高斯贝尔(002848) - 2025 Q2 - 季度财报

Important Notice, Table of Contents, and Definitions This section provides essential disclaimers, a structured overview of the report's content, and definitions of key terms for clarity Important Notice The Board of Directors, Supervisory Board, and senior management guarantee the report's authenticity, accuracy, and completeness, and the financial statements' truthfulness - The company's Board of Directors, Supervisory Board, and senior management guarantee the report's truthfulness, accuracy, and completeness, and assume legal responsibility[4] - The company's person in charge, head of accounting, and head of accounting department declare the financial report is true, accurate, and complete[4] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for this half-year period[5] Table of Contents This section clearly outlines the report's nine main chapters, from important notices to financial statements, for easy navigation - The report comprises nine main chapters, from important notices to financial reports, with a clear structure[7] Definitions This section defines common terms used in the report, including company names, controlling entities, and industry-specific terminology, to ensure accurate understanding - The company's actual controller is Weifang State-owned Assets Supervision and Administration Commission, and the controlling shareholder is Weifang Guojin Industrial Development Co., Ltd[10] - Key subsidiaries include Chengdu Chitong, Gongtian Ceramics, Gosbell India Co., Ltd., with businesses covering digital TV, electronic ceramics, and more[10] - The reporting period is defined as January 1, 2025, to June 30, 2025[10] Company Profile and Key Financial Indicators This section provides an overview of the company's basic information and presents key financial performance metrics for the reporting period Company Profile Gosbell Digital Technology Co., Ltd. (*ST Gosbell, stock code: 002848) is listed on the Shenzhen Stock Exchange, with Sun Huashan as its legal representative - The company's stock abbreviation is *ST Gosbell, stock code: 002848, listed on the Shenzhen Stock Exchange[12] - The company's legal representative is Sun Huashan[12] - The company's contact information, registered address, information disclosure, and filing locations remained unchanged during the reporting period[14][15] Key Accounting Data and Financial Indicators The company's operating revenue increased by 7.54% year-on-year, but net profit attributable to shareholders remained negative, with a 9.51% reduction in loss Key Accounting Data and Financial Indicators (Current Reporting Period vs. Prior Year Period) | Indicator | Current Reporting Period (Yuan) | Prior Year Period (Yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 98,370,915.46 | 91,472,536.32 | 7.54% | | Net Profit Attributable to Shareholders of Listed Company | -30,910,152.91 | -34,157,724.27 | 9.51% | | Net Profit Attributable to Shareholders of Listed Company Excluding Non-recurring Gains and Losses | -33,559,057.31 | -37,001,793.54 | 9.30% | | Net Cash Flow from Operating Activities | -33,583,548.72 | -32,870,527.86 | -2.17% | | Basic Earnings Per Share (Yuan/share) | -0.1849 | -0.2044 | 9.54% | | Diluted Earnings Per Share (Yuan/share) | -0.1849 | -0.2044 | 9.54% | | Weighted Average Return on Net Assets | -22.61% | -27.81% | 5.20% | | Period-end Indicators | Current Period-end (Yuan) | Prior Year-end (Yuan) | Change | | Total Assets | 414,562,041.90 | 416,414,584.58 | -0.44% | | Net Assets Attributable to Shareholders of Listed Company | 126,524,207.97 | 149,518,708.08 | -15.38% | Differences in Accounting Data Under Domestic and Overseas Accounting Standards The company reported no differences in net profit and net assets between international/overseas accounting standards and Chinese accounting standards during the period - The company reported no differences in net profit and net assets under domestic and overseas accounting standards during the reporting period[18][19] Non-recurring Gains and Losses and Amounts Total non-recurring gains and losses for the period amounted to 2,648,904.40 Yuan, primarily from government subsidies and reversal of impairment provisions Non-recurring Gains and Losses Items and Amounts | Item | Amount (Yuan) | Description | | :--- | :--- | :--- | | Gains and Losses from Disposal of Non-current Assets | -15,615.76 | | | Government Subsidies Included in Current Period's Profit and Loss | 1,334,500.00 | Excluding government subsidies closely related to the company's normal operations, compliant with national policies, enjoyed according to established standards, and having a continuous impact on the company's profit and loss | | Reversal of Impairment Provisions for Receivables Subject to Separate Impairment Testing | 1,143,500.57 | | | Other Non-operating Income and Expenses Apart from the Above Items | 188,531.54 | | | Impact on Minority Interests (After Tax) | 2,011.95 | | | Total | 2,648,904.40 | | Management Discussion and Analysis This section provides an in-depth analysis of the company's operations, financial performance, core competencies, and risk factors during the reporting period Principal Businesses Engaged by the Company During the Reporting Period The company, a high-tech enterprise in the digital TV industry, continues to optimize its product matrix and industrial structure, focusing on digital TV, new materials, smart projects, and high-end manufacturing - The company's principal businesses cover core strategic segments such as digital TV, new materials, smart projects, and high-end manufacturing[24] - The company's principal businesses and operating model did not undergo significant changes during the reporting period[24] Company's Principal Businesses, Products, and Their Uses The company's diverse businesses include digital TV equipment, software systems, wireless transmission, user terminals, emergency broadcasting, smart city/park/mine projects, and high-frequency high-speed copper clad laminates - Digital TV product