大豪科技(603025) - 2025 Q2 - 季度财报

Important Notice This section includes the company's statement on report authenticity and disclosures regarding forward-looking statements and major risks Statement on Report Authenticity The company's board, supervisory board, and senior management declare the semi-annual report's content to be true, accurate, and complete, free from false statements, misleading representations, or major omissions, and assume individual and joint legal responsibility - Company's board, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content[4] - All directors attended the board meeting[5] - This semi-annual report is unaudited[6] Forward-Looking Statements and Major Risk Disclosures Forward-looking statements regarding development strategies and plans in this report do not constitute substantial commitments; investors should be aware of investment risks - Forward-looking descriptions such as development strategies and plans in this report do not constitute a substantial commitment to investors; investors are advised to be aware of investment risks[7] - During the reporting period, there were no particularly significant risks that had a material impact on the company's production and operations[8] - The company may face operational performance fluctuations due to geopolitical risks, industry cyclical risks, and diversified business operation management risks[8] Section I Definitions This section provides definitions for common terms used in the report, ensuring accurate understanding of the report's content Definitions of Common Terms This chapter provides definitions for common terms, including company names, related parties, financial units, and specialized industry terminology - Defines Company/This Company/Dahao Technology/Stock Company as Beijing Dahao Technology Co., Ltd.[13] - Explains core product and technical terms such as electronic control systems, sewing machinery equipment, and embroidery machines[13] - Introduces emerging technologies and industry concepts such as Industrial Internet, automatic bobbin change, X86 architecture, ARM architecture, Xinchuang, and SD-WAN[13][14] Section II Company Profile and Key Financial Indicators This section provides an overview of the company's basic information and key financial performance metrics Company Basic Information This section outlines the company's basic registration information, including its name, legal representative, and contact details - The company's Chinese name is Beijing Dahao Technology Co., Ltd., abbreviated as Dahao Technology[16] - The legal representative is Hu Xiongguang, and both the registered and office addresses are located at No. 1 Jiuxianqiao East Road, Chaoyang District, Beijing[16][18] - Information disclosure newspapers are "Securities Times" and "Securities Daily," and the website is www.sse.com.cn[19](index=19&type=chunk) Key Accounting Data and Financial Indicators In the first half of 2025, the company's operating revenue increased by 13.31% to 1.483 billion yuan, net profit attributable to parent company increased by 24.05% to 399 million yuan, and net cash flow from operating activities significantly increased by 87.35% 2025 H1 Key Accounting Data | Major Accounting Data | Current Period (Jan-Jun) (yuan) | Prior Year Period (yuan) | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,483,064,764.24 | 1,308,824,777.03 | 13.31 | | Total Profit | 477,790,132.52 | 393,035,539.37 | 21.56 | | Net Profit Attributable to Shareholders of Listed Company | 398,766,761.96 | 321,455,537.80 | 24.05 | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | 399,489,512.69 | 321,583,727.90 | 24.23 | | Net Cash Flow from Operating Activities | 186,281,490.83 | 99,427,050.51 | 87.35 | | Net Assets Attributable to Shareholders of Listed Company | 2,400,371,496.34 | 2,386,298,458.03 | 0.59 | | Total Assets | 4,389,126,483.70 | 4,412,490,463.83 | -0.53 | 2025 H1 Key Financial Indicators | Major Financial Indicators | Current Period (Jan-Jun) | Prior Year Period | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.36 | 0.29 | 24.14 | | Diluted Earnings Per Share (yuan/share) | 0.36 | 0.29 | 24.14 | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (yuan/share) | 0.36 | 0.29 | 24.14 | | Weighted Average Return on Net Assets (%) | 16.23 | 14.20 | Increase 2.03 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | 16.26 | 14.21 | Increase 2.05 percentage points | 2025 H1 Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | -45,084.70 | | Government grants recognized in current profit or loss | 4,680,012.36 | | Gains and losses from changes in fair value and disposal of financial assets and liabilities | 1,484,223.76 | | Gains and losses from entrusted investments or asset management | 1,883,414.89 | | Other non-operating income and expenses | 255,463.17 | | Other items that meet the definition of non-recurring gains and losses | -8,317,847.80 | | Less: Income tax impact | -8,972.75 | | Impact on minority interests (after tax) | 671,905.16 | | Total | -722,750.73 | Net Profit After Deducting Share-Based Payment Impact | Indicator | Current Period (Jan-Jun) (yuan) | Prior Year Period (yuan) | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Net Profit After Deducting Share-Based Payment Impact | 426,578,223.48 | 347,798,872.75 | 22.65 | Section III Management Discussion and Analysis This section provides an in-depth analysis of the company's industry, main business operations, core competencies, and financial performance during the reporting period Industry and Main Business Overview The company's business primarily focuses on the information technology sector, covering intelligent equipment electronic control systems, smart factory cloud platform systems, and customized development and platform integration services for network security hardware and network communication hardware - The company's business primarily focuses on the information technology sector, including intelligent equipment electronic control systems, smart factory cloud platform systems, and network security hardware and network communication hardware services[39] Industry Overview In the first half of 2025, China's sewing machinery product exports increased by 24.31% to $1.999 billion, with embroidery machine