, and core technical personnel, profit distribution plan, and the implementation of equity incentive and employee stock ownership plans, noting Mr. Zhang Dingjun's resignation as a non-independent director and election as an employee representative director during the reporting period, no semi-annual profit distribution, and ongoing equity incentive plans Changes in Directors, Senior Management, and Core Technical Personnel During the reporting period, Mr. Zhang Dingjun resigned as a non-independent director of the second board of directors and was elected as an employee representative director of the second board of directors on May 21, 2025 - Mr. Zhang Dingjun resigned as a non-independent director and was elected as an employee representative director[132] Profit Distribution or Capital Reserve Conversion Plan The company's proposed semi-annual profit distribution or capital reserve conversion plan is "No", indicating no distribution or conversion will be made - Whether to distribute or convert: No[132] - Number of bonus shares per 10 shares: N/A[132] - Dividend per 10 shares (yuan) (tax included): N/A[132] Equity Incentive Plans, Employee Stock Ownership Plans, and Other Incentive Measures The company has completed the vesting of the second vesting period for the initial grant of the 2022 Restricted Stock Incentive Plan, involving 120 incentive recipients and 1.09884 million shares, and also has 15 employee stock ownership platforms established before listing - The second vesting period of the initial grant of the 2022 Restricted Stock Incentive Plan has been completed, involving 120 incentive recipients and 1.09884 million shares eligible for vesting[133] - The company has 15 employee stock ownership platforms established before listing, implementing incentives for employees through these platforms[134] Significant Matters This section details the company's fulfillment of commitments, major lawsuits and arbitrations, significant related-party transactions, and progress in the use of raised funds during or continuing into the reporting period, indicating strict adherence to all commitments, no major lawsuits or arbitrations, routine related-party transactions within estimated limits, and an overall utilization rate of 80.65% for raised funds Fulfillment of Commitments Details various commitments made by the company's controlling shareholder, shareholders, related parties, and the company itself regarding share lock-up, holding intentions, share price stability, fraudulent issuance repurchase, immediate return compensation, profit distribution policy, liability for compensation, avoidance of horizontal competition, and standardization of related-party transactions, stating that all commitments have been strictly fulfilled - Controlling shareholder and actual controller Huang Yuanhao's share lock-up commitment: No transfer within three years from the listing date; if not profitable at listing, no reduction within three years before profitability, and no more than 2% of total share capital reduced annually in the 4th and 5th years[147] - Employee stock ownership platform share lock-up commitment: No transfer within three years from the listing date; if not profitable at listing, no reduction within three years before profitability, and no more than 2% of total share capital reduced annually in the 4th and 5th years[148][149] - Company and controlling shareholder, actual controller, non-independent directors, and senior management's commitment to stabilize share price: If the share price falls below net asset value per share for 20 consecutive trading days, repurchase or增持 measures will be initiated[164][165][166][167] - Company and controlling shareholder, actual controller's commitment to repurchase shares in case of fraudulent issuance: If there is a fraudulent issuance, all new shares will be repurchased[169] - Controlling shareholder and actual controller's commitment to avoid horizontal competition: Will not directly or indirectly engage in businesses that compete with the company's main business[177] - All commitments are "Yes" for timely and strict fulfillment[137][138][139][140][141][142][143][144][145][146] Major Litigation and Arbitration Matters The company had no major litigation or arbitration matters during the reporting period, but after the reporting period, on July 8, 2025, the company filed a lawsuit against Shenzhen Guangjian Technology Co., Ltd. for patent infringement, seeking 50.25 million yuan in damages from the Shenzhen Intermediate People's Court - The company had no major litigation or arbitration matters during the reporting period[189] - After the reporting period, the company filed a patent infringement lawsuit, with the amount involved being 50.25 million yuan[189] Significant Related-Party Transactions The company in the reporting period engaged in routine related-party transactions with associated parties, including technical platform fees, procurement of goods, sales of goods, and provision of services, having estimated and newly estimated