实益达(002137) - 2025 Q2 - 季度财报

Section 1 Important Notice, Table of Contents, and Definitions Important Notice The Board of Directors and senior management guarantee the report's accuracy, highlighting key risks including macroeconomic volatility, investment fair value changes, and trade friction, with no plans for dividend distribution - The company's Board of Directors and senior management guarantee the truthfulness, accuracy, and completeness of the report content, assuming legal responsibility[4] - Key risks faced by the company include macroeconomic fluctuations, fair value changes in investment projects, business expansion, escalating Sino-US trade friction and exchange rate fluctuations, litigation (arbitration), and customer concentration[4] - The company plans not to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital[5] Table of Contents This section outlines the report's structure, covering company overview, management discussion, governance, significant matters, share changes, bonds, financial reports, and other data Reference Documents Reference documents include signed financial statements and original public announcements, available at the company's Board Secretary Office - Reference documents include accounting statements signed and sealed by the company's legal representative, chief financial officer, and head of accounting department[9] - Original copies of all company documents and announcements publicly disclosed on the China Securities Regulatory Commission's designated website, cninfo.com.cn, during the reporting period are also available as reference documents[9] Definitions This section defines key terms used in the report, such as company names, actual controllers, reporting period, and relevant technologies, for clear understanding - "Listed Company," "Seastar," "the Company," and "Company" all refer to Shenzhen Seastar Technology Co., Ltd[10] - The actual controllers are Mr. Chen Yamei and Mr. Qiao Xin[10] - The reporting period refers to January 1, 2025, to June 30, 2025[10] Section 2 Company Profile and Key Financial Indicators I. Company Profile Shenzhen Seastar Technology Co., Ltd. (stock code: 002137) is listed on the Shenzhen Stock Exchange, with Chen Yamei as its legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Seastar | | Stock Code | 002137 | | Former Stock Abbreviation | Maida Digital | | Stock Exchange | Shenzhen Stock Exchange | | Company's Chinese Name | 深圳市实益达科技股份有限公司 | | Company's Legal Representative | Chen Yamei | II. Contact Person and Information The company's Board Secretary and Securities Affairs Representative's contact details, including address, phone, and email, are provided Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Yuan Suhua | Seastar Jinlong Industrial Park, No. 10 Jinlong 1st Road, Baolong Community, Baolong Street, Longgang District, Shenzhen | 0755-29672878 | 0755-86000766 | dmb@zg-seastar.com | | Securities Affairs Representative | Feng Min | Seastar Jinlong Industrial Park, No. 10 Jinlong 1st Road, Baolong Community, Baolong Street, Longgang District, Shenzhen | 0755-29672878 | 0755-86000766 | dmb@zg-seastar.com | III. Other Information The company's registered address, office address, website, email, and information disclosure locations remained unchanged during the reporting period - The company's registered address, office address, website, and email remained unchanged during the reporting period[14] - Information disclosure and document storage locations remained unchanged during the reporting period[15] IV. Key Accounting Data and Financial Indicators The company's H1 2025 revenue decreased by 2.38%, net profit attributable to shareholders fell by 36.55%, and operating cash flow turned negative Key Accounting Data and Financial Indicators for H1 2025 | Indicator | Current Reporting Period (Yuan) | Prior Year Period (Yuan) | % Change from Prior Year Period | | :--- | :--- | :--- | :--- | | Operating Revenue | 309,200,228.17 | 316,743,850.03 | -2.38% | | Net Profit Attributable to Listed Company Shareholders | 15,464,424.22 | 24,374,192.26 | -36.55% | | Net Profit Attributable to Listed Company Shareholders (Excluding Non-Recurring Gains/Losses) | 18,258,188.66 | 18,637,049.20 | -2.03% | | Net Cash Flow from Operating Activities | -38,333,083.53 | 40,002,338.67 | -195.83% | | Basic Earnings Per Share (Yuan/share) | 0.0268 | 0.0422 | -36.49% | | Diluted Earnings Per Share (Yuan/share) | 0.0268 | 0.0422 | -36.49% | | Weighted Average Return on Net Assets | 1.04% | 1.60% | -0.56% | | Indicator | End of Current Reporting Period (Yuan) | End of Prior Year (Yuan) | % Change from End of Prior Year | | :--- | :--- | :--- | :--- | | Total Assets | 1,888,754,127.68 | 1,947,605,423.64 | -3.02% | | Net Assets Attributable to Listed Company Shareholders | 1,497,081,224.75 | 1,481,783,534.47 | 1.03% | V. Differences in Accounting Data under Domestic and Overseas Accounting Standards The company reported no differences in net profit or net assets between international/overseas accounting standards and Chinese accounting standards - The company reported no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards during the reporting period[18] - The company reported no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese Accounting Standards during the reporting period[19] VI. Non-Recurring Gains and Losses and Amounts Non-recurring gains and losses totaled -2,793,764.44 Yuan, primarily due to fair value changes in investee companies and investment income Non-Recurring Gains and Losses for H1 2025 | Item | Amount (Yuan) | Explanation | | :--- | :--- | :--- | | Gains or losses from disposal of non-current assets | -144,802.30 | Primarily due to losses from disposal of fixed assets | | Government grants recognized in current profit or loss | 323,390.59 | Primarily due to government grants received | | Fair value changes in financial assets and liabilities, and investment income from disposal of financial assets and liabilities (excluding effective hedging related to normal business operations) | -12,039,325.68 | Primarily due to fair value changes in some investee companies | | Gains or losses from entrusted investments or asset management | 8,576,143.95 | Primarily due to income from purchasing cash management products from financial institutions | | Other non-operating income and expenses apart from the above | 1,432,386.40 | Primarily due to compensation received | | Less: Income tax impact | 655,484.98 | | | Less: Impact on minority interests (after tax) | 286,072.42 | | | Total | -2,793,764.44 | | Section 3 Management Discussion and Analysis I. Main