岩山科技(002195) - 2025 Q2 - 季度财报

Important Notice, Table of Contents, and Definitions Important Notice The company's board of directors and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content, while also advising on investment risks, with no plans for dividends, bonus shares, or capital increase from capital reserves - The company's board of directors and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, with no false statements, misleading representations, or major omissions[4] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[5] Table of Contents The report lists nine main chapters and their page numbers, covering company operations, finance, governance, and important matters, providing clear navigation for investors - The report contains nine main chapters, covering company operations, finance, governance, and important matters[7] List of Reference Documents This section specifies that the financial statements signed and sealed by the legal representative, chief accountant, and head of accounting, along with original public disclosure documents and the legal representative's signed semi-annual report, are available for inspection at the company's securities department office - Reference documents include signed and sealed financial statements, original public disclosure documents, and the legal representative's signed semi-annual report[9] - All reference documents are available at the company's securities department office[10] Definitions This section provides definitions for common terms used in the report, including company names, key subsidiaries, AI-related technologies (such as intelligent driving, brain-computer interface, brain-inspired intelligence, AIGC), and regulatory bodies and laws, ensuring accurate understanding of information - The report defines company entities such as "Yanshan Technology", "Network Technology Company", and "Nullmax Newmai Technology"[11] - Key technical terms such as "Artificial Intelligence", "Intelligent Driving", "Brain-Inspired Intelligence", "Brain-Computer Interface", and "AIGC" are explained[11] - The "Reporting Period" is defined as January 1, 2025, to June 30, 2025[11] Company Profile and Key Financial Indicators Company Profile This section introduces the company's basic information, including stock abbreviation, code, listing exchange, Chinese and English names, and legal representative, providing investors with a company overview Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Yanshan Technology | | Stock Code | 002195 | | Listing Stock Exchange | Shenzhen Stock Exchange | | Chinese Name | Shanghai Yanshan Technology Co., Ltd. | | Legal Representative | Chen Yubing | Contact Person and Contact Information This section provides detailed contact information for the company's Board Secretary and Securities Affairs Representative, including names, addresses, phone numbers, faxes, and email addresses, facilitating investor communication Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Zhang Weiming | No. 11 Boxia Road, Pudong New Area, Shanghai | 021-61462195 | 021-61462196 | stock@stonehill-tech.com | | Securities Affairs Representative | Liu Ting | No. 11 Boxia Road, Pudong New Area, Shanghai | 021-61462195 | 021-61462196 | stock@stonehill-tech.com | Other Information During the reporting period, there were no changes in the company's registered address, office address, website, email, information disclosure and storage locations, or other relevant information, maintaining operational information stability - The company's registered address, office address and postal code, website, and email remained unchanged during the reporting period[16] - Information disclosure and storage locations remained unchanged during the reporting period[17] Key Accounting Data and Financial Indicators During the reporting period, the company's operating revenue decreased by 6.38% year-on-year, but net profit attributable to shareholders and non-recurring net profit significantly increased by 81.51% and 159.06% respectively; however, net cash flow from operating activities significantly decreased by 262.56%, while total assets and net assets slightly increased Key Accounting Data and Financial Indicators (Current Reporting Period vs. Prior Year Period) | Indicator | Current Reporting Period (million Yuan) | Prior Year Period (million Yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 316.81 | 338.41 | -6.38% | | Net Profit Attributable to Listed Company Shareholders | 67.11 | 36.97 | 81.51% | | Net Profit Attributable to Listed Company Shareholders (Excluding Non-Recurring Items) | 58.08 | 22.42 | 159.06% | | Net Cash Flow from Operating Activities | -119.94 | -33.08 | -262.56% | | Basic Earnings Per Share (Yuan/share) | 0.0118 | 0.0065 | 81.54% | | Diluted Earnings Per Share (Yuan/share) | 0.0118 | 0.0065 | 81.54% | | Weighted Average Return on Net Assets | 0.68% | 0.38% | 0.30% | Key Accounting Data and Financial Indicators (End of Current Reporting Period vs. End of Prior Year) | Indicator | End of Current Reporting Period (billion Yuan) | End of Prior Year (billion Yuan) | Change from End of Prior Year | | :--- | :--- | :--- | :--- | | Total Assets | 10.59 | 10.50 | 0.79% | | Net Assets Attributable to Listed Company Shareholders | 9.93 | 9.79 | 1.41% | Differences in Accounting Data under Domestic and Overseas Accounting Standards During the reporting period, there were no differences in net profit and net assets between financial reports disclosed under International Accounting Standards or overseas accounting standards and Chinese Accounting Standards, indicating the uniformity of the company's financial reporting - The company's reporting period shows no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards[20] - The company's reporting period shows no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese Accounting Standards[21] Non-Recurring Gains and Losses and Amounts During the reporting period, the company's total non-recurring gains and losses amounted to 9.03 million Yuan, primarily including disposal gains/losses from non-current assets and government subsidies; the company classifies fair value changes and investment income as recurring gains/losses due to their continuous nature in enhancing capital utilization and investment returns Non-Recurring Gains and Losses and Amounts | Item | Amount (million Yuan) | | :--- | :--- | | Disposal Gains/Losses from Non-Current Assets | 1.99 | | Government Subsidies Included in Current Profit and Loss | 11.63 | | Other Non-Operating Income and Expenses Apart from the Above | -0.79 | | Less: Income Tax Impact | 1.55 | | Impact on Minority Interests (After Tax) | 2.25 | | Total | 9.03 | - The company classifies fair value change gains and losses (109.05 million Yuan) and investment income (34.69 million Yuan) as recurring