its 2025 annual routine related-party transactions and fulfilled the required review and disclosure procedures - The total estimated amount for 2025 annual routine related-party transactions does not exceed 234 million yuan[190] - The total newly estimated amount for 2025 annual routine related-party transactions does not exceed 170 million yuan[191] - Related-party transactions with Ant Group (including Hangzhou Huanxu, Alipay China, Alipay Hangzhou, Ant Guangzhou, Ant Hainan) include technical platform fees, procurement of goods, sales of goods, and provision of services[570][571] - During the reporting period, the company conducted transactions with the aforementioned related parties within the estimated limits[192] Explanation of Progress in Use of Raised Funds The overall utilization of the company's raised funds shows a cumulative investment progress of 80.65% as of the end of the reporting period, with the company having transferred surplus raised funds to general accounts and extended the implementation period for some investment projects, also utilizing idle raised funds for cash management Overall Use of Raised Funds | Indicator | Total Raised Funds (1) | Committed Investment Amount of Raised Funds (2) | Cumulative Raised Funds Invested as of Period End (4) | Cumulative Investment Progress of Raised Funds (%) (6)=(4)/(1) | | :--- | :--- | :--- | :--- | :--- | | Initial Public Offering | 1,239.631 million yuan | 1,157.34 million yuan | 933.3601 million yuan | 80.65% | - The company has transferred surplus raised funds to general accounts and extended the implementation period for the "3D Vision Sensing Technology R&D Project"[201] - The company manages idle raised funds for cash, with an approved limit of 360 million yuan[204] Share Changes and Shareholder Information This section discloses the company's share capital changes, total number of shareholders, top ten shareholders' holdings, and the setup and changes of special voting rights shares, noting an increase of 1,098,840 shares due to equity incentive vesting during the reporting period, bringing the total share capital to 401,099,840 shares, and slight adjustments in the proportion of special voting rights held by controlling shareholder Huang Yuanhao due to share repurchases and incentive vesting Share Capital Change Information During the reporting period, the company's total shares increased by 1,098,840 shares due to the vesting of the second vesting period of the initial grant of the 2022 Restricted Stock Incentive Plan, leading to a slight decrease in the proportion of restricted shares and an increase in the proportion of unrestricted tradable shares Share Change Information | Category | Quantity Before Change | Proportion Before Change (%) | Increase/Decrease (+,-) | Quantity After Change | Proportion After Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 142,936,200 | 35.73 | 0 | 142,936,200 | 35.64 | | II. Unrestricted Tradable Shares | 257,064,800 | 64.27 | +1,098,840 | 258,163,640 | 64.36 | | III. Total Shares | 400,001,000 | 100.00 | +1,098,840 | 401,099,840 | 100.00 | - Reason for share change: Vesting of the second vesting period of the initial grant of the 2022 Restricted Stock Incentive Plan, adding 1,098,840 shares[208] - After the reporting period, 34,032,240 restricted shares from the initial public offering became tradable starting July 7, 2025[210] Shareholder Information As of the end of the reporting period, the company had 20,035 common shareholders, with this section disclosing the shareholdings of the top ten shareholders and top ten unrestricted shareholders, showing controlling shareholder Huang Yuanhao holding 27.15% - Total number of common shareholders as of the end of the reporting period: 20,035 households[211] Top Ten Shareholders' Holdings | Shareholder Name | Period-end Shareholding (shares) | Proportion (%) | Restricted Shares Held (shares) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | | Huang Yuanhao | 108,903,960 | 27.15 | 108,903,960 | Domestic Natural Person | | Shanghai Yunxin Venture Capital Co., Ltd. | 36,822,120 | 9.18 | 0 | Domestic Non-State-Owned Legal Person | | Zhou Guangda | 26,968,320 | 6.72 | 0 | Domestic Natural Person | | Zhuhai Orbbec Zhongxin Investment Partnership (Limited Partnership) | 22,407,480 | 5.59 | 22,407,480 | Other | - Mr. Huang Yuanhao serves as the executive partner of Orbbec Zhongxin, indicating a related-party relationship[215] Information on Directors, Senior Management, and Core Technical Personnel Discloses the changes in shareholdings of the company's directors, senior management, and core technical personnel, with Chen Bin, Zhang Dingjun, and Jin Shang acquiring new shares due to equity incentive vesting Changes in Shareholdings of Directors, Senior Management, and Core Technical Personnel | Name | Position | Beginning Shareholding (shares) | Ending Shareholding (shares) | Change in Shares During Reporting Period | Reason for Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Huang Yuanhao | Chairman, General