Businesses of the Company During the Reporting Period The company focuses on smart hardware manufacturing, including industrial equipment, new energy products, and LED smart lighting, benefiting from digital technology and policy support - The company's main businesses focus on smart hardware manufacturing and smart terminal products, including semiconductor packaging and testing equipment components, new energy products (such as inverters, automotive electronics), and LED smart lighting products[24] - The company's operating model primarily involves organizing material procurement, production, and sales based on customer orders, with smart terminal product sales conducted through ODM and proprietary brand sales in domestic and international markets[24] - With the rapid development of digital technologies such as 5G, cloud computing, and artificial intelligence, smart hardware products are evolving towards high-end and diversified applications, and the new energy product market will further expand[26] - It is projected that by 2030, the usage of high-efficiency and energy-saving lamps like LEDs will exceed 80%, and by 2025, the secondary replacement demand for LED lighting will surpass initial replacement and new installation demand, becoming a key market driver[27] II. Analysis of Core Competencies The company's core strengths include product and customer advantages, robust supply chain management, efficient service capabilities, and an excellent team and organizational structure - Through technological innovation and R&D investment, the company has entered the supply chains of leading domestic and international enterprises such as ABL, ASM PT, and Signify, and has expanded new customers in automotive electronics, new energy, and IoT sectors, showing significant new order demand[29] - The company possesses leading domestic production, supply chain services, quality control, and cost management capabilities, having accumulated mature experience in procurement, inventory management, and logistics management[30] - The company has established a comprehensive partnership mechanism, emphasizing a combination of short-term and long-term incentives, continuously strengthening talent acquisition and development, and optimizing its talent structure[32] III. Analysis of Main Business Revenue decreased by 2.38% due to reduced orders, while net profit attributable to shareholders dropped 36.55% mainly from fair value losses in investee companies Year-on-Year Changes in Key Financial Data | Indicator | Current Reporting Period (Yuan) | Prior Year Period (Yuan) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 309,200,228.17 | 316,743,850.03 | -2.38% | Primarily due to reduced customer orders during the reporting period | | Net Profit Attributable to Listed Company Shareholders | 15,464,424.22 | 24,374,192.26 | -36.55% | Primarily due to significant fair value change losses recognized from investee companies during the reporting period | | Net Cash Flow from Operating Activities | -38,333,083.53 | 40,002,338.67 | -195.83% | Primarily due to increased payment of matured supplier acceptance bills and more payments for goods settled by net method | | R&D Investment | 15,113,006.15 | 13,937,795.65 | 8.43% | Primarily due to increased R&D investment and higher labor costs during the reporting period | | Fair Value Change Income | -12,382,954.67 | -1,309,080.14 | -845.93% | Primarily due to fair value change losses recognized from investee companies during the reporting period | Operating Revenue Composition (by Product and Region) | Category | Current Reporting Period Amount (Yuan) | % of Operating Revenue | Prior Year Period Amount (Yuan) | % of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | By Product | | | | | | | Smart Terminal Products | 226,354,394.95 | 73.21% | 261,373,444.84 | 82.52% | -13.40% | | Smart Hardware Manufacturing | 81,943,537.03 | 26.50% | 53,765,910.72 | 16.97% | 52.41% | | By Region | | | | | | | Overseas | 204,174,730.27 | 66.03% | 242,980,272.42 | 76.71% | -15.97% | | Domestic | 105,025,497.90 | 33.97% | 73,763,577.61 | 23.29% | 42.38% | Gross Profit Margin Changes for Products and Regions Accounting for Over 10% of Operating Revenue | Category | Operating Revenue Year-on-Year Change | Operating Cost Year-on-Year Change | Gross Profit Margin Year-on-Year Change | | :--- | :--- | :--- | :--- | | Smart Terminal Products | -13.40% | -13.00% | -0.34% | | Smart Hardware Manufacturing | 52.41% | 37.35% | 9.31% | | Overseas | -15.97% | -14.64% | -1.14% | | Domestic | 42.38% | 28.01% | 9.19% | IV. Analysis of Non-Main Business Non-operating activities significantly impacted total profit, with investment income contributing positively and fair value changes negatively Impact of Non-Main Business on Total Profit | Item | Amount (Yuan) | % of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 8,839,250.38 | 30.69% | Primarily due to wealth management income generated during the reporting period | No | | Fair Value Change Income | -12,382,954.67 | -42.99% | Primarily due to fair value change losses recognized from investee companies during the reporting period | No | | Asset Impairment | -4,651,486.41 | -16.15% | Primarily due to inventory depreciation provision made during the reporting period | No | | Non-Operating Income | 1,452,838.66 | 5.04% | Primarily due to compensation received during the reporting period | No | | Other Income | 2,959,751.22 | 10.28% | Primarily due to government grants received during the reporting period | No | V. Analysis of Assets and Liabilities Total assets decreased by 3.02%, with notable changes in cash, inventory, and a significant increase in non-current assets due within one year Significant Changes in Asset Composition | Item | Period-End Amount (Yuan) | % of Total Assets | Prior Year-End Amount (Yuan) | % of Total Assets | % Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 67,573,159.49 | 3.58% | 126,156,714.89 | 6.48% | -2.90% | Primarily due to increased payment of matured supplier acceptance bills and more payments for goods settled by net method during the reporting period | | Inventory | 167,546,483.46 | 8.87% | 139,278,999.81 | 7.15% | 1.72% | Primarily due to increased inventory preparation during the reporting period | | Trading Financial Assets | 108,649,787.93 | 5.75% | 135,692,546.92 | 6.97% | -1.22% | Primarily due to a decrease in wealth management products classified as trading financial assets at the end of the reporting period | | Debt Investments | 230,436,227.02 | 12.20% | 482,893,150.55 | 24.79% | -12.59% | Primarily due to a decrease in wealth management