exports growing by 63.52%, and the global cybersecurity market is projected to reach $310.24 billion by 2030 - From January to June 2025, China's cumulative export value of sewing machinery products was $1.999 billion, a year-on-year increase of 24.31%[27] - Embroidery machine exports reached 67 thousand units, with an export value of $471 million, increasing by 29.36% and 63.52% year-on-year, respectively[27] - China's exports to "Belt and Road" markets amounted to $1.449 billion, a year-on-year increase of 29.21%, accounting for 72.49% of the industry's total exports[30] - The global cybersecurity market size is expected to reach $310.24 billion by 2030, with a compound annual growth rate of 9.3% in the coming years[34] - China's cybersecurity market size is projected to exceed 150 billion yuan by 2025[35] Company's Main Business The company's main business includes intelligent equipment electronic control systems, smart factory cloud platform systems, and network security hardware and network communication hardware development and integration services - The company is a leading enterprise in the domestic sewing and knitting equipment electronic control field, with its products maintaining a continuous leading market share in segmented areas[39] - The company is a pioneer in the industry, launching smart factory cloud platform systems for the sewing and knitting industries, committed to building industrial internet management platforms for industry users[46] - Xinghanwangji's products are widely used in various network security and industrial security products such as firewalls, IDS, IPS, UTM, WAF, auditing, VPN, and network gateways[52] Discussion and Analysis of Operations In the first half of 2025, the company achieved total operating revenue of 1.483 billion yuan, a 13.31% year-on-year increase, and net profit attributable to parent company of 399 million yuan, a 24.05% year-on-year increase - In the first half of 2025, the company achieved total operating revenue of 1.483 billion yuan, a year-on-year increase of 13.31%; net profit attributable to shareholders of the listed company was 399 million yuan, a year-on-year increase of 24.05%[53] - Intelligent equipment electronic control products continued to strengthen their market leadership, with a significant increase in the proportion of high-end products, such as embroidery machine MATE series high-end electronic controls and optimized special industrial sewing machine electronic control system platforms[53][54] - The company's smart factory business promotes comprehensive upgrades of manufacturing factories through digitalization, networking, and intelligent technologies, with automatic bobbin change equipment and automatic fabric clamping systems favored by users[55] - Subsidiary Xinghanwangji, as a Kunpeng Diamond Partner, builds a domestically controllable network security platform solution and has product breakthroughs in new technology fields such as artificial intelligence and quantum communication[55] - The company's second phase of the equity incentive plan was successfully implemented, with 91 management and key personnel completing the grant of restricted shares, establishing a KPI+OKR goal management system[56] - The company completed its 2024 annual equity distribution on May 23, 2025, distributing a cash dividend of 0.35 yuan (tax inclusive) per share, totaling 388 million yuan[58] - Controlling shareholder Yiqing Holdings plans to increase its shareholding in the company by no less than 50 million yuan and no more than 100 million yuan from June 19, 2025, to December 18, 2025[58] Analysis of Core Competencies The company's core competencies are reflected in six aspects: core technological advantages, product innovation, smart factory cloud platforms, network security hardware ecosystem, digital lean operation management, and a global technology and service network - The company continues to lead the intelligent upgrade of sewing equipment with core technologies such as real-time operating systems, multi-axis servo synchronization, and drive-control integrated architecture[59] - In the field of special industrial sewing machines, the company deeply integrates stepper thread trimming technology with WiFi smart panels, enhancing equipment stability and reducing noise[60] - The company's smart factory system deeply integrates industrial internet technology, possessing powerful real-time data processing capabilities to support full-process digital management of factories[61] - Subsidiary Xinghanwangji has nearly 20 years of industry experience, mastering network security hardware product design and development capabilities, and has become the first diamond-level ecological partner nationwide under the Kunpeng ecosystem[63] - The company builds an end-to-end intelligent process from customer delivery demand forecasting to precise delivery by achieving real-time dynamic collaboration across the supply chain, manufacturing, and management layers[64] - The company establishes an integrated technology ecosystem of "knowledge output - rapid response - continuous evolution" with global technology nodes as fulcrums, enhancing brand premium capability[65] Main Operating Conditions During the reporting period, the company's operating revenue and costs both increased, and financial expenses significantly rose due to reduced interest income, while the asset-liability structure also changed Analysis of Main Business The company's operating revenue increased by 13.31% to 1.483 billion yuan, primarily due to a favorable market and increased revenue from embroidery machine electronic control products and the cybersecurity industry Major Accounting Data Changes | Item | Current Period (yuan) | Prior Year Period (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,483,064,764.24 | 1,308,824,777.03 | 13.31 | | Operating Cost | 839,362,891.72 | 758,046,416.04 | 10.73 | | Selling Expenses | 40,682,879.86 | 36,924,706.26 | 10.18 | | Administrative Expenses | 54,626,833.14 | 53,593,100.11 | 1.93 | | Financial Expenses | 9,237,111.67 | 1,731,587.44 | 433.45 | | R&D Expenses | 90,907,648.22 | 89,654,415.83 | 1.40 | | Net Cash Flow from Operating Activities | 186,281,490.83 | 99,427,050.51 | 87.35 | | Net Cash Flow from