旗天科技(300061) - 2025 Q2 - 季度财报

Section I Important Notes, Table of Contents, and Definitions This section provides crucial disclaimers, the report's structural overview, and definitions of key terms for clarity Important Notes The company's board and management guarantee report accuracy, with no plans for cash dividends or bonus shares - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content[3] - The company's responsible person, chief accounting officer, and head of the accounting department declare the financial report is true, accurate, and complete[3] - The company plans not to distribute cash dividends, send bonus shares, or convert capital reserves into share capital[4] Table of Contents This section outlines the report's structure, covering company profile, management discussion, governance, and financial statements - The report includes major sections such as company profile and key financial indicators, management discussion and analysis, corporate governance, environment and society, important matters, share changes and shareholder information, bond-related information, and financial report[6] Definitions This section defines common terms and company-related entities to ensure clear understanding of the report's content - "The Company," "Company," "Qitian Technology," and "Listed Company" all refer to Qitian Technology Group Co., Ltd[11] - Major subsidiaries include Jiangsu Xiaoqi Ofei Technology Co., Ltd. (Ofei), Shanghai Qiji Smart Technology Co., Ltd. (Qiji Smart), and Shanghai Jingzhong Technology Co., Ltd. (Jingzhong Technology)[11] Section II Company Profile and Key Financial Indicators This section provides an overview of the company's basic information and presents its key financial performance and position metrics 1. Company Profile This section introduces Qitian Technology Group Co., Ltd.'s basic information, including stock name, code, and legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Qitian Technology | | Stock Code | 300061 | | Listed Stock Exchange | Shenzhen Stock Exchange | | Legal Representative | Li Tiansong | 2. Contact Persons and Information This section provides contact details for the company's Board Secretary and Securities Affairs Representative Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Yang Haoyue | 7th Floor, No. 69 Hengtong East Road, Jing'an District, Shanghai | 021-60975620 | 021-60975620 | investor@qt300061.com | | Securities Affairs Representative | Li Caixia | 7th Floor, No. 69 Hengtong East Road, Jing'an District, Shanghai | 021-60975620 | 021-60975620 | investor@qt300061.com | 3. Other Information The company's contact information, disclosure, and registration remained unchanged, but its business scope was updated in April 2025 - The company's registered address, office address, website, and email address remained unchanged during the reporting period[15] - The company's designated securities exchange website and media for semi-annual report disclosure, as well as the report's availability location, remained unchanged during the reporting period[16] - The company completed the industrial and commercial change registration procedures for its business scope on April 25, 2025[19] 4. Key Accounting Data and Financial Indicators Revenue declined 38.79% year-on-year, while net loss to shareholders narrowed 39.82%, and total assets grew 5.88% Key Accounting Data and Financial Indicators (Current Period vs. Prior Year) | Indicator | Current Period (yuan) | Prior Year (yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 226,605,657.34 | 370,199,162.73 | -38.79% | | Net Profit Attributable to Listed Company Shareholders | -8,881,253.05 | -14,757,748.58 | 39.82% | | Net Profit Attributable to Listed Company Shareholders After Deducting Non-Recurring Gains and Losses | -9,069,664.48 | -17,015,050.64 | 46.70% | | Net Cash Flow from Operating Activities | -319,792,433.86 | -196,123,851.30 | -63.06% | | Basic Earnings Per Share (yuan/share) | -0.01 | -0.02 | 50.00% | | Diluted Earnings Per Share (yuan/share) | -0.01 | -0.02 | 50.00% | | Weighted Average Return on Net Assets | -1.62% | -1.94% | 0.32% | | Total Assets (yuan) | 1,409,789,947.51 | 1,331,538,137.21 | 5.88% | | Net Assets Attributable to Listed Company Shareholders (yuan) | 542,959,313.31 | 551,840,566.36 | -1.61% | 5. Differences in Accounting Data under Domestic and Overseas Accounting Standards The company reported no differences in net profit and net assets between international/overseas and Chinese accounting standards - The company reported no differences in net profit and net assets between financial reports disclosed under international accounting standards and Chinese accounting standards during the reporting period[21] - The company reported no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese accounting standards during the reporting period[22] 6. Non-Recurring Gains and Losses Items and Amounts Non-recurring gains and losses totaled 188,411.43 yuan, primarily from non-current asset disposal, government grants, and other non-operating items Non-Recurring Gains and Losses Items and Amounts | Item | Amount (yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | 110,905.27 | | Government grants included in current profit and loss | 356,248.60 | | Other non-operating income and expenses apart from the above | -300,191.21 | | Less: Income tax impact | -21,448.77 | | Total | 188,411.43 | - The company has no other profit and loss items that meet the definition of non-recurring gains and losses, nor does it classify non-recurring gains and losses as recurring gains and losses[24] Section III Management Discussion and Analysis This section analyzes the company's operational performance, core competencies, financial status, and risks during the reporting period 1. Principal Businesses During the Reporting Period The company focuses on digital marketing, providing comprehensive solutions, optimizing operations, phasing out white liquor sales, and exploring innovation - The company focuses on the digital marketing sector, providing full-process, one-stop digital marketing solutions supported by platform-based technological capabilities[26] - In the first half of the year, the company focused on serving financial institutions, optimizing digital service capabilities through its core businesses like digital life marketing and bank card value-added marketing[26] - The company gradually ceased white liquor sales under the merchandise mail-order installment business of the bank card value-added marketing segment, leading to a decrease in revenue for this segment[32] 1.1 Principal Businesses During the Reporting Period The