products classified as debt investments at the end of the reporting period | | Non-Current Assets Due Within One Year | 345,979,820.82 | 18.32% | 54,301,191.78 | 2.79% | 15.53% | Primarily due to an increase in debt investment wealth management products due within one year at the end of the reporting period | Asset Rights Restriction Status as of Reporting Period End | Item | Book Value as of June 30, 2025 (Yuan) | Reason for Restriction | | :--- | :--- | :--- | | Monetary Funds | 30,644,534.22 | Of which: bank deposits of 8,418,187.70 Yuan were frozen due to litigation; other monetary funds of 22,226,346.52 Yuan were for acceptance bill deposits, performance bonds, etc. | | Non-Current Assets Due Within One Year | 10,000,000.00 | Pledged for issuing bank acceptance bills | | Total | 40,644,534.22 | | VI. Analysis of Investment Status Total investment decreased by 32.76%, and the company engaged in forward foreign exchange contracts for hedging purposes to mitigate currency risks Investment Amount for the Reporting Period | Investment Amount for the Reporting Period (Yuan) | Investment Amount for the Prior Year Period (Yuan) | Change Rate | | :--- | :--- | :--- | | 15,587,484.42 | 23,182,777.64 | -32.76% | Derivative Investments for Hedging Purposes | Derivative Investment Type | Initial Investment Amount (CNY 10,000) | Period-End Amount (CNY 10,000) | Actual Gain/Loss for the Period (CNY 10,000) | | :--- | :--- | :--- | :--- | | Forward Foreign Exchange Contracts | 700.87 | 0 | -17.91 | - The company conducts foreign exchange hedging to lock in exchange rate risks, avoiding speculative or arbitrage transactions, and has established an "Internal Control System for Forward Foreign Exchange Transactions" to manage risks[51] VII. Significant Asset and Equity Sales The company did not engage in any significant asset or equity sales during the reporting period - The company did not sell significant assets during the reporting period[55] - The company did not sell significant equity during the reporting period[56] VIII. Analysis of Major Holding and Investee Companies Key subsidiaries, including Shenzhen Seastar Technology, experienced revenue and profit declines due to reduced orders and fair value losses Major Subsidiaries and Investee Companies with Over 10% Impact on Company's Net Profit | Company Name | Company Type | Main Business | Registered Capital (Yuan) | Operating Revenue (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Shenzhen Seastar Technology Co., Ltd. | Subsidiary | Smart Hardware Business | 67,566,927.00 | 309,183,485.56 | 35,450,381.85 | | Shenzhen Qianhai Maida Digital Co., Ltd. | Subsidiary | Investment | 10,000,000.00 | 887,966.67 | -4,699,230.37 | | Shenzhen Qianhai Seastar Investment Development Co., Ltd. | Subsidiary | Investment | 20,000,000.00 | - | -9,582,779.95 | - Shenzhen Seastar Technology Co., Ltd.'s operating revenue decreased by 2.34% year-on-year, and net profit decreased by 12.31% year-on-year, primarily due to reduced customer orders, increased management and R&D expenses, and decreased foreign exchange gains from financial expenses[58] - Shenzhen Qianhai Maida Digital Co., Ltd. and Shenzhen Qianhai Seastar Investment Development Co., Ltd. reported negative net profits, mainly due to recognized fair value change losses and investment losses from investee companies[59] IX. Structured Entities Controlled by the Company The company did not control any structured entities during the reporting period - The company did not control any structured entities during the reporting period[60] X. Risks Faced by the Company and Countermeasures The company faces risks from macroeconomic fluctuations, fair value changes, trade friction, and customer concentration, addressed by strategic adjustments and hedging - The company faces macroeconomic fluctuation risks and will adjust business and product strategies in a timely manner to reduce costs and increase efficiency[60] - To address escalating Sino-US trade friction and exchange rate fluctuation risks, the company is establishing a production base in Malaysia, actively expanding domestic and non-US international markets, and utilizing foreign exchange derivative tools to mitigate exchange rate risks[61][62] - The company faces customer concentration risk and will optimize its customer structure by improving product and service quality, deeply understanding customer needs, and expanding to new customers[62] XI. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan The company has not established a market value management system nor disclosed any valuation enhancement plans - The company has not formulated a market value management system[63] - The company has not disclosed a valuation enhancement plan[63] XII. Implementation of "Quality and Return Enhancement" Action Plan The company has not disclosed any "Quality and Return Enhancement" action plan - The company has not disclosed an announcement regarding the "Quality and Return Enhancement" action plan[63] Section 4 Corporate Governance, Environment, and Society I. Changes in Company Directors, Supervisors, and Senior Management There were no changes in the company's directors, supervisors, or senior management during the reporting period - There were no changes in the company's directors, supervisors, and senior management during the reporting period[65] II. Profit Distribution and Capital Reserve Conversion to Share Capital for the Current Reporting Period The company plans no cash dividends, bonus shares, or capital reserve conversions for the half-year period - The company plans not to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital for the half-year period[66] III. Implementation of Company's Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures in place during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[67] IV. Environmental Information Disclosure The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[68] V. Social Responsibility The company upholds sustainable development by enhancing performance, ensuring compliance, protecting shareholder and employee rights, and promoting environmental protection - The company ensures the rights and interests of shareholders, especially small and medium-sized shareholders, by standardizing the procedures for convening, holding, and voting at shareholder meetings, and diligently fulfilling information disclosure obligations[68] - The company has established a sound corporate governance structure and internal control system to ensure the legality and compliance of operations, asset security, and the truthfulness and completeness of financial