今天国际(300532) - 2025 Q2 - 季度财报

Important Notes, Table of Contents, and Definitions This section provides important assurances regarding report accuracy, outlines the report's structure, lists essential reference documents, and defines key terms for clarity Important Notes 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 - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, assuming individual and joint legal responsibility[3] - Company head Shao Jianfeng, chief accountant Liu Qiao, and head of accounting department Lan Guobin declare the financial report is true, accurate, and complete[3] - The profit distribution plan approved by the board of directors is to distribute a cash dividend of RMB 2.00 (tax inclusive) per 10 shares to all shareholders, based on the current total share capital of 453,324,086 shares, with no bonus shares or capital reserve conversions[3] Table of Contents This report's clear table of contents covers eight main chapters, from company profile to financial reports, facilitating investor review - The report's table of contents includes eight main chapters, from company profile to financial reports, with a clear structure[6] Reference Documents Reference documents include signed financial statements, publicly disclosed company files, and the original semi-annual report, all available at the company's board office - Reference documents include signed and sealed financial statements, original copies of publicly disclosed documents and announcements, and the original semi-annual report signed by the legal representative[8][9][10] - All reference documents are kept at the company's board of directors office[11] Definitions This section defines common terms used in the report, including company names, regulatory bodies, and reporting periods, ensuring accurate understanding - “Today International”, “the Company”, and “Company” all refer to Shenzhen Today International Logistics Technology Co., Ltd[12] - “Reporting Period” refers to January 1, 2025, to June 30, 2025[12] - “Juchao Information Network” is the ChiNext information disclosure website designated by the CSRC[12] Company Profile and Key Financial Indicators This section details the company's fundamental information, contact details, significant changes, key financial performance metrics, and non-recurring gains and losses Company Profile The company, Shenzhen Today International Logistics Technology Co., Ltd., with stock code 300532, is listed on the Shenzhen Stock Exchange Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Today International | | Stock Code | 300532 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | Shenzhen Today International Logistics Technology Co., Ltd | | Legal Representative | Shao Jianfeng | Contact Persons and Information The company's board secretary is Yang Jinping and securities affairs representative is Cheng Haiyan, both located at 26 Cuibao Road, Longgang District, Shenzhen Company Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Yang Jinping | 26 Cuibao Road, Baolong Street, Longgang District, Shenzhen | 0755-82684590 | 0755-25161166 | info@nti56.com | | Securities Affairs Representative | Cheng Haiyan | 26 Cuibao Road, Baolong Street, Longgang District, Shenzhen | 0755-82684590 | 0755-25161166 | info@nti56.com | Other Information While contact details and registration remained unchanged, the company's total share capital and registered capital increased due to a 2024 equity distribution and restricted stock vesting - The company's registered address, office address, website, email, information disclosure and storage locations, and registration status remained unchanged during the reporting period[16][17][18] - Due to the implementation of the 2024 semi-annual equity distribution and restricted stock vesting, the company's total share capital increased from 310,231,301 shares to 453,324,086 shares, and registered capital increased from RMB 310,231,301 to RMB 453,324,086, with industrial and commercial registration completed in February 2025[19] Key Accounting Data and Financial Indicators The company's H1 2025 revenue decreased by 14.36%, net profit by 22.53%, and non-recurring net profit by 31.25%, while operating cash flow improved by 9.03% - Due to the 2024 profit distribution and capital reserve capitalization plan, the company retrospectively adjusted its H1 2024 earnings per share: basic EPS from RMB 0.78/share to RMB 0.54/share, and diluted EPS from RMB 0.77/share to RMB 0.53/share[20] Key Accounting Data and Financial Indicators (Current Period vs. Prior Year) | Indicator | Current Period (RMB) | Prior Year (Adjusted, RMB) | Period-over-Period Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,412,354,062.59 | 1,649,112,188.94 | -14.36% | | Net Profit Attributable to Shareholders of Listed Company | 187,856,337.20 | 242,478,172.12 | -22.53% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Items) | 157,971,088.01 | 229,761,021.31 | -31.25% | | Net Cash Flow from Operating Activities | -144,308,269.12 | -158,637,137.38 | 9.03% | | Basic Earnings Per Share (RMB/share) | 0.41 | 0.54 | -24.07% | | Diluted Earnings Per Share (RMB/share) | 0.41 | 0.53 | -22.64% | | Weighted Average Return on Net Assets | 10.53% | 13.97% | -3.44% | | Period-End Indicators | Current Period-End (RMB) | Prior Year-End (Adjusted, RMB) | Year-End Change | | Total Assets | 4,549,475,839.11 | 4,530,962,246.66 | 0.41% | | Net Assets Attributable to Shareholders of Listed Company | 1,878,111,510.14 | 1,690,080,323.35 | 11.13% | Differences in Accounting Data Under Domestic and Overseas Accounting Standards The company reports no differences in net profit and net assets between financial statements prepared under international or overseas accounting standards and Chinese accounting standards - The company reports no differences in net profit and net assets between financial statements disclosed under International Accounting Standards and Chinese Accounting Standards during the reporting period[22] - The company reports no differences in net profit and net assets between financial statements disclosed under overseas accounting standards and Chinese Accounting Standards during the reporting period[23] Non-Recurring Gains and Losses and Amounts The company's total non-recurring gains and losses amounted to RMB 29.89 million, primarily from impairment reversals, wealth management income, and government grants Non-Recurring Gains and Losses and Amounts | Item | Amount (RMB) | Description | | :--- | :--- | :--- | | Gains and Losses from Disposal of Non-Current Assets | 90,551.76 | | | Government Grants Included in Current Profit and Loss (Excluding Those with Continuous Impact) | 2,774,883.05 | | | Gains and Losses from Fair Value Changes and Disposal of Financial Assets and Liabilities Held by Non-Financial Enterprises | 5,422,967.97 | Wealth Management Product Income | | Reversal of Impairment Provisions for Receivables Subject to Separate Impairment Testing | 27,140,499.05 | | | Debt Restructuring Gains and Losses | -2,177,764.71 | | | Other Non-Operating Income and Expenses Apart from the Above | 1,231,982.68 | | | Other Profit and Loss Items Meeting the Definition of Non-Recurring Gains and Losses | 675,996.89 | | | Less: Income Tax Impact | 5,273,867.50 | | | Total | 29,885,249.19 | | - The company has not classified any non-recurring gains and losses listed in "Interpretive Announcement No. 1 on Information Disclosure by Companies Issuing Securities to the Public – Non-Recurring Gains and Losses" as recurring gains and losses[26] Management Discussion and Analysis This section provides an in-depth analysis of the company's operations, financial performance, asset and liability status, investment activities, and risk management strategies Main Business Activities During the Reporting Period The company specializes in smart logistics and intelligent manufacturing solutions, benefiting from policy support and market expansion, despite a decline in revenue and net profit due to macroeconomic factors - The company primarily engages in smart logistics and intelligent manufacturing system integrated solutions, offering comprehensive services including planning, design, system integration, software development, equipment customization, electrical control system development, on-site installation and commissioning, customer training, and after-sales service[28] - National policies such as the "Robot+ Application Action Plan," "Guidelines on Accelerating the Transformation and Upgrading of Traditional Manufacturing," "Action Plan for Promoting Large-scale Equipment Renewal and Consumer Goods Trade-in," and "Action Plan for Effectively Reducing Overall Social Logistics Costs" provide new opportunities for the intelligent logistics and intelligent manufacturing industries[28] - In H1 2025, the company secured new orders totaling RMB 2.14 billion, a 101.20% year-over-year increase, primarily driven by a significant rise in new energy sector orders and its first nuclear power project win (CGN San'ao Project)[48][49] H1 2025 Operating Performance Overview | Indicator | Amount (RMB 10,000) | Year-over-Year Change | | :--- | :--- | :--- | | New Orders | 214,341.43 | 101.20% | | Operating Revenue | 141,235.41 | -14.36% | | Operating Profit | 21,065.45 | -24.34% | | Net Profit Attributable to Shareholders of Listed Company | 18,785.63 | -22.53% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Items) | 15,797.11 | -31.25% | | Net Profit Margin | 13.30% | - | | Unrecognized Revenue Orders on Hand (Period-End) | 474,782.96 | - | Industry Development Overview The intelligent logistics and manufacturing industry is experiencing significant growth driven by national policies, demand for efficiency, and technological advancements, leading to market expansion and increased competition - In January 2023, seventeen departments including the Ministry of Industry and Information Technology issued the "Robot+ Application Action Plan," aiming to double manufacturing robot density by 2025[28] - In March 2024, the State Council issued the "Action Plan for Promoting Large-scale Equipment Renewal and Consumer Goods Trade-in," proposing that equipment investment in industrial and other sectors will increase by over 25% by 2027 compared to 2023[28] Smart Warehousing and Intelligent Logistics Equipment Market Size Forecast | Indicator | 2021 (RMB 100 million) | 2025 (Forecast, RMB 100 million) | 2022-2025 CAGR | | :--- | :--- | :--- | :--- | | Smart Warehousing Market Size | 1,165 | 2,320 | 20% | | Intelligent Logistics Equipment Industry Market Size | 2018: 788.96 | 2028: 3,048.88 | 2018-2023 CAGR: 14.09% | | | 2023: 1,525.13 | | 2024-2028 CAGR: 14.89% | - Industry technology development is highly intelligent, achieving full-process automation, intelligence, and digitalization through technologies such as IoT, industrial internet, big data, and artificial intelligence[30][31] - Competition in China's intelligent robotics industry is intensifying, with resources concentrating among leading players, large enterprises penetrating the industrial chain, and domestic brands actively expanding into overseas markets leveraging cost and technological advantages[32] - The company has specialized in smart logistics and intelligent manufacturing system integrated solutions for over 20 years, serving over 40 industries including new energy, petrochemicals, and tobacco, building extensive industry experience and a reputation as a high-quality service provider[33] Main Business The company provides comprehensive smart logistics, factory, and park solutions, encompassing design, integration, manufacturing, software development, and full lifecycle services, with a focus on customized projects and competitive bidding - With the mission of "making IoT technology smarter," the company provides smart logistics, smart factory, and smart park solutions, achieving automation, digitalization, and intelligence across the entire production and operation process[34] - Smart logistics systems include automated warehousing systems, automated handling and conveying systems, automated sorting and picking systems, along with their electrical control and information management systems[35] - Intelligent manufacturing systems consist of various specialized production equipment, production management systems (MES, EMS), and auxiliary equipment[36] Main Intelligent Software Products | Type | Name | Description | | :--- | :--- | :--- | | Platform Products | Industrial IoT Platform | IIoT enabling platform, achieving fully automated, intelligent production and manufacturing with full-element, full-chain, and full-cycle business collaboration | | | Digital Twin Platform | Building a visualized, intelligent management platform system for real-time remote control | | | Data Acquisition and Control Development Platform | Supports thousands of device model drivers for rapid device integration | | Software Products | Warehouse Management System (WMS) | Integrates inbound, outbound, and in-warehouse operations to improve warehousing efficiency and control operating costs | | | Logistics Collaboration Management System (LCMS) | Order-centric system driving warehousing, transportation, and other links to achieve precise capacity allocation and optimal resource matching | | | Manufacturing Execution System (MES) | Addresses issues such as inventory backlog, production opacity, and low equipment utilization | | | Equipment Management System (EMS) | Achieves refined production management, digital equipment operation and maintenance, and standardized quality management | | | Today Cloud Warehouse (DWMS) | Cloud-based SaaS product offering inbound, outbound, and inventory management functions | | | Digital Yard Management System (YMS) | Covers full lifecycle management of vehicles, docks, operators, and suppliers, resolving yard congestion and improving loading/unloading efficiency | Main Intelligent Equipment Products | Name | Description | | :--- | :--- | | AGV | Industrial mobile robots for unmanned material handling, stacking, and palletizing, improving productivity and reducing labor costs; the company has nearly 30 independently developed AGV products | | Stacker Crane | Specialized lifting equipment for retrieving unit goods in high-bay automated warehouses, enhancing warehouse area and space utilization and storage system operational efficiency; the company has five independently developed stacker crane series | - After-sales operation and maintenance services include annual maintenance, system upgrades, spare parts replacement, and training, aiming to extend system lifespan and enhance performance and stability[38] - The company's R&D model is divided into basic product R&D (general requirement templates) and specific project R&D (customer-customized requirements), with basic products providing technological accumulation for rapid delivery[40] - The procurement model is primarily customized, mainly purchasing machinery, computer hardware and software, and electrical control equipment; apart from a small number of after-sales spare parts, inventory primarily represents project fulfillment costs[41] - The marketing model primarily involves securing smart logistics and intelligent manufacturing system projects through competitive bidding; smart software and hardware products can be sold as packages or independently, and after-sales operation and maintenance services are provided through contracts with existing clients[43][44][45] - Pricing is influenced by project complexity, customer recognition, and equipment configuration; payment is typically phased, including contract signing, equipment arrival, preliminary acceptance, final acceptance, and warranty expiration[46][47] Operating Performance Overview During the Reporting Period In H1 2025, the company's new orders surged by 101.20% to RMB 2.14 billion, driven by new energy and nuclear power projects, resulting in a period-end backlog of RMB 4.75 billion, despite a decline in revenue and net profit - In H1 2025, the company's new orders reached RMB 2.14 billion, a 101.20% year-over-year increase, primarily benefiting from a significant rise in new energy sector orders and its first successful bid for a nuclear power project (CGN San'ao Project)[48][49] - As of the end of the reporting period, the company's unrecognized revenue orders on hand totaled RMB 4.75 billion[49] H1 2025 Order and Revenue Status | Application Industry | New Orders/Tax Inclusive (RMB 10,000) | Completed Orders/Tax Exclusive (RMB 10,000) | Unrecognized Revenue Orders/Tax Inclusive (RMB 10,000) | | :--- | :--- | :--- | :--- | | Traditional Core Industries (New Energy, Tobacco, Petrochemical) | 186,860.87 | 134,795.73 | 397,721.63 | | Other Potential Industries | 27,480.56 | 6,439.68 | 77,061.33 | | Total | 214,341.43 | 141,235.41 | 474,782.96 | - Operating revenue was RMB 1.41 billion, a 14.36% year-over-year decrease, primarily due to macroeconomic fluctuations and a reduction in the number of projects recognized for revenue[51] - Net profit attributable to shareholders of the listed company was RMB 187.86 million, a 22.53% year-over-year decrease; net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses was RMB 157.97 million, a 31.25% year-over-year decrease[51] - As of the end of the reporting period, total assets were RMB 4.55 billion, liabilities decreased by RMB 169.52 million (5.97%), owners' equity attributable to shareholders of the listed company increased to RMB 1.88 billion (11.13%), and the asset-liability ratio was 58.72% (down 3.98%)[52] Core Competitiveness Analysis The company's core competitiveness stems from its integrated R&D, talent development, stringent quality control, extensive project experience, and agile intelligent operation and maintenance services - The company has established a collaborative R&D system comprising an "Intelligent Manufacturing Research Institute + Software/Robotics Subsidiaries," forming a core technology matrix including system solutions, industrial software, and intelligent equipment, leveraging its proprietary low-code platform, data middle platform, and AI models to build a digital integration platform for industrial equipment interconnection and intelligent application development[56] - Through a scientific human resource management system, multi-level training mechanisms, and equity incentives, the company has built a talent team of leading professionals, technical experts, and core employees, ensuring alignment between internal motivation and the long-term interests of key staff[57] - The company ensures product quality through full-process quality control, building a reputation for "exceeding expectations service," focusing on key sectors like tobacco, new energy, and petrochemicals, and collaborating with leading enterprises in other potential areas to create benchmark projects, thereby accumulating high-quality client resources[58] - The company has successfully implemented hundreds of large-scale smart logistics and intelligent manufacturing projects across over 40 industries, accumulating extensive industry experience, and leveraging its full-cycle management system, proprietary software ecosystem, and supply chain advantages to provide one-stop services from planning and design to integration, implementation, and efficient delivery[59] - The company has established an intelligent operation and maintenance service platform, integrating