元隆雅图(002878) - 2025 Q2 - 季度财报

Part I Important Notice, Table of Contents, and Definitions Important Notice The report emphasizes the board's, supervisory board's, and senior management's assurance of report truthfulness, accuracy, and completeness, and advises investors to review risk factors. - The company's Board of Directors, Supervisory Board, and senior management guarantee the report's truthfulness, accuracy, and completeness, assuming legal responsibility[4] - The company's head, chief accountant, and head of accounting department declare the financial report is true, accurate, and complete[4] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period[5] Table of Contents This section lists the report's nine main chapters with their starting page numbers and provides a directory of reference documents. - The report comprises nine main chapters covering important notices, company profile, management discussion and analysis, corporate governance, significant matters, share changes, bond information, financial report, and other submitted data[7] - Reference documents include the original report signed by the chairman, financial statements, and original drafts of publicly disclosed documents on designated information disclosure platforms, available at the company's securities department[9][10][11][12] Definitions This section provides definitions for common terms used in the report, including company names, key subsidiaries, business types (promotional gifts, IP), and emerging concepts. - Defines "Company" and "Yuanlong Yatu" as Beijing Yuanlong Yatu Cultural Communication Co., Ltd[13] - Lists names of multiple subsidiaries and their relationship with the company, such as Yuanlong Investment (controlling shareholder) and Longzhongdui (wholly-owned subsidiary)[13] - Explains "promotional gifts" as promotional items given to consumers in marketing, and "IP" specifically refers to well-known brands, characters, or images[13] Part II Company Profile and Key Financial Indicators I. Company Profile This section presents the company's basic information, including stock ticker, code, listing exchange, Chinese name, legal representative, and contact details. - Stock ticker: Yuanlong Yatu, Stock code: 002878, Listing exchange: Shenzhen Stock Exchange[15] - Legal Representative: Sun Zhen, Board Secretary: Wang Shasha[15][16] - The company's contact information and information disclosure location remained unchanged during the reporting period, as detailed in the 2024 annual report[17][18] II. Contact Persons and Information This section discloses the names, addresses, phone numbers, faxes, and email addresses of the company's Board Secretary and Securities Affairs Representative. - The Board Secretary is Wang Shasha, and the Securities Affairs Representative is Yu Xinrui, both located at 12th Floor, Weijing International Hotel Office Building, 338 Guang'anmen Inner Street, Xicheng District, Beijing[16] - Contact phone: 010-83528822, Fax: 010-83528255, Email: ylyato@ylyato.cn[16] III. Other Information This section states that the company's registered address, office address, website, email, information disclosure, and document storage locations remained unchanged during the reporting period. - The company's registered address, office address and postal code, website, and email remained unchanged during the reporting period[17] - The company's designated stock exchange website and media for semi-annual report disclosure, and the location for semi-annual report storage, remained unchanged during the reporting period[18] IV. Key Accounting Data and Financial Indicators This section presents the company's key accounting data and financial indicators for the current and prior periods, noting retrospective adjustments due to accounting error corrections. - Due to suspected embezzlement by a sales employee, the company retrospectively adjusted sales revenue for 2023, 2024, and Q1 2025 using the restatement method for accounting error correction[20] Key Accounting Data and Financial Indicators | Indicator | Current Period (Adjusted) (yuan) | Prior Year Period (Adjusted) (yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,390,996,094.14 | 1,205,631,702.99 | 15.37% | | Net Profit Attributable to Shareholders of Listed Company | -4,607,237.94 | -23,159,051.52 | 80.11% | | Net Profit Attributable to Shareholders of Listed Company Excluding Non-Recurring Gains and Losses | -7,119,054.04 | -25,601,473.39 | 72.19% | | Net Cash Flow from Operating Activities | 94,229,103.19 | -182,073,401.51 | 151.75% | | Basic Earnings Per Share (yuan/share) | -0.02 | -0.09 | 77.78% | | Diluted Earnings Per Share (yuan/share) | -0.02 | -0.09 | 77.78% | | Weighted Average Return on Net Assets | -0.37% | -1.53% | 1.16% | | Total Assets | 1,901,626,160.69 | 2,324,590,657.82 | -18.20% | | Net Assets Attributable to Shareholders of Listed Company | 1,273,015,537.05 | 1,261,616,865.17 | 0.90% | V. Differences in Accounting Data under Domestic and Overseas Accounting Standards This section states that there are no differences in net profit and net assets between financial reports prepared under international/overseas accounting standards and Chinese accounting standards. - The company's financial reports for the reporting period show no differences in net profit and net assets between international accounting standards and Chinese accounting standards[21] - The company's financial reports for the reporting period show no differences in net profit and net assets between overseas accounting standards and Chinese accounting standards[22] VI. Non-Recurring Gains and Losses Items and Amounts This section lists the non-recurring gains and losses items and their amounts for the current reporting period, totaling 2.51 million yuan. Non-Recurring Gains and Losses Items and Amounts | Item | Amount (yuan) | Explanation | | :--- | :--- | :--- | | Gains or losses from disposal of non-current assets (including the write-off portion of asset impairment provisions) | -2,499.80 | | | Government grants recognized in current profit or loss (excluding those closely related to the company's normal operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on the company's profit or loss) | 3,430,866.59 | | | Reversal of