reports[68] - The company adheres to a people-oriented approach, caring for employees' work, life, health, and compensation, effectively protecting their rights and interests, and actively practicing low-carbon, environmentally friendly, and green office concepts[69] Section 5 Significant Matters I. Commitments Fulfilled and Overdue Commitments by the Company's Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During the Reporting Period No commitments from the actual controller, shareholders, related parties, or the company were completed or overdue during the reporting period - During the reporting period, there were no commitments made by the company's actual controller, shareholders, related parties, acquirers, or the company that were fulfilled or overdue as of the end of the reporting period[71] II. Non-Operating Funds Occupied by Controlling Shareholders and Other Related Parties from the Listed Company There were no non-operating funds occupied by controlling shareholders or other related parties from the listed company during the reporting period - During the reporting period, there were no non-operating funds occupied by controlling shareholders and other related parties from the listed company[72] III. Irregular External Guarantees The company had no instances of illegal external guarantees during the reporting period - The company had no instances of irregular external guarantees during the reporting period[73] IV. Appointment and Dismissal of Accounting Firms The company's semi-annual report was not audited by an accounting firm - The company's semi-annual report was not audited[74] V. Explanation by the Board of Directors and Supervisory Board on the Accounting Firm's "Non-Standard Audit Report" for the Current Reporting Period The company's Board of Directors and Supervisory Board confirmed no "non-standard audit report" was issued by the accounting firm for this period - During the reporting period, there was no "non-standard audit report" issued by the accounting firm[75] VI. Explanation by the Board of Directors on the "Non-Standard Audit Report" for the Previous Year The company's Board of Directors provided no explanation regarding a "non-standard audit report" for the previous year - During the reporting period, there was no explanation regarding the "non-standard audit report" for the previous year[75] VII. Bankruptcy and Reorganization Matters The company had no bankruptcy reorganization-related matters during the reporting period - The company had no bankruptcy reorganization-related matters during the reporting period[75] VIII. Litigation Matters The company is involved in several significant lawsuits and arbitrations, primarily advertising contract and loan disputes, with potential financial liabilities Significant Litigation and Arbitration Matters | Basic Situation of Litigation (Arbitration) | Amount Involved (CNY 10,000) | Provision for Estimated Liabilities Formed | Litigation (Arbitration) Progress | Litigation (Arbitration) Outcome and Impact | | :--- | :--- | :--- | :--- | :--- | | Aipu Yingjie (Beijing) Smart Technology Co., Ltd. demands payment of advertising fees from Lixuan Advertising through arbitration | 1,008.01 | Yes | Awaiting ruling | The arbitration tribunal ruled that Lixuan Advertising should pay 5,141,000 Yuan plus overdue payment penalties and arbitration fees; Lixuan Advertising's applications for revocation and non-enforcement were rejected; an online hearing has been conducted, awaiting ruling | | Beijing Mingrui Interactive Technology Culture Communication Co., Ltd. demands payment of advertising fees from Lixuan Advertising through arbitration | 2,212.07 | Yes | Awaiting ruling | The arbitration tribunal ruled that Lixuan Advertising should pay 12,857,500 Yuan plus overdue payment penalties and arbitration fees; Lixuan Advertising's applications for revocation and non-enforcement were rejected; an online hearing has been conducted, awaiting ruling | | Beijing Datong Wuxian Media Advertising Co., Ltd. sues Shanghai Taimi Culture Communication Co., Ltd. for loan repayment and demands joint and several liability from Lixuan Advertising, Yuan Qi, and Wang Lei | 1,143.52 | No | Hearing held, no judgment yet | The original advertising contract dispute, after retrial, resulted in the revocation of the first-instance judgment and rejection of all plaintiff's claims; the plaintiff subsequently filed a new lawsuit based on the same facts as a loan dispute, which has been heard but not yet judged | - The company faces risks of monetary payment obligations due to the uncertainty of litigation (arbitration) outcomes and has engaged lawyers to actively respond[62] IX. Penalties and Rectification The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[80] X. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller The company, its controlling shareholder, and actual controller maintained good credit standing during the reporting period - During the reporting period, the company, its controlling shareholder, and actual controller maintained good credit standing, with no unfulfilled effective court judgments or large overdue debts[81] XI. Significant Related Party Transactions The company had no significant related party transactions, including asset/equity sales, joint investments, or debt/financial company dealings - The company had no related party transactions related to daily operations during the reporting period[82] - The company had no related party debt transactions during the reporting period[85] - The company had no deposits, loans, credit lines, or other financial business between its related financial companies and related parties[86] XII. Significant Contracts and Their Performance The company had no trust or contracting arrangements, but provided significant guarantees to subsidiaries and engaged in wealth management activities - The company had no trust arrangements during the reporting period[89] - The company had no contracting arrangements during the reporting period[90] Company Guarantees to Subsidiaries | Guaranteed Entity Name | Announcement Date of Guarantee Limit | Guarantee Limit (CNY 10,000) | Actual Occurrence Date | Actual Guarantee Amount (CNY 10,000) | Guarantee Type | Guarantee Period | Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Wuxi Yiming Optoelectronics Co., Ltd. | August 15, 2023 | 20,000 | February 02, 2024 | 5,000 | Joint and Several Liability Guarantee | 36 months | Yes | | Wuxi Yiming Optoelectronics Co., Ltd. | April 23, 2024 | 20,000 | March 03, 2025 | 5,000 | Joint and Several Liability Guarantee | 36 months | No | | Shenzhen Seastar