gains and losses, as these activities are undertaken to enhance capital utilization efficiency and investment returns, occurring frequently and continuously[24] Management Discussion and Analysis Principal Businesses Engaged by the Company During the Reporting Period The company, building on its internet information services, fully embraces the new wave of artificial intelligence (AI), deeply deploying in cutting-edge technology fields such as intelligent driving, brain-computer interfaces, brain-inspired intelligence, and generative AI (AIGC), while actively conducting diversified investment businesses, striving to become a global leading AI technology innovation company - The company's vision is to "become a global leading artificial intelligence and technology innovation company," with a comprehensive layout in the AI sector[42] - AI business is considered a strategic catalyst for the company's new round of growth, having achieved significant progress in intelligent driving, brain-computer interfaces, brain-inspired intelligence, and AIGC, among other fields[26] Industry Situation of the Company During the Reporting Period The internet information service industry faces both challenges and opportunities, with AI technology driving growth in "AI+browser" and gaming sectors; the AI field has risen to a national strategic level, with intelligent driving, brain-computer interfaces, and AIGC technologies receiving strong policy support and rapid development, continuously expanding application scenarios - As of June 2025, China's internet user base reached 1.123 billion people, with an internet penetration rate of 79.7%, and AI technology is driving the emergence of "AI+browser" products and their deep development into various scenarios[27] - In the first half of 2025, China's gaming industry revenue reached 168 billion Yuan, a year-on-year increase of 14.08%, setting a new historical high[27] - The field of artificial intelligence has risen to a national strategic level, with the government work report explicitly stating the continuous deepening of the "AI+" action to cultivate future industries[29] - As of June 2025, a total of 439 generative artificial intelligence services have completed filing, with AI deeply integrating into multiple scenarios such as office software, content creation, information retrieval, and education and training[28] Principal Businesses Engaged by the Company During the Reporting Period The company's internet information service revenue grew by 31.11% year-on-year, primarily due to the growth of businesses like Wangpai Zhimedi; its AI business achieved significant technological breakthroughs and commercialization progress in intelligent driving, brain-computer interfaces, brain-inspired intelligence, and AIGC, while diversified investment activities continued to focus on hard technology sectors Internet Business Financial Performance | Indicator | 2025 H1 (million Yuan) | 2024 H1 (million Yuan) | Year-on-Year Growth | % of Total Revenue | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 299.64 | 228.53 | 31.11% | 94.58% | | Operating Cost | 215.53 | 141.18 (estimated) | 52.66% | - | - Nullmax Newmai Technology launched a pure vision, true mapless, multi-modal end-to-end assisted driving technology solution, making its debut at the Shanghai International Auto Show and showcasing its full-stack self-developed MaxDrive assisted driving solution[46][47] - Yansi Brain-Inspired Research Institute, with its EEG large model as the core, achieved breakthroughs in non-invasive brain-computer interface game control and invasive Chinese brain-computer interface decoding technology, with the latter being selected as one of the Top Ten AI Innovative Technologies of 2025[50][54][55] - RockAI independently developed the non-Transformer architecture Yan large model, releasing the Yan 2.0 Preview model, which possesses native memory capabilities and multi-modal (including video) processing capabilities, and has been commercially implemented in robotics, AIPC, and medical fields[56][58][60] - The company's diversified investment business focuses on hard technology fields such as artificial intelligence, semiconductors, new energy, new materials, high-end manufacturing, communications, and biotechnology, and continues to invest in financial products to improve capital utilization efficiency and investment returns[41][61] Analysis of Core Competitiveness The company's core competitiveness lies in the synergistic effects of its AI sector layout, independently controllable core technologies, high-end talent advantages, abundant self-owned capital and investment experience, a leading domestic "internet access platform" with rich application scenarios, and high-quality customer resources, collectively supporting its leading position in technological innovation - The company's strategic layout in AIGC large models, brain-computer interfaces and brain-inspired intelligence, and intelligent assisted driving achieves effective complementarity and synergy among different business segments through data sharing and knowledge integration, algorithm innovation and technology integration, and complementary application scenarios[61] - Each of the company's business segments possesses independently developed key technologies and intellectual property rights, such as Nullmax's full-stack self-developed intelligent assisted driving technology, Yansi Brain-Inspired Research Institute's EEG large model, and RockAI's Yan architecture large model[62][63][64][65] - The company boasts an experienced team in technology R&D, management, and marketing, with core leaders possessing deep industry experience, and attracts and retains key talent through employee stock ownership plans[66][67] - As of June 30, 2025, the company's total assets amounted to 10.59 billion Yuan, with a debt-to-asset ratio of only 2.27%, demonstrating strong self-owned capital and a professional investment team[68] - The company's core product, "2345 Website Navigation," has been operating for 20 years, accumulating a large internet user base, forming a diversified product system, and actively promoting "AI+" internal project innovation[69] - The company has established deep cooperative relationships with numerous domestic and international automotive manufacturers, chip manufacturers, top-tier hospitals, and renowned enterprises such as Huawei, Baidu, Alibaba, and Tencent[70] Analysis of Principal Business During the reporting period, the company's operating revenue decreased by 6.38% year-on-year, but internet business revenue grew by 31.11%, accounting for 94.58% of total revenue; AI business revenue significantly decreased by 72.30%, with a negative gross profit margin primarily due to fixed intangible asset amortization, while sales expenses, R&D investment, depreciation and