impairment provisions for accounts receivable subject to separate impairment testing | 375,000.00 | | | Other non-operating income and expenses apart from the above items | -36,873.75 | | | Investment income from disposal of financial assets, financial liabilities, and available-for-sale financial assets measured at fair value and whose changes are recognized in current profit or loss | 101,560.79 | | | Less: Income tax impact | 356,011.93 | | | Impact on minority interests (after tax) | 1,000,225.80 | | | Total | 2,511,816.10 | | - The company has no other profit or loss items that meet the definition of non-recurring gains and losses, nor does it classify non-recurring gains and losses as recurring gains and losses[24][25] Part III Management Discussion and Analysis I. Main Business Activities During the Reporting Period The company's core strategy is "Big IP + Technology," encompassing "Full-Service Marketing" and "IP Cultural and Creative" segments, with no changes in main business activities during the reporting period. - The company's strategic core is "Big IP + Technology," with business divided into "Full-Service Marketing" and "IP Cultural and Creative" segments[27] - "Full-Service Marketing" provides integrated services including promotional gifts, digital marketing, new media advertising, and WEB3 marketing[28] - "IP Cultural and Creative" focuses on sports, animation, gaming, cultural tourism, national trends, and original art IPs, offering design, development, production, distribution, virtual scene operations, and B+C channel sales[29] - The company widely applies new technologies like AI and WEB3 to drive business innovation and explore new markets[31] - The company's main business activities remained unchanged during the reporting period[32] II. Analysis of Core Competencies The company's core strengths include comprehensive marketing, top-tier creative design, extensive IP resources, robust supply chain, diverse media and channel resources, and AI-driven digital marketing. - Formed an integrated online + offline, advertising creative + product design full-service marketing capability[34] - Possesses top domestic creative design capabilities (winning over 50 awards including German Red Dot and iF Design awards) and rich IP resources (contracting with Universal Studios, NBA, TEAMCHINA, etc.)[35][36] - Has strong supply chain resources and management capabilities, with over a thousand regular contracted suppliers and an annual product delivery capacity exceeding 200 million pieces[37] - Owns powerful media resources (agent qualifications for platforms like Xiaohongshu and Ocean Engine) and integrated "online + offline" channel resources[39] - Developed technology-driven integrated digital marketing service capabilities and continuously upgrades AI and other cutting-edge technology applications, establishing an AI research institute to deeply develop marketing-specific AIGC models[40][41] - Possesses high-quality customer resources, including Fortune 500 companies and well-known domestic enterprises[42] III. Analysis of Main Business In H1 2025, revenue grew by 15.37%, but net profit attributable to shareholders was negative due to an embezzlement case, with promotional gifts and licensed merchandise showing growth, while new media marketing services declined. - Promotional gifts and promotional services combined achieved revenue of 1.10 billion yuan, a year-on-year increase of 63.89%; gross profit reached 114 million yuan, a year-on-year increase of 22.57%[43] - New media marketing services achieved revenue of 263 million yuan, a year-on-year decrease of 49.20%; gross profit margin was 19.91%, a year-on-year increase of 2.61 percentage points[43] - Licensed merchandise business achieved revenue of 24.47 million yuan, a year-on-year increase of 74.50%, primarily contributed by the Harbin Asian Winter Games licensed business[43] - In H1 2025, the company achieved operating revenue of 1.391 billion yuan, a year-on-year increase of 15.37%; net profit attributable to shareholders of the listed company was -4.61 million yuan, impacted by an employee embezzlement case, leading to provisions for inventory depreciation and bad debts for other receivables totaling 15.75 million yuan[44] - The company continuously expands its IP resources, forming a "National Trend" + "International" IP matrix, such as expanding cooperation with Universal Studios to 15 IPs[45] - Accelerates C-end retail channel expansion, establishing the retail sub-brand "Yuanlong Yuanchuang" and opening its first store, while expanding online and offline multi-channel presence[47] Key Financial Data Year-on-Year Changes | Indicator | Current Period (yuan) | Prior Year Period (yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,390,996,094.14 | 1,205,631,702.99 | 15.37% | | Operating Cost | 1,216,524,006.90 | 1,020,155,312.82 | 19.25% | | Selling Expenses | 60,423,589.99 | 82,069,266.23 | -26.37% | | Administrative Expenses | 42,163,169.11 | 43,862,206.45 | -3.87% | | Financial Expenses | 3,402,542.15 | 8,173,292.33 | -58.37% | | Income Tax Expense | -6,162,388.99 | -11,020,178.45 | 44.08% | | R&D Investment | 47,142,984.17 | 56,833,706.15 | -17.05% | | Net Cash Flow from Operating Activities | 94,229,103.19 | -182,073,401.51 | 151.75% | | Net Cash Flow from Investing Activities | -68,368,796.60 | -17,695,646.53 | -286.36% | | Net Cash Flow from Financing Activities | -344,954,052.91 | -398,294,757.92 | 13.39% | | Net Increase in Cash and Cash Equivalents | -319,105,162.02 | -598,077,269.49 | 46.64% | Operating Revenue Composition | Category | Current Period Amount (yuan) | Proportion of Operating Revenue | Prior Year Period Amount (yuan) | Proportion of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Operating Revenue | 1,390,996,094.14 | 100% | 1,205,631,702.99 | 100% | 15.37% | | By Industry | | | | | | | Marketing Business Revenue | 1,363,301,372.81 | 98.01% | 1,189,471,504.49 | 98.66% | 14.61% | | Licensing and Other Business Revenue | 27,694,721.33 | 1.99% | 16,160,198.50 | 1.34% | 71.38% | | By Product | | | | | | | Promotional Gifts | 648,159,598.66 | 46.60% | 543,394,634.41 | 45.07% | 19.28% | | Promotional Services | 451,855,633.38 | 32.48% | 127,812,126.39 | 10.60% | 