北纬科技(002148) - 2025 Q2 - 季度财报

Section I Important Notes, Table of Contents, and Definitions Important Notes The board and management assure report accuracy, highlight operating risks, and confirm no dividends or bonus shares for the period - The company's board of directors, supervisory board, and senior management commit to the truthfulness, accuracy, and completeness of the semi-annual report[5] - Investors are advised to pay attention to the operating risks and countermeasures described in Section III "Management Discussion and Analysis"[6] - The company plans no cash dividends, bonus shares, or capital increase from capital reserves for this half-year period[7] Table of Contents This section outlines the report's nine main chapters, covering operations, finance, governance, and key events - The report is divided into nine main chapters, covering various aspects such as company operations, finance, governance, and significant matters[10] List of Documents for Inspection This section specifies the types and location of documents for inspection, including signed financial statements and original public disclosures - Documents for inspection include financial statements signed and sealed by the legal representative, chief accounting officer, and head of the accounting department[12] - Documents for inspection also include original copies of all company documents publicly disclosed on information disclosure media designated by the China Securities Regulatory Commission during the reporting period[13] - All documents for inspection are kept at the company's securities department[15] Definitions This section defines key terms like reporting period, IoT, and mobile internet industrial park, ensuring clear understanding - "Reporting Period" refers to January 1, 2025, to June 30, 2025[16] - "Internet of Things" (IoT) is defined as a network enabling all ordinary objects with independent functions to interconnect[16] - "Beiwei Mobile Internet Industrial Park" refers to the high-end commercial office building center invested and constructed by the company, focusing on the mobile internet sector[16] Section II Company Profile and Key Financial Indicators I. Company Profile The company, listed on the Shenzhen Stock Exchange as 'Beiwei Technology' (002148), has Fu Lemin as its legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Beiwei Technology | | Stock Code | 002148 | | Listed Stock Exchange | Shenzhen Stock Exchange | | Chinese Name | Beijing Beiwei Communication Technology Co., Ltd. | | Legal Representative | Fu Lemin | II. Contact Person and Information This section provides detailed contact information for the Board Secretary and Securities Affairs Representative, including names, addresses, and contact details Company Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Huang Xiao | 26th Floor, Guoxing Building, No. 22 South Capital Gymnasium Road, Haidian District, Beijing | 010-88356661 | 010-88356273 | ir@bw30.com | | Securities Affairs Representative | Feng Jingjing | 26th Floor, Guoxing Building, No. 22 South Capital Gymnasium Road, Haidian District, Beijing | 010-88356661 | 010-88356273 | ir@bw30.com | III. Other Information The company's registered address, office address, website, email, and information disclosure locations remained unchanged, as detailed in the 2024 annual report - The company's contact information remained unchanged during the reporting period, as detailed in the 2024 annual report[20] - Information disclosure and storage locations remained unchanged during the reporting period, as detailed in the 2024 annual report[21] IV. Key Accounting Data and Financial Indicators In H1 2025, revenue grew 47.26% to CNY 194 million, but net profit attributable to shareholders declined 129.52% to CNY -3.13 million, resulting in a temporary loss H1 2025 Key Accounting Data and Financial Indicators | Indicator | Current Reporting Period (CNY) | Prior Year Period (CNY) | Change from Prior Year Period | | :--- | :--- | :--- | :--- | | Operating Revenue | 194,485,433.19 | 132,068,062.50 | 47.26% | | Net Profit Attributable to Shareholders of Listed Company | -3,130,489.92 | 10,604,799.86 | -129.52% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains and Losses) | -6,740,898.23 | 4,171,392.83 | -261.60% | | Net Cash Flow from Operating Activities | -7,036,188.84 | 11,911,925.26 | -159.07% | | Basic Earnings Per Share (CNY/share) | -0.01 | 0.02 | -150.00% | | Diluted Earnings Per Share (CNY/share) | -0.01 | 0.02 | -150.00% | | Weighted Average Return on Net Assets | -0.26% | 0.87% | -1.13% | | Indicator | End of Current Reporting Period (CNY) | End of Prior Year (CNY) | Change from End of Prior Year | | :--- | :--- | :--- | :--- | | Total Assets | 1,402,070,932.78 | 1,389,739,710.96 | 0.89% | | Net Assets Attributable to Shareholders of Listed Company | 1,217,855,292.20 | 1,227,413,385.91 | -0.78% | V. Differences in Accounting Data under Domestic and International Accounting Standards The company reported no differences in net profit and net assets between financial reports under international/overseas and Chinese accounting standards - The company's financial reports for the reporting period showed no differences in net profit and net assets when disclosed under International Accounting Standards versus Chinese Accounting Standards[24] - The company's financial reports for the reporting period showed no differences in net profit and net assets when disclosed under overseas accounting standards versus Chinese Accounting Standards[25] VI. Non-Recurring Gains and Losses and Amounts Total non-recurring gains and losses were CNY 3.61 million, mainly from fair value changes in financial assets, positively impacting net profit after tax H1 2025 Non-Recurring Gains and Losses and Amounts | Item | Amount (CNY) | Explanation | | :--- | :--- | :--- | | Gains or losses from disposal of non-current assets | -48,210.08 | | | Gains or losses from changes in fair value of financial assets and liabilities, and investment gains from disposal of financial assets and liabilities, excluding effective hedging activities related to normal business operations | 4,307,905.01 | Primarily investment income from wealth management products and equity investments classified as fair value through profit or loss | | Other non-operating income and expenses apart from the above | 104.38 | | | Less: Income tax impact | 577,071.95 | | | Minority interest impact (after tax) | 72,319.05 | | | Total | 3,610,408.31 | | - The company does not classify