amortization, and promotion and operating costs all saw significant increases Major Financial Data Year-on-Year Changes | Indicator | Current Reporting Period (million Yuan) | Prior Year Period (million Yuan) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 316.81 | 338.41 | -6.38% | | | Operating Cost | 229.92 | 180.34 | 27.49% | | | Sales Expenses | 14.21 | 9.18 | 54.84% | Increased investment in sales activities during the current period | | Administrative Expenses | 141.06 | 115.84 | 21.77% | | | Financial Expenses | -14.57 | -29.18 | 50.06% | Decrease in deposit interest received during the current period | | Income Tax Expenses | 5.12 | -11.48 | 144.60% | Increase in pre-tax profit during the current period | | R&D Investment | 169.80 | 99.03 | 71.47% | Increased investment in R&D activities during the current period | | Net Cash Flow from Operating Activities | -119.94 | -33.08 | -262.56% | Decrease in deposit interest received and net repayment of customer loans and advances during the current period | | Net Cash Flow from Financing Activities | -1.87 | -184.76 | 98.99% | Share repurchase and dividend distribution in the prior year period, no share repurchase or dividend distribution in the current period | Operating Revenue Composition (by Industry) | Industry | Current Reporting Period Amount (million Yuan) | % of Operating Revenue | Prior Year Period Amount (million Yuan) | % of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Internet Business | 299.64 | 94.58% | 228.53 | 67.53% | 31.11% | | Artificial Intelligence Business | 9.52 | 3.01% | 34.38 | 10.16% | -72.30% | | Other | 7.65 | 2.41% | 75.50 | 22.31% | -89.87% | Gross Profit Margin Analysis (by Industry) | Industry | Gross Profit Margin | Operating Revenue Year-on-Year Change | Operating Cost Year-on-Year Change | Gross Profit Margin Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | | Internet Business | 28.07% | 31.11% | 52.66% | -10.15% | | Artificial Intelligence Business | -12.95% | -72.30% | -70.83% | -5.70% | | Other | 52.48% | -89.87% | 59.19% | -44.50% | - In the first half of 2025, the company's artificial intelligence business had a gross profit margin of -12.95%, primarily due to the relatively fixed amount of intangible asset amortization included in operating costs[76] Composition of Principal Business Costs | Cost Component | Current Reporting Period Amount (million Yuan) | % of Operating Cost | Prior Year Period Amount (million Yuan) | % of Operating Cost | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Employee Compensation | 12.82 | 5.57% | 8.59 | 4.76% | 49.25% | | Promotion and Operating Costs | 188.92 | 82.17% | 131.31 | 72.81% | 43.86% | | Depreciation and Amortization | 12.73 | 5.54% | 6.38 | 3.54% | 99.67% | | Contract Performance Costs | 2.47 | 1.07% | 32.67 | 18.12% | -92.44% | | Inventory | 12.83 | 5.58% | 0.08 | 0.04% | 16480.91% | Analysis of Non-Principal Business During the reporting period, the company had no non-principal business analysis, as all business activities fell within the scope of its principal business - The company's reporting period shows no non-principal business analysis[82] Analysis of Assets and Liabilities At the end of the reporting period, the company's total assets and net assets attributable to listed company shareholders both slightly increased; trading financial assets accounted for over half, while monetary funds decreased, primarily due to increased purchases of wealth management products; the company's debt structure remained low, with a debt-to-asset ratio of only 2.27%, indicating a stable financial position Significant Changes in Asset Composition | Item | End of Current Reporting Period Amount (billion Yuan) | % of Total Assets | End of Prior Year Amount (billion Yuan) | % of Total Assets | Reason for Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 1.38 | 13.01% | 1.63 | 15.47% | Increase in wealth management product purchases during the current period | | Trading Financial Assets | 5.68 | 53.61% | 5.35 | 50.91% | Increase in wealth management product purchases during the current period | | Total Assets | 10.59 | 100% | 10.50 | 100% | 0.79% growth | | Net Assets Attributable to Listed Company Shareholders | 9.93 | - | 9.79 | - | 1.41% growth | - As of June 30, 2025, the company's total liabilities amounted to 239.81 million Yuan, with a debt-to-asset ratio of only 2.27%, demonstrating excellent cash flow management and a low debt ratio[68][169] Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (billion Yuan) | Fair Value Change Gains/Losses for Current Period (million Yuan) | Ending Balance (billion Yuan) | | :--- | :--- | :--- | :--- | | Trading Financial Assets | 5.35 | 122.71 | 5.68 | | Other Non-Current Financial Assets | 0.81 | -2.43 | 0.80 | | Total | 6.15 | 120.28 | 6.48 | Restricted Asset Status | Item | Ending Book Value (million Yuan) | Reason for Restriction | | :--- | :--- | :--- | | Monetary Funds | 652.71 | Time deposits maturing in more than 3 months after the balance sheet date, etc | Analysis of Investment Status During the reporting period, the company's total investment significantly decreased by 77.38% year-on-year; the company made equity investments, increasing capital in Ruifeng New Technology Hong Kong Co., Ltd. and establishing Yanchao Juneng (Shanghai) Technology Co., Ltd.; in terms of securities investment, the company held financial assets such as stocks and bonds, with detailed fair value changes disclosed Investment Amount During the Reporting Period | Indicator | Investment Amount During Reporting Period (million Yuan) | Investment Amount in Prior Year Period (million Yuan) | Change Rate | | :--- | :--- | :--- | :--- | | Total Investment Amount | 166.05 | 733.98 | -77.38% | Significant Equity Investments Acquired During the Reporting Period | Investee Company Name | Investment Method | Investment Amount (million Yuan) | Shareholding Ratio | Profit/Loss for Current Period (million Yuan) | | :--- | :--- | :--- | :--- | :--- | | Ruifeng New Technology Hong Kong Co., Ltd. | Capital Increase | 29.12 | 100.00% | 4.68 | | Yanchao Juneng (Shanghai) Technology Co., Ltd. | New Establishment | 28.57 | 40.00% | -0.40 | Securities Investment Status (Partial) | Security Abbreviation | Beginning Book Value (million Yuan) | Fair Value Change Gains/Losses for Current Period (million Yuan) | Ending Book Value (million Yuan) | | :--- | :--- | :--- | :--- | | Innovation Medical (Stock) | 174.08 | 105.01 | 312.72 | | Xidian Pharmaceutical (Stock) | 93.09 | 6.47 | 103.53 | | 24 National Bond 04 (Bond) | 38.42 | -0.08 | 38.60 | - The company's reporting period shows no derivative investments or use of raised funds[94][95] Significant Asset and Equity Sales During the reporting period, the company did not sell any significant assets or equity, maintaining the stability of