天迈科技(300807) - 2025 Q2 - 季度财报

Important Notice, Table of Contents, and Definitions This section provides foundational information, including legal guarantees, report structure, and key terminology for clarity Important Notice The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, assuming legal responsibility, and highlight key risks while stating no dividend distribution or capital increase plans for the period - The company's board of directors, supervisory board, and senior management commit to the truthfulness, accuracy, and completeness of the report content and assume legal responsibility[3] - The report specifically advises investors to pay attention to risks such as public transport industry fluctuations, performance losses, intensified market competition, loss of technical personnel, seasonal revenue, and accounts receivable collection[4] - The company plans no cash dividend distribution, bonus share issuance, or capital reserve conversion to share capital for the current semi-annual period[5] Table of Contents This section outlines the overall structure of the report, including eight main chapters and their corresponding page numbers Reference Documents This section lists the financial statements signed and sealed by the legal representative, chief accountant, and head of accounting, along with all publicly disclosed company documents and the original semi-annual report and abstract for reference - Reference documents include financial statements signed and sealed by the legal representative, chief accountant, and head of accounting[10] - All original company documents and announcements publicly disclosed on the website designated by the China Securities Regulatory Commission during the reporting period are also included as reference documents[10] - Reference documents are available at the company's Board of Directors Office[11] Definitions This section defines key terms used in the report, including company names, subsidiaries, financial units, and technical concepts like intelligent vehicle terminals, Internet of Vehicles, and Intelligent Transportation Systems (ITS), ensuring clear understanding - "Company", "the Company", and "Tianmai Technology" all refer to Zhengzhou Tianmai Technology Co., Ltd[12] - "Reporting Period" refers to January 1, 2025, to June 30, 2025[12] - "Intelligent Vehicle Terminal" is defined as equipment with functions such as vehicle positioning, intelligent monitoring and dispatch, two-way communication, voice calls, data collection, automatic station announcement, and video surveillance[12] - "Internet of Vehicles" is defined as a vast interactive network where vehicles collect their own information through devices like GPS, RFID, sensors, and cameras, and transmit it via Internet technology to a central processor for information analysis and processing[12] Company Profile and Key Financial Indicators This section presents the company's basic information, contact details, and a summary of its key financial performance metrics and accounting data Company Profile Zhengzhou Tianmai Technology Co., Ltd., stock code 300807, is listed on the Shenzhen Stock Exchange with Guo Jianguo as its legal representative - Company stock abbreviation: Tianmai Technology, stock code: 300807[14] - The company is listed on the Shenzhen Stock Exchange[14] - The company's legal representative is Guo Jianguo[14] Contact Persons and Information The company's board secretary is Liu Hongyu and securities affairs representative is Gao Yuan, with contact details including address, phone, fax, and email provided - The Board Secretary is Liu Hongyu, and the Securities Affairs Representative is Gao Yuan[15] - The company's contact phone and fax numbers are both 0371-67989993[15] - The company's email address is zqb@tiamaes.com[15] Other Information No changes occurred in the company's registered address, office address, postal code, website, email, information disclosure, or registration status during the reporting period, as detailed in the 2024 annual report - The company's contact information remained unchanged during the reporting period, as detailed in the 2024 annual report[16] - Information disclosure and storage locations remained unchanged during the reporting period, as detailed in the 2024 annual report[17] - The company's registration status remained unchanged during the reporting period, as detailed in the 2024 annual report[18] Key Accounting Data and Financial Indicators The company's operating revenue increased by 82.79%, net loss attributable to shareholders significantly narrowed by 87.21%, and net cash flow from operating activities loss narrowed by 81.21%, while total assets and net assets attributable to shareholders slightly decreased Key Accounting Data and Financial Indicators (Current Reporting Period vs. Prior Year Period) | Indicator | Current Reporting Period (CNY) | Prior Year Period (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 66,381,240.62 | 36,315,042.83 | 82.79% | | Net Profit Attributable to Shareholders of Listed Company | -4,271,160.02 | -33,402,408.52 | 87.21% | | Net Profit Attributable to Shareholders of Listed Company After Non-recurring Gains and Losses | -7,857,988.92 | -34,074,535.34 | 76.94% | | Net Cash Flow from Operating Activities | -2,282,896.80 | -12,151,558.25 | 81.21% | | Basic Earnings Per Share (CNY/share) | -0.06 | -0.49 | 87.76% | | Diluted Earnings Per Share (CNY/share) | -0.06 | -0.49 | 87.76% | | Weighted Average Return on Net Assets | -0.88% | -6.32% | 5.44% | Key Accounting Data and Financial Indicators (End of Current Reporting Period vs. End of Prior Year) | Indicator | End of Current Reporting Period (CNY) | End of Prior Year (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 637,821,882.51 | 721,472,020.60 | -11.59% | | Net Assets Attributable to Shareholders of Listed Company | 480,987,925.36 | 485,259,085.38 | -0.88% | Differences in Accounting Data Under Domestic and Overseas Accounting Standards The company reported no differences in net profit and net assets between international or overseas accounting standards and Chinese accounting standards during the reporting period - The company's financial reports for the reporting period