银之杰(300085) - 2025 Q2 - 季度财报

Part I Important Notice, Table of Contents, and Definitions This section provides an important notice, the report's table of contents, and definitions of key terms Important Notice The Board, Supervisory Board, and senior management guarantee report accuracy, cautioning investors on risks and confirming no H1 2025 dividend - The company's Board of Directors, Supervisory Board, and senior management guarantee the report's truthfulness, accuracy, and completeness[5] - Future plans and performance forecasts in the report do not constitute substantial commitments, and investors should be aware of the associated risks[6] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the first half of 2025[7] Table of Contents This section outlines the report's eight main chapters, providing a comprehensive overview of its structure - The report comprises eight main chapters, covering company operations, financial performance, governance, and significant matters[10] Definitions This section defines common terms, including company and subsidiary names, currency units, and key business and technology concepts - Defines the company and its main subsidiaries, such as Yinzhijie Smart Technology, Emay Softcom, and Anyingshixuan[13] - Explains core business and technology terms including FinTech, digital financial solutions, mobile information services, e-commerce, credit reporting, artificial intelligence, and big data[13] Part II Company Profile and Key Financial Indicators This section presents the company's basic information and key financial performance indicators Company Profile Shenzhen Yinzhijie Technology Co., Ltd. (stock code 300085) is listed on the Shenzhen Stock Exchange, led by Chen Xiangjun Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Yinzhijie | | Stock Code | 300085 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | 深圳市银之杰科技股份有限公司 | | Legal Representative | Chen Xiangjun | Contact Persons and Information Liu Yi (Board Secretary) and Su Shimin (Securities Affairs Representative) are located in Shenzhen, with contact details provided Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Liu Yi | 深圳市福田区泰然七路博今商务广场B座十二层 | 0755-83930085 | 0755-83562955 | liuyi@yinzhijie.com | | Securities Affairs Representative | Su Shimin | 深圳市福田区泰然七路博今商务广场B座十二层 | 0755-83930085 | 0755-83562955 | sushimin@yinzhijie.com | Other Information The company's registered address, office, website, email, and information disclosure status remained unchanged - The company's contact information, information disclosure and filing locations, and registration status remained unchanged during the reporting period[17][18][20] Key Accounting Data and Financial Indicators H1 2025 operating revenue decreased by 15.88% to 358 million yuan, net profit was -53.48 million yuan, and operating cash flow improved significantly Key Accounting Data and Financial Indicators for H1 2025 | Indicator | Current Period (yuan) | Prior Period (yuan) | Change from Prior Period | | :--- | :--- | :--- | :--- | | Operating Revenue | 357,678,313.89 | 425,193,647.78 | -15.88% | | Net Profit Attributable to Shareholders of Listed Company | -53,484,749.53 | -50,026,904.29 | -6.91% | | Net Profit Attributable to Shareholders of Listed Company Excluding Non-recurring Gains and Losses | -53,275,319.97 | -51,238,387.84 | -3.98% | | Net Cash Flow from Operating Activities | -444,417.10 | -50,135,863.23 | 99.11% | | Basic Earnings Per Share (yuan/share) | -0.0757 | -0.0708 | -6.92% | | Diluted Earnings Per Share (yuan/share) | -0.0757 | -0.0708 | -6.92% | | Weighted Average Return on Net Assets | -10.29% | -7.77% | -2.52 percentage points | | Indicator | End of Current Period (yuan) | End of Prior Year (yuan) | Change from End of Prior Year | | :--- | :--- | :--- | :--- | | Total Assets | 1,030,259,315.27 | 1,097,563,382.30 | -6.13% | | Net Assets Attributable to Shareholders of Listed Company | 501,689,020.20 | 539,401,838.67 | -6.99% | Differences in Accounting Data under Domestic and International Accounting Standards The company reported no differences in net profit and net assets under domestic and international accounting standards - The company reported no differences in accounting data under domestic and international accounting standards during the reporting period[22][23] Non-recurring Gains and Losses and Amounts H1 2025 non-recurring gains and losses totaled -209,429.56 yuan, mainly from asset disposal, government grants, and other non-operating items Non-recurring Gains and Losses for H1 2025 | Item | Amount (yuan) | | :--- | :--- | | Gains or losses on disposal of non-current assets | -266,936.78 | | Government grants recognized in current profit or loss | 39,758.60 | | Other non-operating income and expenses apart from the above | -18,342.04 | | Less: Income tax impact | -36,088.41 | | Minority interest impact (after tax) | -2.25 | | Total | -209,429.56 | - 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 items as recurring gains and losses[26] Part III Management Discussion and Analysis This section provides management's discussion and analysis of the company's operations and financial performance Principal Businesses Engaged by the Company During the Reporting Period The company's main businesses span FinTech, mobile information services, and e-commerce, complemented by strategic investments in personal credit reporting and securities - The company's principal businesses include financial information technology, mobile information services, and e-commerce three major areas[28] - The company also strategically invests in personal credit reporting and securities businesses, forming a comprehensive industrial layout centered on FinTech and data services[50] Financial Information Technology The FinTech industry benefits from the digital economy and domestic financial innovation, with the company providing software development, digital financial solutions, and specialized equipment to nearly 400 banks - China's banking IT solution market reached 71.305 billion yuan in 2024, projected to reach 103.939 billion yuan by 2029, with a 2.9% year-on-year growth[28] - The company provides services to nearly 400 banks or branches, covering over 100,000 bank outlets, holding a leading market share[33] - Key performance drivers include the development of new technologies such as AI, big data, and cloud computing, banks' digital transformation needs, and policy guidance like the "Overall Layout Plan for Building a Digital China"[34] Mobile Information Services