company's main businesses include digital life marketing and bank card value-added marketing, serving financial institutions and internet platforms - The digital life marketing segment offers one-stop digital life marketing solutions, integrating digital industry upstream and downstream resources to serve leading domestic financial institutions and large internet platforms[27] - The bank card value-added marketing segment primarily provides full lifecycle value-added marketing services for bank cardholders, including smart customer service, product customization, user activation, and precision marketing[29] 1.2 Key Performance Drivers Revenue declined due to market downturn and reduced bank marketing budgets, but net loss narrowed from operational optimization and cost control - Operating revenue was 226.6057 million yuan, a 38.79% year-on-year decrease; net profit attributable to listed company shareholders was -8.8813 million yuan, a 39.82% year-on-year increase (narrowing of loss)[31] - The digital life marketing segment's transaction volume decreased by 16% year-on-year, with revenue decline primarily due to reduced income from a complete set of digital life marketing services, as bank clients focused more on short-term marketing effectiveness[31] - The company gradually ceased white liquor sales under the merchandise mail-order installment business of the bank card value-added marketing segment, leading to a decrease in revenue for this segment[32] - The company actively introduced new industry market talents and expanded innovative businesses, with its subsidiary becoming the exclusive retail enterprise for licensed merchandise of the 9th Asian Winter Games 2025 on the Xiaohongshu platform, and conducting multi-brand joint marketing activities[32] 2. Analysis of Core Competencies Core strengths include comprehensive digital marketing, advanced intelligent technology, strong resource integration, and synergistic operations - The company has been deeply involved in digital marketing for over 10 years, possessing comprehensive solution capabilities for the entire user lifecycle, meeting client needs for traffic acquisition, user awakening, and frequency enhancement[34] - The company's self-developed digital marketing platform supports over 500,000 visits per second and processes over 10 million requests daily, actively embracing AI to build a large model comprehensive platform for precision marketing and smart customer service[35][36] - The company has formed long-term stable strategic partnerships with leading domestic operators, energy providers, and internet companies, with product resources covering various life scenarios like clothing, food, housing, transportation, and entertainment, totaling tens of thousands of SKUs[37] - The company maintains long-term stable cooperation with leading bank clients such as Agricultural Bank of China and Bank of Communications, having collaborated with over 100 banking institutions, continuously enhancing its reputation and recognition in the financial institution sub-sector[38] - The company deeply strengthens its comprehensive synergistic operational capabilities, including synergy between the company and its major shareholders, and across various business segments, enhancing market expansion efficiency, product bargaining power, and overall strength[39][40] 3. Analysis of Principal Business Principal business revenue fell 38.79% due to reduced bank marketing budgets and product mix changes, though gross profit margin improved Key Financial Data Year-on-Year Changes | Indicator | Current Period (yuan) | Prior Year (yuan) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 226,605,657.34 | 370,199,162.73 | -38.79% | Bank client marketing budgets reduced, product structure changed, industry competition intensified, leading to decreased business revenue | | Operating Cost | 144,314,579.45 | 255,979,353.55 | -43.62% | Company business revenue decreased, operating costs decreased accordingly, and product structure adjustment by subsidiary Ofei | | Selling Expenses | 37,284,972.51 | 52,293,796.61 | -28.70% | Primarily due to decreased sales scale of subsidiary Qiji Smart, leading to corresponding reductions in sales personnel performance bonuses and sales commissions | | Administrative Expenses | 28,992,000.76 | 51,155,838.22 | -43.33% | Primarily due to the company's reasonable compression of expense expenditures, and no intangible asset appreciation amortization in this period, resulting in a year-on-year decrease in administrative expenses | | Financial Expenses | 9,698,130.11 | 11,801,347.01 | -17.82% | Primarily due to a decrease in financing cost rate compared to the previous period | | Income Tax Expenses | 65,492.91 | 1,561,525.32 | -95.81% | Primarily due to a year-on-year decrease in the total profit of subsidiaries Qiji Smart and Ofei | | Net Cash Flow from Operating Activities | -319,792,433.86 | -196,123,851.30 | -63.06% | During the reporting period, product structure changes at subsidiary Ofei led to increased capital occupation by bank clients and increased net cash outflow from operating activities | Products or Services Accounting for Over 10% of Revenue | Product or Service | Operating Revenue (yuan) | Operating Cost (yuan) | Gross Profit Margin | Operating Revenue Year-on-Year Change | Operating Cost Year-on-Year Change | Gross Profit Margin Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Digital Life Marketing | 181,562,793.52 | 121,444,243.98 | 33.11% | -35.28% | -42.29% | 8.12% | | Merchandise Mail-Order Installment | 22,765,189.42 | 4,039,667.15 | 82.26% | -50.32% | -59.82% | 4.20% | 4. Analysis of Non-Principal Business Non-principal business activities, including asset impairment, non-operating income, and expenses, were minor and non-recurring during the period Non-Principal Business Analysis | Item | Amount (yuan) | Proportion of Total Profit | Explanation of Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Asset Impairment | -50,686.23 | 0.62% | Provision for inventory depreciation | Not sustainable | | Non-Operating Income | 8,635.16 | -0.10% | | Not sustainable | | Non-Operating Expenses | 308,826.37 | -3.75% | | Not sustainable | 5. Analysis of Assets and Liabilities Total assets grew 5.88%, with accounts receivable and short-term borrowings rising significantly, while cash and inventory decreased due to marketing activities Significant Changes in Asset Composition | Item | Period-End Amount (yuan) | Proportion of Total Assets | Year-End Amount (yuan) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 185,096,299.99 | 13.13% | 401,263,488.38 | 30.14% | -17.01% | Recovered