show no differences in net profit and net assets between international accounting standards and Chinese accounting standards[20] - The company's financial reports for the reporting period show no differences in net profit and net assets between overseas accounting standards and Chinese accounting standards[21] Non-recurring Gains and Losses Items and Amounts The total non-recurring gains and losses for the current reporting period amounted to 3,586,828.90 CNY, primarily from disposal of non-current assets, government grants, reversal of impairment provisions for receivables, and other non-operating income and expenses Non-recurring Gains and Losses Items and Amounts | Item | Amount (CNY) | | :--- | :--- | | Gains or losses from disposal of non-current assets (including the write-off portion of asset impairment provisions already made) | -4,391,982.42 | | Government grants recognized in current profit or loss (excluding those closely related to the company's normal operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on the company's profit or loss) | 380,515.92 | | Reversal of impairment provisions for accounts receivable subject to separate impairment testing | 7,552,100.00 | | Other non-operating income and expenses apart from the above items | 1,413,327.00 | | Less: Income tax impact | 1,366,825.89 | | Impact on minority interests (after tax) | 305.71 | | Total | 3,586,828.90 | - The company has no other profit or loss items that meet the definition of non-recurring gains and losses, nor does it classify non-recurring gains and losses as recurring gains and losses[24] Management Discussion and Analysis This section details the company's main business operations, core competencies, financial performance analysis, investment activities, and risk management strategies Company's Main Business Activities During the Reporting Period The company's main business provides comprehensive solutions for urban intelligent transportation, leveraging technologies such as Internet of Vehicles, satellite positioning, AI, big data, and cloud computing, primarily focusing on intelligent public transport while expanding into commercial vehicle intelligent cockpits and new energy charging - The company's main business is to provide comprehensive solutions for urban intelligent transportation, with core technologies including Internet of Vehicles, satellite positioning, artificial intelligence, big data, and cloud computing[26] - The company's business primarily focuses on intelligent public transport, with main products including intelligent public transport series products, commercial vehicle intelligent cockpits, and new energy charging solutions[26] Main Business and Products The company's core products cover the entire intelligent public transport process, including intelligent dispatch, integrated safety management, smart payment, data platforms, and taxi industry supervision, alongside commercial vehicle intelligent cockpits and new energy charging solutions - Intelligent public transport series products cover the entire business process, including public transport intelligent scheduling and dispatch, integrated safety management, urban transport electronic payment, public transport ERP, new energy charging and management, and public transport big data[27] - Urban public transport intelligent dispatch solutions, based on GIS, GPS/BDS, CAN data bus, and other technologies, achieve real-time monitoring, effective prediction, and scientific dispatch[28] - Public transport integrated safety management solutions comprehensively consider human, vehicle, road, and station elements to create a closed-loop safety management system, enhancing safety production capabilities[30] - Public transport intelligent payment solutions, centered on the one-card system platform, support multiple payment methods including IC cards, QR codes, UnionPay Cloud QuickPass, and facial recognition payment[31][34] - The public transport data platform integrates big data storage and processing, large model intelligent interaction, and AI algorithm decision support to achieve real-time collection, cleaning, analysis, and storage of public transport operational data[33] - Taxi industry supervision services provide functions such as facial recognition, driving behavior analysis and early warning, regional dispatch, emergency alarms, and abnormal fare calculation identification[36] - Commercial vehicle intelligent cockpits, centered on domain control units, utilize multi-screen display, artificial intelligence, intelligent voice, and other technologies to provide intelligent driving, positioning and navigation, active safety, and operation management functions[38] - New energy charging solutions include DC split-type, DC integrated, and liquid-cooled super-fast charging piles, combined with a charging operation management platform to achieve real-time monitoring and data analysis of charging stations[40] Business Model The company's profit model relies on providing intelligent transformation solutions to public transport enterprises and governments, supplying intelligent vehicle terminals to bus manufacturers, with a production model of 'production based on sales' and a direct sales approach - The company's profit model primarily involves undertaking intelligent transformation solution demands from local public transport enterprises and government agencies, and providing intelligent vehicle terminal equipment to bus manufacturers[43] - The procurement model is divided into "procurement on demand" and "centralized procurement", while the production model is "production based on sales" for self-production[44] - The sales model is primarily direct sales, achieving sales agreements through pre-sales research, on-site promotion, public bidding, or business negotiations, and actively participating in industry exhibitions[45] Market Position of Company Products The company has established core competitiveness in intelligent public transport with a 'cloud, pipe, end' information service architecture, and its intelligent dispatch system and public transport payment products hold leading market shares with technological advantages - The company has fully integrated all