顶点软件(603383) - 2025 Q2 - 季度财报

Section I Definitions This section provides definitions of common terms used throughout the report, ensuring clarity for readers Definitions of Common Terms This chapter defines key terms, including company names, reporting periods, regulatory bodies, financial technology terms, market types, and core products and technology platforms, to ensure clear understanding for readers - The reporting period is defined as January 1 to June 30, 2025[13] - The company's core technology platforms, collectively known as the "3+1" foundational technology platform, include LiveDTP Trading Technology Platform, LiveData Agile Data Platform, LiveBOS Business Architecture Platform, and HyperDB In-Memory Database[13] - The A5 system is a new generation, full-stack, domestically developed distributed core trading system within Apex Software's new trading system[13] Section II Company Profile and Key Financial Indicators This section provides an overview of the company's basic information and key financial performance metrics for the reporting period I. Company Information This section outlines the company's basic registration details, including its full Chinese name, abbreviation, foreign name and acronym, and legal representative - The company's full Chinese name is Fujian Apex Software Co., Ltd., abbreviated as Apex Software[16] - The company's legal representative is Yan Mengyu[16] II. Contact Persons and Information This section provides contact details for the company's Board Secretary and Securities Affairs Representative, including names, addresses, phone numbers, fax, and email, to facilitate communication with investors and stakeholders - The Board Secretary is Zhao Wei, and the Securities Affairs Representative is Wu Jingjing[17] - The company's contact address is Apex Software Fintech Center, Buildings 8-9, Zone G, Software Park, No. 89 Tongpan Road Software Avenue, Gulou District, Fuzhou City, Fujian Province[17] III. Brief Introduction to Changes in Basic Information This section details the company's registered and office addresses, including historical changes to the registered address, along with its website and email address - The company's registered address changed on March 8, 2018, to Building 13, Zone A, No. 89 Tongpan Road Software Avenue, Gulou District, Fuzhou City, Fujian Province[18] - The company's website is **www.apexsoft.com.cn**[18](index=18&type=chunk) IV. Brief Introduction to Changes in Information Disclosure and Document Custody Locations This section specifies the company's designated newspapers for information disclosure, the website address for semi-annual reports, and the location where semi-annual reports are kept, ensuring transparency and accessibility of information - The company's selected newspapers for information disclosure are Shanghai Securities News, Securities Daily, and Securities Times[19] - The semi-annual report is published on the **Shanghai Stock Exchange website www.sse.com.cn**[19](index=19&type=chunk) V. Company Stock Overview This section provides basic information about the company's stock, including its type, listing exchange, stock abbreviation, and code - The company's stock is A-shares, listed on the Shanghai Stock Exchange, with the stock abbreviation Apex Software and code 603383[20] VII. Key Accounting Data and Financial Indicators This section presents the company's key accounting data and financial indicators for the first half of 2025, compared to the same period last year, reflecting changes in operating performance and financial position (I) Key Accounting Data In the first half of 2025, the company's operating revenue decreased by 7.97% year-on-year, while total profit and net profit attributable to shareholders increased by 22.51% and 8.40% respectively, with a narrowed net cash outflow from operating activities and a decrease in total assets and net assets | Key Accounting Data | Current Period (Jan-Jun) (yuan) | Prior Year (yuan) | Change from Prior Year (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 245,525,750.25 | 266,792,942.02 | -7.97 | | Total Profit | 48,594,918.70 | 39,667,055.85 | 22.51 | | Net Profit Attributable to Listed Company Shareholders | 52,877,871.89 | 48,782,385.53 | 8.40 | | Net Profit Attributable to Listed Company Shareholders Excluding Non-Recurring Gains and Losses | 43,904,757.89 | 41,171,166.12 | 6.64 | | Net Cash Flow from Operating Activities | -126,851,796.52 | -150,798,511.76 | Not Applicable | | Net Assets Attributable to Listed Company Shareholders (Period-End) | 1,406,746,714.31 | 1,475,797,329.24 | -4.68 | | Total Assets (Period-End) | 1,651,749,999.69 | 1,821,027,155.68 | -9.30 | (II) Key Financial Indicators In the first half of 2025, both basic and diluted earnings per share increased by 8.33% year-on-year, with basic EPS excluding non-recurring items growing by 5.00%, and both weighted average return on net assets and that excluding non-recurring items also improved | Key Financial Indicators | Current Period (Jan-Jun) | Prior Year | Change from Prior Year (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.26 | 0.24 | 8.33 | | Diluted Earnings Per Share (yuan/share) | 0.26 | 0.24 | 8.33 | | Basic Earnings Per Share Excluding Non-Recurring Gains and Losses (yuan/share) | 0.21 | 0.20 | 5.00 | | Weighted Average Return on Net Assets (%) | 3.57 | 3.28 | Increased by 0.29 percentage points | | Weighted Average Return on Net Assets Excluding Non-Recurring Gains and Losses (%) | 2.96 | 2.77 | Increased by 0.19 percentage points | IX. Non-Recurring Gains and Losses Items and Amounts This section details the company's non-recurring gains and losses for the first half of 2025, totaling 8.97 million yuan, primarily comprising government subsidies, fair value changes in financial assets, and reversals of impairment provisions for receivables | Non-Recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Government grants recognized in current profit or loss (non-recurring impact) | 1,201,562.85 | | Gains and losses from changes in fair value of financial assets and liabilities held by non-financial enterprises and disposal gains and losses | 9,541,865.54 | | Reversal of impairment provisions for receivables subject to individual impairment testing | 78,059.00 | | Other non-operating income and expenses apart from the above | -200,000.00 | | Less: Income tax impact | 1,596,719.04 | | Impact on minority interests (after tax) | 51,654.35 | | Total | 8,973,114.00 | X. Companies with Equity Incentive or Employee Stock Ownership Plans May Choose to