Investing Activities | 64,055,200.99 | -12,255,718.51 | 622.66 | | Net Cash Flow from Financing Activities | -324,189,544.28 | -124,333,579.94 | -160.74 | - Operating revenue change was primarily due to a favorable market, increased revenue from embroidery machine electronic control products and the cybersecurity industry[66] - Financial expenses change was mainly due to a decrease in interest income of approximately 8 million yuan[66] Analysis of Assets and Liabilities At period-end, financial assets held for trading decreased by 46.78% due to structured deposit maturity, notes receivable decreased by 22.20% due to reclassification, and accounts receivable increased by 35.98% due to increased sales Changes in Assets and Liabilities | Item Name | Period-End Balance (yuan) | % of Total Assets at Period-End | Prior Year-End Balance (yuan) | % of Total Assets at Prior Year-End | Change from Prior Year-End (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Financial Assets Held for Trading | 101,459,354.55 | 2.31 | 190,631,115.55 | 4.32 | -46.78 | Structured deposits matured | | Notes Receivable | 377,266,918.90 | 8.60 | 484,947,550.12 | 10.99 | -22.20 | Reclassified to accounts receivable financing | | Accounts Receivable | 926,233,215.26 | 21.10 | 681,162,653.91 | 15.44 | 35.98 | Due to increased sales | | Accounts Receivable Financing | 169,474,504.79 | 3.86 | 71,191,881.14 | 1.61 | 138.05 | Increase in bills used for endorsement and discounting | | Prepayments | 22,977,736.42 | 0.52 | 44,208,598.59 | 1.00 | -48.02 | Prepayments at prior year-end have been received | | Employee Compensation Payable | 41,062,505.56 | 0.94 | 69,681,535.56 | 1.58 | -41.07 | Due to bonus payments | | Other Payables | 105,345,285.85 | 2.40 | 51,012,621.44 | 1.16 | 106.51 | Restricted stock repurchase obligations | - Restricted monetary funds amounted to 51.0195 million yuan, of which 49.5515 million yuan was for bank acceptance bills and letters of credit[69] - Restricted notes receivable amounted to 123.5792 million yuan, used for bill pool business and pledged bills for issuance[69] Analysis of Investment Status At period-end, the company's external equity investment balance was 112.316 million yuan, and the fair value of financial assets measured at fair value was 101.4594 million yuan, a decrease mainly due to the redemption of structured deposits - As of June 30, 2025, the company's external equity investment balance was 112.316 million yuan[71] Changes in Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (yuan) | Fair Value Change in Current Period (yuan) | Purchases in Current Period (yuan) | Sales/Redemptions in Current Period (yuan) | Period-End Balance (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Stocks | 13,423,494.30 | 1,484,223.76 | 0.00 | 0.00 | 14,907,718.06 | | Shanghai Xinggan Semiconductor Equity Investment | 16,551,636.49 | 0.00 | 0.00 | 0.00 | 16,551,636.49 | | Structured Deposits | 160,000,000.00 | 0.00 | 592,000,000.00 | 682,000,000.00 | 70,000,000.00 | | CITIC Securities Zhiduo Xin | 655,984.76 | 0.00 | 246,013.72 | 901,998.48 | 0.00 | | Total | 190,631,115.55 | 1,484,223.76 | 592,246,013.72 | 682,901,998.48 | 101,459,354.55 | - The company holds 2,182,682 shares of Bank of Beijing stock, with a book value of 14.9077 million yuan at period-end[74][75] Analysis of Major Holding and Participating Companies Zhejiang Dahao Technology Co., Ltd. contributed the highest operating revenue and net profit, while Beijing Xinghanwangji Co., Ltd. reported negative operating profit and net profit during the reporting period Financial Data of Major Subsidiaries | Company Name | Company Type | Registered Capital (yuan) | Total Assets (yuan) | Net Assets (yuan) | Operating Revenue (yuan) | Operating Profit (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Beijing Dahao Industrial Sewing Intelligent Control Technology Co., Ltd. | Subsidiary | 5,000,000.00 | 242,546,887.69 | 143,209,361.71 | 223,028,672.00 | 51,397,441.97 | 45,163,854.95 | | Zhejiang Dahao Technology Co., Ltd. | Subsidiary | 50,000,000.00 | 1,308,535,767.17 | 482,224,891.15 | 855,901,637.29 | 220,228,330.76 | 194,491,993.49 | | Zhejiang Dahao Mingde Intelligent Control Equipment Co., Ltd. | Subsidiary | 15,000,000.00 | 384,245,615.11 | 136,872,227.10 | 178,161,555.12 | 34,572,819.46 | 31,974,309.04 | | Tianjin Dahao Financial Leasing Co., Ltd. | Subsidiary | 200,000,000.00 | 420,672,284.64 | 219,006,611.85 | 13,445,236.56 | 7,704,324.71 | 6,951,721.61 | | Beijing Xinghanwangji Co., Ltd. | Subsidiary | 37,992,191.00 | 471,741,819.12 | 402,655,939.21 | 152,782,148.06 | -4,366,422.58 | -2,592,561.69 | - Zhejiang Dahao Technology Co., Ltd. is the company's main contributor to revenue and profit[77] - Beijing Xinghanwangji Co., Ltd. reported negative operating profit and net profit during the reporting period[77] Other Disclosures The company faces geopolitical risks, industry cyclical risks, and diversified business operation management risks, which may impact its operational performance and strategic implementation - Geopolitical risks may directly affect international market export demand, thereby impacting the export of complete sewing and knitting machinery equipment, ultimately affecting the sales of the company's sewing and knitting machinery equipment electronic control products[78] - The company's revenue structure is highly dependent on the intelligent electronic control system business, and due to the strong correlation between the sewing machinery industry and downstream textile and apparel demand, there is an industry cyclical risk[78] - Challenges such as synergistic management of diversified business lines, efficient allocation of cross-market resources, and dynamic optimization of organizational structure are becoming increasingly prominent, which may adversely affect the company's overall operational efficiency and strategic implementation effectiveness[80] Section IV Corporate Governance, Environment, and Society This section details changes in the company's governance, including personnel, profit distribution plans, equity incentives, and rural revitalization efforts Changes in Directors, Supervisors, and Senior Management During the reporting period, the company's chairman changed; former