payments at year-end, current year operating funds invested in marketing activities | | Accounts Receivable | 772,602,760.20 | 54.80% | 477,773,126.69 | 35.88% | 18.92% | Recovered payments at year-end, new round of marketing activities launched this year, marketing activity payments within credit period not yet settled | | Short-Term Borrowings | 703,939,804.65 | 49.93% | 581,984,272.06 | 43.71% | 6.22% | New round of marketing activities launched this year, increasing demand for working capital through borrowings | - The company's main asset measurement attributes did not undergo significant changes during the reporting period[50] Restricted Asset Rights as of the End of the Reporting Period | Item | Period-End Book Value (yuan) | Reason for Restriction | | :--- | :--- | :--- | | Monetary Funds | 10,566,429.24 | Project cooperation margin | | Monetary Funds | 8,201,367.83 | Other restricted funds | | Accounts Receivable | 84,000,000.00 | Pledged as collateral for borrowings | | Total | 102,767,797.07 | | 6. Analysis of Investment Status The company reported no significant equity investments, non-equity investments, use of raised funds, wealth management, derivative investments, or entrusted loans - The company had no use of raised funds during the reporting period[53] - The company had no wealth management, derivative investments, or entrusted loans during the reporting period[54][55][56] 7. Significant Asset and Equity Disposals The company did not dispose of any significant assets or equity during the reporting period - The company did not dispose of significant assets during the reporting period[57] - The company did not dispose of significant equity during the reporting period[58] 8. Analysis of Major Holding and Participating Companies This section details key subsidiaries' financial performance, with Jiangsu Xiaoqi Ofei Technology reporting a net profit of 12.11 million yuan Major Subsidiary Financial Information | Company Name | Company Type | Principal Business | Registered Capital (yuan) | Total Assets (yuan) | Net Assets (yuan) | Operating Revenue (yuan) | Operating Profit (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Qiji Smart Technology Co., Ltd. | Subsidiary | Bank card value-added marketing business | 150,000,000 | 723,148,810.59 | 579,346,434.12 | 31,727,603.64 | -3,754,001.35 | -3,973,440.12 | | Jiangsu Xiaoqi Ofei Technology Co., Ltd. | Subsidiary | Digital life marketing business | 11,111,111.11 | 1,315,779,559.69 | 585,204,517.29 | 184,342,957.09 | 11,801,846.17 | 12,114,883.26 | - The company did not acquire or dispose of subsidiaries during the reporting period[60] 9. Structured Entities Controlled by the Company The company reported no structured entities under its control during the reporting period - The company reported no structured entities under its control during the reporting period[60] 10. Risks Faced by the Company and Countermeasures The company faces risks from regulatory changes, market competition, innovation challenges, and stock issuance uncertainties, addressed by compliance, R&D, and market research - The company faces risks from changes in financial and digital technology industry regulatory policies and will strengthen its focus and implement compliance management mechanisms[60][61] - Competition in the digital marketing industry is intensifying, and the company will continue to increase R&D investment to strengthen core technological barriers and build differentiated competitive advantages[61] - Innovation business expansion carries risks of slower-than-expected progress and sales scale, which the company will address by in-depth market research, micro-innovation around its core business, and enhanced resource synergy[61][62] - The company's proposed private placement of shares to specific targets in 2024, which involves a change in control, is subject to review by the Shenzhen Stock Exchange and registration approval by the China Securities Regulatory Commission, posing approval risks and time uncertainties[62] 11. Registration Form for Research, Communication, and Interview Activities During the Reporting Period The company held an online performance briefing on May 16, 2025, to communicate with investors regarding its business operations Research Activities During the Reporting Period | Reception Date | Reception Location | Reception Method | Type of Reception Object | Reception Object | Main Content Discussed and Materials Provided | Index of Basic Research Situation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | May 16, 2025 | All-View Network | Online platform communication | Other | 2024 Annual Online Performance Briefing | Business operations | Shenzhen Stock Exchange "Interactive Easy" platform, 2024 Annual Online Performance Briefing; Interactive Easy, Investor Relations Activity Record Form | 12. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan The company has not formulated a market value management system nor disclosed a valuation enhancement plan - The company has not formulated a market value management system[65] - The company has not disclosed a valuation enhancement plan[65] 13. Implementation of "Quality and Return Dual Improvement" Action Plan The company has not disclosed an announcement regarding its "Quality and Return Dual Improvement" action plan - The company has not disclosed an announcement regarding its "Quality and Return Dual Improvement" action plan[65] Section IV Corporate Governance, Environment, and Society This section covers changes in the company's governance, profit distribution plans, employee incentives, environmental disclosures, and social responsibility efforts 1. Changes in Directors, Supervisors, and Senior Management During the reporting period, the company's CEO, Vice President, and CTO resigned from their senior management positions due to personal reasons Executive Personnel Changes | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Zhang Li | Chief Executive Officer | Dismissal | February 13, 2025 | Personal health reasons | | Qian Jingwen | Vice President | Dismissal | April 24, 2025 | Personal reasons | | Wen Tao | Vice President, Chief Technology Officer | Dismissal | April 24, 2025 | Personal reasons | 2. Profit Distribution and Capital Reserve Conversion to Share Capital During the Reporting Period The company plans no cash dividends, bonus shares, or capital reserve conversions for the half-year period - The company plans not to distribute cash dividends, send bonus shares, or convert capital reserves into share capital for the half-year period[68] 3. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures in place during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[69] 4. Environmental Information Disclosure Neither the listed company nor its major subsidiaries are included in the list of enterprises required to disclose environmental information by law - Neither the listed company nor its major subsidiaries are included in the list of enterprises required to disclose environmental information by law[70] 5. Social Responsibility The company prioritizes social responsibility, aiming for economic and social benefits, adhering to legal compliance, and maintaining integrity with stakeholders - The company highly values the shared interests of stakeholders including shareholders, customers, employees, partners, third-party institutions, and the public, striving for the organic unity of economic and social benefits[70] - The company consistently adheres to legal and compliant operations, pays taxes according to law, and conducts business with stakeholders in an honest and trustworthy manner, observing social and commercial ethics[70] - During the reporting period, the company did not carry out targeted poverty alleviation or rural revitalization work[70] Section V Important Matters This section addresses significant events including commitments, related party transactions, litigation, and the proposed change in company control 1. Commitments Fulfilled or Overdue by Controlling Shareholder, Shareholders, Related Parties, Acquirers, and the Company The company reported no commitments fulfilled or overdue by its controlling shareholder, shareholders, related parties, acquirers, or the company itself - The company reported no commitments fulfilled or overdue by its controlling shareholder, shareholders, related parties, acquirers, or the company itself during the reporting period[72] 2. Non-Operating Funds Occupied by Controlling Shareholder and Other Related Parties The company reported no non-operating funds occupied by its controlling shareholder or other related parties during the reporting period - The company reported no non-operating funds occupied by its controlling shareholder or other related parties during the reporting period[73] 3. Irregular External Guarantees The company reported no irregular external guarantees during the reporting period - The company reported no irregular external guarantees during the reporting period[74] 4. Appointment and Dismissal of Accounting Firms The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[75] 5. Board of Directors, Supervisory Board, and Audit Committee's Explanation of "Non-Standard Audit Report" for the Current Period This section is not applicable as the company's semi-annual report was not audited - This section is not applicable because the company's semi-annual report was not audited[76] 6. Board of Directors' Explanation of "Non-Standard Audit Report" for the Previous Year This section is not applicable as the company's semi-annual report was not audited - This section is not applicable because the company's semi-annual report was not audited[76] 7. Bankruptcy and Reorganization Matters The company reported no bankruptcy or reorganization matters during the reporting period - The company reported no bankruptcy or reorganization matters during the reporting period[76] 8. Litigation Matters No major litigation occurred, but new minor cases totaled 7.9888 million yuan, with outstanding cases at 8.0668 million yuan and provisions of 0.1985 million yuan - The company had no major litigation or arbitration matters during this reporting period[77] - The total amount involved in new other litigation and arbitration cases that did not meet the disclosure threshold for major litigation during the reporting period was 7.9888 million yuan[78] - As of the end of the reporting period, the total amount involved in outstanding litigation and arbitration cases that did not meet the disclosure threshold for major litigation was 8.0668 million yuan, with total estimated liabilities of 0.1985 million yuan[78] 9. Penalties and Rectification The company reported no penalties or rectification situations during the reporting period - The company reported no penalties or rectification situations during the reporting period[79] 10. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller The company reported no integrity issues concerning itself, its controlling shareholder, or actual controller during the reporting period - The company reported no integrity issues concerning itself, its controlling shareholder, or actual controller during the reporting period[80] 11. Significant Related Party Transactions No significant related party transactions occurred in daily operations, asset/equity sales, joint investments, or debt, but a conditional share subscription with Shenzhen Colorful Technology is pending approval - The company reported no related party transactions related to daily operations, asset or equity acquisitions/disposals, joint external investments, or related party claims and debts during the reporting period[80][81][82][83] - The company signed a conditional share subscription agreement with Shenzhen Colorful Technology Co., Ltd., which constitutes a related party transaction; this issuance is subject to review by the Shenzhen Stock Exchange and registration approval by the China Securities Regulatory Commission before it can be implemented[87][88] - The company has extended the validity period of the resolution of the general meeting of shareholders for this issuance and the authorization for the board of directors to handle all matters related to the issuance until August 11, 2026[88] 12. Significant Contracts and Their Performance No major entrustment or contracts, but the company engaged in property and seat leasing, and provided substantial guarantees for subsidiaries, totaling 131.75% of net assets - The company reported no entrustment or contracting situations during the reporting period[90][91] - The company has various operating lease contracts, including property leases in Shanghai, Yancheng, Hefei, Guangzhou, Beijing, Nanjing, Hangzhou, and Shenzhen, as well as a seat service contract with Guangzhou Longxin Business Technology Co., Ltd.