Disclose Net Profit After Deducting Share-Based Payment Impact This section discloses the company's net profit after deducting the impact of share-based payments for the first half of 2025, which was 54.74 million yuan, representing a 2.89% increase from the previous year | Key Accounting Data | Current Period (Jan-Jun) (yuan) | Prior Year (yuan) | Change from Prior Year (%) | | :--- | :--- | :--- | :--- | | Net Profit After Deducting Share-Based Payment Impact | 54,741,979.23 | 53,206,177.58 | 2.89 | Section III Management Discussion and Analysis This section provides management's perspective on the company's industry, business operations, core competencies, and financial performance during the reporting period I. Description of the Company's Industry and Main Business Operations During the Reporting Period The company focuses on fintech, providing comprehensive and innovative digital products and services across the financial sector, including securities, funds, asset management, trusts, banks, futures, and factor markets, while also engaging in non-financial industry IT services as a leading platform-based digital service provider (I) Overview of Main Financial Industries Involved in the Company's Business In the first half of 2025, the CPC Central Committee Political Bureau meeting emphasized "sustaining stability and invigorating the capital market," with the People's Bank of China, National Financial Regulatory Administration, and China Securities Regulatory Commission introducing a package of financial policies, demonstrating central government's high regard and support for the capital market - In April 2025, the CPC Central Committee Political Bureau meeting emphasized "sustaining stability and invigorating the capital market"[27] - In May 2025, the People's Bank of China, National Financial Regulatory Administration, and China Securities Regulatory Commission introduced financial policies to stabilize the market and expectations[27] (II) Description of Main Business Operations The company's main business focuses on fintech, providing IT services to financial sectors such as securities, funds, asset management, trusts, banks, futures, and factor markets, while also expanding into non-financial IT services, leveraging its extensive client base in the securities industry to acquire new business and clients through negotiations and tenders - The company is a leading platform-based digital service provider, with business covering IT services for both financial and non-financial industries[28] - Financial industry IT services primarily include securities, funds & asset management, trusts, banks, futures, and factor markets[28] II. Discussion and Analysis of Operations During the reporting period, cautious IT spending by financial industry clients due to market conditions led to a slight year-on-year decline in the company's financial IT business revenue; however, proactive measures, including new product expansion, strengthened internal management, and cost reduction initiatives, resulted in net profit growth, while the company continued its innovation-driven strategy, deepening the integration of its "3+1" foundational technology platform with domestic IT and AI, and advancing core business new product development and main business line product upgrades to enhance market competitiveness - Due to market conditions, financial industry clients' IT investments were cautious, leading to a slight year-on-year decline in financial IT business revenue[30] - The company's operating revenue was 245.53 million yuan, a year-on-year decrease of 7.97%; net profit attributable to listed company shareholders was 52.88 million yuan, a year-on-year increase of 8.40%[30] - The company continuously deepens the integration, adaptation, and optimization of its "3+1" foundational technology platform with domestic IT and AI, providing technical support for new generation product development and AI+financial application scenarios[31] Business Operations During the Reporting Period The company's business revolves around transaction, process, and data-driven approaches, providing comprehensive financial IT application support based on its "3+1" foundational technology platform, with continuous innovation and expansion in core trading, wealth management, new asset management systems, large operations systems, and other financial industry businesses, alongside active development of IT services outside the financial sector - The company's business development focuses on three major types: transaction-driven, process-driven, and data-driven[30] - The "Full-Stack Autonomous and Controllable Solution for Securities Core Trading System (A5)" jointly developed by the company and Soochow Securities was selected as a "Key Recommended Application Case for Information Technology Application Innovation Solutions in 2024" by the Ministry of Industry and Information Technology, being the only core system project from the securities industry to be included[32] (I) New Trading System Business The new trading system is the company's core business segment, pioneering and leading the new generation of domestic IT technology, with the A5 system, the only fully domestically substituted new generation core trading system in the securities industry, successfully implemented in 11 projects, further solidifying the company's leading position in securities domestic IT, while the HTS series and unified risk control platform URC2.0 also achieved breakthroughs in professional and innovative trading - The new trading system is the company's most core business segment, covering all securities, futures, and asset management trading businesses[33] - The A5 system is the only new generation core trading system in the securities industry that has fully achieved domestic substitution, successfully winning the Everbright Securities project and becoming the 11th officially implemented project[33] - In the professional trading field, the HTS3.0 ultra-high-speed trading system, integrating FPGA hardware technology and memory technology, and the UTS commodity futures ultra-high-speed trading system were launched[34] (II) Wealth Management Business The company continues to develop its wealth management business, with the C6 client operating platform upgrading business scenarios and integrating AI-driven capabilities to develop an intelligent agent factory; the TAMP (Total Asset Management Platform) research and development progressed, adding new top-tier brokerage cases, while maintaining the leading market share in institutional