chairman Mr. Han Song resigned due to work transfer, and Mr. Hu Xiongguang was elected as the chairman of the fifth board of directors and legal representative - Mr. Han Song, the former chairman of the company, resigned from his positions as chairman and member of the board's special committees on March 17, 2025, due to work transfer[83] - Mr. Hu Xiongguang was elected as a director of the company's fifth board of directors on April 18, 2025, and on the same day, was elected as the chairman of the company's fifth board of directors and the company's legal representative[83] Profit Distribution or Capital Reserve Conversion Plan The company's proposed semi-annual profit distribution or capital reserve conversion plan is "none," meaning no profit distribution or capital reserve conversion will be carried out - The proposed semi-annual profit distribution or capital reserve conversion plan is "No"[84] - The number of bonus shares, dividend per 10 shares, and capital reserve conversion per 10 shares are all 0[84] Equity Incentive Plan Status The company's second phase of the restricted stock incentive plan has been successfully implemented, granting 7.48 million restricted shares to 91 incentive recipients, accounting for 0.67% of the total share capital before the grant - The company's second phase of the restricted stock incentive plan intends to grant no more than 7.74 million restricted shares to incentive recipients[85] - The actual number of restricted shares granted in this incentive plan was 7.48 million shares to 91 recipients, accounting for 0.67% of the company's total share capital before the grant[86] - The registration procedures for the 7.48 million restricted shares granted under this incentive plan have been completed, with the registration date being June 27, 2025, increasing the company's total share capital from 1,109,174,773 shares to 1,116,654,773 shares[86] Rural Revitalization Work The company's labor union actively responded to the rural revitalization strategy by purchasing poverty alleviation agricultural products from areas such as Chifeng City, Inner Mongolia, and Hotan Prefecture, Xinjiang, with a total consumption of 182,450 yuan - The company's labor union actively participates in rural revitalization efforts by purchasing poverty alleviation agricultural products through consumer assistance[88] - The amount of consumer assistance was 182,450 yuan, with procurement locations including Chifeng City, Inner Mongolia, and Hotan City, Hotan Prefecture, Xinjiang[88] Section V Significant Matters This section covers the fulfillment of commitments, integrity status, and significant contracts, particularly regarding external guarantees Fulfillment of Commitments The company's directors, supervisors, and senior management commit to transferring no more than 25% of their shares annually during their tenure and not transferring shares within six months after resignation - The company's directors, supervisors, and senior management commit to transferring no more than 25% of their total shares held in the company annually during their tenure; no transfers are allowed within six months after resignation[90] - Controlling shareholder Beijing Yiqing Holdings Co., Ltd. commits not to reduce its shareholding in the company during the implementation period of the share increase and the statutory period[91] - Equity incentive plan recipients commit to returning all benefits obtained if the company's information disclosure documents contain false statements, misleading representations, or major omissions[90][91] Statement on Integrity Status During the reporting period, the company, its controlling shareholder, and actual controller maintained good integrity, with no unfulfilled court judgments or large overdue debts - During the reporting period, the company, its controlling shareholder, and actual controller maintained good integrity[93] - There were no unfulfilled court judgments or large overdue debts[93] Significant Contracts and Their Fulfillment During the reporting period, the company's external guarantees primarily involved guarantees for its subsidiaries, totaling 790 million yuan, accounting for 32.91% of the company's net assets Company Guarantee Total Amount | Indicator | Amount (yuan) | | :--- | :--- | | Total guarantees provided to subsidiaries during the reporting period | 450,000,000 | | Total outstanding guarantees to subsidiaries at period-end (B) | 790,000,000 | | Total guarantees (A+B) | 790,000,000 | | Total guarantees as a percentage of company's net assets (%) | 32.91 | | Amount of guarantees provided to shareholders, actual controllers, and their related parties (C) | 0 | | Amount of debt guarantees provided directly or indirectly to guaranteed entities with an asset-liability ratio exceeding 70% (D) | 0 | | Amount of total guarantees exceeding 50% of net assets (E) | 0 | | Total of the above three guarantee amounts (C+D+E) | 0 | - The company's external guarantees primarily involve guarantees for its subsidiaries, with a total guarantee balance of 790 million yuan at the end of the reporting period[98] - The company did not provide guarantees for shareholders, actual controllers, or their related parties[98] Section VI Changes in Share Capital This section details changes in the company's share capital, including restricted shares, and provides information on shareholders and equity incentives for directors, supervisors, and senior management Changes in Share Capital During the reporting period, the company's share capital increased by 7.48 million shares due to the implementation of the second phase of the restricted stock incentive plan, raising the total shares from 1,109,174,773 to 1,116,654,773 shares Share Capital Change Table | | Before This Change | Increase/Decrease in This Change (+, -) | After This Change | | :--- | :--- | :--- | :--- | | | Quantity | Proportion (%) | New Shares Issued | Subtotal | Quantity | Proportion (%) | | I. Restricted Shares | 0 | 0 | 7,480,000 | 7,480,000 | 7,480,000 | 0.67 | | Of which: Shares held by domestic natural persons | 0 | 0 | 7,480,000 | 7,480,000 | 7,480,000 | 0.67 | | II. Unrestricted Circulating Shares | 1,109,174,773 | 100.00 | 0 | 0 | 1,109,174,773 | 99.33 | | III. Total Shares | 