Industrial Co., Ltd. | April 23, 2024 | 15,000 | March 03, 2025 | 2,500 | Joint and Several Liability Guarantee | 36 months | No | | Shenzhen Seastar Technology Co., Ltd. | April 22, 2025 | 5,000 | - | 0 | Joint and Several Liability Guarantee | - | No | | Subsidiaries within the company's consolidated scope | April 22, 2025 | 10,000 | - | 0 | - | - | No | | Total | | 50,000 | | 15,000 | | | | Wealth Management Activities | Specific Type | Source of Wealth Management Funds | Wealth Management Transaction Amount (CNY 10,000) | Unmatured Balance (CNY 10,000) | | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Funds | 66,874.49 | 66,176.49 | XIII. Explanation of Other Significant Matters The company disclosed various significant matters, including cash management, fund deregistration, credit applications, and accounting policy changes - The company disclosed announcements regarding the progress of using idle self-owned funds for cash management[98] - The company disclosed announcements regarding the deregistration of industrial funds[98] - The company disclosed announcements regarding conducting foreign exchange hedging business[98] - The company disclosed announcements regarding its controlling sub-subsidiary obtaining a high-tech enterprise certificate[99] XIV. Significant Matters of Company Subsidiaries Subsidiary significant matters included fund deregistration, credit applications, guarantees, and a high-tech enterprise certification - The company's subsidiary industrial fund processed its deregistration[100] - The company and its subordinate companies applied for credit lines and guarantees[100] - The controlling sub-subsidiary obtained a high-tech enterprise certificate[100] Section 6 Share Changes and Shareholder Information I. Share Changes The company's total share capital remained unchanged, with a minor increase in restricted shares due to a former supervisor's stock purchase Share Change Status | Share Type | Quantity Before This Change (shares) | % Before This Change | Increase/Decrease in This Change (shares) | Quantity After This Change (shares) | % After This Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 181,045,898 | 31.35% | 225 | 181,046,123 | 31.35% | | II. Unrestricted Shares | 396,458,956 | 68.65% | -225 | 396,458,731 | 68.65% | | III. Total Shares | 577,504,854 | 100.00% | 0 | 577,504,854 | 100.00% | - The share change was primarily due to Mr. Zeng Huiming, a former supervisor of the company, purchasing 300 shares of company stock on January 7, 2025 (after his departure, outside the blackout period), resulting in an increase of 225 restricted shares[104] Restricted Share Changes | Shareholder Name | Restricted Shares at Period Start (shares) | Restricted Shares Increased This Period (shares) | Restricted Shares at Period End (shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Zeng Huiming | 0 | 225 | 225 | Senior executive restricted shares, resigned on September 5, 2024 | II. Securities Issuance and Listing The company had no securities issuance or listing activities during the reporting period - The company had no securities issuance or listing activities during the reporting period[106] III. Company Shareholder Numbers and Shareholding Status As of the reporting period end, the company had 65,550 common shareholders, with the actual controllers holding 41.80% of shares - As of the end of the reporting period, the total number of common shareholders was 65,550[107] Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio | Shares Held at Period End (shares) | Restricted Shares Held (shares) | Unrestricted Shares Held (shares) | Pledged, Marked, or Frozen Status | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Chen Yamei | Domestic Natural Person | 30.87% | 178,264,899 | 133,698,674 | 44,566,225 | Frozen 3,612,737 shares (released) | | Qiao Xin | Domestic Natural Person | 10.93% | 63,127,032 | 47,345,274 | 15,781,758 | Frozen 3,612,737 shares (released) | - Mr. Qiao Xin and Ms. Chen Yamei are husband and wife, acting in concert[108] - The frozen shares of the company's top ten shareholders, Chen Yamei and Qiao Xin, were all released in July 2025[109] IV. Shareholding Changes of Directors, Supervisors, and Senior Management There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period - There were no changes in the shareholding status of the company's directors, supervisors, and senior management during the reporting period[111] V. Changes in Controlling Shareholder or Actual Controller The company's controlling shareholder and actual controller remained unchanged during the reporting period - The company's controlling shareholder remained unchanged during the reporting period[112] - The company's actual controller remained unchanged during the reporting period[112] VI. Preferred Share Information The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[113] Section 7 Bond-Related Information Bond-Related Information The company had no bond-related matters during the reporting period - The company had no bond-related matters during the reporting period[115] Section 8 Financial Report I. Audit Report The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[116] II. 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 equity - This section includes the consolidated balance sheet, parent company balance sheet, consolidated income statement, parent company income statement, consolidated cash flow statement, parent company cash flow statement, consolidated statement of changes in owner's equity, and parent company statement of changes in owner's equity[117] 1. Consolidated Balance Sheet As of June 30, 2025, consolidated total assets were 1,888,754,127.68 Yuan, a 3.02% decrease from the beginning of the period Consolidated Balance Sheet Key Data | Item | Period-End Balance (Yuan) | Period-Start Balance (Yuan) | | :--- | :--- | :--- | | Total Assets | 1,888,754,127.68 | 1,947,605,423.64 | | Total Current Assets | 908,918,849.81 | 693,427,171.86 | | Total Non-Current Assets | 979,835,277.87 | 1,254,178,251.78 | | Total Liabilities | 322,333,090.10 | 402,605,396.75 | | Total Owner's Equity | 1,566,421,037.58 | 1,545,000,026.89 | 2. Parent Company Balance Sheet As of June 30, 2025, the parent company's total assets were 1,416,514,912.99 Yuan, a slight decrease from the beginning of the period Parent Company Balance Sheet Key Data | Item | Period-End Balance (Yuan) | Period-Start Balance (Yuan) | | :--- | :--- | :--- | | Total Assets | 1,416,514,912.99 | 1,426,860,817.61 | | Total Current Assets | 573,717,182.42 | 244,891,341.34 | | Total Non-Current Assets | 842,797,730.57 | 1,181,969,476.27 | | Total Liabilities | 28,777,004.27 | 42,011,525.17 | | Total Owner's Equity | 1,387,737,908.72 | 1,384,849,292.44 | 3. Consolidated Income Statement In H1 2025, consolidated total operating revenue was 309,200,228.17 Yuan, a 2.38% decrease, with net profit attributable to parent company shareholders down 36.55% Consolidated Income Statement Key Data | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 309,200,228.17 | 316,743,850.03 | | Total Operating Costs | 276,914,687.94 | 280,716,709.37 | | Total Profit | 28,803,440.63 | 40,660,922.06 | | Net Profit | 23,470,904.10 | 34,859,549.79 | | Net Profit Attributable to Parent Company Shareholders | 15,464,424.22 | 24,374,192.26 | | Basic Earnings Per Share (Yuan/share) | 0.0268 | 0.0422 | 4. Parent Company Income Statement In H1 2025, the parent company's operating revenue increased by 16.77% to 6,643,690.11 Yuan, and net profit increased by 106.61% Parent Company Income Statement Key Data | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Operating Revenue | 6,643,690.11 | 5,689,345.26 | | Operating Profit | 2,941,862.65 | 2,451,885.81 | | Total Profit | 2,941,862.65 | 2,456,885.81 | | Net Profit | 2,888,616.28 | 1,398,111.38 | 5. Consolidated Cash Flow Statement In H1 2025, consolidated net cash flow from operating activities was -38,333,083.53 Yuan, a 195.83% decrease, turning negative Consolidated Cash Flow Statement Key Data | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -38,333,083.53 | 40,002,338.67 | | Net Cash Flow from Investing Activities | -16,668,246.29 | -50,874,406.82 | | Net Cash Flow from Financing Activities | 4,997,114.01 | 7,903,687.21 | | Net Increase in Cash and Cash Equivalents | -49,855,165.54 | -1,214,623.93 | 6. Parent Company Cash Flow Statement In H1 2025, the parent company's net cash flow from operating activities was -126,155,796.29 Yuan, with net cash from investing activities at 124,161,567.55 Yuan Parent Company Cash Flow Statement Key Data | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -126,155,796.29 | -171,130,670.65 | | Net Cash Flow from Investing Activities | 124,161,567.55 | 171,389,658.80 | | Net Cash Flow from Financing Activities | -15,346.00 | -13,950.10 | | Net Increase in Cash and Cash Equivalents | -2,012,169.44 | 248,848.07 | 7. Consolidated Statement of Changes in Owner's Equity As of June 30, 2025, consolidated owner's equity totaled 1,566,421,037.58 Yuan, a 1.39% increase, with net profit attributable to parent company owners at 15,464,424.22 Yuan Consolidated Statement of Changes in Owner's Equity Key Data | Item | Period-Start Balance (Yuan) | Change Amount for Current Period (Yuan) | Period-End Balance (Yuan) | | :--- | :--- | :--- | :--- | | Total Owner's Equity Attributable to Parent Company | 1,481,783,534.47 | 15,297,690.28 | 1,497,081,224.75 | | Minority Interests | 63,216,492.42 | 6,123,320.41 | 69,339,812.83 | | Total Owner's Equity | 1,545,000,026.89 | 21,421,010.69 | 1,566,421,037.58 | 8. Parent Company Statement of Changes in Owner's Equity As of June 30, 2025, the parent company's owner's equity totaled 1,387,737,908.72 Yuan, a 0.21% increase, with net profit at 2,888,616.28 Yuan Parent Company Statement of Changes in Owner's Equity Key Data | Item | Period-Start Balance (Yuan) | Change Amount for Current Period (Yuan) | Period-End Balance (Yuan) | | :--- | :--- | :--- | :--- | | Total Owner's Equity | 1,384,849,292.44 | 2,888,616.28 | 1,387,737,908.72 | | Retained Earnings | -217,090,567.27 | 2,888,616.28 | -214,201,950.99 | III. Company Basic Information Shenzhen Seastar Technology Co., Ltd., established in 1998 and listed in 2007, focuses on smart hardware manufacturing and LED smart lighting - The company's predecessor, Shenzhen Seastar Industrial Co., Ltd., was established on June 5, 1998, and listed on the Shenzhen Stock Exchange on June 13, 2007[148][149] - The company's registered capital is 577,504,854 Yuan, with a total of 577,504,854 shares[149] - The company continues to focus on the smart hardware sector, with its main products and services including semiconductor packaging and testing equipment components, new energy-related products, and LED smart lighting and related smart terminal products[149] IV. Basis of Financial Statement Preparation The company's financial statements are prepared on a going concern basis, with no significant doubts about its ability to continue operations for the next 12 months - The company's financial statements are prepared on a going concern basis[151] - There are no matters or circumstances that would cause significant doubt about the company's ability to continue as a going concern for the 12 months from the end of the reporting period[152] V. Significant Accounting Policies and Estimates This section details the company's accounting policies for financial instruments, inventory, fixed assets, intangible assets, and revenue recognition, affirming compliance with accounting standards - The financial statements prepared by the company comply with the requirements of enterprise accounting standards, truthfully and completely reflecting the company's financial position, operating results, and cash flows[154] - The company's operating cycle is one year, and 12 months is used as the liquidity classification standard for assets and liabilities[156] - The company uses valuation techniques that are applicable under current circumstances and supported by sufficient available data and other information to determine the fair value of relevant financial assets and financial liabilities[168] VI. Taxes The company's main taxes include VAT, corporate income tax, and surcharges, with several subsidiaries enjoying high-tech enterprise tax incentives Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Domestic sales; provision of processing, repair, and maintenance services, etc. | 13%, 9%, 6%, 3%, 0% | | Corporate Income Tax | Taxable income | 25%, 24%, 20%, 17%, 16.50%, 15%, 8.25% | | Urban Maintenance and Construction Tax | Actual amount of turnover tax paid | 7%, 5% | | Education Surcharge | Actual amount of turnover tax paid | 3% | | Local Education Surcharge | Actual amount of turnover tax paid | 2% | | Cultural Construction Fee | Taxable income (advertising industry) | 3% | | Property Tax | Based on 70% of original property value (or rental income) | 12%, 1.2% | - Shenzhen Seastar Industrial Co., Ltd., Wuxi Yiming Optoelectronics Co., Ltd., Shenzhen Seastar Smart Technology Co., Ltd., and Jiangsu Seastar Smart Optoelectronics Co., Ltd. are recognized as high-tech enterprises and are subject to a 15% preferential corporate income tax rate[223][224] - Some