non-recurring gains and losses as recurring gains and losses[28] Section III Management Discussion and Analysis I. Main Businesses Engaged by the Company During the Reporting Period In H1 2025, operating revenue grew 47.26% to CNY 194 million, driven by IoT and mobile games, but increased marketing and share-based payment expenses led to a CNY -3.13 million net loss - In H1 2025, the company achieved operating revenue of CNY 194,485,433.19, a year-on-year increase of 47.26%[30] - Revenue from IoT applications and other mobile communication services was CNY 126,610,551.96, a year-on-year increase of 64.08%[30] - Mobile game revenue increased by 84.61% year-on-year[30] - Net profit attributable to shareholders of the listed company was CNY -3,130,489.92, resulting in a temporary loss, primarily due to increased market marketing investment and share-based payment expenses for restricted stock[30] (I) IoT Applications and Other Mobile Communication Services The company strengthens IoT connection management and services, building a multi-operator supply system and focusing on key industry clients to enhance platform capabilities and competitiveness - In H1 2025, mobile IoT terminal users reached 2.831 billion, a net increase of 175 million, indicating continued growth in the IoT market[31] - The company increased resource expansion efforts, building a supply guarantee system covering multiple operators, cities, and entities, flexibly responding to market price changes[31] - The company focuses on key industries, collaborating with leading clients in video media, autonomous driving, and surveying, and has developed replicable standardized solutions in the video media industry[32] (II) Mobile Game Business In H1 2025, China's mobile game market grew, with mini-games strong; the company focuses on mini-games and integrated R&D-operations, with 'SimCity' stable and new titles promising long-term growth - In H1 2025, the actual sales revenue of China's domestic mobile game market was CNY 125.309 billion, a year-on-year increase of 16.55%[33] - The mini-game market achieved actual sales revenue of CNY 23.276 billion, a year-on-year increase of 40.2%[33] - The company's evergreen game "SimCity" maintained stable operations, and the mini-game "Simple Dungeon" performed well[35] (III) Beiwei Mobile Internet Industrial Park Facing rising vacancies in Nanjing's office market, Beiwei International Center maintained stable occupancy through optimized rental strategies, facility upgrades, and one-stop services - At the end of H1 2025, the vacancy rate for premium office buildings in Nanjing rose to 29.0%[36] - Beiwei International Center optimized its rental strategy, implemented intelligent upgrades to public areas, and added shared facilities such as meeting rooms and roadshow halls[37] - Through a smart building management system, the center provides one-stop services like business registration and policy application, and co-hosted industry matchmaking events, achieving stable occupancy in H1[37] II. Analysis of Core Competencies The company's core competencies in R&D, brand, operational licenses, management, and strategic layout establish competitive barriers and sustainable development in IoT and mobile games - The company has built a comprehensive R&D system, from underlying technology research and platform development to industry solution creation, deepening product and service integration with vertical industries[38] - The company has established solid strategic cooperation relationships with telecom operators and built a strong brand in mobile games and IoT applications[39] - The company holds multiple key operating licenses, including cross-regional value-added telecommunications business licenses (virtual operator licenses) and online publishing service licenses[41] - The company is committed to building an agile and efficient organizational structure and decision-making process, enhancing team cohesion, enthusiasm, and stability through long-term incentive mechanisms[42] - The company successfully seized three business transformation opportunities, focusing on IoT connection services as a strategic priority, demonstrating strong strategic planning capabilities from its management team[43] III. Analysis of Main Business In H1 2025, operating revenue grew 47.26%, driven by IoT and mobile games, but increased costs and expenses led to a net loss; IT services accounted for 84.37% of revenue, growing 68.36% Major Financial Data Year-on-Year Changes | Indicator | Current Reporting Period (CNY) | Prior Year Period (CNY) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 194,485,433.19 | 132,068,062.50 | 47.26% | Primarily driven by year-on-year growth in IoT application business and mobile game business revenue | | Operating Cost | 121,976,486.36 | 76,937,599.83 | 58.54% | Primarily due to increased costs driven by revenue growth | | Selling Expenses | 50,127,495.86 | 17,810,020.55 | 181.46% | Primarily due to increased market marketing efforts and business promotion expenses in the current period | | Administrative Expenses | 14,094,821.18 | 12,819,508.82 | 9.95% | Primarily due to increased restricted stock expenses recognized in the current period | | Net Cash Flow from Operating Activities | -7,036,188.84 | 11,911,925.26 | -159.07% | Primarily due to increased business promotion expenditures and increased prepayments to reduce procurement unit costs in the current period | Operating Revenue Composition (by Industry, Product, Region) | Category | Item | Current Reporting Period Amount (CNY) | Proportion of Operating Revenue | Prior Year Period Amount (CNY) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | By Industry | Information Technology Services | 164,091,812.01 | 84.37% | 97,466,215.09 | 73.80% | 68.36% | | | Industrial Park Services | 29,672,266.41 | 15.26% | 33,853,540.43 | 25.63% | -12.35% | | By Product | IoT Applications and Other Mobile Communication Services | 126,610,551.96 | 65.10% | 77,163,599.71 | 58.43% | 64.08% | | | Mobile Game Business | 37,481,260.05 | 19.27% | 20,302,615.38 | 15.37% | 84.61% | | | Mobile Internet Industrial Park | 29,672,266.41 | 15.26% | 33,853,540.43 | 25.63% | -12.35% | | By Region | North China | 59,413,082.55 | 30.55% | 38,906,362.26 | 29.46% | 52.71% | | | East China | 35,220,126.55 | 18.11% | 36,416,336.54 | 27.57% | -3.28% | | | Other Regions | 99,852,224.09 | 51.34% | 66,763,363.79 | 62.97% | 75.97% | Main Business Cost Composition | Cost Component | Current Reporting Period Amount (CNY) | Proportion of Operating Cost | Prior Year Period Amount (CNY) | Proportion of Operating Cost | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Information Resource Procurement | 88,349,275.33 | 72.43% | 44,742,951.72 | 58.15% | 97.46% | | Partner Revenue Share | 18,169,160.78 | 14.90% | 17,793,317.28 | 23.13% | 2.11% | | Production System Maintenance | 4,513,334.72 | 3.70% | 3,215,682.97 | 4.18% | 40.35% | | Property Maintenance | 4,312,269.60 | 3.54% | 6,346,596.54 | 8.25% | -32.05% | | Depreciation and Amortization | 5,404,438.37 | 4.43% | 4,727,881.12 | 6.15% | 14.31% | | Other Costs | 1,168,948.56 | 0.96% | 55,616.20 | 0.07% | 2,001.81% | - Other costs increased by 2001.81% compared to the prior year, primarily due to increased warehousing and logistics costs[53] - Information resource procurement increased by 97.46% compared to the prior year, primarily due to increased IoT business revenue and scale expansion[54] - Property maintenance costs decreased by 32.05% compared to the prior year, primarily due to reduced revenue from the mobile internet industrial park[55] IV. Analysis of Non-Core Business During the reporting period, the company had no non-core businesses V. Analysis of Assets and Liabilities At period-end, total assets slightly increased by 0.89%, net assets attributable to shareholders slightly decreased by 0.78%; long-term equity investments rose 30.32%, while transactional financial assets decreased and liabilities increased Significant Changes in Asset Composition | Item | Amount at End of Current Reporting Period (CNY) | Proportion of Total Assets | Amount at End of Prior Year (CNY) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 33,882,841.74 | 2.42% | 48,043,503.20 | 3.46% | -1.04% | No significant change | | Accounts Receivable | 32,917,462.29 | 2.35% | 14,512,210.21 | 1.04% | 1.31% | No significant change | | Long-Term Equity Investments | 145,970,310.50 | 10.41% | 112,010,290.01 | 8.06% | 2.35% | Primarily due to increased investments in the current period | | Transactional Financial Assets | 459,139,409.35 | 32.75% | 491,256,683.71 | 35.35% | -2.60% | Primarily due to a larger amount of redeemed wealth management products in the current period | | Contract Liabilities | 60,159,512.71 | 4.29% | 43,281,832.98 | 3.11% | 1.18% | No significant change | Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (CNY) | Fair Value Change in Current Period (CNY) | Amount Purchased in Current Period (CNY) | Amount Sold in Current Period (CNY) | Ending Balance (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | | Transactional Financial Assets | 491,256,683.71 | 4,177,257.94 | 50,000,000.00 | 86,294,532.30 | 459,139,409.35 | | Other Non-Current Financial Assets | 24,410,000.00 | | | | 24,410,000.00 | | Subtotal of Financial Assets | 515,666,683.71 | 4,177,257.94 | 50,000,000.00 | 86,294,532.30 | 483,549,409.35 | | Financial Liabilities | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | - As of the end of the reporting period, there were no restrictions on the company's asset rights[62] VI. Analysis of Investment Status Total investment increased 250% to CNY 35 million, mainly from capital injection into Beijing Baishi Hekang Pharmaceutical Technology; no securities, derivative, or raised fund investments were made Investment Amount During Reporting Period | Investment Amount in Reporting Period (CNY) | Investment Amount in Prior Year Period (CNY) | Change Percentage | | :--- | :--- | :--- | | 35,000,000.00 | 10,000,000.00 | 250.00% | Significant Equity Investments Acquired During Reporting Period | Investee Company Name | Main Business | Investment Method | Investment Amount (CNY) | Shareholding Ratio | Source of Funds | Investment Progress | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Beijing Baishi Hekang Pharmaceutical Technology Co., Ltd. | Biomedical Technology | Capital Increase | 35,000,000.00 | 10.79% | Own Funds | Completed | - The company had no securities investments during the reporting period[65] - The company had no derivative investments during the reporting period[67] - The company had no use of raised funds during the reporting period[68] VII. Significant Asset and Equity Sales The company did not undertake any significant asset or equity sales during the reporting period - The company did not sell significant assets during the reporting period[69] - The company did not sell significant equity during the reporting period[70] VIII. Analysis of Major Holding and Participating Companies Beijing Beiwei Hive IoT Technology, an IoT subsidiary, reported a CNY -2.74 million net loss; the company invests in IoT supply chain firms like Tianyu Jingwei and Picocom to enhance industrial synergy Major Subsidiaries and Associate Companies with Net Profit Impact Exceeding 10% | Company Name | Company Type | Main Business | Registered Capital (CNY) | Total Assets (CNY) | Net Assets (CNY) | Operating Revenue (CNY) | Operating Profit (CNY) | Net Profit (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Beijing Beiwei Hive IoT Technology Co., Ltd. | Subsidiary | IoT Business | 53,800,000.00 | 178,571,891.84 | 52,061,061.84 | 149,483,843.29 | -2,737,376.06 | -2,737,480.44 | - The company strategically invests in IoT sub-sectors such as Tianyu Jingwei (5G networked drones), TaosData (time-series big data analytics), Picocom Microelectronics (5G small cell chips), and Beijing Xinlian Chuangzhan (UHF RFID technology)[71] 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[72] X. Risks Faced by the Company and Countermeasures The company faces market, macroeconomic, new business, technology, talent, and investment risks, responding with market monitoring, R&D, talent optimization, and refined investment decision systems - Market environment risks: The IoT industry faces accelerated technological iteration and intense competition; the gaming market sees declining demographic dividends and increased player demand for quality. Countermeasures: Establish market monitoring mechanisms, continuously optimize product performance and service differentiation; promote gameplay innovation and creative upgrades, enhance operational refinement[73] - Macroeconomic and policy risks: IoT and gaming businesses are affected by industry regulatory policies and changes in partner rules. Countermeasures: Closely monitor policy changes, strictly comply with regulations, and promptly adjust business strategies[74] - New business expansion uncertainty risks: Slow commercialization or long return cycles for new