1,109,174,773 | 100.00 | 7,480,000 | 7,480,000 | 1,116,654,773 | 100.00 | - The company completed the registration procedures for restricted shares granted under the second phase of the restricted stock incentive plan on June 30, 2025, leading to an increase of 7.48 million shares in total share capital[103] - The newly added shares are all restricted shares, accounting for 0.67%[103] Changes in Restricted Shares During the reporting period, the company added 7.48 million restricted shares due to the implementation of the second phase of the restricted stock incentive plan, bringing the total restricted shares at period-end to 7.48 million shares Changes in Restricted Shares | Shareholder Name | Restricted Shares at Beginning of Period | Restricted Shares Released in Current Period | Restricted Shares Increased in Current Period | Restricted Shares at End of Period | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | | Incentive recipients of the company's second phase restricted stock incentive plan | 0 | 0 | 7,480,000 | 7,480,000 | Restricted stock grant | | Total | 0 | 0 | 7,480,000 | 7,480,000 | / | - Restricted share shareholders are all recipients of the company's second phase of the restricted stock incentive plan, with unlocking conditions allowing for 34%, 33%, and 33% of shares to be unrestricted after 24, 36, and 48 months, respectively, from the registration date of the granted restricted shares[110] Shareholder Information As of the end of the reporting period, the company had 40,117 common shareholders, with Beijing Yiqing Holdings Co., Ltd. as the controlling shareholder, holding 32.69% of shares - As of the end of the reporting period, the total number of common shareholders was 40,117[106] Top Ten Shareholders' Shareholding | Shareholder Name | Change in Current Period | Shares Held at Period-End | Proportion (%) | Restricted Shares Held | Pledge, Mark, or Freeze Status | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Beijing Yiqing Holdings Co., Ltd. | 229,000 | 365,012,369 | 32.69 | 0 | None 0 | State-owned legal person | | Zheng Jianjun | 0 | 145,131,422 | 13.00 | 0 | None 0 | Domestic natural person | | Wu Haihong | 0 | 120,234,091 | 10.77 | 0 | None 0 | Domestic natural person | | Tan Qing | 0 | 95,721,149 | 8.57 | 0 | None 0 | Domestic natural person | | Sun Xueli | 0 | 95,721,149 | 8.57 | 0 | None 0 | Domestic natural person | | Zhao Yuling | -11,091,685 | 84,629,464 | 7.58 | 0 | None 0 | Domestic natural person | | Hong Kong Securities Clearing Company Limited | -5,453,217 | 3,969,723 | 0.36 | 0 | None 0 | Overseas legal person | | Tan Qi | 1,701,365 | 3,000,165 | 0.27 | 0 | None 0 | Domestic natural person | | China Merchants Bank Co., Ltd. - Southern CSI 1000 ETF | 201,600 | 2,042,820 | 0.18 | 0 | None 0 | Other | | Aimer Co., Ltd. | 298,800 | 1,696,800 | 0.15 | 0 | None 0 | Domestic non-state-owned legal person | - Beijing Yiqing Holdings Co., Ltd. and Zheng Jianjun are parties acting in concert[108] Shareholding Changes and Equity Incentive Status of Directors, Supervisors, and Senior Management During the reporting period, several of the company's directors and senior management were granted restricted shares under the equity incentive plan, leading to an increase in their shareholdings Shareholding Changes of Directors, Supervisors, and Senior Management | Name | Position | Shares Held at Beginning of Period | Shares Held at End of Period | Change in Shares During Reporting Period | Reason for Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Ru Shuiqiang | Director, General Manager | 226,800 | 886,800 | 660,000 | Equity incentive restricted stock grant | | Xing Shaopeng | Senior Deputy General Manager | 172,800 | 422,800 | 250,000 | Equity incentive restricted stock grant | | Sun Yongyan | Deputy General Manager | 100,800 | 350,800 | 250,000 | Equity incentive restricted stock grant | | Wang Xiaojun | Senior Deputy General Manager, Board Secretary | 140,400 | 300,400 | 160,000 | Equity incentive restricted stock grant | | Yang Yanmin | Deputy General Manager | 72,000 | 212,000 | 140,000 | Equity incentive restricted stock grant | | Zhou Bin | Financial Controller | 72,000 | 212,000 | 140,000 | Equity incentive restricted stock grant | Equity Incentive Grants to Directors, Supervisors, and Senior Management During the Reporting Period | Name | Position | Restricted Shares Held at Beginning of Period | Restricted Shares Newly Granted in Current Period | Unlocked Shares | Unlocked Shares | Restricted Shares Held at End of Period | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Ru Shuiqiang | Director | 0 | 660,000 | 0 | 660,000 | 660,000 | | Xing Shaopeng | Senior Management | 0 | 250,000 | 0 | 250,000 | 250,000 | | Sun Yongyan | Senior Management | 0 | 250,000 | 0 | 250,000 | 250,000 | | Wang Xiaojun | Senior Management | 0 | 160,000 | 0 | 160,000 | 160,000 | | Yang Yanmin | Senior Management | 0 | 140,000 | 0 | 140,000 | 140,000 | | Zhou Bin | Senior Management | 0 | 140,000 | 0 | 140,000 | 140,000 | | Total | / | 0 | 1,600,000 | 0 | 1,600,000 | 1,600,000 | Section VII Bond-Related Information This section confirms the absence of corporate bonds, non-financial enterprise debt financing instruments, and convertible corporate bonds during the reporting period Corporate Bonds and Non-Financial Enterprise Debt Financing Instruments During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments Convertible Corporate Bonds During the reporting period, the company had no convertible corporate bonds Section VIII Financial Report This section presents the company's comprehensive financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity Financial Statements This section provides the company's 2025 semi-annual consolidated and parent company financial statements, reflecting its financial position, operating results, and cash flows Consolidated Balance Sheet As of June 30, 2025, the company's consolidated total assets were 4.389 billion yuan, a slight decrease of 0.53% from the end of the previous year, with total current assets at 3.417 billion yuan and total non-current assets at 972 million yuan Major Data from Consolidated Balance Sheet | Item | June 30, 2025 (yuan) | December 31, 2024 (yuan) | | :--- | :--- | :--- | | Total