its asset structure - The company's reporting period shows no significant asset sales[96] - The company's reporting period shows no significant equity sales[97] Analysis of Major Holding and Participating Companies During the reporting period, Shanghai 2345 Network Technology Co., Ltd. and Nullmax Technology (Shanghai) Co., Ltd. were the company's main subsidiaries; the company established Shanghai Baoruiyang Hotel Management Co., Ltd., Shanghai Shangbangyi Network Technology Co., Ltd., and Shanghai Yanchao Sports Technology Co., Ltd., and transferred Wuxi Yanshi Hotel Management Co., Ltd Major Subsidiary Financial Information | Company Name | Registered Capital (billion Yuan) | Total Assets (billion Yuan) | Net Assets (billion Yuan) | Operating Revenue (million Yuan) | Net Profit (million Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai 2345 Network Technology Co., Ltd. | 1.00 | 3.57 | 3.48 | 230.46 | 87.17 | | Nullmax Technology (Shanghai) Co., Ltd. | 0.65 | 0.47 | 0.42 | 9.52 | -86.99 | - During the reporting period, Shanghai Baoruiyang Hotel Management Co., Ltd., Shanghai Shangbangyi Network Technology Co., Ltd., and Shanghai Yanchao Sports Technology Co., Ltd. were newly established[99] - During the reporting period, Wuxi Yanshi Hotel Management Co., Ltd. was transferred[99] Information on Structured Entities Controlled by the Company During the reporting period, the company had no controlled structured entities, indicating that it did not engage in off-balance sheet financing or investment through special purpose entities - The company's reporting period shows no controlled structured entities[99] Risks Faced by the Company and Countermeasures The company faces risks related to the macroeconomic environment, industry and technology iteration, commercialization of AI products, investments, shortage of high-end talent, information and data security, and goodwill impairment; the company actively addresses these risks through diversified operations, strengthened R&D, policy monitoring, improved risk management systems, incentive mechanisms, and enhanced security protection - The company faces risks from macroeconomic environment fluctuations and policy changes, which it will address through diversified operations, international expansion, and improved operational management efficiency[99] - The internet industry presents both challenges and opportunities, with continuous technological iteration in the artificial intelligence field; the company may face risks of rapid technological updates and commercialization falling short of expectations, and will focus on developing differentiated AI solutions and continuously strengthening its R&D team[100] - Some cutting-edge technologies in the artificial intelligence field may not yet be commercially viable, laws and regulations are still being perfected, and market users face cognitive barriers; the company will continuously follow up on scientific research verification and testing, and actively monitor policy and regulatory developments[101] - When undertaking financial or equity investments, the company may face risks such as market fluctuations, economic cycle changes, and credit defaults; the company will improve its risk management system, optimize asset allocation strategies, and diversify investments to mitigate risks[102] - The AI industry is highly competitive, and the company may face risks of losing key talent or difficulty in recruiting senior professionals matching its business innovation needs; the company will formulate appropriate human resource development plans, offer competitive compensation, equity incentives, and employee stock ownership plans, among other diversified incentive mechanisms[103][104] - The company's operations involve network information security and data security; it has formulated an "Information Security Management System," deployed firewalls, intrusion detection systems, and other technical measures, and strengthened employee training and education[105] - As of June 30, 2025, the company's goodwill primarily resulted from the acquisition of Network Technology Company in a major asset restructuring in 2014 and the capital increase in Nullmax in 2024; future impairment signs could adversely affect the company's financial position and operating performance[106] Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan The company approved and established its "Market Value Management System" on April 18, 2025, aiming to enhance investment value and increase investor returns, but did not disclose a valuation enhancement plan - The company approved the "Proposal on Formulating the Market Value Management System and Other Systems" at the 19th meeting of the Eighth Board of Directors held on April 18, 2025, and formulated the "Market Value Management System"[107] - The company did not disclose a valuation enhancement plan[107] Implementation of "Quality and Return Dual Improvement" Action Plan The company did not disclose an announcement regarding the "Quality and Return Dual Improvement" action plan, indicating that the plan has not yet been officially announced or implemented - The company did not disclose an announcement regarding the "Quality and Return Dual Improvement" action plan[108] Corporate Governance, Environment and Society Changes in Directors, Supervisors, and Senior Management During the reporting period, the company's directors, supervisors, and senior management underwent several changes due to re-election, including the departures of Lei Xu, Huang Guomin, Zhang Xiaoxia, Zhang Dan, Guo Yuzhu, Li Huizhong, and Yu Jiaping, and the elections of Zhang Xiaoxia, Chen Yiyi, and Yang Fan, and the appointments of Zhang Weiming and Huang Guomin; following a revision of the company's articles of association, the supervisory board is no longer established - Lei Xu, Huang Guomin, Zhang Xiaoxia, Zhang Dan, Guo Yuzhu, Li Huizhong, and Yu Jiaping resigned as directors, supervisors, or chief financial officers due to the expiration of their terms[109][110] - Zhang Xiaoxia, Chen Yiyi, and Yang Fan were elected as directors, while Zhang Weiming and Huang Guomin were appointed as deputy general managers or chief financial officers[110] - The company revised its Articles of Association, no longer establishing a supervisory board, with its functions to be exercised by the Board's Audit Committee[110] Profit Distribution and Capital Reserve Conversion to Share Capital During the Reporting Period The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period, reflecting its current capital management strategy - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[111] Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures During the reporting period, the company did not implement any equity incentive plans, but the 2023 employee stock ownership plan's lock-up