253.53% | | New Media Marketing Services | 263,286,140.77 | 18.93% | 518,264,743.69 | 42.99% | -49.20% | | Licensed Merchandise Operations | 24,469,443.17 | 1.76% | 14,022,710.41 | 1.16% | 74.50% | | Other | 3,225,278.16 | 0.23% | 2,137,488.09 | 0.18% | 50.89% | | By Region | | | | | | | North China | 736,711,555.19 | 52.96% | 315,756,768.59 | 26.19% | 133.32% | | East China | 423,549,764.47 | 30.45% | 572,783,721.14 | 47.51% | -26.05% | IV. Analysis of Non-Core Business Non-core business activities negatively impacted the company's total profit, with asset impairment losses accounting for the highest proportion at 283.25%. Impact of Non-Core Business on Total Profit | Item | Amount (yuan) | Proportion of Total Profit | | :--- | :--- | :--- | | Investment Income | -3,001,066.19 | 32.19% | | Gains and Losses from Changes in Fair Value | 0.00 | 0.00% | | Asset Impairment | -26,406,284.44 | 283.25% | | Non-Operating Income | 64,024.27 | -0.69% | | Non-Operating Expenses | 103,397.82 | -1.11% | V. Analysis of Assets and Liabilities Total assets decreased by 18.20% year-on-year, with significant reductions in cash and short-term borrowings, while fixed assets and inventories increased. Significant Changes in Asset Composition | Item | Amount at End of Current Period (yuan) | Proportion of Total Assets | Amount at End of Prior Year (yuan) | Proportion of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 296,885,364.98 | 15.61% | 612,433,254.76 | 26.35% | -10.74% | | Accounts Receivable | 605,618,332.41 | 31.85% | 746,296,613.95 | 32.10% | -0.25% | | Inventories | 263,347,244.19 | 13.85% | 281,590,946.55 | 12.11% | 1.74% | | Fixed Assets | 303,145,732.21 | 15.94% | 167,453,622.28 | 7.20% | 8.74% | | Right-of-Use Assets | 15,607,796.08 | 0.82% | 162,737,904.65 | 7.00% | -6.18% | | Short-Term Borrowings | 196,776,949.77 | 10.35% | 444,390,531.15 | 19.12% | -8.77% | | Contract Liabilities | 74,539,727.40 | 3.92% | 66,192,723.59 | 2.85% | 1.07% | | Long-Term Borrowings | 19,500,000.00 | 1.03% | 22,500,000.00 | 0.97% | 0.06% | | Lease Liabilities | 6,526,012.70 | 0.34% | 9,302,898.03 | 0.40% | -0.06% | | Accounts Payable | 174,411,864.28 | 9.17% | 272,789,460.32 | 11.73% | -2.56% | Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (yuan) | Amount Purchased in Current Period (yuan) | Amount Sold in Current Period (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 0.00 | 111,000,000.00 | 41,000,000.00 | 70,000,000.00 | | Other Equity Instrument Investments | 21,440,000.00 | 0.00 | 0.00 | 21,440,000.00 | | Total | 21,440,000.00 | 111,000,000.00 | 41,000,000.00 | 91,440,000.00 | Restricted Asset Information | Item | Carrying Amount at Period End (yuan) | Reason for Restriction | | :--- | :--- | :--- | | Cash and Bank Balances | 6,531,890.83 | Margin deposits, gold exchange margin, letter of guarantee margin | | Fixed Assets | 276,321,200.92 | Borrowings | | Total | 282,853,091.75 | | VI. Analysis of Investment Status The company had no significant equity or non-equity investments, nor securities or derivatives investments, with 53.20% of raised funds utilized, including 267 million yuan temporarily supplementing working capital. - The company had no securities investments or derivative investments during the reporting period[63][64] Overall Use of Raised Funds | Indicator | Total Raised Funds (ten thousand yuan) | Net Raised Funds (ten thousand yuan) | Total Used Raised Funds (ten thousand yuan) | Proportion of Raised Funds Used at Period End | | :--- | :--- | :--- | :--- | :--- | | 2023 Stock Issuance to Specific Objects | 60,000 | 59,147.92 | 31,466.03 | 53.20% | - As of June 30, 2025, 267 million yuan of unused raised funds were temporarily used to supplement working capital[67] - The implementation method for raised fund investment projects was adjusted, such as the "Digital Marketing Business System Construction Project" changing from purchasing and leasing properties to solely leasing properties[71] - The company used raised funds to replace self-raised funds of 18.81 million yuan previously invested in raised fund projects and for paid issuance expenses[71] 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[74] - The company did not sell significant equity during the reporting period[75] VIII. Analysis of Major Holding and Participating Companies This section discloses key financial information for major subsidiary Qianma Network, with its registered capital of 12 million yuan, total assets of 324.64 million yuan, and net profit of 5.45 million yuan. Major Subsidiaries and Participating Companies with Over 10% Impact on Company's Net Profit | Company Name | Company Type | Main Business | Registered Capital (yuan) | Total Assets (yuan) | Net Assets (yuan) | Operating Revenue (yuan) | Operating Profit (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Qianma Network | Subsidiary | New media integrated marketing | 12,000,000.00 | 324,641,110.90 | 108,211,250.69 | 231,241,095.45 | 5,619,864.56 | 5,452,051.09 | - The deregistration of subsidiary Shanghai Beijia during the reporting period had no significant impact on overall production, operations, or performance[76] IX. Structured Entities Controlled by the Company The company did not control any structured entities during the reporting period. - The company had no structured entities under its control during the reporting period[76] X. Risks Faced by the Company and Countermeasures The company faces risks from economic uncertainty, market competition, customer loss, and new business underperformance, with strategies to adjust operations and control investments. - External economic environment risk: Global political and economic uncertainties and domestic consumption recovery uncertainties may lead to clients tightening marketing expenditures; the company will actively adjust business direction, product, and client structure, and implement cost reduction and efficiency improvement measures[77] - Intensified market competition risk: The promotional gifts and new media industries face fierce competition; the company will increase investment in IP resources, product creative design, online and offline channels, and IT technology to maintain market leadership[78] - Core client loss risk: Some major clients account for a significant portion of revenue; the company will maintain existing clients while continuously developing new ones to optimize client structure[79] - New business development underperformance risk: Innovative businesses like IP cultural and creative require substantial initial investment and long cultivation periods, posing uncertainties; the company will closely monitor market demand changes and control the scale and pace of new business investments[80] XI. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan The company has not formulated a market value management system or disclosed a valuation enhancement plan. - The company has not formulated a market value management system[81] - The company has not disclosed a valuation enhancement plan[81] XII. Implementation of "Dual Improvement in Quality and Returns" Action Plan The company has not disclosed an announcement regarding the "Dual Improvement in Quality and Returns" action plan. - The company has not disclosed an announcement regarding the "Dual Improvement in Quality and Returns" action plan[81] Part IV Corporate Governance, Environment, and Society I. Changes in Directors, Supervisors, and Senior Management There were no changes in the company's directors, supervisors, and senior management during the reporting period. - The company's directors, supervisors, and senior management experienced no changes during the reporting period, as detailed in the 2024 annual report[82] II. Profit Distribution and Capital Reserve Conversion in the Current Period The company plans no interim cash dividends, bonus shares, or capital reserve conversions. - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period[83] III. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures The 2022 stock option incentive plan's second exercise period and the 2023-2025 employee stock ownership plan's first vesting period conditions were met, with some adjustments due to performance or legal issues. - The 2022 stock option incentive plan's first grant's second exercise period and the reserved grant's first exercise period conditions were met, allowing for the exercise of 673,800 and 333,200 stock options, respectively[84] - The 2023-2025 employee stock ownership plan's first vesting period performance targets were achieved, but participants in business units that did not meet performance targets (<70%) had a vesting ratio of 0%[87] - Two employees who resigned had their remaining monetary assets to be vested fully recovered by the company; one employee who violated laws and damaged the company's interests and reputation had all their shares and benefits from the first employee stock ownership plan recovered by the company[87] - On April 7, 2025, the company's second employee stock ownership plan's first holder meeting elected Bian Yuchen, Chen Tao, and Li Xiao as members of the management committee[88] - Reward fund extraction and employee stock ownership plans will be accounted for on an accrual basis[89] 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[89] V. Social Responsibility The company actively fulfills social responsibilities in investor, employee, and partner rights protection, and environmental stewardship, including obtaining a carbon label certificate for licensed products. - The company strictly fulfills its information disclosure obligations, actively strengthens investor relations management, and ensures investors receive true, accurate, complete, and timely information[90] - The company, based on the Labor Law, fully protects employees' legitimate rights and interests, continuously builds harmonious labor relations, and supports employees' career development and growth through scientific equity incentive plans, appraisal systems, and promotion mechanisms[90] - The company adheres to strong business ethics and compliance awareness, safeguarding the legitimate rights and interests of clients and partners, effectively preventing risks such as commercial bribery and unethical transactions[90] - The company actively integrates green development concepts into its overall business philosophy, increasing the proportion of recyclable materials in design and procurement, and was among the first All-China Games licensed product manufacturers to pass carbon footprint verification and obtain carbon label certificates[91] Part V Significant Matters I. Commitments There were no commitments by the actual controller, shareholders, related parties, acquirers, or the company that were fulfilled or overdue during the reporting period. - The company had no commitments from its actual controller, shareholders, related parties, acquirers, or the company itself that were fulfilled or overdue during the reporting period[93] II. Non-Operating Funds Occupied by Controlling Shareholders and Other Related Parties There were no non-operating funds occupied by controlling shareholders or other related parties of the listed company during the reporting period. - The company had no non-operating funds occupied by controlling shareholders or other related parties during the reporting period[94] III. Irregular External Guarantees The company had no irregular external guarantees during the reporting period. - The company had no irregular external guarantees during the reporting period[95] IV. Appointment and Dismissal of Accounting Firms The company's semi-annual report was not audited. - The company's semi-annual report was not audited[96] V. Board of Directors' and Supervisory Board's Explanations on "Non-Standard Audit Report" for the Current Period The company's Board of Directors and Supervisory Board have no explanations regarding a "non-standard audit report" for the current period. - The company's Board of Directors and Supervisory Board have no explanations regarding a "non-standard audit report" for the current period[97] VI. Board of Directors' Explanations on "Non-Standard Audit Report" for the Previous Year The company's Board of Directors has no explanations regarding a "non-standard audit report" for the previous year. - The company's Board of Directors has no explanations regarding a "non-standard audit report" for the previous year[97] VII. Bankruptcy and Reorganization Matters The company did not experience