[92][93][94] - The total external guarantees by the company and its subsidiaries amounted to 23.311 million yuan, and guarantees for subsidiaries totaled 878.65 million yuan in actual amount incurred, with a total actual guarantee balance of 715.361 million yuan at the end of the reporting period[97][98][99][100][101][102][103][104] - The total actual guarantee amount represents 131.75% of the company's net assets, of which 137 million yuan was provided for guaranteed entities with an asset-liability ratio exceeding 70%[107][108] - The company reported no other significant contracts related to daily operations or other major contracts during the reporting period[110][111] 12.1 Entrustment, Contracting, and Leasing Matters The company had no entrustment or contracting matters, but engaged in various operating leases for properties and seat services across multiple cities - The company reported no entrustment situations during the reporting period[90] - The company reported no contracting situations during the reporting period[91] - The company's subsidiary operating lease contracts involve property leases in Shanghai, Yancheng, Nanjing, Hefei, Guangzhou, Beijing, Hangzhou, and Shenzhen, as well as a seat service contract signed with Guangzhou Longxin Business Technology Co., Ltd.[92][93][94] 12.2 Significant Guarantees The company and its subsidiaries provided significant guarantees, totaling 715.361 million yuan, representing 131.75% of net assets, with 137 million yuan for highly leveraged entities External Guarantees by the Company and its Subsidiaries (Excluding Guarantees for Subsidiaries) | Guaranteed Entity Name | Guarantee Limit (10,000 yuan) | Actual Guarantee Amount (10,000 yuan) | Guarantee Type | Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Shanghai Small and Medium-sized Enterprise Policy Financing Guarantee Fund Management Center | 1,700 | 1,700 | Joint and several liability guarantee | No | | Qitian Technology Group Co., Ltd. | 1,000 | 631.1 | Joint and several liability guarantee | No | Guarantees by the Company for its Subsidiaries | Guaranteed Entity Name | Guarantee Limit (10,000 yuan) | Actual Guarantee Amount (10,000 yuan) | Guarantee Type | Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Jiangsu Xiaoqi Ofei Technology Co., Ltd. | 4,400 | 4,000 | Joint and several liability guarantee | No | | Jiangsu Xiaoqi Ofei Technology Co., Ltd. | 6,000 | 5,000 | Joint and several liability guarantee | No | | Jiangsu Xiaoqi Ofei Technology Co., Ltd. | 6,000 | 3,600 | Joint and several liability guarantee | No | | Jiangsu Xiaoqi Ofei Technology Co., Ltd. | 3,000 | 3,000 | Joint and several liability guarantee | No | | Jiangsu Xiaoqi Ofei Technology Co., Ltd. | 6,000 | 4,935 | Joint and several liability guarantee | No | | Jiangsu Xiaoqi Ofei Technology Co., Ltd. | 2,000 | 1,000 | Joint and several liability guarantee | No | | Jiangsu Xiaoqi Ofei Technology Co., Ltd. | 2,000 | 2,000 | Joint and several liability guarantee | No | | Jiangsu Xiaoqi Ofei Technology Co., Ltd. | 5,000 | 5,000 | Joint and several liability guarantee | No | | Jiangsu Xiaoqi Ofei Technology Co., Ltd. | 4,000 | 4,000 | Joint and several liability guarantee | No | | Jiangsu Xiaoqi Ofei Technology Co., Ltd. | 4,000 | 4,000 | Joint and several liability guarantee | No | | Jiangsu Xiaoqi Ofei Technology Co., Ltd. | 2,000 | 2,000 | Joint and several liability guarantee | No | | Jiangsu Xiaoqi Ofei Technology Co., Ltd. | 1,900 | 1,900 | Joint and several liability guarantee | No | | Jiangsu Xiaoqi Ofei Technology Co., Ltd. | 3,000 | 3,000 | Joint and several liability guarantee | No | | Nanjing Suhan Technology Co., Ltd. | 1,000 | 0 | Joint and several liability guarantee | Yes | | Nanjing Suhan Technology Co., Ltd. | 1,000 | 1,000 | Joint and several liability guarantee | No | | Nanjing Suhan Technology Co., Ltd. | 1,000 | 0 | Joint and several liability guarantee | Yes | | Nanjing Suhan Technology Co., Ltd. | 1,200 | 990 | Joint and several liability guarantee | No | | Nanjing Suhan Technology Co., Ltd. | 1,000 | 1,000 | Joint and several liability guarantee | No | | Nanjing Suhan Technology Co., Ltd. | 1,000 | 1,000 | Joint and several liability guarantee | No | | Nanjing Feihan Network Technology Co., Ltd. | 1,100 | 960 | Joint and several liability guarantee | No | | Nanjing Feihan Network Technology Co., Ltd. | 1,000 | 0 | Joint and several liability guarantee | Yes | | Nanjing Feihan Network Technology Co., Ltd. | 1,000 | 0 | Joint and several liability guarantee | Yes | | Nanjing Feihan Network Technology Co., Ltd. | 1,000 | 0 | Joint and several liability guarantee | Yes | | Nanjing Feihan Network Technology Co., Ltd. | 1,750 | 0 | Joint and several liability guarantee | Yes | | Nanjing Feihan Network Technology Co., Ltd. | 1,000 | 0 | Joint and several liability guarantee | Yes | | Nanjing Feihan Network Technology Co., Ltd. | 1,000 | 0 | Joint and several liability guarantee | Yes | | Nanjing Feihan Network Technology Co., Ltd. | 1,200 | 0 | Joint and several liability guarantee | Yes | | Nanjing Feihan Network Technology Co., Ltd. | 1,100 | 1,100 | Joint and several liability guarantee | No | | Nanjing Feihan Network Technology Co., Ltd. | 2,000 | 1,710 | Joint and several liability guarantee | No | | Nanjing Feihan Network Technology Co., Ltd. | 1,000 | 1,000 | Joint and several liability guarantee | No | | Nanjing Feihan Network Technology Co., Ltd. | 1,000 | 1,000 | Joint and several liability guarantee | No | | Nanjing Feihan Network Technology Co., Ltd. | 1,200 | 990 | Joint and several liability guarantee | No | | Nanjing Feihan Network Technology Co., Ltd. | 960 | 960 | Joint and several liability guarantee | No | | Nanjing Feihan Network Technology Co., Ltd. | 1,000 | 1,000 | Joint and several liability guarantee | No | | Nanjing Feihan Network Technology Co., Ltd. | 1,000 | 1,000 | Joint and several liability guarantee | No | | Nanjing Yijiantong E-commerce Co., Ltd. | 1,200 | 990 | Joint and several liability guarantee | No | | Nanjing Yisuo Information Technology Co., Ltd. | 1,200 | 0 | Joint and several liability guarantee | Yes | | Nanjing Yisuo Information Technology Co., Ltd. | 1,000 | 0 | Joint and several liability guarantee | Yes | | Nanjing Yisuo Information Technology Co., Ltd. | 1,000 | 1,000 | Joint and several liability guarantee | No | | Nanjing Yisuo Information Technology Co., Ltd. | 1,200 | 990 | Joint and several liability guarantee | No | | Nanjing Yisuo Information Technology Co., Ltd. | 1,000 | 1,000 | Joint and several liability guarantee | No | | Shanghai Jingzhong Technology Co., Ltd. | 300 | 0 | Joint and several liability guarantee | Yes | | Shanghai Jingzhong Technology Co., Ltd. | 1,000 | 0 | Joint and several liability guarantee | No | | Shanghai Jingzhong Technology Co., Ltd. | 1,300 | 650 | Joint and several liability guarantee | No | | Shanghai Jingzhong Technology Co., Ltd. | 1,000 | 1,000 | Joint and several liability guarantee | No | | Shanghai Jingzhong Technology Co., Ltd. | 300 | 300 | Joint and several liability guarantee | No | | Shanghai Qiji Smart Technology Co., Ltd. | 