Manager, Core Technical Personnel | 108,903,960 | 108,903,960 | 0 | | | Xiao Zhenzhong | Director, CTO, Core Technical Personnel | 9,603,000 | 9,603,000 | 0 | | | Chen Bin | Director, CFO | 0 | 24,000 | +24,000 | Equity incentive vesting | | Zhang Dingjun | Employee Representative Director | 0 | 31,200 | +31,200 | Equity incentive vesting | | Jin Shang | Board Secretary | 0 | 19,200 | +19,200 | Equity incentive vesting | - Mr. Chen Bin newly joined the employee stock ownership platforms Orbbec Zhongxin and Orbbec Yaoguang[222] Special Voting Rights Shares Information Details the company's special voting rights share arrangements, including voting power ratio, holders, scope of shareholder meeting matters, lock-up arrangements, and transfer restrictions, noting that controlling shareholder Huang Yuanhao holds 82,467,848 special voting rights shares, each with 5 times the voting power of ordinary shares, and that the number and proportion of special voting rights held by Huang Yuanhao slightly changed during the reporting period due to share repurchases and incentive vesting - Voting power ratio of special voting rights shares to ordinary shares: Each special voting rights share has 5 times the voting power of an ordinary share[224][229] - Holder of special voting rights: Huang Yuanhao, holding 82,467,848 special voting rights shares[225][228] - Special voting rights shares cannot be additionally issued, nor traded in the secondary market, but will be converted to ordinary shares under specific circumstances (e.g., holder disqualification, transfer, change of control)[225][226][227] - During the reporting period, a total of 83,550 special voting rights shares held by Huang Yuanhao were converted to ordinary shares to maintain the special voting rights ratio at no higher than 56.62%[230] Voting Rights Status Before and After Repurchase, Conversion, and Incentive Vesting | Share Category | Holder Name | Shares Held (shares) | Voting Rights Per Share | Total Voting Rights (shares) | Voting Rights Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Before Repurchase, Conversion, and Incentive Vesting | | | | | | | Class A Shares | Huang Yuanhao | 82,551,398 | 5 | 412,756,990 | 56.62% | | Class B Shares | Huang Yuanhao and other shareholders | 316,248,631 | 1 | 316,248,631 | 43.38% | | Company Repurchase Account | | 1,200,971 | 0 | 0 | 0.00% | | Total | | 400,001,000 | - | 729,005,621 | 100.00% | | After Repurchase, Conversion, and Incentive Vesting | | | | | | | Class A Shares | Huang Yuanhao | 82,467,848 | 5 | 412,339,240 | 56.53% | | Class B Shares | Huang Yuanhao and other shareholders | 317,027,399 | 1 | 317,027,399 | 43.47% | | Company Repurchase Account | | 1,604,593 | 0 | 0 | 0.00% | | Total | | 401,099,840 | - | 729,366,639 | 100.00% | Bond-Related Information This section states that the company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments, nor any convertible corporate bonds - The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[234] - The company has no convertible corporate bonds[234] Financial Report This section contains the company's unaudited consolidated and parent company financial statements, including the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity, along with notes to the financial statements, which truly and completely reflect the company's financial position and operating results for the first half of 2025 Audit Report This semi-annual report is unaudited - This semi-annual report is unaudited[5] Financial Statements Provides the company's consolidated and parent company balance sheets as of June 30, 2025, consolidated and parent company income statements for January-June 2025, consolidated and parent company cash flow statements, and consolidated and parent company statements of changes in owners' equity Consolidated Balance Sheet (June 30, 2025) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Current Assets | 1,463,198,457.42 | 1,429,460,907.69 | | Total Non-current Assets | 1,863,862,648.04 | 1,899,529,953.84 | | Total Assets | 3,327,061,105.46 | 3,328,990,861.53 | | Total Current Liabilities | 344,446,641.65 | 403,233,253.57 | | Total Non-current Liabilities | 44,189,590.16 | 51,477,545.73 | | Total Liabilities | 388,636,231.81 | 454,710,799.30 | | Total Equity Attributable to Parent Company Owners | 2,932,076,738.45 | 2,867,303,020.47 | | Minority Interests | 6,348,135.20 | 6,977,041.76 | | Total Owners' Equity | 2,938,424,873.65 | 2,874,280,062.23 | Consolidated Income Statement (Jan-Jun 2025) | Item | 2025 H1 | 2024 H1 | | :--- | :--- | :--- | | Total Operating Revenue | 435,469,288.84 | 213,315,786.16 | | Total Operating Costs | 424,331,798.85 | 290,182,486.92 | | Operating Profit | 51,896,143.79 | -50,902,019.26 | | Total Profit | 51,857,544.15 | -51,981,303.30 | | Net Profit | 59,673,430.55 | -51,991,453.74 | | Net Profit Attributable to Parent Company Shareholders | 60,190,103.28 | -53,373,140.62 | | Basic Earnings Per Share (yuan/share) | 0.15 | -0.13 | Consolidated Cash Flow Statement (Jan-Jun 2025) | Item | 2025 H1 | 