any bankruptcy or reorganization matters during the reporting period. - The company did not experience any bankruptcy or reorganization matters during the reporting period[97] VIII. Litigation Matters The company had no significant litigation or arbitration matters, but multiple minor lawsuits totaling approximately 18.22 million yuan were ongoing. - The company had no significant litigation or arbitration matters during the current reporting period[98] Other Litigation Matters | Basic Information of Litigation (Arbitration) | Amount Involved (ten thousand yuan) | Provision for Liabilities Formed | Litigation (Arbitration) Progress | Litigation (Arbitration) Outcome and Impact | Status of Litigation (Arbitration) Judgment Enforcement | | :--- | :--- | :--- | :--- | :--- | :--- | | Summary of minor litigation/arbitration matters (plaintiff) - adjudicated/mediated | 506.00 | No | Adjudicated/Mediated | Won/Mediated | Ongoing/Completed | | Summary of minor litigation/arbitration matters (plaintiff) - unadjudicated | 324.92 | No | Unadjudicated | Not applicable | Not applicable | | Summary of minor litigation/arbitration matters (defendant) - adjudicated/mediated | 44.48 | No | Mediated | Not applicable | Mediated and closed | | Summary of minor litigation/arbitration matters (defendant) - unadjudicated | 946.83 | No | Unadjudicated | Not applicable | Not applicable | 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[100] X. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller The company, its controlling shareholder, and actual controller had no integrity issues during the reporting period. - The company had no integrity issues concerning itself, its controlling shareholder, or its actual controller during the reporting period[101] XI. Significant Related Party Transactions The company had no significant related party transactions concerning daily operations, asset/equity acquisitions/disposals, joint investments, or related party debt/credit during the reporting period. - The company had no related party transactions related to daily operations during the reporting period[101] - The company had no related party transactions involving asset or equity acquisition/disposal during the reporting period[102] - The company had no related party debt or credit transactions during the reporting period[104] - There were no deposits, loans, credit lines, or other financial business between the company and related financial companies or related parties[105] XII. Significant Contracts and Their Performance The company had no entrustment, contracting, or leasing matters, but provided guarantees for subsidiary Shanghai Qianma Network, with an outstanding balance of 60 million yuan, and engaged in wealth management. - The company had no entrustment, contracting, or leasing situations during the reporting period[108][109][110] Company Guarantees for Subsidiaries | Name of Guaranteed Party | Guarantee Limit (ten thousand yuan) | Actual Guarantee Amount (ten thousand yuan) | Guarantee Period | Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Shanghai Qianma Network Technology Co., Ltd. | 1,000 | 1,000 | Two years | Yes | | Shanghai Qianma Network Technology Co., Ltd. | 3,000 | 3,000 | Three years | Yes | | Shanghai Qianma Network Technology Co., Ltd. | 1,500 | 1,500 | Three years | Yes | | Shanghai Qianma Network Technology Co., Ltd. | 3,000 | 3,000 | One year | Yes | | Shanghai Qianma Network Technology Co., Ltd. | 3,000 | 3,000 | 5 years 2 months 17 days | Yes | | Shanghai Qianma Network Technology Co., Ltd. | 3,000 | 3,000 | One year | Yes | | Shanghai Qianma Network Technology Co., Ltd. | 1,000 | 950 | One year | Yes | | Shanghai Qianma Network Technology Co., Ltd. | 3,000 | 3,000 | One year | No | | Shanghai Qianma Network Technology Co., Ltd. | 3,000 | 2,000 | One year | No | | Shanghai Qianma Network Technology Co., Ltd. | 3,000 | 0 | One year | Not applicable | | Shanghai Qianma Network Technology Co., Ltd. | 3,000 | 0 | One year | Not applicable | | Shanghai Qianma Network Technology Co., Ltd. | 2,000 | 0 | One year | Not applicable | | Shanghai Qianma Network Technology Co., Ltd. | 1,000 | 1,000 | Two years | No | | Total Approved Guarantee Limit for Subsidiaries in Current Period | 25,000 | | | | | Total Actual Guarantees for Subsidiaries in Current Period | | 6,000 | | | | Total Approved Guarantee Limit for Subsidiaries at Period End | 25,000 | | | | | Total Actual Guarantees for Subsidiaries at Period End | | 6,000 | | | | Ratio of Total Actual Guarantees to Company's Net Assets | | 4.71% | | | Wealth Management Activities | Specific Type | Amount of Wealth Management Occurred (ten thousand yuan) | Unmatured Balance (ten thousand yuan) | Overdue Unrecovered Amount (ten thousand yuan) | Impairment Amount Accrued for Overdue Unrecovered Wealth Management (ten thousand yuan) | | :--- | :--- | :--- | :--- | :--- | | Brokerage Wealth Management Products | 2,000 | 2,000 | 0 | 0 | | Bank Wealth Management Products | 8,000 | 5,000 | 0 | 0 | | Total | 10,000 | 7,000 | 0 | 0 | XIII. Explanation of Other Significant Matters There were no other significant matters requiring explanation by the company during the reporting period. - The company had no other significant matters requiring explanation during the reporting period[117] XIV. Significant Matters of Company Subsidiaries There were no significant matters concerning the company's subsidiaries during the reporting period. - The company had no significant matters concerning its subsidiaries during the reporting period[118] Part VI Share Changes and Shareholder Information I. Share Changes The company's total share capital increased by 39,646 shares due to equity incentive plan exercises, leading to a decrease in restricted shares and an increase in unrestricted shares. Share Changes | | Number Before Change (shares) | Proportion Before Change | Change (Increase/Decrease) (shares) | Number After Change (shares) | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 27,771,320 | 10.60% | -1,712,431 | 26,058,889 | 9.95% | | 3. Other Domestic Holdings | 27,771,320 | 10.60% | -1,712,431 | 26,058,889 | 9.95% | | Domestic Natural Person Holdings | 27,771,320 | 10.60% | -1,712,431 | 26,058,889 | 9.95% | | II. Unrestricted