IoT businesses; deviations in game business segment selection. Countermeasures: Adopt a "technology pre-research + scenario validation" model, establish agile development mechanisms; optimize existing game products, improve project evaluation and revenue forecasting systems[75] - Technology R&D and iteration risks: Failure to timely advance technology upgrades and product iteration will weaken competitiveness. Countermeasures: Continuously increase R&D investment, consolidate technological barriers, and build a strong product moat[76] - Talent structure and succession planning risks: Talent supply and succession planning cannot meet development needs. Countermeasures: Continuously strengthen talent acquisition, training, and optimal allocation, enhance core backbone and management team building[77] - Investment and ecosystem integration risks: Capital operations in emerging fields may involve valuation deviations, liquidity restrictions, and sub-optimal post-investment synergy. Countermeasures: Adhere to safe and prudent investment principles, improve the investment decision-making system, and strengthen post-investment tracking and risk monitoring[78] XI. 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[79] - The company has not disclosed a valuation enhancement plan[79] XII. Implementation of "Quality and Return Dual Improvement" Action Plan The company has not disclosed an announcement regarding the 'Quality and Return Dual Improvement' action plan - The company has not disclosed an announcement regarding the "Quality and Return Dual Improvement" action plan[80] Section IV Corporate Governance, Environment, and Society I. Changes in Directors, Supervisors, and Senior Management Supervisory Board Chairman Wang Pengjin and Supervisors Zou Bin and Duan Jianming resigned due to termination of employment during the period Changes in Directors, Supervisors, and Senior Management | Name | Position | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Wang Pengjin | Chairman of the Supervisory Board | Resignation | April 29, 2025 | Termination of employment | | Zou Bin | Supervisor | Resignation | April 29, 2025 | Termination of employment | | Duan Jianming | Supervisor | Resignation | April 29, 2025 | Termination of employment | II. Profit Distribution and Capital Reserve Conversion to Share Capital in This Reporting Period The company plans no cash dividends, bonus shares, or capital increase from capital reserves for this half-year period - The company plans no cash dividends, bonus shares, or capital increase from capital reserves for the half-year period[82] III. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures The 2024 restricted stock incentive plan was adjusted, with 2.524 million shares repurchased/cancelled due to departures/unmet conditions, and 510,000 reserved shares granted to 11 grantees and registered - The company repurchased and cancelled 280,000 restricted shares granted to 6 departing incentive recipients that had not yet been unlocked[84] - The company repurchased and cancelled 2,244,000 restricted shares due to the first unlocking condition of the initial grant under the 2024 restricted stock incentive plan not being met[84] - The company granted 510,000 reserved restricted shares to 11 incentive recipients on April 17, 2025, with registration completed in June 2025[85] - The company had no employee stock ownership plans or other employee incentive measures during the reporting period[86] IV. Environmental Information Disclosure The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[86] V. Social Responsibility Adhering to its core values, the company actively fulfills social responsibilities, protecting shareholder, employee, supplier, and customer rights, and pursuing sustainable development with a low-carbon lifestyle - The company values the interests of shareholders, especially small and medium-sized shareholders, ensuring their right to know, participate, and vote through various means, and consistently distributing profits[86] - The company prioritizes employee rights protection, fully implementing the Labor Law, establishing a competitive compensation and benefits system, and focusing on employee career development and health management[87] - The company values the protection of supplier and customer rights, strengthening supervision in procurement and sales to create fair, just, and transparent transaction opportunities[87] - The company adheres to a sustainable development strategy, focusing on energy consumption and promoting a low-carbon lifestyle among employees[87] Section V Significant Matters I. Commitments Fulfilled and Overdue Unfulfilled by Controlling Shareholder, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period No fulfilled or overdue unfulfilled commitments by the controlling shareholder, shareholders, related parties, acquirers, or the company were reported - During the reporting period, there were no fulfilled or overdue unfulfilled commitments by the controlling shareholder, shareholders, related parties, acquirers, or the company[90] II. Non-Operating Funds Occupied by Controlling Shareholder and Other Related Parties from the Listed Company During the reporting period, there were no non-operating funds occupied by the controlling shareholder or other related parties from the listed company - During the reporting period, there were no non-operating funds occupied by the controlling shareholder or other related parties from the listed company[91] III. 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[92] IV. Appointment and Dismissal of Accounting Firms The company's semi-annual financial report was unaudited - The company's semi-annual report was unaudited[93] V. Explanation by the Board of Directors and Supervisory Board on "Non-Standard Audit Report" for This Reporting Period There was no non-standard audit report for the company during the reporting period - There was no non-standard audit report for the company during the reporting period[94] VI. Explanation by the Board of Directors on "Non-Standard Audit Report" for the Previous Year There was no non-standard audit report for the company during the reporting period - There was no non-standard audit report for the company during the reporting period[94] VII. 