lines include front-end equipment (encoders, modulators, etc.), software systems (CAS, BOSS, IPTV+DRM solutions), wireless transmission (transmitters, exciters), and user terminals (set-top boxes, routers, security products)[25][26][27] - The smart projects sector provides solutions for smart campuses, smart parks, and smart mines, piloting intelligent and weak current engineering projects for exhibition parks in the Shandong region[27] - New materials business focuses on high-frequency, high-speed copper clad laminates, applied in microwave communication, radar antennas, new energy vehicles, and data centers[28] Industry Development Overview The digital TV industry is driven by national policies promoting ultra-high-definition development, while the new materials sector sees strong demand for high-frequency high-speed copper clad laminates - The National Radio and Television Administration issued the 'Action Plan for Accelerating Ultra-High-Definition High-Quality Development (2025-2027)', promoting the transmission of UHD channels and the popularization of UHD set-top boxes[29] - Standards such as 'Technical Requirements for Ultra-High-Definition Audio and Video Encoding Bitstream Network Transmission and Encapsulation' were released to regulate the development of the UHD industry chain[30] - The high-frequency high-speed copper clad laminate market shows growth, with AI server demand increasing by 30% to 50%, leading to saturated orders for high-speed copper clad laminates[31] - Domestic substitution for high-frequency high-speed copper clad laminates is urgent, with accelerated R&D of new substrates and environmentally friendly materials[31] Analysis of Core Competencies The company leverages its national high-tech enterprise status, extensive R&D experience in digital TV and new materials, a strong patent portfolio, and modern automated production lines - The company is a national high-tech enterprise, holding honors such as 'National Torch Program Key High-tech Enterprise', with strong brand influence[32] - The company holds 55 intellectual property patents (48 invention patents, 7 utility model patents) and 110 computer software copyrights[32] - Possesses independent and controllable key technologies in 5G/6G and AI new materials, capable of replacing imported high-end products[34] - The company has modern SMT automated production lines, spraying production lines, etc., providing one-stop manufacturing services for electronic products such as digital TV set-top boxes and Wi-Fi routers[34] Analysis of Principal Business Operating revenue increased by 7.54% year-on-year, primarily due to new security product business, while overall gross margin declined due to negative gross margin in security products Year-on-Year Changes in Key Financial Data | Indicator | Current Reporting Period (Yuan) | Prior Year Period (Yuan) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 98,370,915.46 | 91,472,536.32 | 7.54% | Primarily due to new security products | | Operating Cost | 94,908,341.16 | 88,178,172.82 | 7.63% | Primarily due to cost increasing in line with revenue | | Selling Expenses | 3,860,892.95 | 8,878,477.64 | -56.51% | Primarily due to reduced consulting service fees and other intermediary expenses | | Financial Expenses | 2,999,450.43 | 680,845.63 | 340.55% | Primarily due to exchange rate fluctuations | | R&D Investment | 6,569,970.23 | 9,977,560.55 | -34.15% | Primarily due to the company adjusting R&D investment based on actual business conditions, leading to reduced salary expenses | Operating Revenue Composition (by Product) | Product | Current Reporting Period Amount (Yuan) | Proportion of Operating Revenue | Prior Year Period Amount (Yuan) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Digital TV Products | 43,039,351.71 | 43.75% | 54,966,167.30 | 60.09% | -21.70% | | New Materials | 2,185,031.00 | 2.22% | 3,046,822.20 | 3.33% | -28.28% | | Smart Projects | 1,139,901.77 | 1.16% | 4,817,412.42 | 5.27% | -76.34% | | Security Products | 32,054,633.34 | 32.59% | 0.00 | 0.00% | 100.00% | | Other Products and Services | 8,523,328.74 | 8.66% | 17,707,518.40 | 19.36% | -51.87% | Changes in Gross Profit Margin of Principal Business | Product/Region | Gross Profit Margin for Current Reporting Period | Change in Gross Profit Margin Compared to Prior Year Period | | :--- | :--- | :--- | | Computer, Communication and Other Electronic Equipment Manufacturing | 3.52% | -0.08% | | Digital TV Products | 19.03% | 8.76% | | New Materials | -64.88% | -9.64% | | Smart Projects | 15.05% | 22.62% | | Security Products | -13.42% | -13.42% | | Domestic Sales | -3.87% | -3.14% | | Overseas Sales | 16.72% | 5.91% | Analysis of Non-Principal Business Non-principal businesses negatively impacted total profit, primarily due to asset and credit impairment losses, while non-operating income and government subsidies provided positive contributions Impact of Non-Principal Business on Total Profit | Item | Amount (Yuan) | Proportion of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Asset Impairment | -4,481,207.72 | 14.52% | Provision for inventory depreciation, etc. | Sustainable, amount uncertain | | Non-operating Income | 444,190.74 | -1.44% | Unpayable amounts, etc. | Not sustainable | | Non-operating Expenses | 255,836.39 | -0.83% | Primarily penalty payments | Not sustainable | | Credit Impairment Losses | -922,465.96 | 2.99% | Expected credit losses on accounts receivable and other receivables, etc. | Sustainable, amount uncertain | | Other Income | 1,735,266.58 | -5.62% | Government subsidies, etc. | Not sustainable | Analysis of Assets and Liabilities Total assets slightly decreased, while accounts receivable and inventory increased; total current liabilities significantly rose due to increased accounts payable and short-term borrowings Significant Changes in Asset Composition | Item | Current Period-end Amount (Yuan) | Proportion of Total Assets | Prior Year-end Amount (Yuan) | Proportion of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 9,512,895.12 | 2.29% | 25,837,761.79 | 6.20% | -3.91% | | Accounts Receivable | 136,355,498.93 | 32.89% | 119,562,080.45 | 28.71% | 4.18% | | Inventories | 41,116,061.30 | 9.92% | 32,449,400.22 | 7.79% | 2.13% | | Short-term Borrowings | 44,192,806.20 | 10.66% | 39,470,787.52 | 9.48% | 1.18% | | Accounts Payable | 126,441,490.85 | 30.49% | 105,924,045.49 | 25.44% | 5.05% | | Contract Liabilities | 11,042,771.74 | 2.66% | 15,122,933.43 | 3.63% | -0.97% | Asset Restrictions as of the End of the Reporting Period | Item | Book Balance (Yuan) | Book Value (Yuan) | Restriction Status | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 1,682,896.00 | 1,682,896.00 | Of which 237,545.28 Yuan is for letters of guarantee and other deposits, and 1,445,350.72 Yuan is judicially frozen | | Notes Receivable | 472,682.91 | 472,682.91 | Endorsed but not yet due notes | | Fixed Assets | 57,414,643.82 | 17,466,138.79 | Pledged for bank loans | | Intangible Assets | 14,142,829.63 | 9,816,428.80 | Pledged for bank loans | | Total | 73,713,052.36 | 29,438,146.50 | | Analysis of Investment Status The company's investment decreased by 42.40% year-on-year, mainly due to reduced acquisition of fixed assets, with no significant equity, non-equity, securities, or derivative investments Changes in Investment Amount During the Reporting Period | Indicator | Investment Amount for Reporting Period (Yuan) | Investment Amount for Prior Year Period (Yuan) | Change Rate | | :--- | :--- | :--- | :--- | | Investment Amount | 1,227,271.81 | 2,130,560.21 | -42.40% | - The company reported no securities investments, derivative investments, or use of raised funds during the reporting period[49][50][51] Significant Asset and Equity Disposals The company did not undertake any significant asset or equity disposals during the reporting period - The company did not dispose of significant assets or equity during the reporting period[52][53] Analysis of Major Holding and Participating Companies Key subsidiaries include Gongtian Ceramics, Chengdu Chitong, and Gosbell India, with Gongtian Ceramics and Precision Manufacturing reporting negative net profits, while Chengdu Chitong, Shandong Subsidiary, and Qianhai Xutian were profitable Financial Data of Major Subsidiaries (Current Reporting Period) | Company Name | Principal Business | Total Assets (Yuan) | Net Assets (Yuan) | Operating Revenue (Yuan) | Operating Profit (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Gongtian Ceramics | R&D, production, and sales of electronic functional ceramic new materials, ceramic antennas, etc. | 41,531,048.42 | 11,129,699.43 | 11,378,655.23 | -5,268,894.42 | -5,259,466.08 | | Chengdu Chitong | R&D, production, and sales of digital TV front-end equipment, software systems, emergency broadcasting, etc. | 39,412,483.60 | 15,443,382.71 | 7,717,830.93 | 429,734.03 | 405,739.16 | | India Subsidiary | Sales and after-sales maintenance of digital TV front-end equipment, software systems, and user terminal equipment | 5,408,933.35 | -235,121.23 | 635,881.42 | -204,845.11 | -204,845.11 | | Shandong Subsidiary | Digital cultural and creative software development, digital home product manufacturing, satellite navigation services, artificial intelligence | 29,909,744.12 | 8,514,671.12 | 570,114.90 | 492,874.54 | 492,874.54 | | Precision Manufacturing | Development, manufacturing, and sales of machine parts, hardware products, molds, and technical development and sales of electronic products | 9,029,255.04 | -7,093,891.06 | 7,251,702.08 | -2,199,426.51 | -2,199,376.52 | | Chenzhou Gosbell | Electronic equipment manufacturing, communication equipment sales | 31,086,350.70 | -7,908,807.19 | 36,133,418.22 | -9,866,291.73 | -9,863,603.69 | | Qianhai Xutian | Development and sales of communication and electronic product technologies, etc. | 7,312,233.70 | 3,468,281.06 | 609,162.30 | 57,028.99 | 57,028.99 | Information on Structured Entities Controlled by the Company The company did not control any structured entities during the reporting period - The company did not control any structured entities during the reporting period[56] Risks Faced by the Company and Countermeasures The company faces intensified market competition, international operational challenges, accounts receivable collection difficulties, exchange rate fluctuations, talent loss, and liquidity shortages - Market competition risk: Loss of cable TV operators' users, reduced set-top box procurement, intensified international market competition. The company responds by introducing smart products, expanding new customer groups, and adding product lines (monitoring, storage, smart wearables)[56] - International operation risk: Affected by the US CHIPS Act, Indian policies, and international conflicts. The company responds by gathering market demand to adjust R&D routes, upgrading sales channels, and participating in international exhibitions[57] - Accounts receivable collection risk: Slowing economic development leads to weakened customer payment ability, increased performance risk for international customers. The company optimizes customer structure, tightens credit policies, and intensifies efforts to collect overdue accounts[57][58] - Liquidity shortage risk: The company faces tight cash flow. Plans include temporary borrowings, bank financing, and other measures to ensure liquidity and increase principal business revenue[59] - Delisting risk: The company's 2024 financial indicators triggered delisting risk warnings, and its going concern ability is uncertain. The company is actively taking measures to improve operating performance and mitigate delisting risk[59] Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan The company did not formulate a market value management system or disclose a valuation enhancement plan during the reporting period - The company has not formulated a market value management system nor disclosed a valuation enhancement plan[60] Implementation of “Dual Improvement in Quality and Returns” Action Plan The company did not disclose an announcement