localized services with remote support to achieve rapid fault response and continuous system optimization, and assisting clients in enhancing management efficiency through customized modifications and functional upgrades[60] Main Business Analysis The company's operating revenue decreased by 14.36% due to fewer completed projects, while operating costs, sales, and administrative expenses also declined, but financial expenses increased due to reduced interest subsidies Major Financial Indicator Changes and Reasons | Indicator | Current Period (RMB) | Prior Year (RMB) | Year-over-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,412,354,062.59 | 1,649,112,188.94 | -14.36% | Fewer completed projects year-over-year | | Operating Cost | 1,064,743,834.61 | 1,173,109,145.78 | -9.24% | Fewer completed projects year-over-year | | Selling Expenses | 23,445,874.98 | 30,823,758.28 | -23.94% | Reduced employee incentive compensation for sales team year-over-year | | Administrative Expenses | 65,659,234.23 | 76,228,099.59 | -13.86% | Streamlined management personnel, reduced salaries year-over-year | | Financial Expenses | 596,622.04 | -3,101,498.95 | 119.24% | Interest subsidies in prior year, not obtained this period, decline in interest income | | Income Tax Expense | 24,030,128.92 | 35,689,043.80 | -32.67% | Reduced taxable income year-over-year | | R&D Investment | 63,802,085.91 | 72,706,278.76 | -12.25% | Phased adjustment of R&D activities and efficiency optimization | | Net Cash Flow from Operating Activities | -144,308,269.12 | -158,637,137.38 | 9.03% | Reduced procurement payments compared to prior year | | Net Cash Flow from Investing Activities | -62,729,175.25 | -837,262,770.77 | 92.51% | Combined effect of unredeemed bank wealth management products in prior year and land acquisition expenditures in current period | | Net Cash Flow from Financing Activities | 8,267,363.81 | 16,803,130.78 | -50.80% | Increased repayment of short-term borrowings year-over-year | | Net Increase in Cash and Cash Equivalents | -198,787,524.07 | -978,917,554.74 | 79.69% | Reasons such as reduced cash outflow from investing activities year-over-year | | Taxes and Surcharges | 15,982,413.03 | 5,656,301.31 | 182.56% | Increased VAT payable, leading to a corresponding increase in taxes and surcharges accrued year-over-year | | Other Income | 7,107,188.55 | 10,099,382.08 | -29.63% | Reduced government grants received year-over-year | | Investment Income | 3,245,203.26 | 4,431,243.54 | -26.77% | Impact of debt restructuring losses greater than growth in wealth management income | | Gains from Fair Value Changes | 0.00 | 2,425,254.96 | -100.00% | Recognized income from wealth management products held in prior year, none held at current period-end | | Credit Impairment Losses | 28,378,157.53 | -33,037,483.21 | 185.90% | Recovery of receivables for which impairment provisions were made in prior periods | | Asset Impairment Losses | -6,290,615.45 | 665,776.86 | -1,044.85% | Increased impairment provisions for contract assets | | Non-Operating Income | 1,318,156.07 | 15,748.37 | 8,270.11% | Increased non-operating income compared to prior year | | Non-Operating Expenses | 86,173.39 | 279,070.14 | -69.12% | Reduced other non-operating expenses year-over-year | Operating Revenue, Cost, and Gross Margin by Product or Service | By Product or Service | Operating Revenue (RMB) | Operating Cost (RMB) | Gross Margin | Operating Revenue Year-over-Year Change | Operating Cost Year-over-Year Change | Gross Margin Year-over-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | System Integrated Solutions | 1,055,029,229.06 | 803,440,200.76 | 23.85% | -8.48% | -5.99% | -2.01% | | Robotics Products | 219,626,644.67 | 181,899,177.52 | 17.18% | -34.43% | -24.88% | -10.52% | | Industrial Software Products | 52,017,277.72 | 21,190,274.05 | 59.26% | -41.97% | -31.35% | -6.30% | | After-Sales Operation and Maintenance Services | 85,440,191.20 | 57,319,924.43 | 32.91% | 19.71% | 28.84% | -4.76% | Operating Revenue, Cost, and Gross Margin by Region | By Region | Operating Revenue (RMB) | Operating Cost (RMB) | Gross Margin | Operating Revenue Year-over-Year Change | Operating Cost Year-over-Year Change | Gross Margin Year-over-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | North China | 528,038,737.20 | 428,211,799.20 | 18.91% | 324.75% | 327.78% | -0.57% | | South China | 371,228,105.76 | 272,492,530.52 | 26.60% | 86.29% | 78.50% | 3.21% | | East China | 195,882,871.31 | 144,921,210.86 | 26.02% | -69.87% | -68.24% | -3.78% | | Central China | 178,991,925.47 | 118,702,367.26 | 33.68% | -68.14% | -68.81% | 1.42% | Cost of Main Business Operations Breakdown | Cost Component | Current Period Amount (RMB) | Proportion of Operating Cost | Prior Period Amount (RMB) | Proportion of Operating Cost | Year-over-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Procurement Cost | 1,003,600,390.13 | 94.26% | 1,097,289,867.17 | 93.54% | -8.54% | | Labor Cost | 25,430,820.23 | 2.39% | 26,441,103.99 | 2.25% | -3.82% | | Implementation Expenses | 34,818,366.40 | 3.27% | 48,413,321.70 | 4.13% | -28.08% | Non-Operating Business Analysis Non-operating activities primarily include investment income, asset impairment, non-operating income/expenses, and credit impairment losses, with credit impairment being the largest contributor due to receivable recoveries Non-Operating Business Items and Amounts | Item | Amount (RMB) | Proportion of Total Profit | Sustainability | Reason for Formation | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 3,245,203.26 | 1.53% | No | Bank wealth management product income and debt restructuring gains/losses | | Gains and Losses from Fair Value Changes | 0.00 | 0.00% | No | | | Asset Impairment | -6,290,615.45 | -2.97% | Yes | Impairment provisions for contract assets | | Non-Operating Income | 1,318,156.07 | 0.62% | No | | | Non-Operating Expenses | 86,173.39 | 0.04% | No | | | Credit Impairment Losses | 28,378,157.53 | 13.39% | No | Recovery of receivables for which impairment provisions were made in prior periods, reversing credit impairment losses | Analysis of Assets and Liabilities The company's total assets slightly increased to RMB 4.55 billion, with stable asset structure; contract liabilities decreased, while receivables financing and notes payable increased Significant Changes in Asset Composition (Period-End vs. Prior Year-End) | Item | Current Period-End Amount (RMB) | Proportion of Total Assets | Prior