Shares | 234,180,761 | 89.40% | 1,752,077 | 235,932,838 | 90.05% | | 1. RMB Ordinary Shares | 234,180,761 | 89.40% | 1,752,077 | 235,932,838 | 90.05% | | III. Total Shares | 261,952,081 | 100.00% | 39,646 | 261,991,727 | 100.00% | - The main reason for share changes was the issuance of 39,646 shares due to the company's equity incentive plan (stock option exercise)[122] - Changes in restricted shares show that Xiang Jing, Wang Sheng, and Liu Yan's restricted shares have been released, while Rao Xiuli, Li Ya, Chen Tao, Bian Yuchen, Sun Zhen, Zhao Huaidong, and Yue Xin's restricted shares remain as senior management lock-up shares[125][126] II. Securities Issuance and Listing The company had no securities issuance or listing activities during the reporting period. - The company had no securities investments during the reporting period[127] III. Number of Shareholders and Shareholding Status As of the end of the reporting period, the company had 68,162 common shareholders. Controlling shareholder Yuanlong Yatu (Beijing) Investment Co., Ltd. held 32.45%, and Sun Zhen held 11.59%. - Total number of common shareholders at the end of the reporting period: 68,162 households[127] Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio | Number of Shares Held at Period End (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | Pledged, Marked, or Frozen Status (number) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Yuanlong Yatu (Beijing) Investment Co., Ltd. | Domestic Non-State-Owned Legal Person | 32.45% | 85,027,553 | 0 | 85,027,553 | Pledged 7,640,000 | | Sun Zhen | Domestic Natural Person | 11.59% | 30,359,620 | 22,769,715 | 7,589,905 | Not applicable 0 | | Li Suqin | Domestic Natural Person | 2.90% | 7,606,065 | 0 | 7,606,065 | Not applicable 0 | | Guo Xiaojue | Domestic Natural Person | 1.16% | 3,050,700 | 0 | 3,050,700 | Not applicable 0 | | BARCLAYS BANK PLC | Overseas Legal Person | 0.66% | 1,742,200 | 0 | 1,742,200 | Not applicable 0 | | Rao Xiuli | Domestic Natural Person | 0.66% | 1,724,940 | 1,293,705 | 431,235 | Not applicable 0 | | Wang Zhisheng | Domestic Natural Person | 0.50% | 1,323,000 | 0 | 1,323,000 | Not applicable 0 | | Goldman Sachs International - Proprietary Funds | Overseas Legal Person | 0.40% | 1,052,653 | 0 | 1,052,653 | Not applicable 0 | | Beijing Yuanlong Yatu Cultural Communication Co., Ltd. - 2023-2025 Employee Stock Ownership Plan Phase II | Other | 0.34% | 884,600 | 0 | 884,600 | Not applicable 0 | | Bian Yuchen | Domestic Natural Person | 0.32% | 836,900 | 627,675 | 209,225 | Not applicable 0 | - Yuanlong Yatu (Beijing) Investment Co., Ltd. is controlled by Sun Zhen, and Li Suqin is Sun Zhen's mother and a party acting in concert[128] IV. Changes in Shareholdings 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. - The shareholding status of the company's directors, supervisors, and senior management remained unchanged during the reporting period, as detailed in the 2024 annual report[130] V. Changes in Controlling Shareholder or Actual Controller There were no changes in the company's controlling shareholder or actual controller during the reporting period. - The company's controlling shareholder did not change during the reporting period[131] - The company's actual controller did not change during the reporting period[131] VI. Preferred Share Information The company had no preferred shares during the reporting period. - The company had no preferred shares during the reporting period[132] Part 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[134] Part VIII 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[136] II. Financial Statements This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for H1 2025. Key Data from Consolidated Balance Sheet | Item | Period-End Balance (yuan) | Period-Beginning Balance (yuan) | | :--- | :--- | :--- | | Cash and Bank Balances | 296,885,364.98 | 612,433,254.76 | | Accounts Receivable | 605,618,332.41 | 746,296,613.95 | | Inventories | 263,347,244.19 | 281,590,946.55 | | Total Current Assets | 1,454,244,329.80 | 1,877,651,451.51 | | Total Assets | 1,901,626,160.69 | 2,324,590,657.82 | | Short-Term Borrowings | 196,776,949.77 | 444,390,531.15 | | Total Liabilities | 605,110,801.70 | 1,043,988,960.47 | | Total Owners' Equity Attributable to Parent Company | 1,273,015,537.05 | 1,261,616,865.17 | Key Data from Consolidated Income Statement | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 1,390,996,094.14 | 1,205,631,702.99 | | Total Operating Costs | 1,371,375,462.84 | 1,214,075,651.39 | | Net Profit | -3,160,186.84 | -19,935,303.96 | | Net Profit Attributable to Parent Company Shareholders | -4,607,237.94 | -23,159,051.52 | | Basic Earnings Per Share | -0.02 | -0.09 | Key Data from Consolidated Cash Flow Statement | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 94,229,103.19 | -182,073,401.51 | | Net Cash Flow from Investing Activities | -68,368,796.60 | -17,695,646.53 | | Net Cash Flow from Financing Activities | -344,954,052.91 | -398,294,757.92 | | Net Increase in Cash and Cash Equivalents | -319,105,162.02 | -598,077,269.49 | | Cash and Cash Equivalents at Period End | 290,353,474.15 | 425,489,743.40 | III. Company Basic Information This section details the company's establishment, capital changes, and corporate governance structure, with its main business in marketing services. - The company was established on May 26, 1998, approved by the Beijing Administration for Industry and Commerce, and listed on the Shenzhen Stock Exchange on June 6, 2017[171] - As of June 30, 2025, the company's share capital changed to 261.991727 million yuan, primarily through multiple equity incentive plan exercises and private placements[171][172][173][174][175][176] - The company has established a corporate governance structure with a Shareholders' Meeting, Board of Directors, and Supervisory Board, and has 15 business units and multiple functional departments[176] - The Group operates in the marketing services industry, primarily providing sales of promotional gifts, promotional services, new media marketing services, and sales of licensed and other craft products[176] IV. Basis of Financial Statement Preparation Financial statements are prepared in accordance with enterprise