2024 H1 | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 84,361,153.19 | -29,149,527.65 | | Net Cash Flow from Investing Activities | -29,365,865.85 | -329,457,864.80 | | Net Cash Flow from Financing Activities | -44,912,992.99 | -90,091,414.32 | | Net Increase in Cash and Cash Equivalents | 9,886,471.59 | -448,228,410.34 | Company Basic Information Introduces Orbbec Group Co., Ltd.'s establishment background, registered capital, stock listing status, and main business, noting its establishment in 2013 and listing on the Shanghai Stock Exchange STAR Market on July 7, 2022, with its main business being the design, R&D, production, and sales of 3D vision sensing products - Company established on January 18, 2013[269] - Company shares listed on the Shanghai Stock Exchange STAR Market on July 7, 2022[269] - Main business: Design, R&D, production, and sales of 3D vision sensing products[269] Basis of Financial Statement Preparation The company's financial statements are prepared on a going concern basis, and there are no matters or circumstances that raise significant doubts about its ability to continue as a going concern for the 12 months from the end of the reporting period - Financial statements are prepared on a going concern basis[270] - No matters exist that raise significant doubts about the ability to continue as a going concern[271] Significant Accounting Policies and Estimates Details the company's statement of compliance with enterprise accounting standards, accounting period, operating cycle, functional currency, materiality criteria, business combinations, consolidated financial statement preparation, cash and cash equivalents, foreign currency transactions and translation of foreign currency financial statements, financial instruments, notes receivable, accounts receivable, other receivables, inventories, long-term equity investments, fixed assets, construction in progress, borrowing costs, intangible assets, impairment of long-term assets, long-term deferred expenses, contract liabilities, employee compensation, share-based payments, revenue, contract costs, government grants, deferred income tax assets/liabilities, leases, and segment reporting, among other significant accounting policies and estimates - Complies with enterprise accounting standards, truly and completely reflecting financial position[273] - Financial assets are classified into three categories: measured at amortized cost, measured at fair value through other comprehensive income, and measured at fair value through profit or loss[283] - Loss provisions for accounts receivable and contract assets are measured at an amount equal to the expected credit losses over the entire lifetime[290] - Inventories are measured at the lower of cost and net realizable value, with provision for inventory impairment[304] - Revenue recognition principle: Identify single performance obligations, determine whether they are satisfied over time or at a point in time, and recognize revenue based on the progress of satisfaction or when the customer obtains control[335][336] - R&D expenditures are classified as either expensed or capitalized; expensed R&D is recognized in current profit or loss, while capitalized R&D is recognized as intangible assets if specific conditions are met[322][323] Taxation Discloses the company's main tax types and rates, including VAT, property tax, urban maintenance and construction tax, education surcharge, local education surcharge, land use tax, and corporate income tax, noting that the company and some subsidiaries enjoy VAT immediate refund for high-tech enterprises, VAT additional deduction, and corporate income tax preferential policies Main Tax Types and Rates | Tax Type | Rate | | :--- | :--- | | VAT | 13%, 6%, 3% | | Property Tax | 1.2%, 12% | | Urban Maintenance and Construction Tax | 7%, 5% | | Education Surcharge | 3% | | Local Education Surcharge | 2% | | Land Use Tax | 3 yuan/sqm, 4 yuan/sqm | | Corporate Income Tax | 8.25%, 8.50%, 15%, 20%, 27% | - The company and Mario Technology, Xintuo Shenzhen enjoy VAT immediate refund policy for software product sales[353] - The company and Xintuo Shenzhen enjoy VAT additional deduction policy for advanced manufacturing enterprises[353] - The company, Mario Technology, Shenzhen Xintuo, Orbbec Vision, Shanghai Aocheng, as high-tech enterprises, pay corporate income tax at a 15% rate[353][354] - Some of the company's subsidiaries enjoy a policy where small and micro-profit enterprises calculate taxable income at 25% and pay corporate income tax at a 20% rate[354] - The company's newly constructed buildings enjoy a three-year exemption from property tax[355] Notes to Consolidated Financial Statement Items Provides detailed notes for each item in the consolidated financial statements, including monetary funds, trading financial assets, notes receivable, accounts receivable, other receivables, inventories, debt investments, long-term equity investments, other equity instrument investments, fixed assets, construction in progress, right-of-use