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[94] VIII. Litigation Matters The company had no significant litigation, arbitration, or other litigation matters during the reporting period - The company had no significant litigation or arbitration matters during this reporting period[95] - The company had no other litigation matters during this reporting period[95] IX. Penalties and Rectification There were no penalties or rectification situations for the company during the reporting period - There were no penalties or rectification situations for the company during the reporting period[96] X. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller Mr. Fu Lemin, the controlling shareholder and actual controller, maintained good integrity, with no unfulfilled court judgments or overdue large debts - Mr. Fu Lemin, the company's controlling shareholder and actual controller, had no unfulfilled court judgments or overdue large debts during the reporting period[97] XI. Significant Related Party Transactions The company had no related party transactions concerning daily operations, asset/equity acquisitions/disposals, joint external investments, related party debts, or dealings with affiliated finance companies - The company had no related party transactions related to daily operations during the reporting period[98] - The company had no related party transactions involving asset or equity acquisition or disposal during the reporting period[99] - The company had no related party debt transactions during the reporting period[101] - The company had no other significant related party transactions during the reporting period[104] XII. Significant Contracts and Their Performance The company had no entrustment, contracting, leasing, or significant guarantee matters; wealth management had an outstanding balance of CNY 540.77 million with no overdue amounts, and no other significant contracts - The company had no entrustment situations during the reporting period[105] - The company had no contracting situations during the reporting period[106] - The company had no leasing situations during the reporting period[107] - The company had no significant guarantee situations during the reporting period[108] Wealth Management Status | Specific Type | Source of Wealth Management Funds | Amount of Wealth Management Transactions (CNY ten thousand) | Unexpired Balance (CNY ten thousand) | Overdue Unrecovered Amount (CNY ten thousand) | | :--- | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Funds | 19,881.56 | 54,077.33 | 0 | | Total | | 19,881.56 | 54,077.33 | 0 | - The company had no other significant contracts during the reporting period[111] XIII. Explanation of Other Significant Matters On April 17, 2025, the board approved amending the Articles of Association and abolishing the supervisory board, with the audit committee assuming its functions, a resolution approved by shareholders - On April 17, 2025, the company's board of directors approved the "Proposal on Amending the Articles of Association and Abolishing the Supervisory Board"[112] - The company will no longer establish a supervisory board, and the audit committee of the board of directors will exercise the functions of the supervisory board as stipulated by the Company Law[112] - This matter was approved by the 2024 Annual General Meeting of Shareholders on April 29, 2025[112] XIV. Significant Matters of Company Subsidiaries The company had no significant subsidiary matters during the reporting period - The company had no significant subsidiary matters during the reporting period[113] Section VI Share Changes and Shareholder Information I. Share Change Status Total share capital decreased by 2,014,000 shares due to restricted stock repurchases, cancellations, and new grants; restricted shares decreased by 1,985,875 shares, and unrestricted shares by 28,125 shares Share Change Status | Item | Number Before This Change (shares) | Proportion Before This Change | Increase/Decrease in This Change (shares) | Number After This Change (shares) | Proportion After This Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 111,655,594 | 19.90% | -1,985,875 | 109,669,719 | 19.62% | | III. Total Shares | 561,001,330 | 100.00% | -2,014,000 | 558,987,330 | 100.00% | - Total share capital decreased by 2,014,000 shares, primarily due to the repurchase and cancellation of 2024 restricted shares and new grants[116] - The company repurchased and cancelled 2,524,000 restricted shares[117] - The company granted 510,000 reserved restricted shares[118] Impact of Share Changes on Financial Indicators | Item | Before Share Change | After Share Change | | :--- | :--- | :--- | | Total Share Capital (shares) | 561,001,330.00 | 558,987,330.00 | | H1 2025 Basic Earnings Per Share (CNY) | -0.01 | -0.01 | | H1 2025 Diluted Earnings Per Share (CNY) | -0.01 | -0.01 | | H1 2025 Net Assets Per Share (CNY) | 2.17 | 2.18 | II. Securities Issuance and Listing On April 17, 2025, the company granted 510,000 reserved restricted shares at CNY 3.31/share to 11 grantees, listed on June 17, 2025, and currently under lock-up Securities Issuance During Reporting Period | Stock and Derivative Securities Name | Issuance Date | Issuance Price (or Interest Rate) | Issuance Quantity | Listing Date | | :--- | :--- | :--- | :--- | :--- | | Restricted Shares | April 17, 2025 | 3.31 | 510,000 | June 17, 2025 | - These reserved restricted shares are currently in a lock-up period and will be unlocked according to the unlocking conditions stipulated in the incentive plan[124] III. Shareholder Numbers and Shareholding Status At period-end, common shareholders totaled 57,846; Fu Lemin was the largest with 21.40% and 89,710,187 restricted shares, while China Minsheng Bank - Huaxia CSI Animation Game ETF was the third largest - At the end of the reporting period, the total number of common shareholders was 57,846[126] Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio | Number of Shares Held at End of Reporting Period (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Fu Lemin | Domestic Natural Person | 21.40% | 119,613,584 | 89,710,187 | 29,903,397 | | Xu Jianguo | Domestic Natural Person | 3.63% | 20,283,309 | 15,212,482 | 5,070,827 | | China Minsheng Bank Co., Ltd. - Huaxia CSI Animation Game Exchange Traded Open-ended Index Securities Investment Fund | Other | 1.90% | 10,611,066 | 0 | 10,611,066 | - There are no related party relationships or concerted action relationships as defined in the "Measures for the Administration of the Acquisition of Listed Companies" among Fu Lemin, Xu Jianguo, and Peng Wei[127] IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management Shareholdings and restricted stock grants of some directors, supervisors, and senior management