aspects of intelligent public transport, forming core competitiveness with a "cloud, pipe, end" information service architecture[46] - The company's intelligent dispatch system, public transport payment, and other products hold a leading market share in the industry, demonstrating technological advantages in specific parameter indicators, functional implementation, and system coordination[46] Core Competitiveness Analysis The company's core competitiveness stems from its technological innovation, comprehensive product ecosystem, extensive industry experience, and strong customer base, supported by high R&D investment and over 600 intellectual property rights - The company demonstrates significant technological innovation advantages, with high R&D investment, approximately 50% R&D technical personnel, over 600 intellectual property rights, and participation in the formulation of over 30 intelligent transportation industry standards[47][48] - The company's product ecosystem advantage lies in fully integrating all aspects of intelligent public transport, forming a "cloud, pipe, end" information service architecture and establishing a comprehensive product system[49] - The company's core members possess decades of experience in the public transport industry, enabling them to deeply understand customer needs and provide innovative solutions[50] - The company has a significant customer resource advantage, having served over 400 cities and nearly 700 transportation enterprises and industry management departments, with high customer satisfaction and low churn rate[51] Main Business Analysis During the reporting period, the company's operating revenue increased by 82.79% due to higher sales orders, with intelligent dispatch systems and software products being the primary revenue drivers, and no significant changes in profit composition Key Financial Data Year-on-Year Changes | Indicator | Current Reporting Period (CNY) | Prior Year Period (CNY) | Change (%) | Explanation of Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 66,381,240.62 | 36,315,042.83 | 82.79% | Primarily due to increased sales orders | | Operating Cost | 37,972,717.23 | 21,910,043.31 | 73.31% | Operating revenue increased, operating costs increased accordingly | | Selling Expenses | 6,184,759.95 | 9,039,264.55 | -31.58% | Primarily due to personnel structure optimization and reduced personnel-related expenses | | Administrative Expenses | 16,668,104.94 | 18,829,722.11 | -11.48% | No significant change | | Financial Expenses | 1,078,890.36 | 685,402.08 | 57.41% | Primarily due to loan interest subsidies received in the prior year period | | Income Tax Expense | 538,929.24 | -6,125,005.15 | 108.80% | Primarily due to reduced losses in the current period and corresponding increase in deferred income tax | | R&D Investment | 18,997,384.73 | 22,857,377.71 | -16.89% | No significant change | | Net Cash Flow from Operating Activities | -2,282,896.80 | -12,151,558.25 | 81.21% | Primarily due to increased collections in the current period | | Net Cash Flow from Investing Activities | -6,293,200.56 | -3,997,416.73 | -57.43% | Primarily due to judicially frozen funds | | Net Cash Flow from Financing Activities | -7,419,450.98 | 3,529,688.65 | -310.20% | Primarily due to reduced borrowings in the current period | | Net Increase in Cash and Cash Equivalents | -15,995,548.34 | -12,619,286.33 | -26.75% | No significant change | Products or Services Accounting for Over 10% of Revenue | Product or Service | Operating Revenue (CNY) | Operating Cost (CNY) | Gross Margin (%) | Change in Operating Revenue Year-on-Year (%) | Change in Operating Cost Year-on-Year (%) | Change in Gross Margin Year-on-Year (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Intelligent Dispatch System | 32,755,463.54 | 22,466,469.98 | 31.41% | 149.38% | 152.92% | -0.96% | | Software Products and Others | 19,694,692.53 | 7,255,623.81 | 63.16% | 46.81% | 17.95% | 9.01% | - The company's profit composition or sources of profit did not undergo significant changes during the reporting period[54] Non-Main Business Analysis The company had no non-main business activities to analyze during the reporting period Assets and Liabilities Analysis At the end of the reporting period, the company's total assets and net assets attributable to shareholders slightly decreased, with a stable asset-liability structure, no significant changes in major current assets or liabilities, and some cash restricted by guarantees and judicial freezes Significant Changes in Asset Composition | Item | Amount at End of Current Reporting Period (CNY) | Proportion of Total Assets (%) | Amount at End of Prior Year (CNY) | Proportion of Total Assets (%) | Change in Proportion (%) | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 78,048,899.33 | 12.24% | 83,000,100.49 | 11.50% | 0.74% | No significant change | | Accounts Receivable | 177,224,060.82 | 27.79% | 212,905,240.14 | 29.51% | -1.72% | No significant change | | Contract Assets | 7,283,547.82 | 1.14% | 8,269,553.92 | 1.15% | -0.01% | No significant change | | Inventories | 66,468,947.71 | 10.42% | 93,589,696.35 | 12.97% | -2.55% | No significant change | | Long-term Equity Investments | 12,664,062.79 | 1.99% | 12,105,194.62 | 1.68% | 0.31% | No significant change | | Fixed Assets | 182,071,198.40 | 28.55% | 191,661,114.46 | 26.57% | 1.98% | No significant change | | Right-of-Use Assets | 1,367,597.57 | 0.21% | 1,618,111.84 | 0.22% | -0.01% | No significant change | | Short-term Borrowings | 48,672,279.45 | 7.63% | 50,000,000.00 | 6.93% | 0.70% | No significant change | | Contract Liabilities | 19,743,032.04 | 3.10% | 35,048,101.04 | 4.86% | -1.76% | No significant change | | Long-term Borrowings | 17,000,000.00 | 2.67% | 17,800,000.00 | 2.47% | 0.20% | No significant change | | Lease Liabilities | 1,080,873.27 | 0.17% | 1,354,187.63 | 0.19% | -0.02% | No significant change | - The company has no major overseas assets[60] Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (CNY) | Fair Value Change in Current Period (CNY) | Cumulative Fair Value Change Included in Equity (CNY) | Impairment Provision in Current Period (CNY) | Purchases in Current Period (CNY) | Sales in Current