assets, intangible assets, goodwill, long-term deferred expenses, deferred income tax assets/liabilities, other non-current assets, assets restricted in ownership or use, short-term borrowings, notes payable, accounts payable, contract liabilities, employee compensation payable, taxes payable, other payables, non-current liabilities due within one year, other current liabilities, lease liabilities, deferred income, share capital, capital reserves, treasury stock, other comprehensive income, retained earnings, operating revenue and cost of goods sold, taxes and surcharges, selling expenses, administrative expenses, R&D expenses, financial expenses, other income, investment income, fair value change gains, asset disposal gains, credit impairment losses, asset impairment losses, non-operating income, non-operating expenses, income tax expenses, other comprehensive income, cash flow statement items, and foreign currency monetary items - Period-end balance of monetary funds is 595.96442515 million yuan, of which 21.72678897 million yuan is held overseas[357] - Period-end balance of trading financial assets is 430.54028867 million yuan, primarily structured deposits and wealth management products[358] - Period-end book value of accounts receivable is 88.80998204 million yuan, with bad debt provision of 9.97669899 million yuan[370][371] - Period-end book value of inventories is 210.55910771 million yuan, with inventory impairment provision of 30.32173185 million yuan[389][391] - Period-end book value of fixed assets is 390.43802453 million yuan, with 61.78862453 million yuan transferred from construction in progress to fixed assets in the current period[408][409] - Period-end book value of construction in progress is 44.82092830 million yuan, primarily for the 3D Vision Sensing Industry Intelligent Manufacturing Base project[412][414] - Period-end balance of short-term borrowings is 131.48758867 million yuan, primarily credit borrowings and bill discounting[440] - Operating revenue is 435.46928884 million yuan, operating cost is 255.74194930 million yuan, with a high proportion of main business revenue[483] - R&D expenses are 91.18074839 million yuan, primarily employee compensation and share-based payments[491] - Net cash flow from operating activities is 84.36115319 million yuan, net cash flow from investing activities is -29.36586585 million yuan, and net cash flow from financing activities is -44.91299299 million yuan[252] R&D Expenses Details the company's R&D expenses for the first half of 2025 by nature of expense, totaling 91.1807 million yuan, primarily composed of employee compensation, share-based payments, depreciation and amortization, and material inputs, all classified as expensed R&D expenditures R&D Expenses by Nature of Expense | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Employee Compensation | 67,047,974.67 | 65,993,708.17 | | Share-based Payment | 4,856,334.58 | 15,184,136.62 | | Depreciation and Amortization | 11,058,235.44 | 12,469,046.75 | | Material Inputs | 4,565,004.79 | 5,216,421.33 | | Total | 91,180,748.39 | 106,049,656.44 | | Of which: Expensed R&D Expenditures | 91,180,748.39 | 106,049,656.44 | Changes in Consolidation Scope During the reporting period, the company's consolidation scope decreased primarily due to the deregistration of subsidiary Mario Software, with no non-same-control business combinations, same-control business combinations, reverse acquisitions, or loss of control over subsidiaries occurring - Consolidation scope decreased: Deregistration of subsidiary Mario Software[534] Interests in Other Entities Discloses the composition of the company's enterprise group, including major subsidiaries such as Shanghai Aocheng, Mario Technology, and Xintuo Shenzhen, as well as associates like Shanghai Yuemian and Shanghai Luye, noting that the company holds 100% equity in most subsidiaries and accounts for associates using the equity method Enterprise Group Composition (Partial Subsidiaries) | Subsidiary Name | Main Operating Location | Registered Capital | Shareholding (%) | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | | Shanghai Aocheng | Shanghai | 60.00 million yuan | 100.00 (Direct) | Establishment | | Mario Technology | Shenzhen | 20.00 million yuan | 100.00 (Direct) | Establishment | | Xintuo Shenzhen | Shenzhen | 25.00 million yuan | 60.00 (Indirect) | Business combination not under common control | | Foshan Orbbec Rising | Shunde | 31.00 million yuan | 100.00 (Direct) | Establishment | | Orbbec US | US | 60,000.00 USD | 100.00 (Direct) | Establishment | - Associates: Shanghai Yuemian (21.1129% shareholding), Shanghai Luye (49% shareholding)[567] - Summary financial information for insignificant associates: Total book value of investments 17.26639288 million yuan, net profit 0.64083258 million yuan[541] Government Grants Discloses that the company's total government grants recognized in profit or loss for the reporting period amounted to 15.89444683 million yuan, comprising 4.36367507 million yuan related to asse