changed, with Liu Ning, Zhang Wentao, and Huang Xiao showing decreases due to restricted stock repurchases Changes in Shareholdings of Directors, Supervisors, and Senior Management | Name | Position | Employment Status | Beginning Shareholding (shares) | Shares Reduced in Current Period (shares) | Ending Shareholding (shares) | Restricted Shares Granted at Beginning (shares) | Restricted Shares Granted in Current Period (shares) | Restricted Shares Granted at End (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Fu Lemin | Chairman, General Manager | Current | 119,613,584 | 0 | 119,613,584 | 0 | 0 | 0 | | Xu Jianguo | Director | Current | 20,283,309 | 0 | 20,283,309 | 0 | 0 | 0 | | Liu Ning | Director, Deputy General Manager | Current | 942,200 | 120,000 | 822,200 | 300,000 | -120,000 | 180,000 | | Zhang Wentao | Chief Financial Officer | Current | 509,900 | 112,000 | 397,900 | 280,000 | -112,000 | 168,000 | | Huang Xiao | Board Secretary | Current | 449,300 | 64,000 | 385,300 | 160,000 | -64,000 | 96,000 | 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[130] - The company's actual controller remained unchanged during the reporting period[130] VI. Preferred Share Information The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[131] Section VII Bond-Related Information Bond-Related Information The company had no bond-related information during the reporting period - The company had no bond-related information during the reporting period[133] Section VIII Financial Report I. Audit Report The company's semi-annual financial report was unaudited - The company's semi-annual financial report was unaudited[135] II. Financial Statements This section presents the company's H1 2025 consolidated and parent company financial statements, detailing financial position, operating results, and cash flows at period-end - The consolidated balance sheet shows total assets of CNY 1,402,070,932.78, total liabilities of CNY 175,300,646.73, and total owner's equity of CNY 1,226,770,286.05 at period-end[137][139] - The consolidated income statement shows total operating revenue of CNY 194,485,433.19, net profit of CNY -5,236,721.12, and net profit attributable to parent company shareholders of CNY -3,130,489.92 for the current period[146][147] - The consolidated cash flow statement shows net cash flow from operating activities of CNY -7,036,188.84, net cash flow from investing activities of CNY 7,167,450.76, and net cash flow from financing activities of CNY -14,277,574.43[151][152] III. Company Basic Information Listed on Shenzhen Stock Exchange on August 10, 2007, the company's total issued share capital and registered capital were 558,987,330 shares and CNY 558,987,330 as of June 30, 2025, with Fu Lemin as actual controller, focusing on IoT, mobile games, and industrial park services - The company was listed on the Shenzhen Stock Exchange on August 10, 2007[170] - As of June 30, 2025, the company's total issued share capital was 558,987,330.00 shares, registered capital was CNY 558,987,330.00, and the actual controller is Fu Lemin[170] - The company's main businesses are IoT applications and other mobile communication services, mobile game business, and mobile internet industrial park business[171] IV. Basis of Financial Statement Preparation Financial statements are prepared under CAS and CSRC disclosure rules, based on a going concern assumption, with no significant doubts about continued operations - The company's financial statements are prepared in accordance with the "Accounting Standards for Business Enterprises" issued by the Ministry of Finance and the relevant disclosure requirements of the China Securities Regulatory Commission's "Information Disclosure Compilation Rules for Companies Issuing Securities to the Public No. 15 - General Provisions for Financial Reports" (Revised in 2023)[173] - The company evaluated its ability to continue as a going concern for 12 months from the end of the reporting period and found no significant doubts or circumstances regarding its ability to continue as a going concern[174] V. Significant Accounting Policies and Estimates This section details significant accounting policies and estimates for financial statement preparation, covering business combinations, financial instruments, receivables, long-term assets, revenue, share-based payments, and leases - The company determines specific accounting policies and estimates based on its production and operating characteristics, primarily reflected in revenue recognition and measurement, recognition and measurement of bad debt provisions for receivables, depreciation of fixed assets and amortization of intangible assets, and measurement models for investment properties[175] - The company classifies financial assets into three categories: measured at amortized cost, measured at fair value through other comprehensive income, and measured at fair value through profit or loss[207] - The company performs impairment testing and recognizes loss provisions for notes receivable, accounts receivable, other receivables, and debt investments based on expected credit losses[220] - The company's revenue recognition principle is to recognize revenue when the customer obtains control of the related goods, and the progress of performance obligations is determined using either the input method or output method based on the nature of the performance obligation[338][340] VI. Taxation Main taxes include VAT, urban maintenance tax, corporate income tax, education surcharges, and property tax; as a high-tech enterprise, it enjoys a 15% corporate income tax rate, with some entities benefiting from small and micro-enterprise tax incentives Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Sales of goods, taxable sales services revenue, intangible assets or real estate leasing services | 13%, 9%, 6%, 5%, 3% | | Urban Maintenance and Construction Tax | Actual VAT and consumption tax paid | 7% | | Corporate Income Tax | Taxable income | 25%, 20%, 15% | | Education Surcharge | Actual VAT and consumption tax paid | 3% | | Local Education Surcharge | Actual VAT and consumption tax paid | 2% | | Property Tax | For properties leased externally, based on property rental income; for self-used properties, based on 70% of the original value of the property | 1.2%, 12% | - Beijing Beiwei Communication Technology Co., Ltd., as a high-tech enterprise, enjoys a 15% corporate income tax preferential rate[391] - Other tax entities, in accordance with relevant policies, pay corporate income tax