Period (CNY) | Other Changes (CNY) | Ending Balance (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Other Equity Instrument Investments | 2,988,689.35 | | | | | | | 2,988,689.35 | | Receivables Financing | 5,286,463.59 | | | | | | 1,023,272.78 | 6,309,736.37 | | Total Above | 8,275,152.94 | | | | | | 1,023,272.78 | 9,298,425.72 | Asset Restrictions as of the End of the Reporting Period | Item | Carrying Amount/Book Value at Period-End (CNY) | Reason for Restriction | | :--- | :--- | :--- | | Cash and Cash Equivalents | 8,759,237.30 | Guarantees, acceptance deposits | | Cash and Cash Equivalents | 6,750,000.00 | Judicially frozen funds | | Total | 15,509,237.30 | | Investment Analysis During the reporting period, the company's investment amounted to 300,000 CNY, a 72.75% decrease year-on-year, with no significant equity or non-equity investments, fundraising, wealth management, derivative investments, or entrusted loans, but it holds financial assets measured at fair value totaling 9,298,425.72 CNY Investment Amount During the Reporting Period | Indicator | Investment Amount in Reporting Period (CNY) | Investment Amount in Prior Year Period (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Investment Amount | 300,000.00 | 1,101,000.00 | -72.75% | - During the reporting period, the company had no significant equity investments, non-equity investments, use of raised funds, entrusted wealth management, derivative investments, or entrusted loans[64][65][67][68][69][70] Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (CNY) | Fair Value Change in Current Period (CNY) | Cumulative Fair Value Change Included in Equity (CNY) | Purchases in Reporting Period (CNY) | Sales in Reporting Period (CNY) | Cumulative Investment Income (CNY) | Other Changes (CNY) | Ending Balance (CNY) | Source of Funds | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Other Equity Instrument Investments | 2,988,689.35 | | | | | | | 2,988,689.35 | Own funds | | Receivables Financing | 5,286,463.59 | | | | | | 1,023,272.78 | 6,309,736.37 | Own funds | | Total | 8,275,152.94 | | | | | | 1,023,272.78 | 9,298,425.72 | -- | Significant Asset and Equity Disposals The company did not dispose of any significant assets or equity during the reporting period - The company did not dispose of significant assets during the reporting period[71] - The company did not dispose of significant equity during the reporting period[72] Analysis of Major Holding and Participating Companies The company had no significant holding or participating company information to disclose during the reporting period - The company had no significant holding or participating company information to disclose during the reporting period[72] Structured Entities Controlled by the Company The company had no structured entities under its control during the reporting period - The company had no structured entities under its control during the reporting period[73] Risks Faced by the Company and Countermeasures The company faces risks including public transport industry fluctuations, performance losses, intensified market competition, technical personnel turnover, seasonal revenue, accounts receivable collection, and new product market development, for which it has developed corresponding countermeasures - Risk of public transport industry fluctuations: Urban public transport is heavily influenced by government finances, and reduced investment may impact the company's profitability. Countermeasures: Accelerate new product R&D and market promotion, and drive strategic transformation and upgrading[73][74] - Risk of performance losses: The company incurred net profit losses during the reporting period. Countermeasures: Promote internal management reforms, reduce costs and increase efficiency; stabilize intelligent public transport business, and accelerate new business R&D and market promotion[75] - Risk of intensified market competition: The intelligent public transport industry is seeing an increase in enterprises, leading to intensified competition. Countermeasures: Integrate existing product systems, optimize service processes, and enhance customer satisfaction[76] - Risk of technical personnel turnover: The knowledge and technology-intensive industry faces fierce talent competition. Countermeasures: Promote R&D system optimization and upgrading, and improve incentive and restraint mechanisms for R&D personnel[78][79] - Risk of seasonal revenue: Sales revenue is typically higher in the second half of the year and lower in the first half. Countermeasures: Increase R&D and market promotion efforts for new products, and explore new business development directions[80][81] - Risk of accounts receivable collection: High accounts receivable balances may affect cash inflow. Countermeasures: Intensify efforts to collect accounts receivable, and improve contract risk identification and management[82][83] - Risk of new product market development and implementation: Intelligent cockpits, as new products, may face market demand lower than expected or ineffective market expansion. Countermeasures: Optimize new business management models and increase resources allocated to market promotion[84][85] Registration Form for Research, Communication, and Interview Activities During the Reporting Period On April 30, 2025, the company engaged with investors via online remote communication on the Shenzhen Stock Exchange's 'Cloud Interview' platform, with details available in the disclosed investor relations record sheet - On April 30, 2025, the company hosted investors through online remote communication in the "Cloud Interview" section of the Shenzhen Stock Exchange's interactive platform[87] - The main content discussed and materials provided are detailed in the investor relations record sheet disclosed by the company on the interactive platform[87] Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan The company has not formulated a market value management system nor disclosed a valuation enhancement plan - The company has not formulated a market value management system[88] - The company has not disclosed a valuation enhancement plan[88] Implementation of 'Quality and Return Dual Enhancement' Action Plan