10,000 | 3,130 | Joint and several liability guarantee | No | | Shanghai Qiji Smart Technology Co., Ltd. | 1,300 | 1,000 | Joint and several liability guarantee | No | | Shanghai Qiji Smart Technology Co., Ltd. | 2,000 | 0 | Joint and several liability guarantee | No | | Shanghai Qiji Smart Technology Co., Ltd. | 1,000 | 1,000 | Joint and several liability guarantee | No | | Shanghai Qiji Smart Technology Co., Ltd. | 1,000 | 1,000 | Joint and several liability guarantee | No | - The total approved guarantee limit at the end of the reporting period was 1,240.75 million yuan, and the total actual guarantee balance was 715.361 million yuan[107] - The total actual guarantee amount represents 131.75% of the company's net assets, of which 137 million yuan was provided for guaranteed entities with an asset-liability ratio exceeding 70%[107][108] 13. Explanation of Other Significant Matters The company plans to change control via voting rights adjustments and a private placement to Shenzhen Colorful Technology, pending regulatory approval - The company plans to change its control through a comprehensive arrangement involving the termination of voting rights entrustment, waiver of voting rights, and a private placement of shares to specific targets[112] - Upon completion of the above arrangements, Shenzhen Colorful Technology Co., Ltd. will become the company's controlling shareholder, and Mr. Wan Shan will become the actual controller[112] - The private placement of shares to specific targets is subject to review by the Shenzhen Stock Exchange and registration approval by the China Securities Regulatory Commission before it can be implemented, posing risks regarding obtaining relevant approvals or registrations and time uncertainties[112] 14. Significant Matters of Company Subsidiaries The company reported no significant matters concerning its subsidiaries during the reporting period - The company reported no significant matters concerning its subsidiaries during the reporting period[113] Section VI Share Changes and Shareholder Information This section details the company's share capital structure, shareholder composition, and any changes in shareholdings or control during the period 1. Share Changes The company's total share capital, restricted shares, and unrestricted shares remained unchanged during the reporting period Share Changes | Category | Number Before Change (shares) | Proportion Before Change | Increase/Decrease in This Change (shares) | Number After Change (shares) | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 36,823,972 | 5.59% | 0 | 36,823,972 | 5.59% | | II. Unrestricted Shares | 622,169,705 | 94.41% | 0 | 622,169,705 | 94.41% | | III. Total Shares | 658,993,677 | 100.00% | 0 | 658,993,677 | 100.00% | - During the reporting period, the reasons for share changes, approval status, transfer status, and progress of share repurchases were all not applicable or unchanged[116] 2. Securities Issuance and Listing The company reported no securities issuance or listing activities during the reporting period - The company reported no securities issuance or listing activities during the reporting period[117] 3. Number of Shareholders and Shareholding Status As of the reporting period end, the company had 67,840 common shareholders, with Fei Zhengxiang holding the largest stake at 10.54% and having waived voting rights - The total number of common shareholders at the end of the reporting period was 67,840[117] Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Proportion | Number of Shares Held at Period-End (shares) | Number of Unrestricted Shares Held (shares) | Pledged, Marked, or Frozen Status (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Fei Zhengxiang | Overseas Natural Person | 10.54% | 69,465,337 | 69,465,337 | 0 | | Jiang Shuna | Domestic Natural Person | 6.46% | 42,578,756 | 10,644,689 | 0 | | Luoyang Yingjie Enterprise Management Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 3.59% | 23,685,365 | 23,685,365 | 5,500,000 (Pledged) | | Yancheng Chengnan New Area Big Data Industry Venture Capital Fund (Limited Partnership) | Domestic Non-State-Owned Legal Person | 3.45% | 22,731,000 | 22,731,000 | 0 | | Shanghai Zhenyuan Enterprise Management Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 3.23% | 21,287,617 | 21,287,617 | 0 | | Shanghai Shanda Investment Management Co., Ltd. - Yancheng Yannan Xinglu Industry Investment Fund (Limited Partnership) | Other | 2.49% | 16,388,600 | 16,388,600 | 0 | | Wu Dongkui | Domestic Natural Person | 2.15% | 14,147,065 | 14,147,065 | 0 | | Boshi Capital - Ningbo Bank - Boshi Capital Connaught No. 2 Special Asset Management Plan | Other | 2.00% | 13,159,734 | 13,159,734 | 0 | | Tian Yanan | Domestic Natural Person | 1.11% | 7,317,400 | 7,317,400 | 0 | | Liu Tao | Domestic Natural Person | 0.99% | 6,519,874 | 1,629,969 | 0 | - Mr. Fei Zhengxiang has issued a "Voting Rights Waiver Commitment Letter," waiving the voting rights corresponding to his 69,465,337 shares in the company[118] 4. Changes in Shareholdings of Directors, Supervisors, and Senior Management There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period - The shareholding status of the company's directors, supervisors, and senior management did not change during the reporting period[120] 5. Changes in Controlling Shareholder or Actual Controller The company's controlling shareholder and actual controller remained unchanged during the reporting period - The company's controlling shareholder did not change during the reporting period[121] - The company's actual controller did not change during the reporting period[121] 6. Preferred Shares Information The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[122] Section VII Bond-Related Information This section confirms that the company had no bond-related activities during the reporting period Bond-Related Information The company reported no bond-related information during the reporting period - The company reported no bond-related information during the reporting period[124] Section VIII Financial Report This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in equity 1. Audit Report The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[126] 2. Financial Statements This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in equity for the semi-annual period 2.1 Consolidated Balance Sheet Consolidated total assets grew 5.88%, with accounts receivable and short-term borrowings rising significantly, while cash decreased Major Items of Consolidated Balance Sheet (Period-End Balance) | Item | Period-End Balance (yuan) | Period-Beginning Balance (yuan) | | :--- | :--- | :--- | | Monetary Funds | 185,096,299.99 | 401,263,488.38 | | Accounts Receivable | 772,602,760.20 | 477,773,126.69 | | Other Current Assets | 206,228,446.43 | 192,918,789.32 | | Total Current Assets | 1,250,334,280.63 | 1,172,059,782.24 | | Other Equity Instruments Investment | 74,963,269.06 | 74,963,269.06 | | Intangible Assets | 35,261,571.06 | 37,891,411.08 | | Total Assets | 1,409,789,947.51 | 1,331,538,137.21 | | Short-Term Borrowings | 703,939,804.65 | 581,984,272.06 | | Contract Liabilities | 82,568,297.88 | 88,683,183.06 | | Total Current Liabilities | 841,332,882.84 | 752,179,855.87 | | Total Liabilities | 849,943,785.28 | 763,388,779.85 | | Total Owners' Equity Attributable to Parent Company | 542,959,313.31 | 551,840,566.36 | | Total Owners' Equity | 559,846,162.23 | 568,149,357.36 | 2.2 Parent Company Balance Sheet As of June 30, 2025, parent company total assets slightly increased, with higher cash, other receivables, and short-term borrowings, but reduced lease liabilities Major Items of Parent Company Balance Sheet (Period-End Balance) | Item | Period-End Balance (yuan) | Period-Beginning Balance (yuan) | | :--- | :--- | :--- | | Monetary Funds | 4,045,793.80 | 549,700.46 | | Other Receivables | 8,229,903.80 | 7,079,903.80 | | Long-Term Equity Investment | 1,250,463,905.88 | 1,250,463,905.88 | | Total Assets | 1,307,796,198.59 | 1,305,503,043.86 | | Short-Term Borrowings | 8,318,147.12 | 2,001,894.44 | | Other Payables | 805,777,324.16 | 786,584,376.62 | | Total Current Liabilities | 819,272,959.73 | 797,903,349.15 | | Lease Liabilities | 0 | 1,016,229.58 | | Total Liabilities | 819,272,959.73 | 798,919,578.73 | | Total Owners' Equity | 488,523,238.86 | 506,583,465.13 | 2.3 Consolidated Income Statement Consolidated operating revenue fell 38.79%, while net loss attributable to parent company shareholders narrowed by 39.82% Major Items of Consolidated Income Statement | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | I. Total Operating Revenue | 226,605,657.34 | 370,199,162.73 | | II. Total Operating Costs | 233,433,316.70 | 383,247,832.88 | | III. Operating Profit (Loss indicated by "—") | -7,937,511.01 | -12,538,820.56 | | IV. Total Profit (Total Loss indicated by "—") | -8,237,702.22 | -12,565,250.77 | | Less: Income Tax Expenses | 65,492.91 | 1,561,525.32 | | V. Net Profit (Net Loss indicated by "—") | -8,303,195.13 | -14,126,776.09 | | Net Profit Attributable to Parent Company Shareholders | -8,881,253.05 | -14,757,748.58 | | Minority Interests | 578,057.92 | 630,972.49 | | VIII. Earnings Per Share: Basic Earnings Per Share (yuan/share) | -0.01 | -0.02 | | VIII. Earnings Per Share: Diluted Earnings Per Share (yuan/share) | -0.01 | -0.02 | 2.4 Parent Company Income Statement For the first half of 2025, parent company operating revenue remained stable, and net loss narrowed by 21.94% compared to the prior year Major Items of Parent Company Income Statement | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | I. Operating Revenue | 891,801.60 | 891,938.63 | | Administrative Expenses | 16,920,041.43 | 21,873,991.29 | | Financial Expenses | 2,029,289.48 | 2,301,163.73 | | II. Operating Profit (Loss indicated by "—") | -17,985,035.90 | -23,147,274.44 | | III. Total Profit (Total Loss indicated by "—") | -18,037,035.72 | -23,177,274.44 | | IV. Net Profit (Net Loss indicated by "—") | -18,060,226.27 | -23,135,993.71 | 2.5 Consolidated Cash Flow Statement Operating cash flow net outflow grew 63.06%, while investing cash outflow narrowed and financing cash inflow increased, leading to a net decrease in cash Major Items of Consolidated Cash Flow Statement | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -319,792,433.86 | -196,123,851.30 | | Net Cash Flow from Investing Activities | -5,264,620.99 | -7,337,566.34 | | Net Cash Flow from Financing Activities | 109,383,785.02 | 97,523,874.67 | | Net Increase in Cash and Cash Equivalents | -215,673,269.83 | -105,937,542.97 | | Cash and Cash Equivalents at Period-End | 166,328,502.92 | 290,587,241.62 | 2.6 Parent Company Cash Flow Statement Parent company operating cash flow net outflow expanded, with minor investing cash inflow and increased financing cash inflow, resulting in a net increase in cash and cash equivalents Major Items of Parent Company Cash Flow Statement | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -9,372,474.93 | -5,013,729.45 | | Net Cash Flow from Investing Activities | 9,396.17 | -8,003,096.65 | | Net Cash Flow from Financing Activities | 12,859,172.10 | 1,275,146.40 | | Net Increase in Cash and Cash Equivalents | 3,496,093.34 | -11,741,679.70 | | Cash and Cash Equivalents at Period-End | 4,045,793.51 | 1,748,415.53 | 2.7 Consolidated Statement of Changes in Owners' Equity Consolidated owners' equity decreased by 8.30 million yuan, primarily due to the net loss attributable to parent company owners reducing undistributed profits Consolidated Statement of Changes in Owners' Equity | Item | Share Capital (yuan) | Capital Reserve (yuan) | Other Comprehensive Income (yuan) | Surplus Reserve (yuan) | Undistributed Profit (yuan) | Total Owners' Equity Attributable to Parent Company (yuan) | Minority Interests (yuan) | Total Owners' Equity (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | II. Balance at Beginning of Year | 658,993,677.00 | 1,885,988,089.05 | -14,405,207.13 | 30,962,021.65 | -2,009,698,014.21 | 551,840,566.36 | 16,308,791.00 | 568,149,357.36 | | III. Changes for the Period | 0 | 0 | 0 | 0 | -8,881,253.05 | -8,881,253.05 | 578,057.92 | -8,303,195.13 | | IV. Balance at End of Period | 658,993,677.00 | 1,885,988,089.05 | -14,405,207.13 | 30,962,021.65 | -2,018,579,267.26 | 542,959,313.31 | 16,886,848.92 | 559,846,162.23 | 2.8 Parent Company Statement of Changes in Owners' Equity Parent company owners' equity decreased by 18.06 million yuan, mainly due to the net loss reducing undistributed profits Parent Company Statement of Changes in Owners' Equity | Item | Share Capital (yuan) | Capital Reserve (yuan) | Other Comprehensive Income (yuan) | Surplus Reserve (yuan) | Undistributed Profit (yuan) | Total Owners' Equity (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | II. Balance at Beginning of Year | 658,993,677.00 | 2,237,470,852.77 | -12,383,815.62 | 30,962,021.65 | -2,408,459,270.67 | 506,583,465.13 | | III. Changes for the Period | 0 | 0 | 0 | 0 | -18,060,226.27 | -18,060,226.27 | | IV. Balance at End of Period | 658,993,677.00 | 2,237,470,852.77 | -12,383,815.62 | 30,962,021.65 | -2,426,519,496.94 | 488,523,238.86 | 3. Company Basic Information Qitian Technology, established in March 2008 and listed in March 2010, operates in