at a 20% rate on the portion of annual taxable income not exceeding CNY 1 million (calculated at 25% of taxable income) and on the portion exceeding CNY 1 million but not exceeding CNY 3 million (calculated at 25% of taxable income)[391] VII. Notes to Consolidated Financial Statement Items This section details period-end and period-start balances and changes for major consolidated financial statement items, including cash, financial assets, receivables, long-term equity investments, liabilities, and revenues, with explanations for significant changes - Cash and cash equivalents had an ending balance of CNY 33,882,841.74 and a beginning balance of CNY 48,043,503.20, with no pledged, frozen, or other restricted situations[394][396] - Transactional financial assets had an ending balance of CNY 459,139,409.35, primarily consisting of wealth management products[398] - Accounts receivable had an ending balance of CNY 32,917,462.29, an increase of 126.83% from the beginning of the period, primarily due to the expansion of operating revenue[23][407] - Long-term equity investments had an ending balance of CNY 145,970,310.50, an increase of 30.32% from the beginning of the period, primarily due to increased investment in Baishi Hekang in the current period[46][58][455] - Operating revenue for the current period was CNY 194,485,433.19, and operating cost was CNY 121,976,486.36[543] - Selling expenses for the current period were CNY 50,127,495.86, a year-on-year increase of 181.46%, primarily due to increased market marketing efforts in the current period[46][554] - Net cash flow from operating activities was CNY -7,036,188.84, primarily due to increased business promotion expenditures and increased prepayments in the current period[46][151] VIII. Research and Development Expenses Total R&D expenditure was CNY 12.87 million, a 5.45% decrease year-on-year, all expensed; primarily employee compensation and technical service fees, with no capitalized R&D projects R&D Expenditure Composition | Item | Amount Incurred in Current Period (CNY) | Amount Incurred in Prior Period (CNY) | | :--- | :--- | :--- | | Employee Compensation | 12,177,878.88 | 11,562,583.39 | | Technical Service Fees | 481,220.10 | 1,876,829.51 | | Business Travel Expenses | 143,109.06 | 86,737.20 | | Daily Office Expenses | 17,713.12 | 38,622.52 | | Depreciation and Amortization | 18,233.44 | 19,644.66 | | Meeting and Training Expenses | 1,249.72 | 1,118.07 | | Intermediary Service Fees | 28,530.18 | 16,000.00 | | Total | 12,867,934.50 | 13,609,206.35 | | Of which: Expensed R&D Expenditure | 12,867,934.50 | 13,609,206.35 | - All R&D expenditures in the current period were expensed, with no R&D projects meeting capitalization criteria[609][611] IX. Changes in Consolidation Scope The company did not undergo business combinations under common control or lose control over subsidiaries; other changes in consolidation scope are not applicable - The company did not undergo business combinations under non-common control during the reporting period[614] - The company had no transactions or events resulting in the loss of control over subsidiaries during the reporting period[617] - Changes in consolidation scope due to other reasons are not applicable[617] X. Interests in Other Entities The company holds interests in several subsidiaries, including Beijing Beiwei Hive IoT Technology (82.59% stake) with a CNY -0.98 million net loss attributable to minority shareholders; it also holds a 5.60% stake in Picocom Microelectronics, exercising significant influence Composition of Enterprise Group (Partial) | Subsidiary Name | Registered Capital (CNY) | Business Nature | Shareholding Ratio (Direct) | | :--- | :--- | :--- | :--- | | Beijing Beiwei Hive IoT Technology Co., Ltd. | 53,800,000.00 | Information Technology Services | 82.59% | | Beiwei Communication Technology Nanjing Co., Ltd. | 100,000,000.00 | Mobile Internet Industrial Park Operations | 100.00% | | Hainan Beiwei Lecheng Venture Capital Co., Ltd. | 450,000,000.00 | Venture Capital | 100.00% | | Beijing Beiwei Hive Interactive Entertainment Technology Co., Ltd. | 17,500,000.00 | Information Technology Services | 100.00% | Important Non-Wholly Owned Subsidiaries | Subsidiary Name | Minority Shareholding Ratio | Net Profit Attributable to Minority Shareholders in Current Period (CNY) | Minority Shareholder Equity Balance at Period-End (CNY) | | :--- | :--- | :--- | :--- | | Beijing Beiwei Hive IoT Technology Co., Ltd. | 17.41% | -979,088.16 | 7,545,662.78 | - The company holds a 5.60% equity stake in Picocom Microelectronics (Hangzhou) Co., Ltd. and has appointed a director to participate in decision-making, exercising significant influence; the book value of equity investment in associates at period-end was CNY 81,863,835.38[625][627] - The total book value of investments in unimportant joint ventures and associates was CNY 64,106,475.12, with a total net profit of CNY -648,870.96 for the current period[630] XI. Government Grants Government grants recognized in current profit or loss primarily included employment stabilization subsidies of CNY 11,509.40; no government grants were recognized based on receivable amounts Government Grants Recognized in Current Profit or Loss | Accounting Account | Amount Incurred in Current Period (CNY) | Amount Incurred in Prior Period (CNY) | | :--- | :--- | :--- | | Employment Stabilization Subsidies | 11,509.40 | 0.00 | - As of the end of the reporting period, the company had no government grants recognized based on receivable amounts[633] XII. Risks Related to Financial Instruments The company faces credit, liquidity, and market risks, managed through credit policies, cash flow monitoring, diversified investments, and sensitivity analysis - The company's main financial instruments include cash and cash equivalents, transactional financial assets, equity investments, debt investments, and receivables, facing credit risk, liquidity risk, and market risk[635] - Credit risk management: The company only conducts transactions with creditworthy counterparties, assesses customer credit qualifications and sets credit terms, and continuously monitors accounts receivable balances and collection status[636] - Liquidity risk management: The company continuously monitors its short-term and long-term funding needs, ensures sufficient cash reserves, and obtains standby funding commitments from major financial institutions[639] - Exchange rate risk sensitivity analysis: If the RMB appreciates or depreciates by 