The mobile information services industry, driven by 5G and big data, sees continuous growth in SMS volume and revenue, with subsidiary Emay Softcom being a leading provider of comprehensive mobile information platforms and solutions - In H1 2025, national mobile SMS business volume increased by 22.3% year-on-year, with revenue growing by 2.2% year-on-year[35] - Emay Softcom serves over 800 million mobile users and 500,000 enterprise clients, establishing itself as a leading domestic provider of mobile information platform technology and application solutions[40][41] - 5G messaging, as a foundational communication service in the 5G era, transcends traditional SMS limitations with advantages in efficiency, convenience, and richness, serving as a key future performance driver[42][43] E-commerce Cross-border e-commerce is rapidly growing as a new foreign trade model, with subsidiary Anyingshixuan focusing on private-label cross-border export of home security and smart home products, facing risks from exchange rate and tariff policy fluctuations - In H1 2025, China's goods trade import and export reached 21.79 trillion yuan, a 2.9% year-on-year increase, with exports at 13 trillion yuan, growing by 7.2%[44] - Anyingshixuan primarily deals in home security and smart home products, selling through platforms like Amazon and eBay, as well as its own platforms, covering over 110 countries and regions[45][47] - The cross-border e-commerce market is expected to expand further, with Anyingshixuan continuously enhancing its brand image and value through product innovation and market experience[48] Other Strategic Investment Business Overview The company strategically invests in personal credit reporting and securities, being the largest shareholder in Huadao Credit and a participant in the establishment of Baihang Credit, while also holding a stake in Dongya Qianhai Securities - As the largest shareholder of Huadao Credit, the company participated in establishing Baihang Credit, China's first licensed market-oriented personal credit reporting agency[49] - The company invested 391.5 million yuan in Dongya Qianhai Securities, holding a 26.10% stake in its registered capital, supporting its development into a technology-driven brokerage[50] Disclosure Requirements for E-commerce Business Anyingshixuan's H1 online transaction volume reached 179 million yuan with 311,500 orders, and Amazon platform revenue accounted for 25.04%, growing by 13.03%, with revenue recognized upon shipment and cost of goods sold based on weighted average cost Anyingshixuan H1 2025 E-commerce Platform Sales | E-commerce Platform | Revenue (10,000 yuan) | Share of Total Revenue | Year-on-Year Revenue Change | | :--- | :--- | :--- | :--- | | Amazon | 8,952.32 | 25.04% | 13.03% | - Anyingshixuan's H1 2025 online transaction volume was 179 million yuan, with a total of 311,500 orders[52] - Revenue is recognized upon delivery of goods, and the cost of goods sold is determined using the weighted average method at month-end[53] - The company ensures network and data security, personal information protection, and consumer rights through dedicated customer service lines, after-sales service points, encryption technology, and by selecting reputable third-party platforms[53] Analysis of Core Competencies The company's core competencies include extensive technology and industry experience, broad customer resources, rare business licenses, a synergistic industrial ecosystem, and a high-caliber talent pool - The company possesses over 20 years of professional experience in financial information technology and mobile information services, holding 399 software copyrights and 260 patent authorizations[54][55] - In financial information technology, it covers nearly 400 banks; in mobile information services, it serves over 500,000 enterprises; and in e-commerce, it reaches over 110 countries and regions[56] - Holds rare licenses such as cross-regional value-added telecommunications business operating permits, dual personal and enterprise credit reporting licenses, and securities business operating licenses[57] - Established a comprehensive financial ecosystem service system based on FinTech, demonstrating significant business synergy[58] - Attracted a team of professionals in technology, marketing, management, and capital, and retains top talent through equity incentive plans[59][60] Analysis of Principal Business In H1 2025, the company's total operating revenue decreased by 15.88% to 358 million yuan, with net profit attributable to the parent company at -53.48 million yuan, a 6.91% decrease Key Financial Data for H1 2025 | Indicator | Amount (10,000 yuan) | Year-on-Year Change | | :--- | :--- | :--- | | Total Operating Revenue | 35,767.83 | -15.88% | | Operating Profit | -5,435.04 | -11.78% | | Total Profit | -5,469.28 | -12.41% | | Net Profit Attributable to Shareholders of Listed Company | -5,348.47 | -6.91% | - Financial information technology business revenue was 24.42 million yuan, a 42.41% year-on-year decrease[62] - Mobile information services business revenue was 144.91 million yuan, a 30.54% year-on-year decrease[63] - E-commerce services business revenue was 188.35 million yuan, an 8.14% year-on-year increase[63] - Management expenses increased by 58.84% year-on-year, primarily due to increased personnel optimization costs and share-based payment expenses; income tax expenses increased by 111.31% year-on-year, mainly due to the reversal of deferred income tax assets by subsidiaries[68] - Investment income loss decreased by 47.31%, primarily due to reduced losses from associate company Dongya Qianhai Securities[68] H1 2025 Key Products or Services Overview | Product or Service | Operating Revenue (yuan) | Operating Cost (yuan) | Gross Margin | Year-on-Year Change in Operating Revenue | Year-on-Year Change in Operating Cost | Year-on-Year Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Financial Software | 11,990,352.43 | 5,731,270.30 | 52.20% | -61.78% | -78.49% | 37.15% | | Financial Special Equipment | 12,433,885.17 | 6,703,563.88 | 46.09% | 12.65% | -4.07% | 9.39% | | SMS/MMS Communication Services | 142,119,875.12 | 131,074,341.94 | 7.77% | -28.45% | -30.09% | 2.16% | | Mobile Internet Application Services | 2,788,338.66 | 1,008,539.58 | 63.83% | -72.09% | -74.80% | 3.89% | | E-commerce | 188,345,862.51 | 110,933,059.50 | 41.10% | 8.14% | 7.41% | 0.40% | Analysis of Non-Principal Business The company's non-principal businesses include investment income, asset