regarding the "Dual Improvement in Quality and Returns" action plan during the reporting period - The company did not disclose an announcement regarding the 'Dual Improvement in Quality and Returns' action plan[61] Corporate Governance, Environment, and Society This section details changes in the company's governance structure, profit distribution, employee incentives, environmental disclosures, and social responsibility initiatives Changes in Directors, Supervisors, and Senior Management There were no changes in the company's directors, supervisors, and senior management during the reporting period - There were no changes in the company's directors, supervisors, and senior management during the reporting period[63] Profit Distribution and Capital Reserve Conversion to Share Capital for the Current Reporting Period The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for this half-year period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for this half-year period[64] Implementation of Company's 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 during the reporting period[65] Environmental Information Disclosure The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[66] Social Responsibility Gosbell upholds a people-oriented philosophy, fully implements labor contracts, ensures timely social security payments, enriches employee life, and actively engages in public welfare - The company fully implements labor contract system, strictly adheres to labor laws and regulations, and pays all social insurance and housing provident funds for employees on time and in full[66] - The company enriches employee life by establishing employee reading rooms and organizing group activities, while improving its performance management system to provide fair promotion opportunities[66] - The company actively participates in social welfare, focusing on education, poverty alleviation, and environmental protection, and establishes long-term stable strategic partnerships with suppliers and customers[66] Significant Matters This section covers the fulfillment of commitments, related party transactions, litigation, and other material events impacting the company's operations and financial position Fulfillment of Commitments Former shareholder Liu Tan'ai's performance commitments for 2021-2023 were not fully met; the company received partial compensation for 2021 and 2022, but 2023 compensation is still outstanding - Former shareholder Liu Tan'ai committed that Gosbell's net profit for 2021-2023 would not be less than 20 million Yuan, 30 million Yuan, and 50 million Yuan, respectively[69] - The company has received over 59.24 million Yuan in performance compensation from Liu Tan'ai for 2021 and 2022, but the 2023 compensation has not yet been received[69] - The company will assist Bincheng Investment in advancing enforcement work and will negotiate with Liu Tan'ai or take legal action to recover unfulfilled compensation obligations[70] Non-operating Fund Occupation by Controlling Shareholder and Other Related Parties The company reported no non-operating fund occupation by controlling shareholders or other related parties during the reporting period - The company reported no non-operating fund occupation by controlling shareholders or other related parties during the reporting period[71] Illegal External Guarantees The company had no illegal external guarantees during the reporting period - The company had no illegal external guarantees during the reporting period[72] Appointment and Dismissal of Accounting Firms The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[73] Explanation of Non-Standard Audit Report for the Current Reporting Period The company did not have a non-standard audit report during the current reporting period - The company did not have a non-standard audit report during the reporting period[74] Explanation of Non-Standard Audit Report for the Prior Year Tianjian Certified Public Accountants issued an audit report for 2024 indicating significant uncertainty regarding the company's going concern ability, to which the Board is actively responding - Tianjian Certified Public Accountants' audit report for the company's 2024 fiscal year indicated significant uncertainty regarding the company's going concern ability[74] - The Board of Directors is actively formulating development strategies, optimizing operations and product services, expanding into new markets, strengthening internal management, controlling costs, and optimizing capital operations[74] - The company will strengthen risk control, improve its internal control system, and promote new bank loan credit approvals and existing loan renewals to improve financing[74][75] Bankruptcy and Reorganization Related Matters The company had no bankruptcy or reorganization related matters during the reporting period - The company had no bankruptcy or reorganization related matters during the reporting period[76] Litigation Matters The company had no major litigation or arbitration matters, but was involved in multiple other lawsuits, primarily contract disputes and labor arbitrations, with uncertain impacts on future profits - The company had no major litigation or arbitration matters during the reporting period[77] Overview of Other Litigation Matters | Basic Information on Litigation (Arbitration) | Amount Involved (Ten Thousand Yuan) | Whether Provision for Liabilities Formed | Litigation (Arbitration) Progress | Litigation (Arbitration) Outcome and Impact | | :--- | :--- | :--- | :--- | :--- | | The company and its subsidiaries filed 3 lawsuits against 3 companies/individuals for sales contract disputes and service contract disputes | 125.67 | No | All have been mediated or ruled | Uncertain impact on the company's or subsidiaries' future profits | | The company was sued in 20 cases for sales contract disputes and labor arbitrations | 442.34 | Yes | Most have been mediated or ruled in arbitration | Uncertain impact on the company's or subsidiaries' future profits | Penalties and Rectification