wealth management and completing domestic IT transformation of public fund investment advisory systems, with the newly established securities investment advisory system product team adding 2 new clients - In wealth management, the marketing service platform C6 continues to develop new users through upgrades, integrating AI scenario-based implementation capabilities and developing an intelligent agent factory[35] - TAMP (Total Asset Management Platform) research and development continues to advance, with new cases from leading brokerages added[35] - The domestic IT transformation of the public fund investment advisory system has been fully completed, with a comprehensive domestic IT launch at a leading brokerage[35] (III) New Asset Management System Business The new asset management system is a strategic investment focus for the company, leveraging its proprietary technology platform to build a new generation asset management system with the panoramic real-time asset bookkeeping IBLive as its core foundation, which has been adopted by institutions such as bank wealth management, trusts, public funds, and brokerage asset management, maintaining a leading position in CRM and product full lifecycle operations within the asset management industry, and introducing AI-powered asset allocation technology to assist clients in transitioning to an advisory model - The company relies on its proprietary technology platform to build a new generation asset management system with the panoramic real-time asset bookkeeping IBLive as its core foundation[37] - The new generation investment management system has been adopted by institutions such as bank wealth management, trusts, public funds, and brokerage asset management, forming end-to-end implementation solutions in areas like MOM investment management and trading[37] - Actively introducing AI-powered asset allocation and other technologies to help clients transition from a product sales model to an advisory model[37] (IV) Large Operations System Business The company's large operations business segment encompasses both client-facing and internal operations, deeply integrating AI capabilities to achieve HAI (Human-AI Collaboration) synergy; during the reporting period, it launched the new generation intelligent operations platform B5, providing digital support for brokerage wealth management transformation, institutional business expansion, and international strategic布局, while continuously increasing R&D investment in the Hong Kong market operations platform and building an intelligent institutional operations system to fully support one-stop business processing for institutional investors, simultaneously deepening domestic IT adaptation for all product lines - Large operations business deeply integrates AI capabilities to achieve HAI (Human-AI Collaboration) synergy[38] - Launched the new generation intelligent operations platform B5, driven by "omni-channel account management × intelligent ecosystem matrix × new operating model" as its innovation engine[38] - Continuously increasing Hong Kong market operations platform R&D investment and deepening domestic IT adaptation for all product lines, creating multiple industry-demonstrative domestic IT cases[39] (V) Other Financial Industry Businesses Based on its four major business segments, the company has built a comprehensive institutional support system, focusing on the core themes of "trading, wealth management, sales, service, and operations" for institutional business; the investment banking business line (Xidian Information) continues to deepen the digital capabilities of the I5 Digital Investment Banking Platform, enhancing AI applications with large models, while the investment research business line (Shanghai Furong) leverages the LiveData platform to continuously improve its integrated investment research business support platform and one-stop investment research data empowerment platform; the futures business line provides comprehensive upgrade solutions, and the trust business line's Atrust integrated trust platform maintains industry leadership, completing domestic IT architecture upgrades and deeply integrating AI technology; the factor trading and equity investment market business line actively promotes deep integration of AI with business applications, and the small and medium-sized bank IT business focuses on system construction for wealth management, asset allocation, and digital marketing - Institutional business continues to improve in multiple areas such as institutional trading accounts, institutional wealth, special businesses, and institutional services, introducing large AI models to build an intelligent business opportunity engine[40] - The investment banking business line (Xidian Information) deepens the digital capabilities of the I5 Digital Investment Banking Platform, launching the Diglink (Draft Pass) product based on RAG technology and large models[41] - The trust business line's Atrust integrated trust platform has completed domestic IT architecture upgrades, deeply integrating AI technology, and its client APP platform has adapted to the HarmonyOS system[42][43] (VI) IT Services Outside the Financial Industry Outside the financial industry, the company, through its controlled subsidiaries, focuses on enterprise and education IT services, adopting an aggressive "platform-based application software" expansion strategy; during the reporting period, government and enterprise IT business grew steadily, successfully winning bids for multiple domestic IT digital transformation projects - The company focuses on enterprise and education IT services through two controlled subsidiaries, adopting a "platform-based application software" development strategy[44] - During the reporting period, business in the government and enterprise IT sector grew steadily, successfully winning bids for multiple projects such as the new generation digital human resources platform and domestic IT integrated office system[44] III. Analysis of Core Competencies During the Reporting Period The company's core competitiveness lies in its continuous innovation and core technological advantages, including proprietary intellectual property like the "3+1" foundational technology platform; an innovative product development model enabling agile and efficient development through its agile business architecture and data technology platforms; deep client and industry experience providing leading products and services across various pan-financial sectors; and the ability to rapidly meet personalized