technology promotion, currently without a controlling shareholder or actual controller - Qitian Technology Group Co., Ltd. was established in March 2008 and listed on the ChiNext board of the Shenzhen Stock Exchange on March 19, 2010, stock code: 300061[161] - As of June 30, 2025, the registered capital was 658,993,677.00 yuan, legal representative Li Tiansong, and the industry is technology promotion and application services[161] - The company's wholly-owned subsidiary Shanghai Qiji Smart Technology Co., Ltd. primarily provides bank card merchandise mail-order installment and credit card bill installment services; Jiangsu Xiaoqi Ofei Technology Co., Ltd. primarily engages in digital life marketing; and the controlling subsidiary Shanghai Jingzhong Technology Co., Ltd. primarily offers user profiling and information authentication services[162] - As of June 30, 2025, the company is in a state of having no controlling shareholder and no actual controller[162] 4. Basis of Financial Statement Preparation These financial statements are prepared in accordance with the Ministry of Finance's accounting standards and the CSRC's regulations, on a going concern basis - These financial statements are prepared in accordance with the "Enterprise Accounting Standards" promulgated by the Ministry of Finance and the "Information Disclosure Compilation Rules for Companies Issuing Securities to the Public No. 15 - General Provisions for Financial Reports" of the China Securities Regulatory Commission[164] - These financial statements are prepared on a going concern basis[165] 5. Significant Accounting Policies and Estimates This section details the company's accounting policies and estimates for financial instruments, revenue recognition, and asset impairment, complying with standards - The company's financial statements comply with the requirements of enterprise accounting standards, truly and completely reflecting its financial position, operating results, and cash flows[167] - The company sets materiality criteria such as individual amounts exceeding 2% of accounts receivable balance, non-wholly-owned subsidiaries' net assets exceeding 15% of consolidated net assets, and individual development expenditures exceeding 2% of consolidated net assets[171][172] - The company classifies financial assets into those measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss[180] - The company's revenue recognition principle is to recognize revenue when performance obligations are satisfied and the customer obtains control of the related goods or services, with specific recognition policies for different business types[232][237] 6. Taxation This section outlines main tax types and rates, including VAT and corporate income tax, and details subsidiaries' tax incentives like high-tech and Western Development policies Main Tax Types and Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Based on sales of goods and taxable services calculated according to tax laws, after deducting input VAT allowed for the current period, the difference is VAT payable | 13%, 9%, 6%, 3% | | Urban Maintenance and Construction Tax | Calculated based on actual VAT paid | 7%, 5% | | Corporate Income Tax | Calculated based on taxable income | 25%, 20%, 15% | | Education Surcharge | Calculated based on actual VAT paid | 3% | | Local Education Surcharge | Calculated based on actual VAT paid | 2% | - Jingzhong Technology and Jiangsu Ofei, as high-tech enterprises, are eligible for a 15% preferential corporate income tax rate for 2025[77] - Qisheng Technology and Qifa Information are eligible for a 9% preferential corporate income tax rate for 2025 under the Western Development policy[77] - Nanjing Yijiantong, Qizheng Digital, Jiangsu Qishu, and other subsidiaries qualify as "small and micro-profit enterprises" and enjoy preferential corporate income tax policies[77] 7. Notes to Consolidated Financial Statement Items This section provides detailed notes on consolidated financial statement items, including cash, receivables, and liabilities, explaining balances and changes Composition of Monetary Funds | Item | Period-End Balance (yuan) | Period-Beginning Balance (yuan) | | :--- | :--- | :--- | | Cash on Hand | 2,637.90 | 2,637.90 | | Bank Deposits | 148,390,063.66 | 327,540,348.73 | | Other Monetary Funds | 36,703,598.43 | 73,720,501.75 | | Total | 185,096,299.99 | 401,263,488.38 | Accounts Receivable by Age | Age | Period-End Book Balance (yuan) | Period-Beginning Book Balance (yuan) | | :--- | :--- | :--- | | Within 1 year (inclusive) | 739,603,086.89 | 458,992,382.19 | | 1 to 2 years | 29,156,380.41 | 27,258,131.80 | | 2 to 3 years | 27,985,810.99 | 13,984,787.47 | | Over 3 years | 5,108,651.28 | 5,214,831.10 | | Total | 801,853,929.57 | 505,450,132.56 | Assets with Restricted Ownership or Use Rights | Item | Period-End Book Value (yuan) | Reason for Restriction | | :--- | :--- | :--- | | Monetary Funds | 10,566,429.24 | Project cooperation margin | | Monetary Funds | 8,201,367.83 | Other restricted funds | | Accounts Receivable | 84,000,000.00 | Pledged as collateral for borrowings | | Total | 102,767,797.07 | | Short-Term Borrowings Classification | Item | Period-End Balance (yuan) | Period-Beginning Balance (yuan) | | :--- | :--- | :--- | | Guaranteed Borrowings | 638,410,990.43 | 519,500,000.00 | | Credit Borrowings | 5,000,000.00 | 2,000,000.00 | | Pledged Guaranteed Borrowings | 60,000,000.00 | 60,000,000.00 | | Accrued Interest on Short-Term Borrowings | 528,814.22 | 484,272.06 | | Total | 703,939,804.65 | 581,984,272.06 | Operating Revenue and Operating Cost | Item | Current Period Revenue (yuan) | Current Period Cost (yuan) | Prior Period Revenue (yuan) | Prior Period Cost (yuan) | | :--- | :--- | :--- | :--- | :--- | | Principal Business | 225,866,290.36 | 143,726,020.61 | 369,501,295.72 | 255,390,794.71 | | Other Businesses | 739,366.98 | 588,558.84 | 697,867.01 | 588,558.84 | | Total | 226,605,657.34 | 144,314,579.45 | 370,199,162.73 | 255,979,353.55 | 8. Research and Development Expenses Total R&D expenses decreased 6.64% to 16.8956 million yuan, with 11.4516 million yuan expensed and 5.4439 million yuan capitalized for platform development Research and Development Expenses | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Employee Compensation | 14,679,708.23 | 14,983,839.53 | | Professional Service Fees | 1,572,574.66 | 2,150,239.88 | | Depreciation and Amortization | 377,795.55 | 624,936.56 | | Other | 265,531.04 | 338,806.00 | | Total | 16,895,609.48 | 18,097,821.97 | | Of which: Expensed R&D Expenditures | 11,451,633.62 | 10,995,478.30 | | Capitalized R&D Expenditures | 5,443