impairment, non-operating income and expenses, and credit impairment, with investment income at -10.24 million yuan, representing 18.72% of total profit and being sustainable H1 2025 Non-Principal Business Analysis | Item | Amount (yuan) | Proportion of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | -10,240,183.31 | 18.72% | Company's gains and losses from external investments. | Yes | | Asset Impairment | -1,129,310.18 | 2.06% | Provision for inventory depreciation. | Yes | | Non-operating Income | 82,850.76 | -0.15% | Income from disposal of scrap and other income not directly related to business operations. | No | | Non-operating Expenses | 425,322.17 | -0.78% | Late payment fees and losses from disposal of fixed assets. | No | | Credit Impairment | 13,095,410.61 | -23.94% | Provision for impairment of receivables. | Yes | - Credit impairment losses were primarily due to the reversal of bad debt provisions by the company's subsidiary, Emay Softcom[68] Analysis of Assets and Liabilities At period-end, total assets were 1.03 billion yuan, a 6.13% decrease, with accounts receivable, other payables, and employee compensation decreasing, while inventory, short-term, and long-term borrowings increased, and minority interests turned negative due to increased losses from subsidiary Yinzhijie Topology Technology Significant Changes in Asset Composition for H1 2025 | Item | End of Current Period (yuan) | Proportion of Total Assets | End of Prior Year (yuan) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 268,115,350.95 | 26.02% | 274,993,555.24 | 25.05% | 0.97% | | | Accounts Receivable | 165,608,409.51 | 16.07% | 200,271,930.85 | 18.25% | -2.18% | | | Inventories | 117,777,056.60 | 11.43% | 106,904,526.39 | 9.74% | 1.69% | | | Long-term Equity Investments | 229,679,274.54 | 22.29% | 238,545,633.92 | 21.73% | 0.56% | | | Short-term Borrowings | 262,709,270.39 | 25.50% | 257,527,582.97 | 23.46% | 2.04% | | | Long-term Borrowings | 9,960,000.00 | 0.97% | 0.00 | 0.00% | 0.97% | | | Other Payables | 28,915,514.45 | 2.81% | 42,722,741.05 | 3.89% | -1.08% | Primarily due to the company's payment for the acquisition of minority equity in subsidiary Anyingshixuan during the reporting period. | | Minority Interests | -1,732,685.81 | -0.17% | 378,063.94 | 0.03% | -0.20% | Primarily due to increased losses from the company's subsidiary, Yinzhijie Topology Technology, during the reporting period. | | Employee Compensation Payable | 10,528,498.86 | 1.02% | 15,869,956.85 | 1.45% | -0.43% | Primarily due to personnel structure optimization and the payment of previously accrued year-end bonuses by subsidiary Anyingshixuan during the reporting period. | Asset Restrictions at End of H1 2025 | Item | Period-end Balance (yuan) | | :--- | :--- | | Bank Acceptance Bill Deposits and Pledged Time Deposits | 66,964,858.38 | | Performance Deposits | 431,293.87 | | Other Deposits | 3,705,260.45 | | Frozen Deposits | 100,000.00 | | Accrued Interest Receivable | 176,859.02 | | Total | 71,378,271.72 | Analysis of Investment Status During the reporting period, the company's investment increased by 21.29% year-on-year to 13.55 million yuan, with financial assets measured at fair value totaling 40.35 million yuan at period-end, and the overall utilization rate of raised funds was 107.86% H1 2025 Investment Amount | Indicator | Investment Amount for Current Period (yuan) | Investment Amount for Prior Period (yuan) | Change Rate | | :--- | :--- | :--- | :--- | | Investment Amount | 13,545,404.97 | 11,167,697.32 | 21.29% | Financial Assets Measured at Fair Value at End of H1 2025 | Asset Category | Period-end Amount (yuan) | Source of Funds | | :--- | :--- | :--- | | Other Equity Instrument Investments | 40,353,997.69 | Own funds | | Total | 40,353,997.69 | -- | Overall Utilization of Raised Funds in 2017 | Year of Fundraising | Fundraising Method | Net Raised Funds (10,000 yuan) | Total Raised Funds Used (10,000 yuan) | Utilization Ratio of Raised Funds | | :--- | :--- | :--- | :--- | :--- | | 2017 | Non-public Issuance of Shares | 34,489.21 | 37,200.60 | 107.86% | - The net raised funds in 2017 amounted to 344.89 million yuan, with 372.01 million yuan invested in projects, and 0.047 million yuan remaining unused in the special fund account[86] - The company terminated the original bank data analysis application system construction project and reallocated the remaining 270.19 million yuan of raised funds to projects for bank digital transformation solutions, intelligent equipment industrialization, and R&D center construction[91][94] Significant Asset and Equity Disposals During the reporting period, the company did not dispose of any significant assets or equity - The company did not dispose of any significant assets during the reporting period[98] - The company did not dispose of any significant equity during the reporting period[99] Analysis of Major Holding and Associate Companies This section analyzes the operating performance of the company's major holding and associate companies, including Emay Softcom, Anyingshixuan, Yinzhijie Topology Technology, and Dongya Qianhai Securities Operating Performance of Major Holding and Associate Companies | Company Name | Company Type | Principal Business | Operating Revenue (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | | Beijing Emay Softcom Technology Co., Ltd. | Subsidiary | Mobile communication services and mobile internet application services | 144,908,213.78 | -5,616,766.23 | | Anyingshixuan (Shenzhen) Technology Co., Ltd. | Subsidiary | Smart home electronic product export cross-border e-commerce | 188,345,862.51 | 16,750,907.14 | | Shenzhen Yinzhijie Topology Technology Co., Ltd. | Subsidiary | Internet financial information services business | 0.00 | -20,553,748.73 | | Dongya Qianhai Securities Co., Ltd. | Associate Company | Securities business | 144,691,561.27 | -39,234,418.81 | - No subsidiaries were acquired or disposed of during the reporting period[100] Information on Structured Entities Controlled by the Company During the reporting period, the company did not control any structured entities - The company did not control any structured entities during the reporting period[101] Risks Faced by the Company and Countermeasures The company faces risks related to short-term profitability, working capital shortages, operational management, and exchange rate and tariff policy fluctuations, which it plans to address through various strategic measures - The company faces short-term