client needs, having established a comprehensive on-demand R&D, delivery, and service system (I) Continuous Innovation Capability and Core Technology Advantages The company adheres to fundamental R&D and domestic IT routes, forming a large number of proprietary intellectual properties and patents, including the "3+1" foundational technology platform, and building a technology ecosystem shareable with pan-financial industry partners, ensuring long-term competitiveness in products, services, and market - The company adheres to fundamental R&D and domestic IT routes, forming proprietary intellectual property and patents, such as the "3+1" foundational technology platform[45] - Core technological advantages are key factors supporting the company's long-term sustained competitiveness in products, services, and market[45] (II) Innovative Product Development Model Advantages The company utilizes its self-developed agile business architecture platform and agile data technology platform to achieve agility, efficiency, and cross-industry applicability in software development, thereby transforming application product development, technology research, new product development, market expansion, and talent cultivation models, evolving into a comprehensive "foundational platform + application solution" provider - The company uses its self-developed agile business architecture platform and agile data technology platform, enhancing the agility, efficiency, and cross-industry applicability of software development[45] - This innovative model reduces project implementation costs and shortens client IT implementation time[45] (III) Client and Industry Experience Advantages The company has cultivated the securities industry IT sector for many years, accumulating an extensive client base and rich service experience, with in-depth research into various pan-financial industry businesses, enabling it to provide industry-leading products and services in diverse business areas such as core trading, wealth management, and large investment banking - The company has cultivated the securities industry IT sector for many years, possessing an extensive client base and extensive experience in securities market IT services[46] - It has in-depth research and understanding of various businesses across all pan-financial sectors, enabling it to provide industry-leading products and services[46] (IV) Ability to Rapidly Meet Personalized Client Needs Facing the growing personalized software demands from brokerages, the company, leveraging its self-developed "3+1" foundational technology platform and excellent team, has established an on-demand R&D, delivery, and service system, possessing the competitiveness to rapidly meet personalized client needs - The company possesses a self-developed "3+1" foundational technology platform and an excellent team, having established an R&D, delivery, and service system capable of meeting on-demand customization[46] - It has formed a competitive software development and customization capability to rapidly meet personalized client needs[46] IV. Major Operating Conditions During the Reporting Period During the reporting period, the company's operating revenue decreased year-on-year, but total profit, net profit, and non-recurring net profit all increased; net cash outflow from operating activities narrowed, net cash flow from investing activities turned negative, and net cash outflow from financing activities narrowed, while the asset and liability structure changed significantly, with a substantial decrease in monetary funds and a significant increase in financial assets held for trading and receivables, as the company disposed of a 20% equity stake in Shanghai Beifa and continued to invest in financial assets measured at fair value (I) Main Business Analysis This period, the company's operating revenue decreased by 7.97% year-on-year, primarily due to fewer accepted projects, with operating costs decreasing by 10.50% in line with revenue; administrative and R&D expenses decreased by 20.13% and 11.20% respectively, mainly due to reduced share-based payment expenses and R&D personnel salaries, while financial expenses changed due to lower bank deposit interest income; net cash outflow from operating activities narrowed, net cash flow from investing activities turned negative, and net cash outflow from financing activities narrowed, with other income and fair value change gains significantly increasing, and investment income decreasing | Item | Current Period Amount (yuan) | Prior Year Amount (yuan) | Change Ratio (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 245,525,750.25 | 266,792,942.02 | -7.97 | | Operating Costs | 73,583,556.82 | 82,220,820.10 | -10.50 | | Selling Expenses | 33,813,201.35 | 36,143,301.38 | -6.45 | | Administrative Expenses | 38,931,263.25 | 48,745,303.13 | -20.13 | | Financial Expenses | -4,026,357.17 | -8,922,230.01 | Not Applicable | | R&D Expenses | 70,831,535.31 | 79,761,656.59 | -11.20 | | Net Cash Flow from Operating Activities | -126,851,796.52 | -150,798,511.76 | Not Applicable | | Net Cash Flow from Investing Activities | -310,848,946.47 | 14,863,485.29 | Not Applicable | | Net Cash Flow from Financing Activities | -123,232,187.40 | -188,316,717.60 | Not Applicable | | Other Income | 11,648,764.51 | 9,493,973.17 | 22.70 | | Investment Income | 1,980,416.94 | 4,301,488.93 | -53.96 | | Fair Value Change Gains/Losses | 7,467,596.78 | 575,729.91 | 1,197.07 | | Income Tax Expense | -4,152,261.07 | -7,788,710.48 | Not Applicable | - The decrease in operating revenue was mainly due to fewer accepted projects in the current period compared to the same period last year[48] - The decrease in administrative expenses was mainly due to reduced share-based payment expenses in the current period[48] (III) Analysis of Assets and Liabilities At the end of the reporting period, the company's monetary funds significantly decreased by 81.27%, primarily due to dividends and wealth management investments; financial assets held for trading increased by 34.67%, and receivables increased by 119.94%, mainly because collections are concentrated in the second half of the year; long-term equity investments decreased by 91.84% due to the transfer of Shanghai Beifa equity, while other non-current assets increased by 181.23%, mainly due to an increase in long-term transferable large-denomination certificates of deposit; employee compensation payable and taxes payable decreased by 50.57% and 86.12% respectively, primarily due to the payment of year-end bonuses and