period expired on April 22, 2025, with performance targets met, and unlocked shares have been disposed of and distributed in batches; the total expense recognized for the employee stock ownership plan in this period was 56.54 million Yuan - During the reporting period, the company did not implement any equity incentive plans[112] - The company's 2023 employee stock ownership plan's lock-up period expired on April 22, 2025, with performance targets met, and the Employee Stock Ownership Plan Management Committee has disposed of and distributed unlocked shares in batches according to regulations[115] Shareholding of Directors, Supervisors, and Senior Management in Employee Stock Ownership Plan During the Reporting Period (Partial) | Name | Position | Beginning Shareholding (shares) | Ending Shareholding (shares) | | :--- | :--- | :--- | :--- | | Zhang Weiming | Employee Director, Board Secretary, Deputy General Manager | 2,000,000 | 0 | | Lei Xu | Director (Resigned due to re-election) | 6,567,400 | 6,567,400 | - As of June 30, 2025, the company's 2023 employee stock ownership plan held 29,727,400 shares[116] - In the first half of 2025, the company recognized a total expense of 56.54 million Yuan for the employee stock ownership plan, which was recorded in operating costs, sales expenses, administrative expenses, R&D expenses, inventory, and capital reserves[117] Environmental Information Disclosure The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law, thus no environmental information was disclosed in this report - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[118] Social Responsibility The company actively fulfills its social responsibilities, safeguarding shareholder interests, improving corporate governance, and strengthening information disclosure and investor communication; it adheres to a people-oriented approach, focuses on employee development, builds harmonious labor relations, and actively participates in industry associations and social activities, providing quality customer service to achieve harmonious development between the enterprise and society - The company actively fulfills its social responsibilities, safeguarding the interests of shareholders, especially small and medium-sized shareholders, and has established a decision-making and operating system with the shareholders' meeting, board of directors, and management as the main structure[118] - The company strictly adheres to relevant laws and regulations, disclosing information truthfully, accurately, completely, and timely, and efficiently utilizes tools such as the "investor hotline" and "Interactive Easy" for communication with investors[119] - The company adheres to a people-oriented approach, strictly complies with relevant laws and regulations such as the Labor Law, respects and protects employees' individual rights, provides a good working and living environment and various training opportunities, and focuses on employee career development[119] - The company consistently and actively supports the work of relevant industry associations, offering advice and suggestions; it actively participates in community activities to achieve harmonious development between the enterprise and society; and it adheres to the principle of customer first, providing high-quality services to customers[119][120] Important Matters Commitments During the reporting period, there were no commitments made by the company's actual controller, shareholders, related parties, acquirers, or the company that were fulfilled or overdue and unfulfilled as of the end of the reporting period, indicating compliance with all commitments made by the company and related parties - The company's reporting period shows no commitments made by the company's actual controller, shareholders, related parties, acquirers, or the company that were fulfilled or overdue and unfulfilled as of the end of the reporting period[122] Non-Operating Funds Occupied by Controlling Shareholder and Other Related Parties During the reporting period, there were no non-operating funds occupied by the controlling shareholder and other related parties of the listed company, reflecting the company's adherence to financial management regulations - The company's reporting period shows no non-operating funds occupied by the controlling shareholder and other related parties of the listed company[123] Illegal External Guarantees During the reporting period, the company had no illegal external guarantees, indicating strict compliance with relevant regulations in external guarantees and no risk events - The company's reporting period shows no illegal external guarantees[124] Appointment and Dismissal of Accounting Firms The company's semi-annual financial report was not audited, therefore, there were no matters related to the appointment or dismissal of accounting firms - The company's semi-annual report was not audited[125] Explanation of Non-Standard Audit Report by the Board of Directors During the reporting period, the company had no non-standard audit report, indicating that the preparation of its financial report complied with relevant accounting standards and disclosure requirements - The company's reporting period shows no non-standard audit report[126] Explanation of Non-Standard Audit Report from Previous Year by the Board of Directors During the reporting period, the company had no non-standard audit report from the previous year, continuing the regularity of its financial reporting - The company's reporting period shows no non-standard audit report from the previous year[126] Bankruptcy Reorganization Matters During the reporting period, the company had no bankruptcy reorganization matters, indicating stable operating conditions and no major financial difficulties - The company's reporting period shows no bankruptcy reorganization matters[126] Litigation Matters During the reporting period, the company had no significant litigation or arbitration matters; as of the end of the reporting period, the company had 40 pending litigation matters that did not meet the threshold for significant disclosure, involving an amount of 54.56 million Yuan, with a provision for estimated liabilities of 3.39 million Yuan - The company had no significant litigation or arbitration matters during this reporting period[127] Summary of Other Litigation Matters | Basic Information of Litigation (Arbitration) | Amount Involved (million Yuan) | Provision for Estimated Liabilities | Progress of Litigation (Arbitration) | Estimated Liabilities (million Yuan) | | :--- | :--- | :--- | :--- | :--- | | Summary of other litigation cases not meeting the threshold for significant disclosure (40 cases) | 54.56 | Yes | Pending | 3.39 | Penalties and Rectification During the reporting period, the company had no penalties or rectification situations, indicating