profitability risks, with declining revenue from some traditional businesses and new businesses lacking profitability in their initial stages[101] - The company faces working capital shortage risks, as new business expansion leads to increased funding requirements[104] - The company faces operational management risks, as the expansion of business areas complicates its organizational structure and management system[105] - The company's subsidiary, Anyingshixuan, engaged in cross-border e-commerce, faces risks from exchange rate and tariff policy fluctuations[106] Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period On May 7, 2025, the company participated in the 2024 annual performance online briefing via the "Yue Diao Yan" online platform, presenting its annual operating and financial status to investors - On May 7, 2025, the company through the "Yue Diao Yan" online platform participated in the 2024 annual performance online briefing[107] Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan The company approved its "Market Value Management System" on April 14, 2025, to regulate market value management and protect investor rights, but has not disclosed a valuation enhancement plan - The company has formulated and approved its "Market Value Management System" on April 14, 2025[109] - The company has not disclosed a valuation enhancement plan[109] Implementation of "Dual Improvement in Quality and Returns" Action Plan The company has not disclosed an announcement regarding its "Dual Improvement in Quality and Returns" action plan - The company has not disclosed an announcement regarding its "Dual Improvement in Quality and Returns" action plan[110] Part IV Corporate Governance, Environment, and Society This section covers the company's corporate governance, environmental practices, and social responsibility initiatives Changes in Directors, Supervisors, and Senior Management During the reporting period, there were no changes in the company's directors, supervisors, or senior management, with specific details available in the 2024 annual report - The company's directors, supervisors, and senior management experienced no changes during the reporting period[112] Profit Distribution and Capital Reserve Conversion to Share Capital for the Current Reporting Period The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the first half of 2025 - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period[113] Implementation of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures During the reporting period, the company implemented multiple equity incentive plans, including the 2022, 2024, and 2025 Restricted Stock Incentive Plans, to attract and retain talent - The 2022 Restricted Stock Incentive Plan has forfeited some granted but unvested restricted shares, and granted reserved restricted shares in 2023[114][115][116][117] - The 2024 Restricted Stock Incentive Plan has granted 15 million restricted shares to 3 incentive recipients[118] - The 2025 Restricted Stock Incentive Plan has initially granted 2.03 million restricted shares to 17 incentive recipients at a grant price of 21.29 yuan/share[119] - The company had no employee stock ownership plans or other employee incentive measures during the reporting period[120] Environmental Information Disclosure The company and its main subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The company and its main subsidiaries are not included in the list of enterprises required to disclose environmental information by law[121] Social Responsibility The company actively fulfills its social responsibilities by ensuring timely, accurate, and complete information disclosure, prioritizing reasonable investor returns, adhering to a people-oriented talent philosophy, safeguarding employee rights, operating legally, paying taxes diligently, creating employment opportunities, and supporting local economic development - The company strictly adheres to laws and regulations, ensuring timely, accurate, truthful, and complete information disclosure, and communicates with investors through various channels[121] - The company values reasonable investor returns, formulates stable profit distribution policies, adheres to a people-oriented approach, protects employee rights, and provides training and development opportunities[121] - The company operates legally, pays taxes diligently, creates employment opportunities, and supports local economic development[121] Part V Significant Matters This section details significant events and transactions that occurred during the reporting period Commitments Fulfilled and Overdue Unfulfilled by the Company's Actual Controllers, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period During the reporting period, there were no commitments by the company's actual controllers, shareholders, related parties, acquirers, or the company that were either fulfilled or overdue and unfulfilled as of the period-end - During the reporting period, the company had no commitments from its actual controllers, shareholders, related parties, acquirers, or the company itself that were either fulfilled or overdue and unfulfilled as of the period-end[123] Non-Operating Fund Occupation by Controlling Shareholders and Other Related Parties of the Listed Company During the reporting period, there was no non-operating occupation of the listed company's funds by controlling shareholders or other related parties - During the reporting period, there was no non-operating occupation of the listed company's funds by controlling shareholders or other related parties[124] Illegal External Guarantees During the reporting period, the company had no illegal external guarantees - The company had no illegal external guarantees during the reporting period[125] Appointment and Dismissal of Accounting Firms The company's semi-annual report was not audited - The company's semi-annual report was not audited[126] Explanation by the Board of Directors, Supervisory Board, and Audit Committee on the Accounting Firm's 'Non-Standard Audit Report' for the Current Period Not applicable Explanation by the Board of Directors on Matters Related to the 'Non-Standard Audit Report' of the Previous Year Not applicable Bankruptcy and Reorganization Matters During the reporting period, the company had no bankruptcy or reorganization matters - The company had no bankruptcy or reorganization matters during the reporting period[127] Litigation Matters The company had no significant litigation or arbitration matters, nor