Year-End Amount (RMB) | Proportion of Total Assets | Proportion Change | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 1,211,828,480.44 | 26.64% | 1,382,662,327.05 | 30.52% | -3.88% | No significant change | | Accounts Receivable | 606,406,670.81 | 13.33% | 757,126,548.43 | 16.71% | -3.38% | No significant change | | Contract Assets | 835,040,319.57 | 18.35% | 812,008,315.25 | 17.92% | 0.43% | No significant change | | Inventories | 868,630,711.93 | 19.09% | 961,388,983.84 | 21.22% | -2.13% | No significant change | | Investment Properties | 49,861,489.22 | 1.10% | 28,663,032.94 | 0.63% | 0.47% | No significant change | | Short-Term Borrowings | 41,004,500.00 | 0.90% | 68,386,250.01 | 1.51% | -0.61% | No significant change | | Contract Liabilities | 1,081,370,284.66 | 23.77% | 1,365,873,149.21 | 30.15% | -6.38% | Decrease in advance payments for projects | | Receivables Financing | 359,824,641.41 | 7.91% | 94,369,698.48 | 2.08% | 5.83% | Increase in bank acceptance bills receivable | | Notes Payable | 415,024,677.69 | 9.12% | 310,656,363.24 | 6.86% | 2.26% | Increase in goods payments settled with bank acceptance bills | Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (RMB) | Amount Purchased in Current Period (RMB) | Amount Sold in Current Period (RMB) | Ending Balance (RMB) | | :--- | :--- | :--- | :--- | :--- | | Receivables Financing | 94,369,698.48 | 542,844,032.93 | 277,389,090.00 | 359,824,641.41 | | Total | 94,369,698.48 | 542,844,032.93 | 277,389,090.00 | 359,824,641.41 | Asset Restrictions as of the End of the Reporting Period | Item | Period-End Book Balance (RMB) | Period-End Book Value (RMB) | Type of Restriction | Restriction Details | | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 77,435,349.38 | 77,435,349.38 | Frozen | Letter of guarantee deposit, bank acceptance bill deposit | Investment Status Analysis The company had no significant equity or non-equity investments, with receivables financing as the main fair value financial asset, and utilized 95.36% of its raised funds, redirecting some to a new intelligent robotics project - During the reporting period, the company had no significant equity or non-equity investments[72] Financial Assets Measured at Fair Value | Asset Category | Initial Investment Cost (RMB) | Amount Purchased in Reporting Period (RMB) | Amount Sold in Reporting Period (RMB) | Period-End Amount (RMB) | Source of Funds | | :--- | :--- | :--- | :--- | :--- | :--- | | Other (Receivables Financing) | 94,369,698.48 | 542,844,032.93 | 277,389,090.00 | 359,824,641.41 | Own Funds | | Total | 94,369,698.48 | 542,844,032.93 | 277,389,090.00 | 359,824,641.41 | -- | Overall Use of Raised Funds | Fundraising Year | Fundraising Method | Total Raised Funds (RMB 10,000) | Net Raised Funds (RMB 10,000) | Total Raised Funds Cumulatively Used (RMB 10,000) | Proportion of Raised Funds Used at Period-End | | :--- | :--- | :--- | :--- | :--- | :--- | | 2020 | Issuance of convertible corporate bonds to unspecified investors | 28,000 | 27,382.92 | 26,112.1 | 95.36% | - As of June 30, 2025, the company's remaining unused raised funds and interest totaled RMB 23.06 million, all deposited in dedicated raised funds accounts[76] - The company has closed the "Today International Industrial Internet Platform Construction Project" and "IGV Cart R&D and Industrialization Project" and reallocated the remaining RMB 88.64 million to the new "Today International Intelligent Robot R&D and Industrialization Project"[84] - During the reporting period, the company invested RMB 760 million of its own funds in bank wealth management products, with no outstanding balance at period-end and actual gains of RMB 5.42 million recovered[89][94] - The company had no derivative investments or entrusted loans during the reporting period[96][97] Major Asset and Equity Sales The company did not engage in any major asset or equity sales during the reporting period - The company did not sell any major assets during the reporting period[98] - The company did not sell any major equity during the reporting period[99] Analysis of Major Holding and Participating Companies The company's key subsidiaries, Shenzhen Today International Software Technology Co., Ltd. and Shenzhen Today International Intelligent Robot Co., Ltd., significantly contribute to software and robotics R&D and manufacturing Financial Status of Major Subsidiaries | Company Name | Company Type | Main Business | Registered Capital (RMB) | Total Assets (RMB) | Net Assets (RMB) | Operating Revenue (RMB) | Operating Profit (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shenzhen Today International Software Technology Co., Ltd | Subsidiary | Software R&D | 100,000,000 | 423,194,565.26 | 380,491,783.03 | 59,158,385.60 | 22,605,548.22 | 23,418,250.12 | | Shenzhen Today International Intelligent Robot Co., Ltd | Subsidiary | Robotics R&D, Manufacturing | 50,000,000 | 805,589,213.72 | 319,176,144.74 | 233,108,602.22 | 24,460,096.84 | 21,839,184.13 | - During the reporting period, the company established a new wholly-owned grandchild company, Guangdong Jiangxing Intelligent Technology Co., Ltd., which had no impact on overall production, operations, or performance[101] Structured Entities Controlled by the Company The company did not control any structured entities during the reporting period - The company had no controlled structured entities during the reporting period[102] Risks Faced by the Company and Countermeasures The company addresses risks related to operating performance, gross margin fluctuations, and accounts receivable collection by enhancing project management, increasing R&D, diversifying business, and strengthening credit management - Operating performance fluctuation risk: High value and long implementation cycles of individual projects mean large project revenue recognition significantly impacts current period performance, potentially leading to quarterly performance volatility[103] - Countermeasures: Strengthen project implementation management, control risk points, and ensure project progress; enhance business expansion and scale to stabilize operating performance through economies of scale[103] - Gross margin fluctuation risk: Comprehensive gross margin may decline due to raw material prices, employee compensation, client budgets, bidding competition, and gross margin differences across various industry projects[104] - Countermeasures: Establish a standardized client review mechanism, increase R&D