opening tax expenses 1. Asset and Liability Status At the end of the reporting period, the company's monetary funds significantly decreased by 81.27%, financial assets held for trading increased by 34.67%, and receivables increased by 119.94%; long-term equity investments decreased by 91.84% due to the transfer of Shanghai Beifa equity, while other non-current assets increased by 181.23%, mainly due to an increase in long-term transferable large-denomination certificates of deposit; on the liability side, employee compensation payable and taxes payable decreased by 50.57% and 86.12% respectively | Item Name | Period-End Amount (yuan) | Period-End % of Total Assets | Prior Year-End Amount (yuan) | Prior Year-End % of Total Assets | Period-End Change from Prior Year-End (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 129,877,471.44 | 7.86 | 693,311,775.71 | 38.07 | -81.27 | Decrease due to dividends, wealth management investments, etc. in the current period | | Financial Assets Held for Trading | 818,610,082.06 | 49.56 | 607,849,654.72 | 33.38 | 34.67 | Increase in financial assets held for trading | | Accounts Receivable | 110,728,398.64 | 6.70 | 50,344,399.82 | 2.76 | 119.94 | Period-end accounts receivable increased from period-beginning as contract project collections are generally concentrated in the second half of the year | | Long-Term Equity Investments | 2,806,962.76 | 0.17 | 34,399,514.58 | 1.89 | -91.84 | Due to the company transferring its 20.00% equity stake in associate Shanghai Beifa Information Technology Co., Ltd. in the current period | | Other Non-Current Assets | 265,878,537.79 | 16.10 | 94,540,925.60 | 5.19 | 181.23 | Increase in long-term transferable large-denomination certificates of deposit held at period-end compared to period-beginning | | Employee Compensation Payable | 19,435,074.41 | 1.18 | 39,315,630.65 | 2.16 | -50.57 | Due to payment of last year's year-end bonuses in the current period | | Taxes Payable | 3,067,504.12 | 0.19 | 22,094,168.82 | 1.21 | -86.12 | Due to payment of opening VAT and corporate income tax in the current period | 3. Major Asset Restrictions as of the End of the Reporting Period As of the end of the reporting period, the company's primary restricted asset was monetary funds, totaling 1.97 million yuan, restricted as guarantee deposits | Item | Period-End Book Balance (yuan) | Period-End Book Value (yuan) | Restriction Type | Restriction Details | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 1,971,358.60 | 1,971,358.60 | Guarantees, etc. | Guarantee deposits | (IV) Investment Status Analysis During the reporting period, the company transferred its 20.00% equity stake in Shanghai Beifa to Apex, an entity controlled by the controlling shareholder, for 31.50 million yuan, resulting in the company no longer holding Shanghai Beifa equity; concurrently, the company continued to invest in financial assets measured at fair value, totaling 818.61 million yuan at period-end, primarily comprising private equity funds, trust products, and other collective asset management plans 1. Overall Analysis of External Equity Investments During the reporting period, the company transferred its 20.00% equity stake in Shanghai Beifa to Apex, an entity controlled by Mr. Yan Mengyu, the controlling shareholder and actual controller, for 31.50 million yuan, with the transfer completed and the company no longer holding Shanghai Beifa's equity - The company transferred a 20.00% equity stake in Shanghai Beifa to Apex, an entity controlled by the controlling shareholder, for 31.50 million yuan[54] - Following this transfer, the company no longer holds equity in Shanghai Beifa[54] (3). Financial Assets Measured at Fair Value As of the end of the reporting period, the company's financial assets measured at fair value totaled 818.61 million yuan, an increase from 607.85 million yuan at the beginning of the period, primarily invested in private equity funds, trust products, and other collective asset management plans, with fair value change gains of 7.47 million yuan for the current period | Asset Category | Beginning Balance (million yuan) | Fair Value Change Gains/Losses for Current Period (million yuan) | Purchases for Current Period (million yuan) | Sales/Redemptions for Current Period (million yuan) | Ending Balance (million yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Private Equity Funds | 3.71 | 0.44 | 0 | 0 | 4.14 | | Trust Products | 0.01 | 0 | 30.00 | 10.03 | 20.01 | | Other | 604.14 | 7.02 | 455.00 | 272.96 | 794.46 | | Total | 607.85 | 7.47 | 485.00 | 282.99 | 818.61 | - In June 2021, the company invested in Beijing Mingsheng Dongcheng Private Equity Fund Management Center (Limited Partnership) Mingsheng Dongcheng Mingdeng Phase 1 Product No. 2, with the net value of this product held at 4.14 million yuan as of the end of June 2025[56] V. Other Disclosures This section discloses potential risks the company faces, including intensified industry competition, technological challenges, regulatory compliance, and the unsustainability of tax incentives; concurrently, the company actively implements its "Quality Improvement, Efficiency Enhancement, and High Returns" action plan through innovation-driven development, sustained high cash dividends, executive share increases, enhanced investor communication, and improved corporate governance to protect investor interests and elevate operational standards (I) Potential Risks The company faces risks such as intensified industry competition, technological iteration, changes in regulatory policies, and adjustments to tax incentive policies, all of which could adversely affect its market position and operating performance - The company faces the risk of intensified industry competition, which could lead to a decline in market position[58] - Technology risk, where failure to timely track technological developments or develop new products could result in the loss of existing advantages[58] - Regulatory risk and business compliance risk, where client penalties or business suspension would adversely affect operations[58] - The risk that the company may not continue to enjoy tax incentives, which could adversely affect performance[58] (II) Other Disclosures (Progress of "Quality Improvement, Efficiency Enhancement, and High Returns" Action Plan) The company actively responds to the "Quality Improvement, Efficiency Enhancement, and High Returns" special action by adhering to an innovation-driven development strategy, deepening the integration of its "3+1" foundational technology