The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[78] Integrity Status The company, its controlling shareholder, and actual controller had no integrity issues during the reporting period - The company, its controlling shareholder, and actual controller had no integrity issues during the reporting period[79] Significant Related Party Transactions The company had no significant related party transactions involving daily operations, asset/equity acquisitions or disposals, or joint external investments during the reporting period - The company had no related party transactions related to daily operations, asset or equity acquisitions/disposals, or joint external investments during the reporting period[80][81][82] - The company had no non-operating related party creditor-debtor transactions, nor did it engage in financial business with affiliated finance companies during the reporting period[83][84][85] Significant Contracts and Their Performance The company had no trust or contracting arrangements but engaged in multiple leasing activities and provided a 10 million Yuan guarantee for Chengdu Chitong, with other major projects pending execution - The company had no trust or contracting arrangements during the reporting period[87][88] - As a lessor, the company has multiple leasing contracts, primarily involving the lease of factory buildings, dormitories, and offices in Gosbell Industrial Park, Bailutang Town, Chenzhou City, with lessees including training schools, technology companies, and restaurants[89][90][91][92][93][94] Company's Guarantees for Subsidiaries | Guaranteed Party Name | Guaranteed Amount (Ten Thousand Yuan) | Actual Guaranteed Amount (Ten Thousand Yuan) | Guarantee Type | Collateral | Guarantee Period | Whether Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Chengdu Chitong Digital System Co., Ltd. | 1,000 | 1,000 | Joint and Several Liability Guarantee | Real Estate | Three Years | No | Other Significant Contracts | Contracting Party Name | Subject Matter | Signing Date | Price (Ten Thousand Yuan) | Execution Status at Period-end | | :--- | :--- | :--- | :--- | :--- | | Shandong Subsidiary, Weifang Natural Gas Pipeline Network Information Co., Ltd. | Weifang Natural Gas Pipeline Network Smart Gas Central Control Platform and Auxiliary Facilities Construction Project | March 30, 2024 | 5,420.2 | Not yet executed | | Shandong Subsidiary, Weifang City Service New Infrastructure Technology (Group) Co., Ltd. | Full-Domain New Energy Power Consumption Platform Construction Project | April 12, 2025 | 6,311.95 | Not yet executed | Explanation of Other Significant Matters The company's controlling shareholder changed due to judicial transfer of shares, but the actual controller remained unchanged - The company's controlling shareholder changed from Weifang Bincheng Investment Development Co., Ltd. to Weifang Guojin Industrial Development Co., Ltd[102] - The reason for the change was that Bincheng Investment's 39,851,030 shares (23.84% of total share capital) were judicially transferred to Weifang Guojin due to a finance lease contract dispute[102] - This change does not result in a change of the company's actual controller[102] Significant Matters of Company Subsidiaries The company's subsidiaries had no significant matters during the reporting period - The company's subsidiaries had no significant matters during the reporting period[103] Share Changes and Shareholder Information This section details changes in the company's share capital, including restricted and unrestricted shares, and provides an overview of shareholder structure and major shareholder holdings Share Changes Restricted shares decreased by 668,231 shares, while unrestricted shares increased by the same amount, primarily due to changes in senior management lock-up shares, with total share capital remaining unchanged Share Changes | Share Class | Number Before Change (Shares) | Proportion | Increase/Decrease in This Change (Shares) | Number After Change (Shares) | Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 2,892,019 | 1.73% | -668,231 | 2,223,788 | 1.33% | | Of which: Shares Held by Domestic Natural Persons | 2,892,019 | 1.73% | -668,231 | 2,223,788 | 1.33% | | II. Unrestricted Shares | 164,257,981 | 98.27% | 668,231 | 164,926,212 | 98.67% | | Of which: RMB Ordinary Shares | 164,257,981 | 98.27% | 668,231 | 164,926,212 | 98.67% | | III. Total Shares | 167,150,000 | 100.00% | 0 | 167,150,000 | 100.00% | - Share changes were primarily due to changes in senior management lock-up shares[107][109] - The 39,851,030 shares held by Weifang Bincheng Investment Development Co., Ltd. were transferred to Weifang Guojin Industrial Development Co., Ltd. via judicial allocation, changing the company's controlling shareholder to Weifang Guojin[107] Securities Issuance and Listing The company had no securities issuance or listing activities during the reporting period - The company had no securities issuance or listing activities during the reporting period[110] Number of Shareholders and Shareholding Information As of the reporting period end, there were 14,428 ordinary shareholders, with Weifang Guojin Industrial Development Co., Ltd. becoming the largest shareholder with a 23.84% stake - As of the end of the reporting period, the total number of ordinary shareholders was 14,428[111] Shareholding Information 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 Restricted Shares Held (Shares) | Number of Unrestricted Shares Held (Shares) | Share Status | Quantity (Shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Weifang Guojin Industrial Development Co., Ltd. | State-owned Legal Person | 23.84% | 39,851,030 | 0 | 39,851,030 | N/A | 0 | | Liu Tan'ai | Domestic Natural Person | 3.17% | 5,298,000 | 0 | 5,298,000 | Frozen | 5,298,000 | | Weifang Bincheng Investment Development Co., Ltd. | State-owned Legal Person | 1.99% | 3,332,988 | 0 | 3,332,988 | Frozen | 3,332,988 | | BARCLAYS BANK PLC | Overseas Legal Person | 1.91% | 3,189,393 | 0 | 3,189,393 | N/A | 0 | | Jiang Jiayuan | Domestic Natural Person | 1.49% | 2,491,700 | 0 | 2,491,700 | N/A | 0 | | You Zongjie | Domestic Natural Person | 1.35% | 2,251,800 | 2,004,694 | 247,106 | Pledged | 1,490,000 | | Mao Youcong | Domestic Natural Person | 1.21% | 2,028,700 | 0 | 2,028,700 | N/A | 0 | | Li Donglin | Domestic Natural Person | 1.17% | 1,959,400 | 0 | 1,959,400 | N/A | 0 | | Jiang Qianyu | Domestic Natural Person | 0.90% | 1,499,200 | 0 | 1,499,200 | N/A | 0 | | Li Xuepeng | Domestic Natural Person | 0.84% | 1,401,400 | 0 | 1,401,400 | N/A | 0 | - The company is unaware if the top ten shareholders have any related party relationships or are acting in concert[112] 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 - There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period[114] Changes in Controlling Shareholder or Actual Controller The company's controlling shareholder changed to Weifang Guojin Industrial Development Co., Ltd. on May 30, 2025, but the actual controller remained unchanged Controlling Shareholder Change | Indicator | Content | | :--- | :--- | | New Controlling Shareholder Name | Weifang Guojin Industrial Development Co., Ltd. | | Change Date | May 30, 2025 | | Disclosure Date on Designated Website | June 04, 2025 | - The company's actual controller did not change during the reporting period[115] Preferred Share Information The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[116] Bond Information The company had no bond-related matters during the reporting period - The company had no bond-related matters during the reporting period[118] Financial Report This section presents the company's unaudited financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity Audit Report The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[120] 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 Consolidated Balance Sheet As of the reporting period end, consolidated total assets were 414,562,041.90 Yuan, with total liabilities at 287,955,589.77 Yuan and total owners' equity at 126,606,452.13 Yuan Key Data from Consolidated Balance Sheet | Item | Period-end Balance (Yuan) | Beginning Balance (Yuan) | | :--- | :--- | :--- | | Total Assets | 414,562,041.90 | 416,414,584.58 | | Total Current Assets | 201,630,386.06 | 193,768,744.92 | | Total Non-current Assets | 212,931,655.84 | 222,645,839.66 | | Total Liabilities | 287,955,589.77 | 266,839,829.26 | | Total Owners' Equity | 126,606,452.13 | 149,574,755.32 | Parent Company Balance Sheet As of the reporting period end, parent company total assets were 477,700,199.42 Yuan, with total liabilities at 187,684,924.33 Yuan and total owners' equity at 290,015,275.09 Yuan Key Data from Parent Company Balance Sheet | Item | Period-end Balance (Yuan) | Beginning Balance (Yuan) | | :--- | :--- | :--- | | Total Assets | 477,700,199.42 | 488,443,455.26 | | Total Current Assets | 143,875,995.48 | 150,372,231.64 | | Total Non-current Assets | 333,824,203.94 | 338,071,223.62 | | Total Liabilities | 187,684,924.33 | 193,959,723.06 | | Total Owners' Equity | 290,015,275.09 | 294,483,732.20 | Consolidated Income Statement Consolidated total operating revenue for the period was 98,370,915.46 Yuan, a 7.54% year-on-year increase, with net loss narrowing to -30,883,955.99 Yuan Key Data from Consolidated Income Statement | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 98,370,915.46 | 91,472,536.32 | | Total Operating Costs | 125,735,385.26 | 124,581,259.35 | | Operating Profit | -31,048,315.47 | -34,111,671.92 | | Total Profit | -30,859,961.12 | -34,286,255.19 | | Net Profit | -30,883,955.99 | -34,268,191.92 | | Net Profit Attributable to Parent Company Shareholders | -30,910,152.91 | -34,157,724.27 | | Basic Earnings Per Share (Yuan/share) | -0.1849 | -0.2044 | Parent Company Income Statement Parent company operating revenue for the period was 45,280,583.00 Yuan, with net loss narrowing to -12,384,519.97 Yuan Key Data from Parent Company Income Statement | Item | 2025 Half-Year (Yuan) | 2024 Half-Year (Yuan) | | :--- | :--- | :--- | | Operating Revenue | 45,280,583.00 | 48,806,243.66 | | Operating Cost | 38,293,518.87 | 45,687,024.86 | | Operating Profit | -12,560,707.95 | -19,851,001.32 | | Total Profit | -12,384,519.97 | -19,891,473.87 | | Net Profit | -12,384,519.97 | -19,891,473.87 | | Basic Earnings Per Share (Yuan/share) | -0.0741 | -0.1190 | Consolidated Cash Flow Statement Consolidated net cash flow from operating activities was -33,583,548.72 Yuan, with a net increase in cash and cash equivalents of -16,795,185.60 Yuan Key Data from Consolidated Cash Flow Statement | Item | 2025 Half-Year (Yuan) | 2024 Half-Year (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -33,583,548.72 | -32,870,527.86 | | Net Cash Flow from Investing Activities | -1,226,589.55 | -2,120,130.37 | | Net Cash Flow from Financing Activities | 17,703,689.40 | 21,311,671.53 | | Net Increase in Cash and Cash Equivalents | -16,795,185.60 | -13,653,584.24 | | Period-end Balance of Cash and Cash Equivalents | 7,829,999.12 | 1,512,200.99 | Parent Company Cash Flow Statement Parent company net cash flow from operating activities was -5,137,474.64 Yuan, with a net increase in cash and cash equivalents of -1,401,651.61 Yuan Key Data from Parent Company Cash Flow Statement | Item | 2025 Half-Year (Yuan) | 2024 Half-Year (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -5,137,474.64 | -4,680,726.97 | | Net Cash Flow from Investing Activities | -2,075,800.00 | -3,274,122.30 | | Net Cash Flow from Financing Activities | 5,489,812.86 | 5,121,368.86 | | Net Increase in Cash and Cash Equivalents | -1,401,651.61 | -2,808,674.22 | | Period-end Balance of Cash and Cash Equivalents | 1,547,874.30 | 518,621.44 | Consolidated Statement of Changes in Owners' Equity Consolidated total owners' equity was 126,606,452.13 Yuan, a decrease from the beginning of the period, primarily due to net loss, partially offset by an increase in capital reserves from performance compensation Consolidated Changes in Owners' Equity (Current Period) | Item | Share Capital (Yuan) | Capital