compliant operations and no administrative penalties from regulatory authorities - The company's reporting period shows no penalties or rectification situations[129] Integrity Status of the Company, its Controlling Shareholder, and Actual Controller During the reporting period, the company, its controlling shareholder, and actual controller maintained good integrity, with no unfulfilled effective court judgments or large overdue debts, thereby preserving a positive market reputation - During the reporting period, the company, its controlling shareholder, and actual controller maintained good integrity, with no unfulfilled effective court judgments or large overdue debts[130] Significant Related Party Transactions During the reporting period, the company had no related party transactions related to daily operations, asset or equity acquisitions/disposals, joint external investments, related party creditor-debtor relationships, or dealings with affiliated financial companies, demonstrating the regularity of the company's related party transactions - The company's reporting period shows no related party transactions related to daily operations[131] - The company's reporting period shows no related party transactions involving asset or equity acquisitions or disposals[132] - The company's reporting period shows no related party transactions involving joint external investments[133] - The company's reporting period shows no related party creditor-debtor relationships[134] - The company and its affiliated financial companies have no deposits, loans, credit lines, or other financial business with related parties[135] - The company's controlled financial companies have no deposits, loans, credit lines, or other financial business with related parties[136] - The company's reporting period shows no other significant related party transactions[137] Significant Contracts and Their Performance During the reporting period, the company had no significant contracts related to trusteeship, contracting, leasing, major guarantees, or other significant contracts; the company engaged in entrusted wealth management, with an outstanding balance of 4.75 billion Yuan at period-end and no overdue unrecovered amounts, demonstrating prudent capital management - The company's reporting period shows no trusteeship, contracting, or leasing situations[138][139][140] - The company's reporting period shows no significant guarantee situations[141] Entrusted Wealth Management | Specific Type | Entrusted Wealth Management Amount (million Yuan) | Outstanding Balance (million Yuan) | Overdue Unrecovered Amount (million Yuan) | | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | 300.00 | 300.00 | 0 | | Brokerage Wealth Management Products | 650.71 | 650.71 | 0 | | Trust Wealth Management Products | 2,350.83 | 1,989.39 | 0 | | Other Categories | 1,809.42 | 1,809.42 | 0 | | Total | 5,110.95 | 4,749.52 | 0 | - The company's reporting period shows no other significant contracts[144] Explanation of Other Significant Matters The company completed the re-election of its board of directors, supervisory board, and senior management, with Ye Ke elected as chairman and Chen Yubing as general manager; the company revised its Articles of Association, abolishing the supervisory board and transferring its functions to the Board's Audit Committee, thereby optimizing its corporate governance structure - On May 30, 2025, the company convened its first employee representative meeting of 2025, agreeing to elect Mr. Zhang Weiming and Ms. Zhang Xiaoxia as employee directors of the Ninth Board of Directors; at the 2024 Annual General Meeting held on June 24, 2025, Mr. Ye Ke, Mr. Chen Yubing, Mr. Chen Daiqian, and Ms. Chen Yiyi were elected as non-independent directors of the Ninth Board of Directors, and Mr. Yang Fan, Ms. Jiang Wei, and Mr. Zheng Zhongqiao were elected as independent directors[145] - At the first meeting of the Ninth Board of Directors held on June 24, 2025, Mr. Ye Ke was elected as the company's chairman, and Mr. Chen Yubing as vice chairman; Mr. Chen Yubing was appointed as the company's general manager, Mr. Chen Daiqian as executive deputy general manager, Mr. Huang Guomin as deputy general manager and financial controller, Mr. Zhang Weiming as deputy general manager and board secretary, and Mr. Li Guocheng as deputy general manager[146] - At the 2024 Annual General Meeting held on June 24, 2025, the "Proposal on Revising the Articles of Association and its Annexes" was approved, stating that the supervisory board will no longer be established, and its functions will be exercised by the Board's Audit Committee[146] Significant Matters of Company Subsidiaries The company's wholly-owned subsidiary agreed to provide interest-free financial assistance of no more than 50 million Yuan to its controlled subsidiary, Shenqi Technology, to support its business development - The company's wholly-owned subsidiary provided interest-free financial assistance of no more than 50 million Yuan from its own funds to Shenqi Technology[147] Share Changes and Shareholder Information Share Changes During the reporting period, the company's restricted shares increased by 797,400 shares, and unrestricted shares decreased by 797,400 shares, with no change in total share capital; the company completed share repurchases and cancellations, repurchasing 10,989,900 shares for a total of 59.99 million Yuan, resulting in a total share capital of 5,670,554,696 shares after cancellation Share Changes | Share Type | Number Before This Change (shares) | Increase/Decrease in This Change (shares) | Number After This Change (shares) | | :--- | :--- | :--- | :--- | | Restricted Shares | 68,495,584 | +797,400 | 69,292,984 | | Unrestricted Shares | 5,613,049,012 | -797,400 | 5,612,251,612 | | Total Shares | 5,681,544,596 | 0 | 5,681,544,596 | - The company has completed its initial share repurchase through centralized bidding, repurchasing 10,989,900 shares for a total of 59.99 million Yuan, with the repurchase plan fully implemented[152] - The company completed the cancellation of the aforementioned 10,989,900 repurchased shares on July 22, 2025, bringing the total share capital to 5,670,554,696 shares after the cancellation[152] Changes in Restricted Shares During the reporting period, He Taofeng's restricted shares increased by 797,400 shares due to his departure as a senior executive, bringing the total restricted shares at period-end to 797,400 shares, reflecting the share lock-up requirements after a senior executive's departure Changes in Restricted Shares | Shareholder Name | Beginning Restricted Shares (shares) | Increase in Restricted Shares During Current Period (shares) | Ending Restricted Shares (shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | He Taofeng | 0 | 797,400.00 | 797,400.00 | Departure of Senior Executive Lock-up | Securities Issuance and Listing During the reporting period, the company had no securities issuance or listing activities, indicating that it did not undertake new equity or debt financing - The company's reporting period shows no securities issuance or listing activities[155] Company Shareholder Numbers and Shareholding Status At the end of the reporting period, the total number of ordinary shareholders was 553,216; the controlling shareholder, Shanghai Yanhe Technology Partnership (Limited Partnership), held 9.75% of the shares; among the top ten shareholders, Chen Yubing held 66,678,039 shares, of which 66,673,529 shares were restricted - At the end of the reporting period, the total number of ordinary shareholders was 553,216[156] Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders (Excluding Shares Lent Through Securities Lending) | Shareholder Name | Shareholder Nature | Shareholding Ratio | Ending Shareholding (shares) | Number of Restricted Shares (shares) | Number of Unrestricted Shares (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Yanhe Technology Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 9.75% | 553,924,434.00 | 0.00 | 553,924,434.00 | | Agricultural Bank of China Co., Ltd. - CSI 500 ETF | Other | 1.48% | 84,335,326.00 | 0.00 | 84,335,326.00 | | Chen Yubing | Domestic Natural Person | 1.17% | 66,678,039.00 | 66,673,529.00 | 4,510 | - Among the top 10 ordinary shareholders, Shanghai Yanhe Technology Partnership (Limited Partnership) is the company's controlling shareholder; Mr. Chen Yubing holds 4.9975% of Shanghai Yanhe Technology Partnership (Limited Partnership) and has no concerted action relationship with it[157] Changes in Shareholdings of Directors, Supervisors, and Senior Management During the reporting period, Vice Chairman and General Manager Chen Yubing reduced his shareholding by 22,220,000 shares, with an ending shareholding of 66,678,039 shares; former Deputy General Manager He Taofeng increased his shareholding by 1,063,200 shares, with an ending shareholding of 1,063,300 shares, reflecting adjustments in shareholdings by some senior executives Changes in Shareholdings of Directors, Supervisors, and Senior Management | Name | Position | Beginning Shareholding (shares) | Shares Increased During Current Period (shares) | Shares Decreased During Current Period (shares) | Ending Shareholding (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Chen Yubing | Vice Chairman and General Manager | 88,898,039 | 0 | 22,220,000 | 66,678,039 | | He Taofeng | Deputy General Manager (Resigned) | 100 | 1,063,200 | 0 | 1,063,300 | Changes in Controlling Shareholder or Actual Controller During the reporting period, there were no changes in the company's controlling shareholder or actual controller, maintaining the stability of the company's equity structure - The company's reporting period shows no changes in its controlling shareholder[160] - The company's reporting period shows no changes in its actual controller[160] Preferred Share Information During the reporting period, the company had no preferred shares, indicating that its capital structure does not include such special equity instruments - The company's reporting period shows no preferred shares[161] Bond-Related Information During the reporting period, the company had no bond-related information, indicating that it did not issue or hold bonds, or that relevant information did not require disclosure - The company's reporting period shows no bond-related information[163] Financial Report Audit Report The company's semi-annual financial report was not audited, therefore, it does not include an audit opinion or auditor's statement - The company's semi-annual financial report was not audited[165] 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 the first half of 2025, comprehensively presenting the company's financial position, operating results, and cash flow - This section includes the Consolidated Balance Sheet, Parent Company Balance Sheet, Consolidated Income Statement, Parent Company Income Statement, Consolidated Cash Flow Statement, Parent Company Cash Flow Statement, Consolidated Statement of Changes in Owners' Equity, and Parent Company Statement of Changes in Owners' Equity[166][170][174][177][179][181][184][191] Company Basic Information Shanghai Yanshan Technology Co., Ltd. was established in June 2001 and listed on the Shenzhen Stock Exchange in December 2007, operating in the software and information technology services industry; as of June 30, 2025, the company's total share capital was 5,681,544,596 shares, with a registered capital of 5,681,544,596.00 Yuan; its parent company is Shanghai Yanhe Technology Partnership (Limited Partnership), and the actual controllers are Ye Ke and Fu Yaohua - Shanghai Yanshan Technology Co., Ltd. was established in June 2001 with the approval of the Shanghai Municipal People's Government and listed on the Shenzhen Stock Exchange in December 2007, operating in the software and information technology services industry[198] - As of June 30, 2025, the total number of shares issued by the company was 5,681,544,596 shares, with a registered capital of 5,681,544,596.00 Yuan[198] - The company's parent company is Shanghai Yanhe Technology Partnership (Limited Partnership), and its actual controllers are Ye Ke and Fu Yaohua[199] Basis for Preparation of Financial Statements These financial statements are prepared in accordance with the Accounting Standards for Business Enterprises issued by the Ministry of Finance and relevant regulations of the China Securities Regulatory Commission, on a going concern basis, and the company has no matters that raise significant doubts about its ability to continue as a going concern, ensuring the compliance and reliability of the financial report - These financial statements are prepared in accordance with the Accounting Standards for Business Enterprises—Basic Standards and various specific accounting standards, application guidelines, interpretations of accounting standards, and other relevant regulations issued by the Ministry of Finance, as well as the relevant provisions of the China Securities Regulatory Commission's Information Disclosure Rules for Companies Issuing Securities No. 15—General Provisions for Financial Reports[200] - These financial statements are prepared on a going concern basis, and the company has no matters or circumstances that may cause significant doubt about its ability to continue as a going concern for the 12 months from the end of the reporting period[201][202] Significant Accounting Policies and Accounting Estimates This section details the company's specific accounting policies and estimates regarding accounting periods, operating cycles, functional currency, business combinations, preparation