platform with domestic IT and AI to enhance product competitiveness; concurrently, the company maintains stable high cash dividends (with the 2024 annual cash dividend ratio increasing to 84.70%), executives increase their shareholdings, multi-level investor communication is strengthened, and corporate governance is improved to elevate operational standards - The company adheres to an innovation-driven development strategy, deepening the integration of its "3+1" foundational technology platform with domestic IT and AI technologies to enhance product competitiveness[60] - The company maintains stable high cash dividends, remaining above 60% in the past three years, with the 2024 annual cash dividend ratio increasing to 84.70%[61] - Vice General Manager Mr. Zhu Yu increased his shareholding in the company by 16,200 shares in August 2024, accounting for 0.0079% of the total share capital[61] - The company strengthens investor communication through various channels such as investor relations hotlines, email, SSE e-interaction platform, and on-site visits, and regularly holds earnings briefings[63] - The company strictly complies with laws and regulations, continuously conducting corporate governance activities, having held 8 board meetings, 6 supervisory board meetings, and 2 shareholder meetings in 2024, and will revise governance documents such as the "Articles of Association"[64] Section IV Corporate Governance, Environment, and Society This section covers the company's corporate governance practices, environmental responsibilities, and social contributions II. Profit Distribution or Capital Reserve to Share Capital Increase Plan The company has not formulated a profit distribution plan or a capital reserve to share capital increase plan for this reporting period - The company's proposed semi-annual profit distribution plan and capital reserve to share capital increase plan are "No," with 0 bonus shares, 0 dividends, and 0 shares transferred for every 10 shares[66] Section V Significant Matters This section details significant events and commitments that impact the company's operations and financial position I. Fulfillment of Commitments The company's actual controller, shareholders, and the company itself have strictly fulfilled all commitments made during or continuing into the reporting period, including share lock-ups, profit distribution, resolution of horizontal competition, resolution of related-party transactions, and commitments not to occupy company funds or to compensate for social insurance/housing provident fund shortfalls - Yan Mengyu, Zhao Wei, Lei Shipan, and others committed to transferring no more than 25% of their total company shares annually during their tenure and not transferring shares within six months after resignation, with all commitments strictly fulfilled[69] - The company committed to distributing dividends in cash, shares, or a combination of both, prioritizing cash distribution, and has strictly fulfilled this commitment[69] - The company's controlling shareholder and actual controller, Yan Mengyu, committed to resolving horizontal competition and related-party transactions, and pledged not to occupy company funds, with all commitments strictly fulfilled[69][70] X. Significant Related-Party Transactions During the reporting period, the company engaged in a significant related-party transaction related to its ordinary operations, transferring a 20.00% equity stake in its associate Shanghai Beifa to Apex, an entity controlled by the controlling shareholder, for 31.50 million yuan, with the transaction now completed (I) Related-Party Transactions Related to Ordinary Operations On March 4, 2025, the company's board of directors approved the transfer of a 20.00% equity stake in its associate Shanghai Beifa to Apex, an entity controlled by Mr. Yan Mengyu, the controlling shareholder and actual controller, for 31.50 million yuan; as of April 1, 2025, the company had received the full transfer payment and completed the industrial and commercial change registration procedures - The company transferred a 20.00% equity stake in its associate Shanghai Beifa to Apex, an entity controlled by the controlling shareholder, for 31.50 million yuan[72] - This related-party transaction was completed on April 1, 2025, and the company no longer holds equity in Shanghai Beifa[72] Section VI Share Changes and Shareholder Information This section provides details on changes in the company's share capital and information about its shareholders I. Share Capital Changes During the reporting period, there were no changes in the company's total share capital or share structure 1. Table of Share Changes During the reporting period, the company's total share capital and share structure remained unchanged - During the reporting period, there were no changes in the company's total share capital or share structure[76] II. Shareholder Information As of the end of the reporting period, the company had 21,816 common shareholders; the top ten shareholders exhibited high concentration, with Yan Mengyu and his concerted parties holding a combined 34.99% stake, and the top ten unrestricted shareholders were largely consistent with the top ten shareholders, while restricted shareholders primarily comprised equity incentive recipients, including Zhu Yu and other grantees of the 2021 Restricted Stock Incentive Plan (I) Total Number of Shareholders As of the end of the reporting period, the company had a total of 21,816 common shareholders | Indicator | Quantity | | :--- | :--- | | Total number of common shareholders as of the end of the reporting period (households) | 21,816 | (II) Table of Shareholdings of Top Ten Shareholders and Top Ten Unrestricted Shareholders as of the End of the Reporting Period As of the end of the reporting period, among the company's top ten shareholders, Yan Mengyu held 20.97%, Fuzhou Apex Electronics Co., Ltd. held 14.02%, Zhao Wei held 6.91%, and Lei Shipan held 2.79%; Yan Mengyu, Apex, and Zhao Lin constitute a concerted party relationship, and the top ten unrestricted shareholders list is largely consistent with the top ten shareholders | Shareholder Name | Period-End Shareholding (shares) | Percentage (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Yan Mengyu | 43,065,137 | 20.97 | Domestic Natural Person | | Fuzhou Apex Electronics Co., Ltd. | 28,788,480 | 14.02 | Domestic Non-State-Owned Legal Person | | Zhao Wei | 14,199,360 | 6.91 | Domestic Natural Person | | Lei Shipan | 5,732,160 | 2.79 | Domestic Natural Person | | National Social