investment to enhance technological capabilities and enterprise premium; strengthen horizontal and vertical business expansion into other downstream industries, create benchmark demonstration projects, expand influence, and stabilize gross margin levels[104] - Accounts receivable (including contract assets) recovery risk: The large period-end balance is mainly related to the phased payment model of intelligent system integration projects; client final acceptance progress, audits, budgets, and operating conditions may extend payment terms, and quality assurance deposits also form accounts receivable[106] - Countermeasures: Strengthen accounts receivable management, establish a tracking mechanism, enhance client review management, implement an accounts receivable responsibility system, optimize the weighting of collection performance indicators for business personnel, ensure a reasonable accounts receivable structure, reduce capital occupation, and control bad debt occurrence[107] Registration Form for Investor Relations Activities During the Reporting Period On May 21, 2025, the company engaged in an online communication with the public and investors via Value Online, discussing its 2024 and Q1 2025 operating performance Investor Relations Activities During the Reporting Period | Reception Time | Reception Location | Reception Method | Type of Reception Object | Main Topics Discussed and Materials Provided | | :--- | :--- | :--- | :--- | :--- | | May 21, 2025 | Value Online (Online Platform) | Online Communication (Text-based interaction) | General Public, Investors | Communication and exchange regarding the company's 2024 annual and Q1 2025 operating performance and other issues of investor concern | 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[109] - The company has not disclosed a valuation enhancement plan[109] Implementation of "Dual Enhancement of Quality and Returns" Action Plan The company has disclosed its "Dual Enhancement of Quality and Returns" action plan, focusing on core business, stable dividends, and robust governance, with significant new order growth and consistent shareholder returns - The company has disclosed its "Dual Enhancement of Quality and Returns" action plan, aiming to invigorate the capital market, boost investor confidence, and enhance the quality and investment value of the listed company[109] - The company is deeply rooted in its main business, with new orders totaling RMB 2.14 billion in H1 2025, a 101.20% year-over-year increase, driven by significant growth in new energy sector orders and its first nuclear power project win, while overseas business steadily advances[110] - The company implemented its 2024 annual equity distribution, with a cash dividend of RMB 45.33 million, and has proposed a H1 2025 profit distribution plan to distribute a cash dividend of RMB 2.00 (tax inclusive) per 10 shares, totaling RMB 90.66 million (tax inclusive); if approved, this would mark three consecutive years of semi-annual dividends[112] - The company continuously improves governance systems like its Articles of Association, implements internal governance structure reforms, leverages the role of independent directors, and safeguards the legitimate interests of minority shareholders; concurrently, it conducts rigorous and compliant information disclosure and interacts with investors through various channels including hotlines, interactive platforms, and earnings briefings[113][114] Corporate Governance, Environment, and Social Responsibility This section outlines changes in governance, profit distribution plans, employee incentives, environmental disclosures, and social responsibility initiatives Changes in Directors, Supervisors, and Senior Management During the reporting period, Gao Yuan was appointed as Vice President on April 25, 2025, due to a work transfer Changes in Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Gao Yuan | Vice President | Appointment | April 25, 2025 | Work transfer | Profit Distribution and Capital Reserve Capitalization in the Current Period The company proposes a H1 2025 profit distribution of RMB 2.00 (tax inclusive) per 10 shares, totaling RMB 90.66 million, with no bonus shares or capital reserve conversions H1 2025 Profit Distribution Plan | Indicator | Amount | | :--- | :--- | | Bonus Shares per 10 Shares (shares) | 0 | | Dividend per 10 Shares (RMB) (Tax Inclusive) | 2.00 | | Capitalization from Capital Reserve per 10 Shares (shares) | 0 | | Share Capital Base for Distribution Plan (shares) | 453,324,086 | | Cash Dividend Amount (RMB) (Tax Inclusive) | 90,664,817.20 | | Proportion of Total Cash Dividend (Including Other Methods) to Total Profit Distribution | 100.00% | | Distributable Profit (RMB) | 439,403,169.43 | - This profit distribution plan has been approved by the company's 17th meeting of the Fifth Board of Directors and unanimously agreed upon by all independent directors, who believe it is conducive to the company's sustained, stable, and healthy development and does not harm investor interests[118] Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures During the reporting period, the company had no new equity incentive plans or employee stock ownership plans, with its 2021 restricted stock incentive plan still in effect - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[119] - As of the end of this reporting period, the company's 2021 restricted stock incentive plan remains in effect[119] Environmental Information Disclosure Neither the listed company nor its major subsidiaries are included in the list of enterprises required to disclose environmental information by law - Neither the listed company nor its major subsidiaries are included in the list of enterprises required to disclose environmental information by law[121] Social Responsibility During the reporting period, the company did not undertake any work related to consolidating poverty alleviation achievements or rural revitalization - During the reporting period, the company has not yet carried out work related to consolidating poverty alleviation achievements or rural revitalization[121] Significant Matters This section details commitments, related party transactions, litigation, penalties, major contracts, and other significant events affecting the company Commitments During the reporting period, no commitments made by the company, its controlling shareholder, actual controller, or related parties were either fulfilled or overdue - During the