of consolidated financial statements, classification and measurement of financial instruments, derecognition of financial assets, derecognition of financial liabilities, impairment of financial instruments, revenue recognition, contract costs, government grants, deferred income tax, leases, and share-based payments, providing a basis for understanding the financial data - The company's operating cycle is 12 months, and it uses Renminbi as its functional currency[206][207] - Financial assets are classified at initial recognition as: 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[216] - The company recognizes revenue when it satisfies a performance obligation in the contract, i.e., when the customer obtains control of the related goods or services, and recognizes revenue over time or at a point in time based on the type of performance obligation[271][273] - The company applies impairment accounting based on expected credit losses for financial assets measured at amortized cost, financial assets measured at fair value through other comprehensive income (debt instruments), and financial guarantee contracts[224] - The company's internal research and development expenditures are divided into research phase expenditures and development phase expenditures; research phase expenditures are recognized in profit or loss for the current period, while development phase expenditures are recognized as intangible assets if specific conditions are met simultaneously[255][256] - In applying accounting policies, the company makes judgments, estimates, and assumptions regarding fair value of financial instruments, impairment of financial instruments, goodwill impairment, deferred income tax assets, and income tax, among other balance sheet items[296][297][298] Taxes This section lists the company's main tax categories and rates, including value-added tax, urban maintenance and construction tax, and corporate income tax; some subsidiaries enjoy corporate income tax incentives for high-tech enterprises or local exemptions, being taxed at a 15% rate, while others are taxed under small and micro enterprise income tax preferential policies Main Tax Categories and Rates | Tax Category | Tax Rate | | :--- | :--- | | Value-Added Tax | 6%, 9%, 13% | | Urban Maintenance and Construction Tax | 2.5%, 3.5%, 5%, 7% | | Corporate Income Tax | 5%, 15%, 25% | - Subsidiaries such as Shanghai 2345 Network Technology Co., Ltd., Qushui Huitong Information Service Co., Ltd., and Nullmax Technology (Shanghai) Co., Ltd. enjoy a 15% corporate income tax preferential rate[301][302] - Subsidiaries such as Shanghai Yansi Brain-Inspired Artificial Intelligence Research Institute Co., Ltd. and Shenqi Technology (Shanghai) Co., Ltd. pay corporate income tax according to small and micro enterprise income tax preferential policies[301] Notes to Consolidated Financial Statement Items This section provides detailed notes on various assets, liabilities, owners' equity, income, costs, and expense items in the consolidated financial statements, including monetary funds, trading financial assets, accounts receivable, inventories, long-term equity investments, fixed assets, intangible assets, goodwill, employee compensation payable, operating revenue and costs, and discloses their ending balances, beginning balances, and changes, providing specific data for understanding the company's financial performance Monetary Funds | Item | Ending Balance (billion Yuan) | Beginning Balance (billion Yuan) | | :--- | :--- | :--- | | Bank Deposits | 0.24 | 0.24 | | Other Monetary Funds | 1.14 | 1.38 | | Total | 1.38 | 1.63 | Trading Financial Assets | Item | Ending Balance (billion Yuan) | Beginning Balance (billion Yuan) | | :--- | :--- | :--- | | Asset Management Plans and Income Rights | 1.34 | 1.13 | | Trust Plans and Trust Income Rights | 2.10 | 2.45 | | Funds | 1.10 | 0.62 | | Stocks | 0.42 | 0.37 | | Total | 5.68 | 5.35 | Operating Revenue and Operating Cost | Item | Current Period Amount (Revenue) (million Yuan) | Current Period Amount (Cost) (million Yuan) | Prior Period Amount (Revenue) (million Yuan) | Prior Period Amount (Cost) (million Yuan) | | :--- | :--- | :--- | :--- | :--- | | Principal Business | 312.57 | 227.01 | 335.37 | 178.14 | | Other Businesses | 4.24 | 2.91 | 3.04 | 2.21 | | Total | 316.81 | 229.92 | 338.41 | 180.34 | Research and Development Expenses | Item | Current Period Amount (million Yuan) | Prior Period Amount (million Yuan) | | :--- | :--- | :--- | | Employee Compensation | 118.08 | 65.49 | | Server Leasing | 12.97 | 5.76 | | Depreciation and Amortization | 10.26 | 4.52 | | Equity Incentive Expenses | 20.57 | 21.10 | | Data Service Fees | 4.46 | 0.92 | | Total | 169.80 | 99.03 | Research and Development Expenses During the reporting period, the company's total R&D expenditure was 169.80 million Yuan, all expensed, representing a significant year-on-year increase of 71.47%; major investments included employee compensation, server leasing, depreciation and amortization, equity incentive expenses, and data service fees, reflecting the company's continuous investment in technological innovation Research and Development Expenses | Item | Current Period Amount (million Yuan) | Prior Period Amount (million Yuan) | | :--- | :--- | :--- | | Employee Compensation | 118.08 | 65.49 | | Server Leasing | 12.97 | 5.76 | | Depreciation and Amortization | 10.26 | 4.52 | | Equity Incentive Expenses | 20.57 | 21.10 | | Data Service Fees | 4.46 | 0.92 | | Total | 169.80 | 99.03 | - The expensed R&D expenditure for the current period was 169.80 million Yuan, all of which was expensed[589] Changes in Consolidation Scope During the reporting period, the company disposed of its subsidiary Wuxi Yanshi Hotel Management Co., Ltd., and newly established subsidiaries including Shanghai Baoruiyang Hotel Management Co., Ltd., Shanghai Shangbangyi Network Technology Co., Ltd., and Shanghai Yanchao Sports Technology Co., Ltd., reflecting adjustments and expansion of the company's business structure - During this period, the subsidiary Wuxi Yanshi Hotel Management Co., Ltd. was disposed of, with the loss of control occurring on March 1, 2025[602] Newly Established Grandchildren and Subsidiaries During the Year (Partial) | Company Name | Establishment Date | Registered Capital (million Yuan) | Shareholding Ratio (%) | | :--- | :--- | :--- | :--- | | Shanghai Baoruiyang Hotel Management Co., Ltd. | January 15, 2025 | 1.00 | 100.00 | | Shanghai Shangbangyi Network Technology Co., Ltd. | February 20, 2025 | 1.00 | 100.00 | | Shanghai Yanchao Sports Technology Co., Ltd. | February 26, 2025 | 30.00 | 100.00 | Equity in Other Entities This section discloses the company's equity interests in subsidiaries, joint ventures, and associates; the company holds 28.31% of Nullmax (Cayman) Limited through i