Assets | 4,389,126,483.70 | 4,412,490,463.83 | | Total Current Assets | 3,417,294,378.31 | 3,447,875,357.27 | | Total Non-Current Assets | 971,832,105.39 | 964,615,106.56 | | Total Liabilities | 1,664,914,217.97 | 1,695,715,506.03 | | Total Owners' Equity | 2,724,212,265.73 | 2,716,774,957.80 | Consolidated Income Statement In the first half of 2025, the company achieved total operating revenue of 1.483 billion yuan, a year-on-year increase of 13.31%, with net profit attributable to parent company shareholders at 399 million yuan, a 24.05% increase Major Data from Consolidated Income Statement | Item | 2025 Half-Year (yuan) | 2024 Half-Year (yuan) | | :--- | :--- | :--- | | I. Total Operating Revenue | 1,483,064,764.24 | 1,308,824,777.03 | | II. Total Operating Costs | 1,046,706,976.14 | 949,670,627.36 | | IV. Total Profit | 477,790,132.52 | 393,035,539.37 | | V. Net Profit | 423,277,915.49 | 345,590,406.65 | | Net Profit Attributable to Parent Company Shareholders | 398,766,761.96 | 321,455,537.80 | | VIII. Earnings Per Share: Basic Earnings Per Share (yuan/share) | 0.36 | 0.29 | Consolidated Cash Flow Statement In the first half of 2025, net cash flow from operating activities was 186 million yuan, a year-on-year increase of 87.35%, while net cash flow from financing activities was -324 million yuan, a year-on-year decrease of 160.74% Major Data from Consolidated Cash Flow Statement | Item | 2025 Half-Year (yuan) | 2024 Half-Year (yuan) | | :--- | :--- | :--- | | I. Net Cash Flow from Operating Activities | 186,281,490.83 | 99,427,050.51 | | II. Net Cash Flow from Investing Activities | 64,055,200.99 | -12,255,718.51 | | III. Net Cash Flow from Financing Activities | -324,189,544.28 | -124,333,579.94 | | V. Net Increase in Cash and Cash Equivalents | -73,905,050.23 | -37,098,258.01 | | VI. Cash and Cash Equivalents at End of Period | 894,980,635.86 | 1,119,199,230.46 | Company Basic Information Beijing Dahao Technology Co., Ltd. was established on September 25, 2000, and listed on the Shanghai Stock Exchange on April 22, 2015, with its business primarily involving intelligent equipment computer control systems, smart factory cloud platform systems, and network security hardware products - Beijing Dahao Technology Co., Ltd. was established on September 25, 2000, and officially listed on the Shanghai Stock Exchange on April 22, 2015[140] - As of June 30, 2025, the company's share capital was 1,116,654,773.00 shares[140] - The company primarily operates in the R&D, manufacturing, and sales of intelligent equipment computer control systems; R&D and sales of smart factory cloud platform systems; after acquiring Xinghanwangji subsidiary in August 2022, network security hardware products were added to its main products[142] - The company has two branches and eight subsidiaries, including Taiyuan Dahao, Zhejiang Dahao, Dahao Industrial Sewing, Dahao Mingde, Suzhou Tedian, Qinggong Shidai, Dahao Leasing, and Beijing Xinghan[140] Significant Accounting Policies and Estimates This section details the enterprise accounting standards, accounting period, operating cycle, functional currency, and materiality criteria followed in preparing the company's financial statements, highlighting key accounting policies and estimation methods - The company's financial statements are prepared on a going concern basis and comply with enterprise accounting standards[144][146] - Financial assets are classified as measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss[160][161] - Accounts receivable are provisioned for bad debts based on the expected credit loss amount over their entire lifetime, and expected loss rates are determined by aging portfolio[169][170][171] - Revenue is recognized when the performance obligations in the contract are fulfilled, i.e., when the customer obtains control of the related goods or services, at the transaction price allocated to that performance obligation[209] - Government grants are classified as asset-related or income-related, and recognized as deferred income or directly in profit or loss, respectively[212][213] Taxation The company and several subsidiaries enjoy high-tech enterprise income tax incentives at a 15% rate, with some also benefiting from small and micro-enterprise tax policies, and self-produced software VAT exceeding 3% is immediately refunded Major Tax Categories and Rates | Tax Category | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Calculated based on taxable sales revenue, deducting current deductible input VAT | 3%, 5%, 6%, 9%, 13% | | Urban Maintenance and Construction Tax | Actual VAT paid | 1%, 5%, 7% | | Corporate Income Tax | Taxable income | 15%, 20%, 25% | | Education Surcharge | Actual VAT paid | 3% | | Local Education Surcharge | Actual VAT paid | 2% | - The company and several subsidiaries (e.g., Beijing Dahao Industrial Sewing Intelligent Control, Zhejiang Dahao Technology, Zhejiang Dahao Mingde Intelligent Control, Suzhou Tedian Electronics, Beijing Xinghanwangji, Zhuji Qinggong Shidai Robot) are recognized as high-tech enterprises, enjoying a 15% corporate income tax rate[221][222][223][224][225][226] - Taiyuan Dahao Yida Electronic Control Co., Ltd., Zhejiang Dahao Mingchuang Intelligent Technology Co., Ltd., and Dongguan Xinghan Yunzhi Electronic Co., Ltd. enjoy small and micro-enterprise tax preferential policies, paying corporate income tax at a 20% rate[222][224][225] - The portion of value-added tax on self-produced software exceeding an actual tax burden of 3% is subject to immediate refund[221][222][224][226] - Advanced manufacturing enterprises can deduct an additional 5% of current deductible input VAT from their payable VAT[227] Notes to Consolidated Financial Statement Items This section details the period-end balances, beginning-of-period balances, and current period changes for each item in the consolidated financial statements, including assets, liabilities, equity, revenue, costs, and cash flows - Monetary funds at period-end were 946 million yuan, a decrease of 17.09% from the beginning of the period, with 51.0195 million yuan being restricted funds[229][330] - Financial assets held for trading at period-end were 101 million yuan, a decrease of 46.78% from the beginning of the period, mainly