subsidiaries are subject to a 20% corporate income tax rate for small and micro-enterprises and enjoy tax incentives such as reduced cultural construction fees and additional VAT deductions for advanced manufacturing enterprises[224][225][226] VII. Notes to Consolidated Financial Statement Items This section provides detailed notes on consolidated financial statement items, including changes in cash, inventory, non-current assets, and impacts of fair value changes and litigation Period-End Balance of Monetary Funds | Item | Period-End Balance (Yuan) | | :--- | :--- | | Bank Deposits | 45,346,780.83 | | Other Monetary Funds | 22,226,378.66 | | Total | 67,573,159.49 | | Of which: Total funds deposited overseas | 14,572,239.41 | - Among other monetary funds, 22,226,346.52 Yuan are for bank acceptance bill deposits, performance bonds, etc., and an additional 8,418,187.70 Yuan in bank deposits are frozen due to litigation[230] Period-End Book Balance of Accounts Receivable | Aging | Period-End Book Balance (Yuan) | | :--- | :--- | | Within 1 year (inclusive) | 186,040,596.46 | | 1 to 2 years | 321,928.38 | | 2 to 3 years | 42,900.00 | | Over 3 years | 4,319,479.00 | | Total | 190,724,903.84 | - As of the end of the reporting period, the combined period-end balance of accounts receivable and contract assets from the top five customers accounted for 67.83% of the total[259] Period-End Balance of Inventory by Category | Item | Book Balance (Yuan) | Inventory Impairment Provision (Yuan) | Book Value (Yuan) | | :--- | :--- | :--- | :--- | | Raw Materials | 51,269,855.49 | 9,531,744.37 | 41,738,111.12 | | Work-in-Progress | 14,151,434.54 | 122,280.25 | 14,029,154.29 | | Finished Goods | 10,885,032.25 | 2,640,933.58 | 8,244,098.67 | | Goods in Transit | 46,295,459.55 | - | 46,295,459.55 | | Self-Made Semi-Finished Goods | 58,124,091.50 | 1,813,623.71 | 56,310,467.79 | | Consigned Processing Materials | 929,192.04 | - | 929,192.04 | | Total | 181,655,065.37 | 14,108,581.91 | 167,546,483.46 | - The period-end balance of debt investments due within one year was 345,979,820.82 Yuan, a significant increase from the beginning of the period[320][322] - The company's period-end estimated liabilities were 8,418,187.70 Yuan, primarily due to unresolved litigation contract disputes[453] Operating Revenue and Operating Costs | Item | Current Period Revenue (Yuan) | Current Period Cost (Yuan) | Prior Period Revenue (Yuan) | Prior Period Cost (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 308,312,147.29 | 235,550,756.24 | 315,284,633.54 | 241,682,349.00 | | Other Business | 888,080.88 | 257,968.11 | 1,459,216.49 | 1,040,842.75 | | Total | 309,200,228.17 | 235,808,724.35 | 316,743,850.03 | 242,723,191.75 | Fair Value Change Income | Source of Fair Value Change Income | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Trading Financial Assets | -522,758.99 | -355,816.72 | | Derivative Financial Liabilities | 286,163.61 | - | | Other Non-Current Financial Assets | -12,146,359.29 | -953,263.42 | | Total | -12,382,954.67 | -1,309,080.14 | Investment Income | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Investment income from long-term equity investments accounted for using the equity method | -80,522.56 | -54,408.12 | | Investment income from disposal of trading financial assets | -179,130.00 | -19,850.00 | | Wealth management income | 9,098,902.94 | 8,427,566.40 | | Total | 8,839,250.38 | 8,362,171.91 | VIII. Research and Development Expenses The company's H1 2025 R&D investment was 15,113,006.15 Yuan, an 8.43% increase, with all expenditures expensed R&D Expense Details | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Employee Compensation | 12,345,808.90 | 10,787,122.83 | | Testing and Inspection Fees | 38,591.31 | 249,488.68 | | Depreciation and Amortization | 880,447.71 | 889,131.21 | | Material Consumption, Mold Fees, and Maintenance Fees | 664,190.91 | 791,942.70 | | Total | 15,113,006.15 | 13,937,795.65 | | Of which: Expensed R&D Expenditures | 15,113,006.15 | 13,937,795.65 | - All R&D expenditures for the current period were expensed, with no R&D projects meeting capitalization criteria[530][531] IX. Changes in Consolidation Scope The company experienced no changes in its consolidation scope due to business combinations or other reasons during the reporting period - The company had no business combinations under non-common control during the reporting period[534] - The company had no business combinations under common control during the reporting period[538] - The company had no reverse acquisitions during the reporting period[542] X. Interests in Other Entities The company's group structure includes various subsidiaries and associates, with control over some entities achieved through voting right transfers - The company has multiple subsidiaries, with business natures covering investment, digital marketing, manufacturing, and commerce[543][544][545] - Shenzhen Seastar Technology Co., Ltd., a controlling subsidiary of the company, holds 49.00% of Yizhilian's shares but achieves control over Yizhilian with a 51.00% voting rights ratio through voting right transfer[545] Summary Financial Information of Insignificant Associates | Item | Period-End Balance/Current Period Amount (Yuan) | | :--- | :--- | | Total Book Value of Investments | 1,722.21 | | Net Profit | -80,522.56 | | Total Comprehensive Income | -80,522.56 | XI. Government Grants Government grants recognized in H1 2025 totaled 2,187,108.96 Yuan, primarily recorded as other income, with deferred income related to assets Liability Items Involving Government Grants | Accounting Account | Period-Start Balance (Yuan) | Amount Transferred to Other Income This Period (Yuan) | Period-End Balance (Yuan) | Related to Assets/Income | | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 5,077,895.49 | 323,026.86 | 4,754,868.63 | Related to Assets | Government Grants Recognized in Current Profit or Loss | Accounting Account | Current Period Amount (Yuan) | | :--- | :--- | | Other Income | 2,187,108.96 | XII. Risks Related to Financial Instruments The company manages credit, liquidity, and market risks (interest rate and foreign exchange) through credit assessments, diversified financing, and derivative instruments - The company faces credit risk, liquidity risk, and market risk (interest rate risk and foreign exchange risk)[560] - The company manages credit risk by conducting credit assessments of customers and monitoring the balance of accounts receivable; the top five customers' accounts receivable account for 67.83% of the total[570] - The company controls liquidity risk by