any other litigation matters, during the current reporting period - The company had no significant litigation or arbitration matters during the current reporting period[129] Penalties and Rectification During the reporting period, the company had no penalties or rectification situations - The company had no penalties or rectification situations during the reporting period[129] Integrity Status of the Company, its Controlling Shareholders, and Actual Controllers Not applicable Significant Related Party Transactions During the reporting period, the company had no related party transactions concerning daily operations, asset/equity acquisitions/disposals, or joint external investments, nor any related party creditor-debtor relationships, except for sales of goods to Huadao Credit amounting to 1.47 million yuan - During the reporting period, the company had no related party transactions related to daily operations, asset or equity acquisitions/disposals, or joint external investments, nor any related party creditor-debtor relationships[130][131][132][133] - There were no deposits, loans, credit lines, or other financial transactions between the company and related financial companies, or between the company's controlled financial companies and related parties[134][135] - In H1 2025, the company's actual related party transaction amount for sales of goods to Huadao Credit was 1.47 million yuan, which did not exceed the annual estimated amount of 10 million yuan[136][137] Significant Contracts and Their Performance During the reporting period, the company had no trusteeship or contracting arrangements, but entered into multiple property lease agreements for office spaces in Shenzhen, Beijing, and Guangzhou for itself and its subsidiaries, and provided several joint liability guarantees totaling 105 million yuan for its subsidiaries - The company had no trusteeship or contracting arrangements during the reporting period[139][140] - The company and its subsidiaries signed multiple property lease agreements in Shenzhen, Beijing, Guangzhou, and other locations, with lease terms varying until 2025-2029[141][142][143][144] - The company provided several joint liability guarantees for its subsidiaries, with approved guarantee limits totaling 250 million yuan during the reporting period, actual guarantees amounting to 95 million yuan, and a period-end actual guarantee balance of 105 million yuan[147][148][161] - The total actual guarantee amount represents 20.93% of the company's net assets[149] - The company had no significant operating contracts or other major contracts during the reporting period[150][151] Explanation of Other Significant Matters On February 18, 2025, the company approved the 2025 Restricted Stock Incentive Plan, proposing to grant 2.53 million restricted shares, with an initial grant of 2.03 million shares on March 7; additionally, the "Joint Control Agreement" of the company's former actual controllers expired on May 25, 2025, and was not renewed, resulting in the company having no controlling shareholder or actual controller from May 26, 2025 - The company approved the 2025 Restricted Stock Incentive Plan on February 18, 2025, proposing to grant 2.53 million restricted shares[152] - On March 7, 2025, the company initially granted 2.03 million restricted shares to 17 incentive recipients at a grant price of 21.29 yuan/share[153] - The "Joint Control Agreement" of the company's former joint actual controllers, Zhang Xuejun, Chen Xiangjun, and Li Jun, expired on May 25, 2025, and was not renewed[154][155] - Effective May 26, 2025, the company transitioned from being jointly controlled by three individuals to having no controlling shareholder or actual controller[155] Significant Matters of Company Subsidiaries During the reporting period, there were no significant matters concerning the company's subsidiaries - The company had no significant matters concerning its subsidiaries during the reporting period[156] Part VI Share Changes and Shareholder Information This section provides details on changes in the company's shares and information regarding its shareholders Share Change Information During the reporting period, the company's restricted shares decreased by 17,146,500 shares, with a corresponding increase in unrestricted shares by the same amount, primarily due to the recalculation of transferable shares held by directors, supervisors, and senior management for the current year, while the total share capital remained unchanged H1 2025 Share Change Information | Share Type | Quantity Before Change (shares) | Proportion Before Change | Change in Current Period (shares) | Quantity After Change (shares) | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Restricted Shares | 71,774,175 | 10.16% | -17,146,500 | 54,627,675 | 7.73% | | Unrestricted Shares | 634,866,360 | 89.84% | 17,146,500 | 652,012,860 | 92.27% | | Total Shares | 706,640,535 | 100.00% | 0 | 706,640,535 | 100.00% | - The main reason for the share change was the recalculation of transferable shares for the current year based on the holdings of the company's directors, supervisors, and senior management as of December 31, 2024[159] H1 2025 Restricted Share Change Information | Shareholder Name | Restricted Shares at Period Start (shares) | Restricted Shares Released in Current Period (shares) | Restricted Shares at Period End (shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Chen Xiangjun | 37,114,275 | 8,573,250 | 28,541,025 | Senior Management Locked Shares | | Li Jun | 34,659,900 | 8,573,250 | 26,086,650 | Senior Management Locked Shares | | Total | 71,774,175 | 17,146,500 | 54,627,675 | -- | Securities Issuance and Listing Information During the reporting period, the company had no securities issuance or listing activities - The company had no securities issuance or listing activities during the reporting period[163] Number of Shareholders and Shareholding Information At period-end, the company had 112,281 common shareholders, with Zhang Xuejun holding 11.56%, He Ye 10.05%, and Zhuo Haihang 7.00% among the top ten, while Chen Xiangjun and Li Jun, as senior management locked-shareholders, held 5.39% and 4.92% respectively - At the end of the reporting period, the total number of common shareholders was 112,281 accounts[164] Shareholding Information of Shareholders Holding 5% or More or Top 10 Shareholders at Period-end | Shareholder Name | Shareholder Nature | Shareholding Proportion | Shares Held at Period-end (shares) | Restricted Shares