The company has not disclosed an announcement regarding the 'Quality and Return Dual Enhancement' action plan - The company has not disclosed an announcement regarding the "Quality and Return Dual Enhancement" action plan[88] Corporate Governance, Environment, and Society This section covers the company's governance structure, profit distribution, employee incentives, environmental disclosures, and social responsibility initiatives Changes in Directors, Supervisors, and Senior Management No changes occurred in the company's directors, supervisors, or senior management during the reporting period, with details available in the 2024 annual report - The company's directors, supervisors, and senior management did not change during the reporting period[90] Profit Distribution and Capital Reserve Conversion to Share Capital in the Current Reporting Period The company plans no cash dividend distribution, bonus share issuance, or capital reserve conversion to share capital for the current semi-annual period - The company plans no cash dividend distribution, bonus share issuance, or capital reserve conversion to share capital for the semi-annual period[91] Implementation of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures implemented during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[92] Environmental Information Disclosure The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[93] Social Responsibility The company is committed to protecting the legitimate rights and interests of stakeholders, including shareholders, creditors, customers, suppliers, and employees, through robust governance, transparent disclosure, stable partnerships, safe working conditions, and environmental protection, while actively contributing to society - The company protects the rights and interests of shareholders and creditors by improving corporate governance, strictly disclosing information, and strengthening communication with investors[93] - The company respects and protects the legitimate rights and interests of suppliers and customers, earning recognition through R&D capabilities, product quality, and excellent service, establishing stable cooperative relationships[94] - The company strengthens safety production management, provides a healthy and safe working environment, focuses on employee training and career planning, and safeguards the legitimate interests of employees[95][96] - The company emphasizes environmental protection and pollution prevention, implements daily inspections and rectifications, enhances employee environmental awareness, and complies with environmental laws and regulations[97] - The company operates legally, pays taxes honestly, actively creates employment opportunities, and fulfills its corporate social responsibility[98] Significant Matters This section addresses critical events and disclosures, including commitments, related party transactions, litigation, and other material corporate actions Commitments Fulfilled and Overdue Unfulfilled by Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period During the reporting period, the company's actual controller, major shareholders, directors, supervisors, and senior management fulfilled all commitments made during initial public offerings or refinancing, including share lock-ups, reduction intentions, share repurchases, compensation liabilities, measures to offset diluted immediate returns, social insurance and housing provident fund issues, and avoidance of horizontal competition, with no overdue unfulfilled commitments - The company's actual controller, major shareholders, directors, supervisors, and senior management, among other committed parties, fulfilled all commitments made during the initial public offering or refinancing within the reporting period[101][103][105][107][109][111] - Commitments include share lock-ups, intentions to reduce holdings, share repurchases, legal liability for compensation, measures to offset diluted immediate returns, social insurance and housing provident fund issues, and avoidance of horizontal competition[101][103][105][107][109] - As of the end of the reporting period, there were no overdue unfulfilled commitments[113] Non-Operating Fund Occupation by Controlling Shareholders and Other Related Parties During the reporting period, there was no non-operating occupation of listed company funds by controlling shareholders or other related parties - During the reporting period, the listed company had no non-operating occupation of funds by controlling shareholders or other related parties[114] Illegal External Guarantees The company had no illegal external guarantees during the reporting period - The company had no illegal external guarantees during the reporting period[115] Appointment and Dismissal of Accounting Firms The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[116] Explanation by the Board of Directors, Supervisory Board, and Audit Committee on the Accounting Firm's 'Non-Standard Audit Report' for the Current Reporting Period The company had no non-standard audit report for the current reporting period, thus no explanation from the Board of Directors, Supervisory Board, or Audit Committee is required Explanation by the Board of Directors on the 'Non-Standard Audit Report' for the Prior Year The company had no non-standard audit report for the prior year, thus no explanation from the Board of Directors is required Bankruptcy and Reorganization Matters The company had no bankruptcy or reorganization matters during the reporting period - The company had no bankruptcy or reorganization matters during the reporting period[118] Litigation Matters The company had no significant litigation or arbitration matters during the reporting period, but was involved in 11 lawsuits as plaintiff to recover 13.899 million CNY in accounts receivable, with some already executed, and one lawsuit as defendant for 5.4 million CNY, currently awaiting a second trial - The company had no significant litigation or arbitration matters during the current reporting period[119] - The company and its subsidiaries were involved in 11 other lawsuits as plaintiffs, all for the recovery of accounts receivable, totaling 13.899 million