Security Fund Portfolio 110 | 3,945,040 | 1.92 | Other | | Zhao Ying | 2,973,216 | 1.45 | Domestic Natural Person | | Hong Kong Securities Clearing Company Limited | 2,250,967 | 1.10 | Overseas Legal Person | | National Social Security Fund Portfolio 502 | 1,249,570 | 0.61 | Other | | Basic Pension Insurance Fund Portfolio 2009 | 1,213,709 | 0.59 | Other | | Industrial and Commercial Bank of China Co., Ltd. - Huashang New Trend Preferred Flexible Allocation Mixed Securities Investment Fund | 1,200,000 | 0.58 | Other | - Ms. Zhao Lin, the controlling shareholder of Apex, is the spouse of Mr. Yan Mengyu, the company's controlling shareholder and actual controller; Zhao Lin, Apex, and Yan Mengyu constitute a concerted party relationship[80] Shareholdings and Restrictions of Top Ten Restricted Shareholders The company's restricted shareholders are primarily equity incentive recipients, including Zhu Yu and other grantees of the 2021 Restricted Stock Incentive Plan, collectively holding 888,960 restricted shares | No. | Name of Restricted Shareholder | Number of Restricted Shares Held (shares) | Restriction Conditions | | :--- | :--- | :--- | :--- | | 1 | Zhu Yu | 72,000 | Equity Incentive Restriction | | 2 | Other 2021 Restricted Stock Incentive Plan Grantees (Initial Grant + Reserved Portion) | 816,960 | Equity Incentive Restriction | Section VII Bond-Related Information This section provides information regarding the company's bond-related activities and status Section VIII Financial Report This section presents the company's comprehensive financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in equity 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 the first half of 2025, comprehensively presenting the company's financial position, operating results, and cash flow situation at the end of the reporting period Consolidated Balance Sheet As of June 30, 2025, the company's consolidated total assets were 1.65 billion yuan, a 9.30% decrease from the end of 2024; total current assets were 1.25 billion yuan, total non-current assets were 403.61 million yuan; total liabilities were 237.16 million yuan, and total owners' equity was 1.41 billion yuan | Item | June 30, 2025 (yuan) | December 31, 2024 (yuan) | | :--- | :--- | :--- | | Monetary Funds | 129,877,471.44 | 693,311,775.71 | | Financial Assets Held for Trading | 818,610,082.06 | 607,849,654.72 | | Accounts Receivable | 110,728,398.64 | 50,344,399.82 | | Inventories | 132,349,087.91 | 119,134,604.15 | | Other Current Assets | 51,182,101.21 | 80,496,742.68 | | Long-Term Equity Investments | 2,806,962.76 | 34,399,514.58 | | Other Non-Current Assets | 265,878,537.79 | 94,540,925.60 | | Total Current Liabilities | 235,872,585.82 | 336,832,498.86 | | Total Liabilities | 237,164,098.13 | 337,259,947.07 | | Total Owners' Equity Attributable to Parent Company | 1,406,746,714.31 | 1,475,797,329.24 | | Total Assets | 1,651,749,999.69 | 1,821,027,155.68 | Parent Company Balance Sheet As of June 30, 2025, the parent company's total assets were 1.76 billion yuan, an 8.01% decrease from the end of 2024; total current assets were 1.16 billion yuan, total non-current assets were 599.21 million yuan; total liabilities were 385.51 million yuan, and total owners' equity was 1.38 billion yuan | Item | June 30, 2025 (yuan) | December 31, 2024 (yuan) | | :--- | :--- | :--- | | Monetary Funds | 93,829,943.41 | 633,295,196.05 | | Financial Assets Held for Trading | 818,610,082.06 | 607,849,654.72 | | Accounts Receivable | 112,894,312.43 | 53,962,470.89 | | Inventories | 80,356,201.86 | 74,792,089.72 | | Other Current Assets | 51,079,528.48 | 80,277,506.80 | | Long-Term Equity Investments | 225,287,579.20 | 256,880,131.02 | | Other Non-Current Assets | 265,729,890.99 | 94,392,278.80 | | Total Current Liabilities | 384,221,425.92 | 480,695,429.16 | | Total Liabilities | 385,512,938.23 | 481,122,877.37 | | Total Owners' Equity | 1,376,768,179.93 | 1,434,561,545.32 | | Total Assets | 1,762,281,118.16 | 1,915,684,422.69 | Consolidated Income Statement In the first half of 2025, the company's consolidated total operating revenue was 245.53 million yuan, a year-on-year decrease of 7.97%; total profit was 48.59 million yuan, a year-on-year increase of 22.51%; and net profit attributable to parent company shareholders was 52.88 million yuan, a year-on-year increase of 8.40% | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 245,525,750.25 | 266,792,942.02 | | Total Operating Costs | 215,324,809.54 | 240,175,334.69 | | Total Profit | 48,594,918.70 | 39,667,055.85 | | Net Profit | 52,747,179.77 | 47,455,766.33 | | Net Profit Attributable to Parent Company Shareholders | 52,877,871.89 | 48,782,385.53 | | Basic Earnings Per Share (yuan/share) | 0.26 | 0.24 | Parent Company Income Statement In the first half of 2025, the parent company's operating revenue was 175.63 million yuan, a year-on-year decrease of 20.65%; total profit was 60.61 million yuan, a year-on-year decrease of 23.53%; and net profit was 64.14 million yuan, a year-on-year decrease of 24.23% | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Operating Revenue | 175,625,274.75 | 221,335,638.44 | | Operating Costs | 52,364,837.80 | 69,208,665.99 | | Total Profit | 60,606,511.34 | 79,257,981.02 | | Net Profit | 64,135,121.43 | 84,636,595.62 | Consolidated Cash Flow Statement In the first half of 2025, the company's net cash outflow from operating activities was -126.85 million yuan, a narrowed loss compared to the same period last year; net cash flow from investing activities was -310.85 million yuan, turning from positive to negative; net cash outflow from financing activities was -123.23 million yuan, a narrowed loss compared to the same period last year; and the cash and cash equivalents balance at period-end was 127.90 million yuan | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -126,851,796.52 | -150,798,511.76 | | Net Cash Flow from Investing Activities | -310,848,946.47 | 14,863,485.29 | | Net Cash Flow from Financing Activities | -123,232,187.40 | -188,316,717.60 | | Net Increase in Cash and Cash Equivalents | -560,932,930.39 | -324,251,744.07 | | Period-End Balance of Cash and Cash Equivalents | 127,899,272.02 | 614,154,524.68 | Parent Company Cash Flow Statement In the first half of 2025, the parent company's net cash outflow from operating activities was -124.02 million yuan, a narrowed loss compared to the same period last year; net cash flow from investing activities was -289.72 million yuan, turning from positive to negative; net cash outflow from financing activities