Held (shares) | Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Zhang Xuejun | Domestic Natural Person | 11.56% | 81,667,800 | 0 | 81,667,800 | | He Ye | Domestic Natural Person | 10.05% | 71,008,470 | 0 | 71,008,470 | | Zhuo Haihang | Domestic Natural Person | 7.00% | 49,462,000 | 0 | 49,462,000 | | Chen Xiangjun | Domestic Natural Person | 5.39% | 38,054,700 | 28,541,025 | 9,513,675 | | Li Jun | Domestic Natural Person | 4.92% | 34,782,200 | 26,086,650 | 8,695,550 | - The company is unaware of any related party relationships among the top ten shareholders or whether they are acting in concert[165] Changes in Shareholdings of Directors, Supervisors, and Senior Management During the reporting period, there were no changes in the shareholdings of the company's directors, supervisors, and senior management, though some executives were granted restricted shares H1 2025 Shareholding Changes of Directors, Supervisors, and Senior Management | Name | Position | Shares Held at Period Start (shares) | Shares Held at Period End (shares) | Restricted Shares Granted at Period End (shares) | | :--- | :--- | :--- | :--- | :--- | | Chen Xiangjun | Chairman | 38,054,700 | 38,054,700 | 0 | | Li Jun | Director, General Manager | 34,782,200 | 34,782,200 | 0 | | Liu Yi | Director, Deputy General Manager, Board Secretary | 0 | 0 | 950,000 | | Wu Jiaqi | Director, Deputy General Manager | 0 | 0 | 170,000 | | Xiang Lingtao | Director | 0 | 0 | 296,000 | | Yang Guo | Deputy General Manager | 0 | 0 | 170,000 | | Zhang Chunlei | CFO | 0 | 0 | 140,000 | | Total | -- | 72,836,900 | 72,836,900 | 1,726,000 | Changes in Controlling Shareholder or Actual Controller The "Joint Control Agreement" signed by the company's former controlling shareholders and joint actual controllers, Zhang Xuejun, Chen Xiangjun, and Li Jun, expired on May 25, 2025, and was not renewed, resulting in the company having no controlling shareholder or actual controller from May 26, 2025 - The "Joint Control Agreement" of the company's former controlling shareholders and joint actual controllers, Zhang Xuejun, Chen Xiangjun, and Li Jun, expired on May 25, 2025[168][169] - Effective May 26, 2025, the company transitioned to having no controlling shareholder or actual controller[168][169] Preferred Share Information During the reporting period, the company had no preferred shares - The company had no preferred shares during the reporting period[170] Part VII Bond-Related Information This section provides information regarding the company's bonds Bond-Related Information During the reporting period, the company had no bond-related matters - The company had no bond-related matters during the reporting period[172] Part VIII Financial Report This section contains the company's financial statements and related notes Audit Report The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[174] Financial Statements This section presents the company's H1 2025 consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, comprehensively illustrating its financial position, operating results, and cash flow Consolidated Balance Sheet (Summary) | Item | Period-end Balance (yuan) | Period-start Balance (yuan) | | :--- | :--- | :--- | | Total Current Assets | 656,114,319.28 | 703,421,906.87 | | Total Non-current Assets | 374,144,995.99 | 394,141,475.43 | | Total Assets | 1,030,259,315.27 | 1,097,563,382.30 | | Total Current Liabilities | 494,767,591.74 | 532,389,998.57 | | Total Non-current Liabilities | 35,535,389.14 | 25,393,481.12 | | Total Liabilities | 530,302,980.88 | 557,783,479.69 | | Total Equity Attributable to Parent Company Owners | 501,689,020.20 | 539,401,838.67 | | Minority Interests | -1,732,685.81 | 378,063.94 | | Total Equity | 499,956,334.39 | 539,779,902.61 | | Total Liabilities and Equity | 1,030,259,315.27 | 1,097,563,382.30 | Consolidated Income Statement (Summary) | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 357,678,313.89 | 425,193,647.78 | | Total Operating Costs | 414,227,904.01 | 460,653,331.14 | | Operating Profit | -54,350,367.82 | -48,623,129.84 | | Total Profit | -54,692,839.23 | -48,653,232.66 | | Net Profit | -57,595,499.28 | -50,026,904.29 | | Net Profit Attributable to Parent Company Shareholders | -53,484,749.53 | -50,026,904.29 | | Total Comprehensive Income | -56,221,675.35 | -49,159,733.42 | | Basic Earnings Per Share (yuan/share) | -0.0757 | -0.0708 | | Diluted Earnings Per Share (yuan/share) | -0.0757 | -0.0708 | Consolidated Cash Flow Statement (Summary) | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -444,417.10 | -50,135,863.23 | | Net Cash Flow from Investing Activities | -2,046,851.39 | -9,780,508.09 | | Net Cash Flow from Financing Activities | 3,866,449.69 | -69,454,443.74 | | Net Increase in Cash and Cash Equivalents | 3,489,084.81 | -127,663,544.86 | | Cash and Cash Equivalents at Period-end | 196,913,938.25 | 163,247,398.56 | Company Basic Information Shenzhen Yinzhijie Technology Co., Ltd., established on November 28, 2007, and listed on the Shenzhen Stock Exchange on May 26, 2010, operates in the software and information technology services industry, with a total share capital of 706.64 million shares and registered capital of 706.64 million yuan as of June 30, 2025, focusing on FinTech, mobile information services, e-commerce, and investments in personal credit reporting and securities, and currently has no actual controller - The company was established on November 28, 2007, listed on May 26, 2010, and operates in the software and information technology services industry[203] - As of June 30, 2025, the company's total issued share capital was 706.64 million shares, with a registered capital of 706.64 million yuan[203] - The company's principal businesses include financial information technology, mobile information services, and e-commerce, with investments in personal credit reporting and securities businesses[203][204] - The company has no actual controller[204] Basis of Financial Statement Preparation These financial statements are prepared in accordance with the Accounting Standards for Business Enterprises issued by the Ministry of Finance and relevant regulations of the China Securities Regulatory Commission, on a going concern basis - The financial statements are prepared in accordance with Accounting Standards for Business Enterprises and relevant regulations of the China Securities Regulatory Commission[206] - The financial statements are prepared on a going concern basis[207] Significant Accounting Policies and