accounting standards and CSRC disclosure rules, based on accrual accounting, historical cost, and a going concern assumption. - These financial statements are prepared in accordance with the Enterprise Accounting Standards issued by the Ministry of Finance, their application guidelines, interpretations, and other relevant regulations[178] - The company's accounting is based on the accrual method, and except for certain financial instruments, these financial statements are measured at historical cost[178] - These financial statements are presented on a going concern basis[179] V. Significant Accounting Policies and Accounting Estimates This section details the company's accounting policies and estimates for financial instruments, inventory, long-term equity investments, fixed assets, intangible assets, employee compensation, and revenue recognition. - These financial statements comply with the requirements of Enterprise Accounting Standards, truly and completely reflecting the company's consolidated and company financial position as of June 30, 2025, and the consolidated and company operating results and cash flows for January-June 2025[181] - The company's accounting period adopts the calendar year, and the current reporting period refers to January-June 2025, with an operating cycle of 12 months[182][183] - The company and its domestic subsidiaries use RMB as their functional currency, while overseas subsidiaries use HKD as their functional currency[184] - Financial assets are classified at initial recognition based on the business model for managing financial assets and the contractual cash flow characteristics of the financial assets, into financial assets measured at amortized cost, financial assets measured at fair value through other comprehensive income, and financial assets measured at fair value through profit or loss[210] - The company recognizes revenue when it satisfies its performance obligations in the contract, i.e., when the customer obtains control of the related goods or services, with specific methods for promotional gifts sales, promotional services, new media marketing services, and licensed merchandise sales[305][312][313][314][315] - Significant accounting judgments and estimates include the classification of financial assets, measurement of expected credit losses for accounts receivable, goodwill impairment, fair value determination of unlisted equity investments, and deferred income tax assets[343][344][346][347][348] VI. Taxation This section discloses the company's main tax types and rates, along with various tax incentives enjoyed by the company and its subsidiaries. Main Tax Types and Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Taxable Value-Added Amount | 5%, 6%, 9%, 13% | | Urban Maintenance and Construction Tax | Actual Paid Turnover Tax Amount | 5%, 7% | | Enterprise Income Tax | Taxable Income | 25%, 20%, 16.5%, 15%, 9% | Taxable Entities with Different Enterprise Income Tax Rates | Taxable Entity Name | Income Tax Rate | | :--- | :--- | | Yuanlong Yatu | 15.00% | | Shenzhen Hongyi | 20.00% | | Yuanlong International | 8.25% | | Waiqi Yuanlong | 20.00% | | Longzhongdui | 20.00% | | Qianma Network | 15.00% | | Guangxi Yaoyuan | 9.00% | - The company and Qianma Network passed high-tech enterprise re-certification and continue to enjoy a 15% enterprise income tax preferential rate[86] - 22 companies enjoy a preferential enterprise income tax rate of 20% on the portion of annual taxable income not exceeding 1 million yuan, which is calculated at 25% of the taxable income[86] - Guangxi Yaoyuan applies a 9% enterprise income tax preferential rate for encouraged industries in the western region[87] - The company, Qianma Network, Jiangqian Technology, and Owa Universe (4 companies) enjoy a 100% super deduction for R&D expenses[87] VII. Notes to Consolidated Financial Statement Items This section details consolidated financial statement items' period-end balances, period-beginning balances, and current period changes, including cash, accounts receivable, inventory, fixed assets, intangible assets, goodwill, short-term borrowings, accounts payable, and owners' equity. - Cash and bank balances at period-end were 297 million yuan, a significant decrease from 612 million yuan at period-beginning[363] - Accounts receivable at period-end had a book balance of 618 million yuan, with a bad debt provision of 12.86 million yuan, resulting in a carrying value of 606 million yuan[373][374] - Inventory at period-end had a carrying value of 263 million yuan, with inventory depreciation provision and contract performance cost impairment provision totaling 72.64 million yuan[406][408] - Fixed assets at period-end had a carrying value of 303 million yuan, a significant increase from 167 million yuan at period-beginning[426][428] - Goodwill at period-end had a book original value and impairment provision of 171 million yuan, primarily from Qianma Network[435][437] - Short-term borrowings at period-end were 197 million yuan, a significant decrease from 444 million yuan at period-beginning[454] - Share capital at period-end was 262 million yuan, increasing by 39,646 yuan in the current period due to equity incentive plan exercises[483] - Undistributed profits at period-end were 84.54 million yuan, with net profit attributable to parent company shareholders of -4.61 million yuan for the current period[491][493] - Financial expenses for the current period were 3.40 million yuan, a year-on-year decrease of 58.37% from 8.17 million yuan in the prior period[506] - Asset impairment losses for the current period were -26.40 million yuan, primarily due to inventory depreciation losses and contract performance cost impairment losses[510] - Net cash flow from operating activities was 94.23 million yuan, net cash flow from investing activities was -68.37 million yuan, and net cash flow from financing activities was -345 million yuan[529] VIII. Research and Development Expenses Total R&D expenditure for the period was 47.27 million yuan, with 47.14 million yuan expensed and 0.13 million yuan capitalized, primarily for copyrights and patents. R&D Expenditure Composition | Item | Amount in Current Period (yuan) | Amount in Prior Period (yuan) | | :--- | :--- | :--- | | Employee