reporting period, there were no commitments made by the company's actual controller, shareholders, related parties, acquirers, or the company itself that were either fulfilled or overdue as of the end of the reporting period[123] Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties During the reporting period, there was no non-operating occupation of the listed company's funds by its controlling shareholder or other related parties - During the reporting period, there was no non-operating occupation of the listed company's funds by its controlling shareholder or other related parties[124] 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[125] Appointment and Dismissal of Accounting Firms The company's semi-annual financial report was not audited - The company's semi-annual report was unaudited[126] Explanation by the Board of Directors, Supervisory Board, and Audit Committee on the "Non-Standard Audit Report" for the Current Period The company did not have a non-standard audit report during the reporting period - The company had no non-standard audit report during the reporting period[127] Explanation by the Board of Directors on the "Non-Standard Audit Report" for the Prior Year The company did not have a non-standard audit report during the reporting period - The company had no non-standard audit report during the reporting period[127] 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[127] Litigation Matters The company had no major litigation or arbitration matters; other minor cases totaling RMB 61.81 million have been settled and have no significant impact - The company had no major litigation or arbitration matters during the current reporting period[128] Summary of Other Litigation Matters | Basic Information on Litigation (Arbitration) | Amount Involved (RMB 10,000) | Whether a Provision for Liabilities was Formed | Litigation Progress | Outcome and Impact of Litigation (Arbitration) | Execution Status of Litigation (Arbitration) Judgment | | :--- | :--- | :--- | :--- | :--- | :--- | | Summary of other litigation not meeting major litigation disclosure standards | 6,180.77 | No | Relevant cases have been judged or settled through mediation | No significant impact | Some cases have been executed according to the judgment; some cases will be executed before the end of the performance period | Penalties and Rectification The company's controlling shareholder, Shao Jianwei, is under investigation, leading to a disclosed share transfer and control change plan that is currently in progress - Controlling shareholder and actual controller Shao Jianwei was placed under investigation by the Sanming Municipal Supervision Commission of Fujian Province to assist in related inquiries[130] - As of the disclosure date of this semi-annual report, Mr. Shao Jianwei has not yet regained his freedom; the company disclosed a share transfer and change of control plan on August 2, 2024, under which Mr. Shao Jianwei will divest all his shares in the company, and this matter is currently progressing in an orderly manner[130] Integrity Status of the Company, its Controlling Shareholder, and Actual Controller The company, its controlling shareholder, and actual controller had no unfulfilled court judgments or large overdue debts during the reporting period - The company, its controlling shareholder, and actual controller had no unfulfilled effective court judgments or large overdue debts during the reporting period[131] Major Related Party Transactions During the reporting period, the company did not engage in any major related party transactions, including those related to daily operations, asset/equity transfers, joint investments, or debt/financial dealings - The company had no related party transactions related to daily operations during the reporting period[131] - The company had no related party transactions involving asset or equity acquisitions or sales during the reporting period[132] - The company had no related party transactions involving joint external investments during the reporting period[133] - The company had no related party creditor-debtor relationships during the reporting period[134] - 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[135][136] - The company had no other major related party transactions during the reporting period[137] Major Contracts and Their Performance The company provided RMB 119 million in guarantees to subsidiaries and is performing a major contract with Sinopec Engineering Construction Co., Ltd. worth RMB 502.26 million, while also holding significant bank credit lines - The company had no trusteeship, contracting, or leasing arrangements during the reporting period[138][139][140] Company Guarantees for Subsidiaries | Guaranteed Party Name | Guaranteed Amount (RMB 10,000) | Actual Guaranteed Amount (RMB 10,000) | Guarantee Type | Guarantee Period | Whether Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | | Shenzhen Today International Intelligent Robot Co., Ltd | 25,000 | 5,000 | Joint and several liability guarantee | 12 months | No | | Shenzhen Today International Intelligent Robot Co., Ltd | 25,000 | 5,000 | Joint and several liability guarantee | 12 months | No | | Shenzhen Today International Software Technology Co., Ltd | 10,000 | 1,900 | Joint and several liability guarantee | 24 months | No | | Total approved guarantee limit for subsidiaries within the reporting period | 35,000 | - | | | | | Total actual guarantees for subsidiaries within the reporting period | - | 11,900 | | | | | Total approved guarantee limit for subsidiaries at the end of the reporting period | 35,000 | - | | | | | Total actual guarantee balance for subsidiaries at the end of the reporting period | - | 11,900 | | | | - The company's total guarantees represent 6.34% of its net assets[143] Major Contracts in Ordinary Operations | Company Party to Contract | Counterparty to Contract | Total Contract Amount (RMB 10,000) | Contract Performance Progress | Sales Revenue Recognized in Current Period (RMB 10,000) | Cumulative Sales Revenue Recognized (RMB 10,000) | Accounts Receivable Collection Status | Whether conditions affecting major contract performance have significantly changed | Whether there is a significant risk of contract non-performance | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shenzhen Today International Logistics Technology Co., Ltd | Sinopec Engineering Construction Co., Ltd | 50,226.37 | 42,699.72 | 44,448.11 | 44,448.11 | 42,699.72 | No | No | Other Major Contracts (Credit Lines) | Company Party to Contract | Counterparty to Contract | Contract Subject | Total Contract Amount (RMB 10,000) | Execution Status as of Period-End | | :--- | :--- | :--- | :--- | :--- | | Shenzhen Today International Logistics Technology Co., Ltd | Bank of Communications Shenzhen Branch | Credit Line | 20,000 | In progress | | Shenzhen Today International Logistics Technology Co., Ltd | Huaxia Bank Shenzhen Branch | Credit Line | 5,000 | Completed | | Shenzhen Today International Logistics Technology Co., Ltd | Industrial and Commercial Bank of China Shenzhen Luohu Branch | Credit Line | 43,100 | In progress | | Shenzhen Today International Logistics Technology Co., Ltd | Ping An Bank Shenzhen Branch | Credit Line | 20,000 | In progress | | Shenzhen Today International Logistics Technology Co., Ltd | China Construction Bank Shenzhen Branch | Credit Line | 15,000 | In progress | | Shenzhen Today International Logistics Technology Co., Ltd | Bank of China Shenzhen Dongmen Branch | Credit Line | 15,000 | In progress | | Shenzhen Today International Logistics Technology Co., Ltd | Industrial Bank Shenzhen Branch | Credit Line | 10,000 | In progress | | Shenzhen Today International Software Technology Co., Ltd | Industrial and Commercial Bank of China Shenzhen Luohu Branch | Credit Line | 3,000 | In progress | | Shenzhen Today International Software Technology Co., Ltd | Industrial and Commercial Bank of China Shenzhen Luohu Branch | Credit Line | 1,900 | In progress | | Shenzhen Today International Intelligent Robot Co., Ltd | Agricultural Bank of China Shenzhen Longgang Branch | Credit Line | 5,000 | In progress | | Shenzhen Today International Intelligent Robot Co., Ltd | China Construction Bank Shenzhen Branch | Credit Line | 5,000 | In progress | | Shenzhen Today International Intelligent Robot Co., Ltd | Bank of China Shenzhen Dongmen Branch | Credit Line | 5,000 | In progress | | Shenzhen Today International Logistics Technology Co., Ltd | Huaxia Bank Shenzhen Branch | Credit Line | 5,000 | In progress | Explanation of Other Significant Matters On June 10, 2025, the company successfully bid for a land use right in Shenzhen's Longgang District for RMB 65.8 million, securing it for strategic development - On June 6, 2025, the company's board of directors approved the "Proposal on the Company's Intention to Participate in Bidding for Land Use Rights," planning to use raised funds to bid for land use rights to meet strategic development needs[148] - On June 10, 2025, the company successfully bid RMB 65.8 million for the land use right of parcel G02204-0041 in Baolong Street, Longgang District, Shenzhen, Guangdong Province, and has signed relevant contracts[148][149] Significant Matters of Company Subsidiaries The company's subsidiaries had no significant matters during the reporting period - The company's subsidiaries had no significant matters during the reporting period[149] Share Changes and Shareholder Information This section reports on share capital changes, securities issuance, shareholder structure, and changes in holdings by key personnel and controlling entities Share Change Status During the reporting period, the company's total share capital remained unchanged at 453,324,086 shares, with no alterations in restricted or unrestricted share quantities or proportions Share Change Status (Current Reporting Period) | Share Class | Quantity Before This Change (shares) | Proportion Before This Change | Increase/Decrease in This Change (shares) | Quantity After This Change (shares) | Proportion After This Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 22,184,751 | 4.89% | 0 | 22,184,751 | 4.89% | | II. Unrestricted Shares | 431,139,335 | 95.11% | 0 | 431,139,335 | 95.11% | | III. Total Shares | 453,324,086 | 100.00% | 0 | 453,324,086 | 100.00% | - During the reporting period, there were no changes in the company's total shares, restricted shares, or unrestricted shares[151] - The company reports no reasons for share changes, approval status, transfer status, progress of share repurchases, or impact on financial indicators such as basic and diluted earnings per share, or net assets per ordinary share for the most recent year and period[152][153] Securities Issuance and Listing Status 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[153] Shareholder Numbers and Shareholding Status As of the reporting period end, the company had 29,206 ordinary shareholders; Shao Jianwei held the largest stake at 34.83%, with significant portions of his and other major shareholders' shares pledged - As of the end of the reporting period, the total number of ordinary shareholders was 29,206[154] Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Proportion | Number of Shares Held at Period-End (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | Share Status | Quantity (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shao Jianwei | Domestic natural person | 34.83% | 157,893,910 | 0 | 157,893,910 | Pledged | 72,500,000 | | Shao Jianfeng | Domestic natural person | 5.48% | 24,831,749 | 18,623,812 | 6,207,937 | Pledged | 12,209,000 | | Chongqing Huaruifeng Enterprise Management Partnership (Limited Partnership) | Domestic non-state-owned legal person | 2.22% | 10,064,864 | 0 | 10,064,864 | Pledged | 8,000,000 | | China Construction Bank Co., Ltd. Enterprise Annuity Plan - Industrial and Commercial Bank of China Co., Ltd | Other | 0.69% | 3,116,233 | 0 | 3,116,233 | N/A | 0 | | Chen Yongdong | Domestic natural person | 0.62% | 2,803,900 | 0 | 2,803,900 | N/A | 0 | | Jufeng Enterprise Management Consulting (Shenzhen) Co., Ltd | Domestic non-state-owned legal person | 0.51% | 2,318,650 | 0 | 2,318,650 | N/A | 0 | | Guangdong Province No. 5 Occupational Annuity Plan - Construction Bank | Other | 0.46% | 2,083,625 | 0 | 2,083,625 | N/A | 0 | | Pan Rui | Domestic natural person | 0.36% | 1,630,800 | 0 | 1,630,800 | N/A | 0 | | CCB Pension Stable Value Mixed Pension Product - China Construction Bank Co., Ltd | Other | 0.34% | 1,532,165 | 0 | 1,532,165 | N/A | 0 | | Hong Kong Securities Clearing Company Limited | Overseas legal person | 0.32% | 1,446,321 | 0 | 1,446,321 | N/A | 0 | - Shao Jianwei and Shao Jianfeng are brothers; Chongqing Huaruifeng Enterprise Management Partnership (Limited Partnership) forms a concerted action relationship with Shao Jianwei[155] - The company's top 10 ordinary shareholders and top 10 unrestricted ordinary shareholde