comprehensively utilizing various financing methods such as bill settlement and bank loans, and by adopting an appropriate combination of long-term and short-term financing[573] - The company manages foreign exchange risk through derivative financial instruments such as forward foreign exchange contracts, with no unmatured forward foreign exchange contracts as of June 30, 2025[577] XIII. Fair Value Disclosure The company discloses fair values of financial assets and liabilities, using active market quotes, expected returns, and valuation techniques for unlisted equity investments Period-End Fair Value of Assets Measured at Fair Value | Item | Level 1 Fair Value Measurement (Yuan) | Level 2 Fair Value Measurement (Yuan) | Level 3 Fair Value Measurement (Yuan) | Total (Yuan) | | :--- | :--- | :--- | :--- | :--- | | (I) Trading Financial Assets | - | 108,649,787.93 | - | 108,649,787.93 | | (II) Other Equity Instrument Investments | - | - | 52,545,129.11 | 52,545,129.11 | | (III) Other Non-Current Financial Assets | - | - | 391,759,960.00 | 391,759,960.00 | | Total Assets Continuously Measured at Fair Value | - | 108,649,787.93 | 444,305,089.11 | 552,954,877.04 | - The company uses active market quotes to determine the fair value of derivative financial liabilities[589] - The company estimates the fair value of trading financial assets using expected rates of return[590] - For unlisted equity instrument investments, the company calculates fair value based on valuation methods such as book net assets, discounted future cash flows, recent financing prices, and market multiples[591] XIV. Related Parties and Related Party Transactions The ultimate controlling parties are Qiao Xin and Chen Yamei, with minor related party rental transactions and key management personnel compensation disclosed - The ultimate controlling parties of the company are Mr. Qiao Xin and Ms. Chen Yamei, who collectively hold 241,391,931.00 shares of the company, representing a 41.80% shareholding ratio[593] Related Party Lease Situations where the Company is the Lessee | Lessor Name | Type of Leased Asset | Rent Paid in Current Period (Yuan) | | :--- | :--- | :--- | | Shenzhen Yuantong Incubation Co., Ltd. | Property | 15,346.00 | Key Management Personnel Compensation | Item | Current Period Amount (Yuan) | | :--- | :--- | | Key Management Personnel Compensation | 3,768,542.78 | Amounts Payable to Related Parties | Item Name | Related Party | Period-End Book Balance (Yuan) | | :--- | :--- | :--- | | Other Payables | Shenzhen Seastar Electro-Acoustic Co., Ltd. | 20,853.29 | | Lease Liabilities | Shenzhen Yuantong Incubation Co., Ltd. | 189,124.31 | XV. Share-Based Payment The company report no share-based payment arrangements, including equity-settled or cash-settled plans, during the reporting period - The company had no overall share-based payment situation during the reporting period[611] XVI. Commitments and Contingencies As of June 30, 2025, the company had no significant commitments but faced several material contingent liabilities from ongoing litigation - As of June 30, 2025, the company had no significant commitments requiring disclosure[611] - The company has several significant contingent matters, primarily involving advertising contract disputes and loan disputes of its subsidiary Lixuan Advertising, with some cases having been heard but not yet judged or awaiting ruling[612] XVII. Events After the Balance Sheet Date As of August 15, 2025 (the date the report was approved by the Board), the company had no significant subsequent events requiring disclosure, such as non-adjusting events or profit distribution - As of August 15, 2025 (the date the Board of Directors approved the report), the company had no significant subsequent events requiring disclosure[616] XVIII. Other Significant Matters The company reported no prior period accounting error corrections, debt restructurings, asset swaps, annuity plans, or discontinued operations - The company had no prior period accounting error corrections during the reporting period[617] - The company had no debt restructuring, asset replacement, annuity plans, or discontinued operations during the reporting period[620] - The company has no reportable segments; its main operating activities are smart hardware manufacturing, R&D, production, and sales of smart terminal products, managed as a whole[622] XIX. Notes to Major Items in Parent Company Financial Statements This section details parent company financial statement items, including zero accounts receivable, significant intercompany receivables, and investment income from wealth management - The parent company's accounts receivable period-end book balance was 0[624] Parent Company Other Receivables by Nature of Funds | Nature of Funds | Period-End Book Balance (Yuan) | | :--- | :--- | | Receivables from related parties within the consolidated scope | 275,502,167.81 | | Other receivables | 260,047.12 | | Total | 275,762,214.93 | Parent Company Investments in Subsidiaries | Investee Unit | Period-End Balance (Book Value) (Yuan) | | :--- | :--- | | Kaiyang Trading (Hong Kong) Co., Ltd. | 396,546.00 | | Wuxi Seastar Electronics Co., Ltd. | 286,277,179.53 | | Shenzhen Qianhai Seastar Investment Development Co., Ltd. | 1,003,737.36 | | Shenzhen Seastar Technology Co., Ltd. | 199,117,000.00 | | Shenzhen Qianhai Maida Digital Co., Ltd. | 18,857,621.84 | | Wuxi Yixi Electronics Co., Ltd. | 10,000.00 | | Shenzhen Maijia Enterprise Consulting Partnership (Limited Partnership) | 20,000,000.00 | | Total | 525,662,084.73 | Parent Company Operating Revenue and Operating Costs | Item | Current Period Revenue (Yuan) | Current Period Cost (Yuan) | | :--- | :--- | :--- | | Other Business | 6,643,690.11 | 3,707,514.49 | | Total | 6,643,690.11 | 3,707,514.49 | Parent Company Investment Income | Item | Current Period Amount (Yuan) | | :--- | :--- | | Wealth management income | 5,961,365.21 | | Total | 5,961,365.21 | XX. Supplementary Information This section provides non-recurring gains and losses, net asset return, and earnings per share, with total non-recurring losses of -2,793,764.44 Yuan Current Period Non-Recurring Gains and Losses Details | Item | Amount (Yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets | -144,802.30 | | Government grants recognized in current profit or loss | 323,390.59 | | Fair value change income | -12,039,325.68 | | Gains or losses from entrusted investments or asset management | 8,576,143.95 | | Other non-operating income and expenses | 1,432,386.40 | | Less: Income tax impact | 655,484.98 | | Less: Impact on minority interests (after tax) |