Estimates The company determines specific accounting policies and estimates, such as revenue recognition and bad debt provision for receivables, based on its operating characteristics, with this section detailing significant policies and methods for financial instruments, inventory, long-term equity investments, fixed assets, intangible assets, employee compensation, share-based payments, and revenue recognition, affirming compliance with Accounting Standards for Business Enterprises - The company determines specific accounting policies and estimates, such as revenue recognition policies and methods for bad debt provisions for receivables, based on its operating characteristics[208] - The financial statements prepared by the company comply with the requirements of Accounting Standards for Business Enterprises, accurately and completely reflecting the company's financial position, operating results, cash flows, and other relevant information for the reporting period[209] - The company performs impairment accounting for financial assets based on expected credit losses, measuring loss provisions in three stages according to significant increases in credit risk[259][260][261] - The company's revenue recognition principle is to recognize revenue at the transaction price allocated to a performance obligation when the customer obtains control of the related goods or services[372] - For equity-settled share-based payments, the company recognizes services obtained during the vesting period as relevant costs or expenses and capital reserves, based on the best estimate of the number of exercisable equity instruments[368] Taxation The company's main taxes include VAT, urban maintenance and construction tax, corporate income tax, and education surcharges, with the company and several subsidiaries enjoying a 15% corporate income tax rate as high-tech enterprises, some subsidiaries benefiting from a 20% small-profit enterprise income tax rate, and the Hong Kong subsidiary applying a two-tiered profits tax rate Major Taxes and Tax Rates | Tax Type | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Value-added amount generated during the sale of goods or provision of taxable services | 13%、6%、3%、0% | | Urban Maintenance and Construction Tax | Amount of turnover tax actually paid | 7% | | Corporate Income Tax | Taxable income | See table below | | Education Surcharge | Amount of turnover tax actually paid | 3% | | Local Education Surcharge | Amount of turnover tax actually paid | 2% | - The company and several subsidiaries (e.g., Emay Softcom, Anyingshixuan, Jiezhi Rong, Yinzhijie Smart Technology) are recognized as high-tech enterprises, enjoying a preferential corporate income tax rate of 15%[419][420][421] - Some second-tier subsidiaries (e.g., Jiangxi Birong, Haisukuiyin, Yijing Liwu, Yijing Xinwu) temporarily pay corporate income tax under the preferential policy for small and micro-profit enterprises[422] - Hong Kong subsidiary Iside (Hong Kong) Industrial Co., Ltd. is subject to a profits tax rate of 8.25% on assessable profits not exceeding 2 million Hong Kong dollars[423][424] Notes to Consolidated Financial Statement Items This section details the period-end balances, period-start balances, and current period changes for each item in the consolidated financial statements, including cash and cash equivalents, accounts receivable, inventory, long-term equity investments, fixed assets, intangible assets, goodwill, short-term borrowings, employee compensation payable, operating revenue and costs, and various expenses and incomes, noting that provisions for impairment were made for accounts receivable and inventory, while no impairment indicators were found for goodwill - Period-end cash and cash equivalents totaled 268 million yuan, of which 71.38 million yuan was restricted[426][427] - Period-end book value of accounts receivable was 166 million yuan, with bad debt provisions of 58.40 million yuan, representing a provision ratio of 26.07%[430] - Period-end book value of inventory was 118 million yuan, with total inventory impairment provisions and contract performance cost impairment provisions amounting to 6.08 million yuan[462][464] - Period-end book value of long-term equity investments was 230 million yuan, primarily comprising investments in associate company Dongya Qianhai Securities[472] - Period-end original book value of goodwill was 156 million yuan, mainly from Beijing Emay Softcom Technology Co., Ltd., with no goodwill impairment test conducted at the end of the current reporting period, and no impairment is expected[487][490][492] - Current period operating revenue was 358 million yuan, operating cost was 255 million yuan, and gross margin was 28.59%[560] - Current period management expenses were 41.80 million yuan, a 58.84% year-on-year increase, primarily due to increased personnel optimization costs and share-based payment expenses[566][567] - Current period R&D expenses were 42.93 million yuan, a 35.33% year-on-year increase, primarily due to increased share-based payment expenses and an increase in R&D personnel for financial information services[570][571] R&D Expenses Total R&D expenses for the current period amounted to 35.88 million yuan, all expensed, primarily comprising employee compensation, depreciation and amortization, technical service fees, share-based payments, and office expenses and others H1 2025 R&D Expenses | Item | Amount for Current Period (yuan) | Amount for Prior Period (yuan) | | :--- | :--- | :--- | | Employee Compensation | 20,673,875.22 | 22,669,003.23 | | Depreciation and Amortization | 1,253,450.57 | 1,523,555.37 | | Technical Service Fees | 4,560,894.71 | 3,442,276.64 | | Share-based Payments | 6,694,992.56 | 0.00 | | Office Expenses and Others | 2,695,728.84 | 2,408,562.41 | | Total | 35,878,941.90 | 30,043,397.65 | | Of which: Expensed R&D Expenses | 35,878,941.90 | 23,186,554.53 | | Capitalized R&D Expenses | 0.00 | 6,856,843.12 | - All R&D expenses for the current period were expensed, with no R&D projects meeting capitalization criteria or significant externally acquired in-progress projects[610][611] Changes in Consolidation Scope During the reporting period, there were no changes in the company's consolidation scope, nor any disposals of subsidiaries or other reasons leading to changes in the scope of consolidation - There were no transactions or events resulting in the loss of control over subsidiaries in the current period[612] - There were no instances of step-by-step disposal