was -123.23 million yuan, a narrowed loss compared to the same period last year; and the cash and cash equivalents balance at period-end was 92.35 million yuan | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -124,017,754.51 | -155,882,514.81 | | Net Cash Flow from Investing Activities | -289,718,946.97 | 46,429,623.51 | | Net Cash Flow from Financing Activities | -123,232,187.40 | -188,316,717.60 | | Net Increase in Cash and Cash Equivalents | -536,968,888.88 | -297,769,608.90 | | Period-End Balance of Cash and Cash Equivalents | 92,351,344.62 | 574,201,489.43 | Consolidated Statement of Changes in Owners' Equity In the first half of 2025, the company's consolidated total owners' equity decreased by 69.18 million yuan, primarily influenced by profit distribution and total comprehensive income; total owners' equity attributable to the parent company decreased by 69.05 million yuan, with a period-end balance of 1.41 billion yuan - Total owners' equity attributable to the parent company decreased by 69.05 million yuan in the current period, primarily influenced by profit distribution and total comprehensive income[108][110] - Total owners' equity attributable to the parent company at period-end was 1.41 billion yuan[112] Parent Company Statement of Changes in Owners' Equity In the first half of 2025, the parent company's total owners' equity decreased by 57.79 million yuan, primarily influenced by profit distribution and total comprehensive income, with a period-end balance of 1.38 billion yuan - Total parent company owners' equity decreased by 57.79 million yuan in the current period, primarily influenced by profit distribution and total comprehensive income[118][119] - Total parent company owners' equity at period-end was 1.38 billion yuan[120] III. Company Basic Information This section provides an overview of the company, including its establishment history, share capital changes, registered address, legal representative, and primary business nature and scope 1. Company Overview Fujian Apex Software Co., Ltd. first publicly offered shares in April 2017, approved by the CSRC, with total share capital changing to 84.19 million shares; as of June 30, 2025, the company's total share capital was 205.39 million yuan, and its primary business involves electronic computer software development, sales, and providing computer network engineering design, installation, and technical consulting services - The company first publicly offered shares in April 2017, after which its total share capital changed to 84.19 million shares[122] - As of June 30, 2025, the company's total share capital was 205.39 million yuan[122] - The company's primary business nature is electronic computer software development and sales, as well as computer network engineering design and installation services, electronic computer technical services, and technical consulting[122] V. Significant Accounting Policies and Estimates This section details the significant accounting policies and estimates followed by the company in preparing its financial statements, covering the classification and measurement of financial instruments, impairment provisions for receivables and inventories, recognition of contract assets, accounting for long-term equity investments, depreciation and amortization of fixed and intangible assets, goodwill impairment testing, contract liabilities, share-based payments, revenue recognition, government grants, and deferred tax assets/liabilities, ensuring the truthfulness and accuracy of financial reporting - The company's financial statements are prepared on a going concern basis, adhering to enterprise accounting standards, and measured at historical cost[123] - The company classifies financial assets into three categories—measured at amortized cost, measured at fair value through other comprehensive income, and measured at fair value through profit or loss—based on the business model for managing financial assets and their contractual cash flow characteristics[136] - The company recognizes revenue when it satisfies a performance obligation in a contract, meaning when the customer obtains control of the related goods or services, and uses different recognition methods based on business types (productized software, customized software, operation and maintenance services, system integration)[202][203][204][205][206] 11. Financial Instruments This section elaborates on the company's recognition, derecognition, classification, and measurement methods for financial instruments, including financial assets measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss; it also clarifies the classification and measurement of financial liabilities, fair value determination methods, and accounting treatments for financial asset impairment (expected credit loss model) and financial asset transfers - The company classifies financial assets into three categories based on the business model for managing financial assets and their contractual cash flow characteristics: measured at amortized cost, measured at fair value through other comprehensive income, and measured at fair value through profit or loss[136] - Financial asset impairment adopts the expected credit loss model, measuring loss provisions based on credit risk stages (Stage 1, Stage 2, Stage 3)[146][147] - For notes receivable, accounts receivable, and contract assets, loss provisions are always measured at an amount equal to the expected credit losses over the entire lifetime, regardless of the presence of a significant financing component[149] 13. Accounts Receivable The company adopts a credit risk characteristic portfolio approach for provisioning bad debts on accounts receivable, calculating aging based on the first-in, first-out principle; for accounts receivable with significantly different credit risks, the company individually provides for expected credit losses - The company calculates and accounts for the aging of accounts receivable based on the first-in, first-out principle[162] - For accounts receivable with significantly different credit risks compared to the portfolio credit risk, the company individually provides for expected credit losses[163] 16. Inventories The company's inventories are categorized into merchandise inventory, goods in transit, and contract costs, valued at actual cost upon acquisition and using the specific identification method upon issuance; the inventory system employs a perpetual inventory method, with low-value consumables expensed upon receipt, and at the balance sheet date, inventories are