Reserves (Yuan) | Other Comprehensive Income (Yuan) | Surplus Reserves (Yuan) | Retained Earnings (Yuan) | Total Owners' Equity Attributable to Parent Company (Yuan) | Minority Interests (Yuan) | Total Owners' Equity (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Beginning Balance | 167,150,000.00 | 383,425,133.34 | -1,204,184.94 | 31,300,427.78 | -431,152,668.10 | 149,518,708.08 | 56,047.24 | 149,574,755.32 | | Increase/Decrease in Current Period | 0.00 | 7,916,062.86 | -410.06 | 0.00 | -30,910,152.91 | -22,994,500.11 | 26,196.92 | -22,968,303.19 | | Period-end Balance | 167,150,000.00 | 391,341,196.20 | -1,204,595.00 | 31,300,427.78 | -462,062,821.01 | 126,524,207.97 | 82,244.16 | 126,606,452.13 | - Other capital reserves increased by 7,916,062.86 Yuan this period, due to performance compensation received from the former shareholder (Liu Tan'ai)[397] Parent Company Statement of Changes in Owners' Equity Parent company total owners' equity was 290,015,275.09 Yuan, a decrease from the beginning of the period, with capital reserves increasing by 7,916,062.86 Yuan and retained earnings decreasing by 12,384,519.97 Yuan Parent Company Changes in Owners' Equity (Current Period) | Item | Share Capital (Yuan) | Capital Reserves (Yuan) | Other Comprehensive Income (Yuan) | Surplus Reserves (Yuan) | Retained Earnings (Yuan) | Total Owners' Equity (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Beginning Balance | 167,150,000.00 | 403,333,617.65 | -942,824.96 | 25,332,359.39 | -300,389,419.88 | 294,483,732.20 | | Increase/Decrease in Current Period | 0.00 | 7,916,062.86 | 0.00 | 0.00 | -12,384,519.97 | -4,468,457.11 | | Period-end Balance | 167,150,000.00 | 411,249,680.51 | -942,824.96 | 25,332,359.39 | -312,773,939.85 | 290,015,275.09 | Company Basic Information Gosbell Digital Technology Co., Ltd., established on August 23, 2001, with a registered capital of 167.15 million Yuan, is listed on the Shenzhen Stock Exchange, specializing in digital TV and microwave new materials - The company was registered on August 23, 2001, with a registered capital of 167.15 million Yuan, and its shares were listed on the Shenzhen Stock Exchange on February 13, 2017[153] - The company's principal business is computer, communication, and other electronic equipment manufacturing, primarily engaged in the production and sales of digital TV software/hardware products and microwave new materials[154] Basis of Financial Statement Preparation The financial statements are prepared on a going concern basis, despite the company being under *ST risk warning due to 2024 operating revenue below 300 million Yuan and significant uncertainty in its going concern ability - The company's financial statements are prepared on a going concern basis[156] - The company's 2024 operating revenue was below 300 million Yuan, and the audit report included an unmodified opinion with a material uncertainty related to going concern, leading to the implementation of a delisting risk warning (*ST)[157] - The company is taking multiple measures to improve its financial condition, including optimizing operations, strengthening risk control, cost reduction and efficiency improvement, intensifying accounts receivable collection, improving financing, and cultivating new business units[157] Significant Accounting Policies and Estimates This section details the company's accounting policies and estimates for financial instruments, fixed assets, intangible assets, and revenue recognition, affirming compliance with enterprise accounting standards - The company's financial statements comply with enterprise accounting standards, accurately and completely reflecting its financial position, operating results, and cash flows[159] - The company uses 12 months as the liquidity classification standard for assets and liabilities, and adopts RMB as its bookkeeping currency[161][162] - Materiality criteria: Accounts receivable, other receivables, and long-term receivables for which bad debt provisions are individually recognized are considered material if the amount exceeds 0.7% of total assets; significant investing cash flows are considered material if the amount exceeds 7% of total assets[163] - Revenue recognition principle: Revenue is recognized based on whether performance obligations are satisfied over time or at a point in time, considering whether the customer obtains control of the goods[242][243] - The company primarily sells digital TV products, new materials, smart projects, security products, and other products and services; domestic sales revenue is recognized after customer confirmation of receipt, and export sales revenue is recognized after customs declaration and clearance[245][246] Taxation The company's main taxes include VAT, urban maintenance and construction tax, corporate income tax, and property tax, with various subsidiaries enjoying tax incentives such as VAT refunds and reduced corporate income tax rates Major Tax Categories and Rates | Tax Category | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Sales of goods and taxable services, calculated as output tax minus input tax | 5%, 6%, 9%, 12.5%, 13%, 18% | | Urban Maintenance and Construction Tax | Actual amount of turnover tax paid | 7% | | Corporate Income Tax | Taxable income | 8.25%, 15%, 16.5%, 20%, 25% | | Property Tax | Assessed at 1.2% of the original value of the property less 20%; or 12% of rental income for rental properties | 1.2%; 12% | | Education Surcharge | Actual amount of turnover tax paid | 3% | | Local Education Surcharge | Actual amount of turnover tax paid | 2% | - Chengdu Chitong Co., Ltd. enjoys a 'collect and refund' VAT preferential policy for selling self-developed software products[269] - The company, Gongtian Ceramics Co., Ltd., Chengdu Chitong Co., Ltd., and others enjoy the VAT additional deduction policy for advanced manufacturing enterprises in 2025[269] - The company was re-certified as a high-tech enterprise, paying corporate income tax at a reduced rate of 15% from 2023-2025. Gongtian Ceramics