due to the maturity and redemption of structured deposits[231] - Accounts receivable at period-end were 926 million yuan, an increase of 35.98% from the beginning of the period, mainly due to increased sales[243] - Operating revenue was 1.483 billion yuan, a year-on-year increase of 13.31%; operating cost was 839 million yuan, a year-on-year increase of 10.73%[380] - Financial expenses were 9.2371 million yuan, a year-on-year increase of 433.45%, mainly due to reduced interest income and increased interest expenses from restricted stock repurchase obligations[388] - Share capital increased by 7.48 million shares due to the grant of restricted shares under the equity incentive plan, with total share capital at period-end being 1.117 billion shares[367] R&D Expenses In the first half of 2025, the company's total R&D expenses were 90.9076 million yuan, a slight increase of 1.40% from the same period last year, primarily due to increased employee compensation R&D Expense Composition | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Employee Compensation | 70,638,157.08 | 65,614,815.85 | | Depreciation/Amortization | 3,449,865.46 | 3,230,879.82 | | Intermediary, Technical Service Fees | 1,867,114.18 | 2,125,394.35 | | Direct Input (Materials/Energy) | 10,305,447.98 | 13,227,287.75 | | Other | 4,647,063.52 | 5,456,038.06 | | Total | 90,907,648.22 | 89,654,415.83 | | Of which: Expensed R&D Expenditure | 90,907,648.22 | 89,654,415.83 | | Capitalized R&D Expenditure | 0.00 | 0.00 | - The increase in R&D expenses was mainly due to increased salary and social security base adjustments leading to higher compensation expenditures[386] Interests in Other Entities The company owns eight subsidiaries, including Beijing Dahao Industrial Sewing Intelligent Control and Zhejiang Dahao Technology, with Beijing Xinghanwangji Co., Ltd. being a significant non-wholly owned subsidiary where minority shareholders hold 54.2011% Composition of Enterprise Group | Subsidiary Name | Main Operating Location | Registered Capital | Business Nature | Shareholding (%) | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | :--- | | Beijing Dahao Industrial Sewing Intelligent Control Technology Co., Ltd. | Beijing | 5,000,000.00 | Development, Sales | 100.00 | Investment establishment | | Zhejiang Dahao Technology Co., Ltd. | Zhuji | 50,000,000.00 | Research, Production, Sales, Consulting | 100.00 | Investment establishment | | Taiyuan Dahao Yida Electronic Control Co., Ltd. | Taiyuan | 10,000,000.00 | Research, Production, Sales, Consulting | 51.00 | Business combination | | Zhejiang Dahao Mingde Intelligent Control Equipment Co., Ltd. | Huzhou | 15,000,000.00 | Research, Production, Sales | 100.00 | Business combination | | Suzhou Tedian Electronic Technology Co., Ltd. | Changshu | 6,393,100.00 | Research, Production, Sales | 51.00 | Business combination | | Zhuji Qinggong Shidai Robot Technology Co., Ltd. | Zhuji | 1,639,168.00 | Research, Production, Sales | 53.35 | Business combination | | Tianjin Dahao Financial Leasing Co., Ltd. | Beijing | 200,000,000.00 | Financial Leasing | 100.00 | Investment establishment | | Beijing Xinghanwangji Co., Ltd. | Beijing | 37,992,191.00 | Research, Production, Sales | 45.7989 | Business combination | Financial Information of Significant Non-Wholly Owned Subsidiaries | Subsidiary Name | Minority Shareholding (%) | Loss Attributable to Minority Shareholders in Current Period (yuan) | Dividends Declared to Minority Shareholders in Current Period (yuan) | Minority Interests Balance at Period-End (yuan) | | :--- | :--- | :--- | :--- | :--- | | Beijing Xinghanwangji Co., Ltd. | 54.2011 | -1,782,550.28 | 8,236,876.40 | 218,213,829.49 | - Long-term equity investment in associate Chengdu Xinghan Xinchuang Technology Co., Ltd. is accounted for using the equity method; its book value was reduced to 0 yuan as of December 31, 2024, and an unrecognized loss of 184,406.39 yuan occurred in the first half of 2025[441][443] Government Grants During the reporting period, the company's total government grants recognized in profit or loss amounted to 41.8088 million yuan, with asset-related grants at 955,000 yuan and income-related grants at 40.8537 million yuan Liability Items Involving Government Grants | Financial Statement Item | Beginning Balance (yuan) | Transferred to Other Income in Current Period (yuan) | Period-End Balance (yuan) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 1,270,465.02 | 455,010.00 | 815,455.02 | Asset-related | | Total | 1,270,465.02 | 455,010.00 | 815,455.02 | / | Government Grants Recognized in Profit or Loss for the Current Period | Type | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Asset-related | 955,010.00 | 412,070.01 | | Income-related | 40,853,746.82 | 44,032,695.58 | | Total | 41,808,756.82 | 44,444,765.59 | Disclosure of Fair Value At period-end, the company's total assets measured at fair value were 271 million yuan, with financial assets held for trading and accounts receivable financing primarily measured using Level 1 and Level 3 fair value Fair Value of Assets and Liabilities Measured at Fair Value at Period-End | Item | Level 1 Fair Value Measurement (yuan) | Level 3 Fair Value Measurement (yuan) | Total (yuan) | | :--- | :--- | :--- | :--- | | (I) Financial Assets Held for Trading | 14,907,718.06 | 86,551,636.49 | 101,459,354.55 | | (2) Equity Instrument Investments | 14,907,718.06 | 16,551,636.49 | 31,459,354.55 | | (3) Derivative Financial Assets | 0.00 | 70,000,000.00 | 70,000,000.00 | | (VI) Accounts Receivable Financing | 0.00 | 169,474,504.79 | 169,474,504.79 | | Total Assets Continuously Measured at Fair Value | 14,907,718.06 | 256,026,141.28 | 270,933,859.34 | - Bank of Beijing shares' fair value is determined by the closing price announced by the Shanghai Stock Exchange at period-end[450] - Accounts receivable financing and structured deposits are measured at their face value or principal as a reasonable estimate of fair value[450] Related Parties and Related Party Transactions The company's ultimate controlling party is the Beijing State-owned Assets Supervision and Administration Commission, with various related party transactions including procurement, sales, and leasing - The ultimate controlling party