CNY, with 5 cases in the filing stage, 3 settled through mediation, 2 in the trial stage, and 1 concluded by judgment[119] - The company and its subsidiaries were involved in 1 other lawsuit as defendants, with an amount of 5.4 million CNY, where the company was listed as a co-defendant as a shareholder, required to bear supplementary liability within the scope of unpaid capital contributions, and the second appeal has not yet been heard[119] Penalties and Rectification The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[120] Integrity Status of the Company, its Controlling Shareholder, and Actual Controller No integrity status explanation was required for the company, its controlling shareholder, or actual controller during the reporting period Significant Related Party Transactions During the reporting period, the company had no related party transactions related to daily operations, asset or equity acquisitions/disposals, joint external investments, related party creditor-debtor relationships, or dealings with affiliated financial companies - The company had no related party transactions related to daily operations during the reporting period[122] - The company had no related party transactions involving asset or equity acquisitions or disposals during the reporting period[123] - The company had no related party transactions involving joint external investments during the reporting period[124] - The company had no related party creditor-debtor relationships during the reporting period[125] - The company had no deposits, loans, credit lines, or other financial business with affiliated financial companies or financial companies controlled by the company and related parties[126][127] - The company had no other significant related party transactions during the reporting period[128] Significant Contracts and Their Performance During the reporting period, the company had no trusteeship or contracting situations but engaged in vehicle-mounted equipment leasing, with no significant guarantees; a major contract with Fuzhou Public Transport Group for an intelligent dispatch system, totaling 38.1 million CNY, is 94.36% complete, with 31.9219 million CNY in sales revenue recognized - The company had no trusteeship situations during the reporting period[129] - The company had no contracting situations during the reporting period[130][131] - During the reporting period, the company leased vehicle-mounted equipment to customers based on signed leasing contracts[132] - The company had no significant guarantee situations during the reporting period[133] Significant Contracts in Ordinary Operations | Company Party to Contract Name | Counterparty Name | Total Contract Amount (CNY 10,000) | Contract Performance Progress | Sales Revenue Recognized in Current Period (CNY 10,000) | Cumulative Sales Revenue Recognized (CNY 10,000) | Accounts Receivable Collection Status | Have conditions affecting significant contract performance changed significantly | Is there a significant risk of contract non-performance | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Fuzhou Public Transport Group Co., Ltd. Public Transport Operation Monitoring and Dispatch System Project | Fuzhou Public Transport Group Co., Ltd. | 3,810.00 | 94.36% | | 3,192.19 | 2,878.23 | No | No | - The company had no other significant contracts during the reporting period[135] Explanation of Other Significant Matters The company had no other significant matters requiring explanation during the reporting period - The company had no other significant matters requiring explanation during the reporting period[136] Significant Matters of Company Subsidiaries The company had no significant matters concerning its subsidiaries during the reporting period - The company had no significant matters concerning its subsidiaries during the reporting period[137] Share Changes and Shareholder Information This section outlines changes in the company's share capital, details its shareholder structure, and reports on any shifts in controlling ownership Share Change Situation During the reporting period, the company's total share capital remained at 68,039,587 shares, with a minor decrease of 847 restricted shares and a corresponding increase in unrestricted shares due to changes in senior management lock-up shares, primarily held by Guo Jianguo Share Change Situation | | Number Before This Change (shares) | Proportion Before This Change (%) | Increase/Decrease in This Change (+, -) New Shares (shares) | Increase/Decrease in This Change (+, -) Bonus Shares (shares) | Increase/Decrease in This Change (+, -) Capitalization from Reserves (shares) | Increase/Decrease in This Change (+, -) Other (shares) | Increase/Decrease in This Change (+, -) Subtotal (shares) | Number After This Change (shares) | Proportion After This Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 16,098,945 | 23.66% | | | | -847 | -847 | 16,098,098 | 23.66% | | 3. Other Domestic Shares | 16,098,945 | 23.66% | | | | -847 | -847 | 16,098,098 | 23.66% | | Of which: Domestic Natural Person Shares | 16,098,945 | 23.66% | | | | -847 | -847 | 16,098,098 | 23.66% | | II. Unrestricted Shares | 51,940,642 | 76.34% | | | | 847 | 847 | 51,941,489 | 76.34% | | 1. RMB Ordinary Shares | 51,940,642 | 76.34% | | | | 847 | 847 | 51,941,489 | 76.34% | | III. Total Shares | 68,039,587 | 100.00% | | | | | | 68,039,587 | 100.00% | - The reasons for share changes, approval status, transfer status, progress of share repurchase implementation, and impact on financial indicators are all without significant changes or are not applicable[139][140] Changes in Restricted Shares | Shareholder Name | Restricted Shares at Beginning of Period (shares) | Shares Released from Restriction in Current Period (shares) | Shares Added to Restriction in Current Period (shares) | Restricted Shares at End of Period (shares) | Reason for Restriction | Proposed Date of Release from Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Guo Jianguo | 16,079,760 | | | 16,079,760 | Senior management lock-up shares | To be executed according to relevant laws and regulations on share transfers by directors, supervisors, and senior management | | Zhang Shenteng | 3,389 | 847 | | 2,542 | Senior management lock-up shares | To be executed according to relevant laws and regulations on share transfers by directors, supervisors, and senior management | | Total | 16,098,945 | 847 | 0 | 16,098,098 | -- | -- | Securities Issuance and Listing The company had no securities issuance or listing activities during the reporting period - The company had no securities issuance or listing activities during the reporting period[142] Number of Shareholders and Shareholding Structure At the end of the reporting period, the company had 9,692 common shareholders. Among the top 10 shareholders, Guo Jianguo held 31.51% as the largest shareholder, and Hainan Dacheng Ruixin Investment Partnership (Limited Partnership) held 14.81%. Guo Jianguo, Tian Shufen, Dacheng Ruixin, and Guo Tiantian constitute a concerted action group. Among the top 10 unrestricted shareholders, Hainan Dacheng Ruixin Investment Partnership (Limited Partnership) held 10,075,560 shares, and Guo Jianguo held 5,359,920 shares - The total number of common shareholders at the end of the reporting period was 9,692[143] Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio (%) | Number of Shares Held at End of Reporting Period (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Guo Jianguo | Domestic Natural Person | 31.51% | 21,439,680 | 16,079,760.00 | 5,359,920 | | Hainan Dacheng Ruixin Investment Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 14.81% | 10,075,560 | | 10,075,560 | | Guo Tiantian | Domestic Natural Person | 3.41% | 2,321,240 | | 2,321,240 | | China Merchants Bank Co., Ltd. - GF Electronic Information Media Industry Selected Stock Initiated Securities Investment Fund | Other | 2.52% | 1,711,200 | | 1,711,200 | | Jin Haibing | Domestic Natural Person | 1.04% | 710,000 | | 710,000 | | Deng Zeyu | Domestic Natural Person | 0.85% | 578,200 | | 578,200 | | Jinan Beiqi Information Management Consulting Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 0.59% | 400,000 | | 400,000 | | Shanghai Zhuchi Asset Management Co., Ltd. - Zhuchi New Income Private Securities Investment Fund Phase 11 | Other | 0.58% | 394,700 | | 394,700 | | UBS AG | Overseas Legal Person | 0.54% | 365,917 | | 365,917 | | Xue Chao | Domestic Natural Person | 0.51% | 349,200 | | 349,200 | - Guo Jianguo and Guo Tiantian are father-daughter, and Guo Jianguo and Tian Shufen, a partner of Hainan Dacheng Ruixin Investment Partnership (Limited Partnership), are husband and wife; Guo Jianguo, Tian Shufen, Dacheng Ruixin, and Guo Tiantian constitute a concerted action relationship[144] Shareholding of Top 10 Unrestricted Shareholders | Shareholder Name | Number of Unrestricted Shares Held at End of Reporting Period (shares) | Type of Shares | Number (shares) | | :--- | :--- | :--- | :--- | | Hainan Dacheng Ruixin Investment Partnership (Limited Partnership) | 10,075,560 | RMB Ordinary Shares | 10,075,560 | | Guo Jianguo | 5,359,920 | RMB Ordinary Shares | 5,359,920 | | Guo Tiantian | 2,321,240 | RMB Ordinary Shares | 2,321,240 | | China Merchants Bank Co., Ltd. - GF Electronic Information Media Industry Selected Stock Initiated Securities Investment Fund | 1,711,200 | RMB Ordinary Shares | 1,711,200 | | Jin Haibing | 710,000 | RMB Ordinary Shares | 710,000 | | Deng Zeyu | 578,200 | RMB Ordinary Shares | 578,200 | | Jinan Beiqi Information Management Consulting Partnership (Limited Partnership) | 400,000 | RMB Ordinary Shares | 400,000 | | Shanghai Zhuchi Asset Management Co., Ltd. - Zhuchi New Income Private Securities Investment Fund Phase 11 | 394,700 | RMB Ordinary Shares | 394,700 | | UBS AG | 365,917 | RMB Ordinary Shares | 365,917 | | Xue Chao | 349,200 | RMB Ordinary Shares | 349,200 | Changes in Shareholdings of Directors, Supervisors, and Senior Management No changes occurred in the shareholdings of the company's directors, supervisors, or senior management during the reporting period, with details available in the 2024 annual report - The shareholdings of the company's directors, supervisors, and senior management did not change during the reporting period[146] Changes in Controlling Shareholder or Actual Controller No changes occurred in the company's controlling shareholder or actual controller during the reporting period - The company's controlling shareholder did not change during the reporting period[147] - The company's actual controller did not change during the reporting period[147] Preferred Share Information The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[148] Bond-Related Information This section provides details on any bonds issued or related financial instruments, ensuring transparency regarding the company's debt obligations Bond-Related Information The company had no bond-related information during the reporting period - The company had no bond-related information during the reporting period[150] Financial Report This section presents the company's comprehensive financial statements, including balance sheets, income statements, cash flow statements, and detailed notes on accounting policies and estimates Audit Report The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[152] Financial Statements This section presents the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, comprehensively illustrating its financial position, operating results, and cash flows Consolidated Balance Sheet As of June 30, 2025, the company's consolidated total assets were 637,821,882.51 CNY, a 11.59% decrease from the beginning of the period; total liabilities were 158,331,392.00 CNY, and total owners' equity was 479,490,490.51 CNY Consolidated Balance Sheet Major Data | Item | Period-End Balance (CNY) | Period-Beginning Balance (CNY) | | :--- | :--- | :--- | | Total Assets | 637,821,882.51 | 721,472,020.60 | | Total Liabilities | 158,331,392.00 | 237,380,138.27 | | Total Owners' Equity | 479,490,490.51 | 484,091,882.33 | | Total Owners' Equity Attributable to Parent Company | 480,987,925.36 | 485,259,085.38 | Parent Company Balance Sheet As of June 30, 2025, the parent company's total assets were 717,403,182.50 CNY, an 8.64% decrease from the beginning of the period; total liabilities were 176,684,043.96 CNY, and total owners' equity was 540,719,138.54 