10% against the USD, with other factors remaining constant, the company's net profit would decrease or increase by approximately CNY 2,817,333.84[645] - Other price risk sensitivity analysis: If the value of equity instruments (non-listed company equity) increases or decreases by 5%, the company's net profit would increase or decrease by CNY 1,220,500.00[646] XIII. Fair Value Disclosure At period-end, total assets measured at fair value were CNY 483.55 million, primarily transactional financial assets and equity investments; wealth management products use Level 1 fair value, equity investments use Level 3, with no changes in valuation techniques Fair Value of Assets and Liabilities Measured at Fair Value at Period-End | Item | Level 1 Fair Value Measurement (CNY) | Level 3 Fair Value Measurement (CNY) | Total (CNY) | | :--- | :--- | :--- | :--- | | Transactional Financial Assets | 459,139,409.35 | 24,410,000.00 | 483,549,409.35 | | Wealth Management Products | 459,139,409.35 | 24,410,000.00 | 483,549,409.35 | - Net-value bank wealth management products are measured by selecting the company's held shares and the corresponding net value per share on the balance sheet date as a reasonable estimate of fair value[649] - Equity instrument investments are valued using the comparative method, with an unobservable input of liquidity discount ranging from 51.37%[650] - The company's fair value valuation techniques for financial instruments did not change during the current year[651] XIV. Related Parties and Related Party Transactions Fu Lemin is the ultimate controlling party; related party transactions included CNY 245,587.74 for mobile game operations, housing leases with directors, and key management personnel compensation of CNY 1.70 million - The ultimate controlling party of the enterprise is Fu Lemin[654] - The company engaged in related party transactions with its associate, Beijing Qingyou Yile Technology Co., Ltd., for agency mobile game operations, with a current period transaction amount of CNY 245,587.74[658] - The company, as lessee, leased office buildings from Fu Lemin and Liu Ning, paying CNY 256,107.00 in rent during the current period[663] - Key management personnel compensation for the current period amounted to CNY 1,695,269.20[671] XV. Share-Based Payment The company granted 510,000 restricted shares to sales, management, and R&D personnel, totaling CNY 1.50 million; equity-settled share-based payment expense was CNY 1.78 million Overall Share-Based Payment Status | Category of Grantees | Number Granted in Current Period (shares) | Amount Granted in Current Period (CNY) | | :--- | :--- | :--- | | Sales Personnel | 176,000 | 519,200.00 | | Management Personnel | 166,000 | 489,700.00 | | R&D Personnel | 168,000 | 495,600.00 | | Total | 510,000 | 1,504,500.00 | - The fair value of equity instruments on the grant date is determined by subtracting the grant price from the market price of the shares on the grant date[679] - The total expense recognized for equity-settled share-based payments in the current period was CNY 1,776,769.75[680] XVI. Commitments and Contingencies As of the balance sheet date, the company had no significant commitments or contingencies requiring disclosure - As of the balance sheet date, the company had no significant commitments requiring disclosure[681] - As of the balance sheet date, the company had no significant contingencies requiring disclosure[682][683] XVII. Events After the Balance Sheet Date The company plans no profit distribution, and no sales returns or other events after the balance sheet date were reported - The company plans no profit distribution, with 0 dividends, bonus shares, or capital increase from capital reserves per 10 shares[684][685] - As of the reporting period, the company had no sales return matters[686] - The company had no other events after the balance sheet date[687] XVIII. Other Significant Matters No prior period accounting errors requiring restatement were found; due to business integration, management views all operations as a single entity, thus no segment information is presented in these financial statements - No prior period accounting errors requiring retrospective restatement were found at the end of this reporting period[689] - No prior period accounting errors requiring prospective application were found at the end of this reporting period[690] - The company determines reportable segments based on operating segments, but due to the integration of mobile game business, IoT applications and other mobile communication businesses, and mobile internet industrial park business, management views these businesses as a whole for management and performance evaluation, thus no segment information is presented in these financial statements[691][692] XIX. Notes to Parent Company Financial Statement Items This section details period-end and period-start balances and changes for major parent company financial statement items, including accounts receivable, other receivables, long-term equity investments, and operating revenue and costs - The parent company's accounts receivable had an ending balance of CNY 12,152,768.46, with 92.98% having an aging of less than 1 year[694][695] - The parent company's other receivables had an ending balance of CNY 240,131,174.81, with intercompany balances accounting for 92.13%[711][715] - The parent company's long-term equity investments had an ending book value of CNY 413,603,040.29, including CNY 286,675,886.51 in investments in subsidiaries and CNY 126,927,153.78 in investments in associates and joint ventures[723] - The parent company's operating revenue for the current period was CNY 36,540,826.59, and operating cost was CNY 25,484,681.03[730] XX. Supplementary Information This section provides supplementary information including non-recurring gains and losses, ROE, and EPS; total non-recurring gains and losses were CNY 3.61 million, with weighted average ROE for common shareholders of -0.26%, and basic/diluted EPS of CNY -0.01/share Current Period Non-Recurring Gains and Losses Detail | Item | Amount (CNY) | | :--- | :--- | | Gains or losses from disposal of non-current assets | -48,210.08 | | Gains or losses from changes in fair value of financial assets and liabilities, and investment gains from disposal of financial assets and liabilities, excluding effective hedging activities related to normal business operations | 4,307,905.01 | | Other non-operating income and expenses apart from the above | 104.38 | | Less: Income tax