of investments in subsidiaries through multiple transactions resulting in loss of control in the current period[612] - There were no other reasons leading to changes in the consolidation scope in the current period[612] Interests in Other Entities The company holds several wholly-owned and controlling subsidiaries engaged in FinTech, mobile information services, and e-commerce, along with significant associate companies like Beijing Huadao Credit Co., Ltd. and Dongya Qianhai Securities Co., Ltd., accounted for using the equity method, some of which have accumulated unrecognized excess losses Major Subsidiary Information | Subsidiary Name | Business Nature | Shareholding Proportion (Direct) | Acquisition Method | | :--- | :--- | :--- | :--- | | Shenzhen Yinzhijie Smart Technology Co., Ltd. | Financial Information Technology | 100.00% | Establishment | | Beijing Emay Softcom Technology Co., Ltd. | Mobile Information Services | 100.00% | Business Combination Not Under Common Control | | Anyingshixuan (Shenzhen) Technology Co., Ltd. | E-commerce | 100.00% | Business Combination Not Under Common Control | | Shenzhen Yinzhijie Topology Technology Co., Ltd. | Internet Financial Information Services | 80.00% | Establishment | Significant Associate Company Information | Associate Company Name | Business Nature | Shareholding Proportion (Direct) | Accounting Method | | :--- | :--- | :--- | :--- | | Beijing Huadao Credit Co., Ltd. | Personal Credit Reporting Services | 38.10% | Equity Method | | Dongya Qianhai Securities Co., Ltd. | Securities Services | 26.10% | Equity Method | - Shenzhen Yinzhijie Topology Technology Co., Ltd. has a minority shareholder stake of 20.00%, with the current period's profit or loss attributable to minority shareholders being -4.11 million yuan[620] - Beijing Huadao Credit Co., Ltd. and Guoyu Chuangfu International Financial Services (Shenzhen) Co., Ltd. have accumulated unrecognized excess losses[627] Government Grants The company's government grant-related liability items primarily consist of asset-related deferred income, with a period-end balance of 2.04 million yuan, and government grants recognized in current profit or loss amounting to 0.20 million yuan for the current period H1 2025 Government Grant-Related Liability Items | Account Title | Period-start Balance (yuan) | Amount Transferred to Other Income in Current Period (yuan) | Period-end Balance (yuan) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 2,053,180.06 | 17,900.34 | 2,035,279.72 | Asset-related | H1 2025 Government Grants Recognized in Current Profit or Loss | Account Title | Amount for Current Period (yuan) | Amount for Prior Period (yuan) | | :--- | :--- | :--- | | Other Income - Government Grants | 204,479.02 | 1,392,921.46 | | Financial Expenses - Fiscal Interest Subsidies | 0.00 | -435,098.59 | Risks Related to Financial Instruments The company faces credit risk, liquidity risk, and market risk (including exchange rate, interest rate, and price risks), which it manages through credit policies, customer credit monitoring, maintaining ample cash reserves, securing financing lines, and monitoring foreign currency transactions and interest rate levels - The company faces credit risk, liquidity risk, and market risk (exchange rate risk, interest rate risk, price risk)[632][633][636][637][639][641] - The company manages credit risk by depositing cash and cash equivalents with highly reputable financial institutions, assessing customer creditworthiness, and regularly monitoring credit records[634] - The company manages liquidity risk by continuously monitoring funding needs, maintaining cash reserves, and securing financing lines[636] - The company manages market risk by monitoring foreign currency transactions, the scale of foreign currency assets and liabilities, and interest rate levels[637][638][639] Fair Value Disclosure At period-end, the company's total assets measured at fair value amounted to 40.35 million yuan, entirely comprising Level 3 fair value measurement items, primarily equity instrument investments, determined using the latest capital injection prices from external third-party institutions or valuations by third-party appraisal firms, with no Level 1 fair value measurement items Assets and Liabilities Measured at Fair Value at End of H1 2025 | Item | Level 3 Fair Value Measurement (yuan) | Total (yuan) | | :--- | :--- | :--- | | Other Equity Instrument Investments | 40,353,997.69 | 40,353,997.69 | | Total Assets Continuously Measured at Fair Value | 40,353,997.69 | 40,353,997.69 | - The company has no Level 1 fair value measurement items[644] - Level 3 fair value measurement items are equity instrument investments, valued using the latest capital injection prices from external third-party institutions or by engaging third-party appraisal firms[646] Related Parties and Related Party Transactions The company has no controlling shareholder or actual controller, with key related parties including subsidiaries, associate companies, and directors, supervisors, and senior management; during the reporting period, the company purchased goods/received services from related parties for 26,700 yuan and sold goods/provided services to related parties for 1.57 million yuan, and provided 105 million yuan in related party guarantees for its controlling subsidiaries - The company has no controlling shareholder or actual controller, as the original joint actual controller agreement expired and was not renewed[651][652] - Key related parties include subsidiaries, associate companies (e.g., Beijing Huadao Credit, Dongya Qianhai Securities), and the company's directors, supervisors, and senior management[653][654][655] H1 2025 Related Party Transactions for Purchase and Sale of Goods, Provision and Acceptance of Services | Transaction Type | Related Party | Amount for Current Period (yuan) | | :--- | :--- | :--- | | Purchase of Goods/Acceptance of Services | Bailu (Beijing) Technology Co., Ltd. | 26,709.45 | | Sale of Goods/Provision of Services | Beijing Huadao Credit Co., Ltd. | 1,382,460.82 | | Sale of Goods/Provision of Services | Dongya Qianhai Securities Co., Ltd. | 3,097.35 | | Sale of Goods/Provision of Services | Shanghai Insurance Exchange Co., Ltd. | 181,884.56 | | Total (Purchases) | -- | 26,709.45 | | Total (Sales) | -- | 1,567,442.73 | - The company provided 105 million yuan in related party guarantees for its controlling subsidiaries, with the fulfillment status of these guarantees varying[660](index=660&type=c