CNY Parent Company Balance Sheet Major Data | Item | Period-End Balance (CNY) | Period-Beginning Balance (CNY) | | :--- | :--- | :--- | | Total Assets | 717,403,182.50 | 785,258,532.88 | | Total Liabilities | 176,684,043.96 | 260,414,618.97 | | Total Owners' Equity | 540,719,138.54 | 524,843,913.91 | Consolidated Income Statement For the first half of 2025, the company's consolidated total operating revenue was 66,381,240.62 CNY, an 82.79% increase year-on-year; net profit was -4,601,391.82 CNY, with the loss significantly narrowing by 86.19%, and net profit attributable to parent company shareholders was -4,271,160.02 CNY Consolidated Income Statement Major Data | Item | First Half of 2025 (CNY) | First Half of 2024 (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 66,381,240.62 | 36,315,042.83 | | Total Operating Costs | 82,116,388.23 | 74,519,914.29 | | Total Profit | -4,062,462.58 | -39,468,861.02 | | Net Profit | -4,601,391.82 | -33,343,855.87 | | Net Profit Attributable to Parent Company Shareholders | -4,271,160.02 | -33,402,408.52 | | Basic Earnings Per Share | -0.06 | -0.49 | | Diluted Earnings Per Share | -0.06 | -0.49 | Parent Company Income Statement For the first half of 2025, the parent company's operating revenue was 62,508,490.82 CNY, a 77.69% increase year-on-year; net profit was 15,875,224.63 CNY, achieving a turnaround from loss to profit Parent Company Income Statement Major Data | Item | First Half of 2025 (CNY) | First Half of 2024 (CNY) | | :--- | :--- | :--- | | Operating Revenue | 62,508,490.82 | 35,178,321.08 | | Operating Cost | 40,504,581.03 | 24,577,091.54 | | Total Profit | 16,779,713.67 | -31,632,830.10 | | Net Profit | 15,875,224.63 | -25,957,488.56 | Consolidated Cash Flow Statement For the first half of 2025, the company's net cash flow from operating activities was -2,282,896.80 CNY, with the loss narrowing by 81.21% year-on-year; net cash flow from investing activities was -6,293,200.56 CNY, and from financing activities was -7,419,450.98 CNY Consolidated Cash Flow Statement Major Data | Item | First Half of 2025 (CNY) | First Half of 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -2,282,896.80 | -12,151,558.25 | | Net Cash Flow from Investing Activities | -6,293,200.56 | -3,997,416.73 | | Net Cash Flow from Financing Activities | -7,419,450.98 | 3,529,688.65 | | Net Increase in Cash and Cash Equivalents | -15,995,548.34 | -12,619,286.33 | | Cash and Cash Equivalents at End of Period | 62,539,662.03 | 66,348,829.34 | Parent Company Cash Flow Statement For the first half of 2025, the parent company's net cash flow from operating activities was 4,710,159.52 CNY, showing a positive inflow; net cash flow from investing activities was 4,015,332.00 CNY, and from financing activities was -25,722,191.53 CNY Parent Company Cash Flow Statement Major Data | Item | First Half of 2025 (CNY) | First Half of 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 4,710,159.52 | -8,852,154.50 | | Net Cash Flow from Investing Activities | 4,015,332.00 | -1,264,999.00 | | Net Cash Flow from Financing Activities | -25,722,191.53 | -1,162,975.78 | | Net Increase in Cash and Cash Equivalents | -16,996,700.01 | -11,280,129.28 | | Cash and Cash Equivalents at End of Period | 52,631,927.21 | 60,604,490.32 | Consolidated Statement of Changes in Owners' Equity As of June 30, 2025, the company's consolidated total owners' equity was 479,490,490.51 CNY, a decrease of 4,601,391.82 CNY from the beginning of the period, primarily due to a negative comprehensive income for the current period Consolidated Statement of Changes in Owners' Equity | Item | Beginning Balance (CNY) | Change in Current Period (CNY) | Ending Balance (CNY) | | :--- | :--- | :--- | :--- | | Share Capital | 68,039,587.00 | | 68,039,587.00 | | Capital Reserves | 361,270,296.24 | | 361,270,296.24 | | Other Comprehensive Income | -519,614.06 | | -519,614.06 | | Surplus Reserves | 27,562,889.43 | | 27,562,889.43 | | Retained Earnings | 28,905,926.77 | -4,271,160.02 | 24,634,766.75 | | Total Owners' Equity Attributable to Parent Company | 485,259,085.38 | -4,271,160.02 | 480,987,925.36 | | Minority Interests | -1,167,203.05 | -330,231.80 | -1,497,434.85 | | Total Owners' Equity | 484,091,882.33 | -4,601,391.82 | 479,490,490.51 | Parent Company Statement of Changes in Owners' Equity As of June 30, 2025, the parent company's total owners' equity was 540,719,138.54 CNY, an increase of 15,875,224.63 CNY from the beginning of the period, primarily due to positive net profit for the current period Parent Company Statement of Changes in Owners' Equity | Item | Beginning Balance (CNY) | Change in Current Period (CNY) | Ending Balance (CNY) | | :--- | :--- | :--- | :--- | | Share Capital | 68,039,587.00 | | 68,039,587.00 | | Capital Reserves | 361,270,296.24 | | 361,270,296.24 | | Other Comprehensive Income | -519,614.06 | | -519,614.06 | | Surplus Reserves | 27,562,889.43 | | 27,562,889.43 | | Retained Earnings | 68,490,755.30 | 15,875,224.63 | 84,365,979.93 | | Total Owners' Equity | 524,843,913.91 | 15,875,224.63 | 540,719,138.54 | Company Basic Information Zhengzhou Tianmai Technology Co., Ltd., established on April 13, 2004, is headquartered in Zhengzhou High-tech Zone, operating in the intelligent transportation industry, providing comprehensive solutions for urban public transport based on Internet of Vehicles technology, with this financial report approved by the board on August 16, 2025 - The company was registered and established on April 13, 2004, with its headquarters located at Building 10, No. 316 Lianhua Street, High-tech Zone, Zhengzhou City[191] - The company's business nature is the intelligent transportation industry, and its main operating activity is providing comprehensive solutions for urban public transport operations, management, and services based on Internet of Vehicles technology[192][193] - This financial report was approved for issuance by the company's board of directors on August 16, 2025[194] Basis of Financial Statement Preparation The company's financial statements are prepared on a going concern basis, in accordance with enterprise accounting standards issued by the Ministry of Finance and relevant disclosure re