Compensation | 40,380,961.90 | 46,959,176.09 | | Technical Services and Design Fees | 3,195,146.06 | 5,387,278.74 | | Equity Incentive Expense Amortization | 782,914.89 | 2,408,541.54 | | Sample Fees | 2,207,435.98 | 1,729,124.56 | | Depreciation and Amortization | 708,497.89 | 583,648.96 | | Total | 47,274,956.72 | 57,067,769.89 | | Of which: Expensed R&D Expenditure | 47,142,984.17 | 56,833,706.15 | | Capitalized R&D Expenditure | 131,972.55 | 234,063.74 | - Capitalized R&D expenditure is primarily for self-developed copyrights and patent rights[542] IX. Changes in Consolidation Scope The company deregistered subsidiary Shanghai Beijia during the reporting period, with no significant impact on overall operations or performance. - The company deregistered subsidiary Shanghai Beijia during the reporting period, with no significant impact on overall production, operations, or performance[544] X. Interests in Other Entities This section discloses the composition and shareholding ratios of major subsidiaries, along with key financial information for significant non-wholly-owned subsidiary Qianma Network. Composition of Enterprise Group (Partial) | Subsidiary Name | Registered Capital (yuan) | Business Nature | Shareholding Ratio (Direct) | Shareholding Ratio (Indirect) | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | :--- | | Shenzhen Hongyi | 10,000,000.00 | Trade | 75.50% | 24.50% | Establishment | | Shanghai Xiangya | 30,000,000.00 | Trade, Services | 85.00% | 15.00% | Establishment | | Qianma Network | 12,000,000.00 | Marketing Planning, Advertising Services | 60.00% | | Non-Identical Control Merger | | Yuanlong Universe | 10,000,000.00 | Retail | 100.00% | | Establishment | Financial Information of Significant Non-Wholly-Owned Subsidiary Qianma Network | Subsidiary Name | Minority Shareholding Ratio | Net Profit Attributable to Minority Shareholders in Current Period (yuan) | Minority Shareholder Equity Balance at Period End (yuan) | | :--- | :--- | :--- | :--- | | Qianma Network | 40.00% | 2,290,966.91 | 37,457,201.12 | Operating Performance of Significant Non-Wholly-Owned Subsidiary Qianma Network | Subsidiary Name | Operating Revenue in Current Period (yuan) | Net Profit in Current Period (yuan) | Total Comprehensive Income in Current Period (yuan) | Cash Flow from Operating Activities in Current Period (yuan) | | :--- | :--- | :--- | :--- | :--- | | Qianma Network | 231,241,095.45 | 5,452,051.09 | 5,452,051.09 | 126,481,124.10 | - The carrying value of investments in associates totaled 1.14 million yuan, with a net profit of -6,922.80 yuan for the current period[552] XI. Government Grants Government grants recognized in profit or loss for the current reporting period totaled 3.69 million yuan. - Government grants recognized in current profit or loss amounted to 3,685,809.93 yuan for the current period and 3,517,719.73 yuan for the prior period[553] XII. Risks Related to Financial Instruments The company faces credit risk, liquidity risk, and market risk (including interest rate risk, exchange rate risk). The company manages these risks through diversified investments, credit assessments, cash monitoring, and bank borrowing limits. - The company's main financial instruments include cash and bank balances, notes receivable, accounts receivable, other receivables, short-term borrowings, notes payable, and accounts payable[554] - The company faces credit risk, liquidity risk, and market risk (including interest rate risk, exchange rate risk, and commodity price risk)[555] - Credit risk primarily arises from bank deposits, notes receivable, and accounts receivable, with the top five clients' accounts receivable accounting for 46.02% of the company's total accounts receivable[557][558] - Liquidity risk is managed by raising operating funds through business operations, bank loans, and private placements, with an unused bank borrowing limit of 1.25 billion yuan at period-end[559] - Market risk includes interest rate risk (primarily from long-term bank borrowings) and exchange rate risk (primarily from financial instruments denominated in USD, EUR, and HKD)[563][565] - The company monitors its capital structure based on the asset-liability ratio, which was 31.82% at period-end[568] - For financial assets derecognized due to transfer, discounted notes receivable amounted to 17.60 million yuan, with related gains or losses of -27,765.52 yuan[572] XIII. Disclosure of Fair Value This section discloses the fair value of assets and liabilities measured at fair value, primarily third-level other equity instrument investments totaling 21.44 million yuan, 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 (yuan) | Level 2 Fair Value Measurement (yuan) | Level 3 Fair Value Measurement (yuan) | Total (yuan) | | :--- | :--- | :--- | :--- | :--- | | I. Recurring Fair Value Measurement | -- | -- | -- | -- | | (III) Other Equity Instrument Investments | | | 21,440,000.00 | 21,440,000.00 | | Total Assets Measured at Fair Value on a Recurring Basis | | | 21,440,000.00 | 21,440,000.00 | - The company uses quotes from active markets or valuation techniques to determine fair value, and there were no changes in valuation techniques during the current period[576][579][580] XIV. Related Parties and Related Party Transactions This section discloses the company's parent company as Yuanlong Yatu (Beijing) Investment Co., Ltd., with key management personnel compensation totaling 3.13 million yuan. - The parent company of the enterprise is Yuanlong Yatu (Beijing) Investment Co., Ltd., with a shareholding ratio of 32.46%[581] - Key management personnel compensation for the current period was 3,125,159.34 yuan, compared to 3,726,334.05 yuan in the prior period[583] - Accounts payable include 58,274.58 yuan owed to Beijing Qianma[585] XV. Share-Based Payments The company exercised 39,646 stock options totaling 0.52 million yuan due to equity incentive plans, recognizing 0.12 million yuan in equity-settled share-based payment expenses. Overall Share-Based Payment Information for the Current Period | Category of Grantee | Number of Options Exercised in Current Period (shares) | Amount Exercised in Current Period (yuan) | | :--- | :--- | :--- | | Selling Expense