of the enterprise is the Beijing State-owned Assets Supervision and Administration Commission[452] Related Party Transactions for Purchase of Goods/Receipt of Services | Related Party | Related Transaction Content | Current Period Amount (yuan) | | :--- | :--- | :--- | | Hangzhou Yan Jing Intelligent Technology Co., Ltd. | Goods purchase | 6,691,319.42 | | Beijing Plastics Research Institute Co., Ltd. | Goods purchase | 764,316.00 | | Beijing Dabo Great Wall Solder Co., Ltd. | Goods purchase | 494,724.20 | | Shanghai Maihong Electronic Technology Development Co., Ltd. | Goods purchase | 156,495.87 | | Beijing Hongxing Winery Co., Ltd. | Purchase of alcoholic beverages | 57,238.94 | | Beijing Longhui Culture Development Co., Ltd. | Purchase of alcoholic beverages | 75,398.23 | | Beijing Hongxing Brewing Group Co., Ltd. | Purchase of alcoholic beverages | 52,035.40 | | Beijing Jinyu Technology Co., Ltd. | Purchase of office supplies | 13,304.45 | | Beijing Yiqing Food Group Co., Ltd. | Purchase of food, water, etc. | 9,139.46 | | Beijing Shuanghesheng Wuxing Beer Co., Ltd. | Purchase of alcoholic beverages | 5,522.12 | | Beijing Yili Food Commercial Chain Co., Ltd. | Purchase of food | 878.76 | | Total | | 8,320,372.85 | Related Party Transactions for Sale of Goods/Provision of Services | Related Party | Related Transaction Content | Current Period Amount (yuan) | | :--- | :--- | :--- | | Beijing Yiqing Holdings Co., Ltd. | Provision of services | 1,502,830.19 | | Chengdu Xinghan Xinchuang Technology Co., Ltd. | Sale of goods | 1,049,620.80 | | Beijing Yiqing Research Institute Co., Ltd. | Technical services | 468,867.90 | | Hangzhou Yan Jing Intelligent Technology Co., Ltd. | Sale of goods | 56,601.77 | | Beijing Yiqing Holdings Co., Ltd. | Sale of goods | 341,592.92 | | Total | | 3,419,513.58 | - As a lessee, the company leased buildings from Beijing Yiqing Research Institute Co., Ltd., paying 231,100 yuan in rent during this period[458] Share-Based Payment During the reporting period, the company granted 7.48 million restricted shares to employees, totaling 55.2024 million yuan, with cumulative equity-settled share-based payments recognized in capital reserve amounting to 1.0931 million yuan Details of Each Equity Instrument | Grantee Category | Number of Grants in Current Period (shares) | Amount of Grants in Current Period (yuan) | | :--- | :--- | :--- | | Company Employees | 7,480,000.00 | 55,202,400.00 | | Total | 7,480,000.00 | 55,202,400.00 | - The cumulative amount of equity-settled share-based payments recognized in capital reserve was 1,093,143.01 yuan[466] - Xinghan subsidiary incurred 2.207 million yuan in share-based payment expenses in the first half of the year due to share transfers from the original shareholding platform[466] Notes to Parent Company Financial Statement Items The parent company's financial statements show accounts receivable at 417 million yuan, a 90.58% increase, and other receivables at 101 million yuan, a 65.33% decrease, with investment income significantly increasing by 523.39% Parent Company Accounts Receivable by Aging | Aging | Period-End Book Balance (yuan) | Beginning-of-Period Book Balance (yuan) | | :--- | :--- | :--- | | Within 1 year (inclusive) | 416,204,176.28 | 218,105,231.99 | | 1 to 2 years | 546,495.10 | 490,995.10 | | 2 to 3 years | 479,500.00 | 281,000.00 | | 3 to 4 years | 41,000.00 | 135,000.00 | | 4 to 5 years | 135,000.00 | 0.00 | | Total | 417,406,171.38 | 219,012,227.09 | Parent Company Other Receivables Items | Item | Period-End Balance (yuan) | Beginning-of-Period Balance (yuan) | | :--- | :--- | :--- | | Dividends Receivable | 44,776,780.65 | 192,675,449.50 | | Other Receivables | 56,309,978.54 | 98,804,737.71 | | Total | 101,086,759.19 | 291,480,187.21 | Parent Company Operating Revenue and Operating Cost | Item | Current Period Amount - Revenue (yuan) | Current Period Amount - Cost (yuan) | Prior Period Amount - Revenue (yuan) | Prior Period Amount - Cost (yuan) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 521,449,542.22 | 353,511,794.22 | 576,003,630.80 | 515,887,181.92 | | Other Business | 23,542,505.20 | 2,064,532.65 | 24,307,041.95 | 2,067,335.62 | | Total | 544,992,047.42 | 355,576,326.87 | 600,310,672.75 | 517,954,517.54 | Parent Company Investment Income | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Investment income from long-term equity investments accounted for by the cost method | 33,993,742.00 | 8,161,871.00 | | Investment income from long-term equity investments accounted for by the equity method | -529,620.84 | -305,978.97 | | Investment income from disposal of long-term equity investments | 1,183,658.21 | 0.00 | | Investment income from financial assets held for trading during the holding period | 244,622.64 | 698,458.24 | | Investment income from disposal of financial assets held for trading | 900,326.19 | 6.08 | | Other | -1,740,218.98 | -3,092,003.60 | | Total | 34,052,509.22 | 5,462,352.75 | Supplementary Information This section provides a detailed statement of non-recurring gains and losses, totaling -722,800 yuan, and discloses the return on net assets and earnings per share Current Period Non-Recurring Gains and Losses Details | Item | Amount (yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | -45,084.70 | | Government grants recognized in current profit or loss | 4,680,012.36 | | Gains and losses from changes in fair value and disposal of financial assets and financial liabilities | 1,484,223.76 | | Gains and losses from entrusted investments or asset management | 1,883,414.89 | | Other non-operating income and expenses apart from the above | 255,463.17 | | Other items that meet the definition of non-recurring gains and losses | -8,317,847.80 | | Less: Income tax impact | -8,972.75 | | Impact on minority interests (after tax) | 671,905.16 | | Total | -722,750.73 | Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Earnings Per Share - Basic Earnings Per Share | Earnings Per Share - Diluted Earnings Per Share | | :--- | :--- | :--- | :--- | | Net profit attributable to common shareholders of the company | 16.23 | 0.36 | 0.36 | | Net profit attributable to common shareholders of the company after deducting non-recurring gains and losses | 16.26 | 0.36 | 0.36 |