Co., Ltd. applied for re-certification as a high-tech enterprise in 2025 and provisionally paid corporate income tax at a 15% rate during this reporting period[270] - Some subsidiaries (e.g., Chengdu Chitong, Gosbell Shandong Co., Ltd.) meet the criteria for small-profit enterprises, enjoying a policy of calculating taxable income at 25% and paying corporate income tax at a 20% rate[270] Notes to Consolidated Financial Statement Items This section provides detailed notes on consolidated financial statement items, highlighting changes in cash and cash equivalents, accounts receivable, inventory, short-term borrowings, and capital reserves - Cash and cash equivalents balance at period-end was 9,512,895.12 Yuan, a decrease from the beginning of the period, with a portion being judicially frozen and used as deposits[273] - Accounts receivable balance at period-end was 136,355,498.93 Yuan, an increase from the beginning of the period, with total bad debt provisions of 197,880,613.60 Yuan[284] - Inventory balance at period-end was 41,116,061.30 Yuan, an increase from the beginning of the period, with total inventory impairment provisions of 25,818,303.01 Yuan[319] - Short-term borrowings balance at period-end was 44,192,806.20 Yuan, an increase from the beginning of the period, primarily including secured and unsecured borrowings[370][371] - Other capital reserves increased by 7,916,062.86 Yuan this period, due to performance compensation received from the former shareholder (Liu Tan'ai)[397] - Operating revenue for the current period was 98,370,915.46 Yuan, and operating cost was 94,908,341.16 Yuan[403] - Net cash flow from operating activities was -33,583,548.72 Yuan, primarily influenced by cash received from sales of goods and services and cash paid for purchases of goods and services[135][136] R&D Expenses Total R&D expenses for the period were 6,569,970.23 Yuan, a 34.15% year-on-year decrease, entirely expensed, primarily comprising personnel salaries, depreciation, and direct inputs R&D Expense Details | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | R&D Personnel Salaries | 4,741,633.95 | 6,150,341.58 | | Depreciation Expense | 444,756.46 | 432,552.10 | | Direct Inputs | 1,028,655.29 | 2,142,307.14 | | Other | 354,924.53 | 1,252,359.73 | | Total | 6,569,970.23 | 9,977,560.55 | | Of which: Expensed R&D Expenditures | 6,569,970.23 | 9,977,560.55 | - Current period R&D expenses decreased by 34.15% year-on-year, mainly due to the company adjusting R&D investment based on actual business conditions, leading to reduced salary expenses[36] Changes in Consolidation Scope The company reported no changes in its consolidation scope during the reporting period, including no non-same control or same control business combinations, reverse acquisitions, or loss of control over subsidiaries - The company reported no non-same control business combinations, same control business combinations, reverse acquisitions, or disposals of subsidiaries leading to loss of control during the reporting period[452][453] - The company had no other reasons for changes in consolidation scope during the reporting period[453] Interests in Other Entities The company holds full or controlling interests in multiple subsidiaries across various industries and locations, with no changes in ownership or control, and no significant joint ventures, associates, or unconsolidated structured entities Composition of Enterprise Group (Major Subsidiaries) | Subsidiary Name | Principal Place of Business | Registered Place | Nature of Business | Shareholding Proportion (Direct) | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | :--- | | Chengdu Chitong Digital System Co., Ltd. | Chengdu | Chengdu | Manufacturing | 100.00% | Business Combination Under Common Control | | Chenzhou Gongtian Electronic Ceramic Technology Co., Ltd. | Chenzhou | Chenzhou | Manufacturing | 100.00% | Business Combination Under Common Control | | Gosbell Digital Technology India Co., Ltd. | Mumbai, India | Mumbai, India | Commercial | 100.00% | Established by Investment | | Gosbell Digital Technology Hong Kong Co., Ltd. | Hong Kong | Hong Kong | Commercial | 100.00% | Established by Investment | | Shenzhen Zhongxin IoT Technology Co., Ltd. | Shenzhen | Shenzhen | Information Transmission, Software and Information Technology Services | 51.00% | Established by Investment | | Shenzhen Qianhai Xutian Communication Co., Ltd. | Shenzhen | Shenzhen | Information Transmission, Software and Information Technology Services | 51.00% | Established by Investment | - The company's ownership interest in subsidiaries remained unchanged, and it continues to control them[455] - The company has no significant joint ventures or associates, nor any structured entities not included in the consolidated financial statements[457][459] Government Grants The company received total government grants of 1,637,673.60 Yuan during the period, comprising 999,500.00 Yuan related to assets and 638,173.60 Yuan related to income Liability Items Involving Government Grants | Account Title | Beginning Balance (Yuan) | New Grant Amount for Current Period (Yuan) | Amount Transferred to Other Income for Current Period (Yuan) | Period-end Balance (Yuan) | Related to Assets/Income | | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 5,330,666.66 | 0.00 | 999,500.00 | 4,331,166.66 | Related to Assets | Government Grants Included in Current Period's Profit and Loss | Account Title | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Government Grant Amount Included in Other Income | 1,637,673.60 | 1,789,605.84 | Risks Related to Financial Instruments The company manages credit, liquidity, and market risks (interest rate and foreign exchange) through credit assessments, diversified financing, and foreign currency transactions, while transferring some financial assets via endorsements and discounts - The company's risk management objective is to balance risk and return, minimize the negative impact of risks on operating performance, and maximize shareholder interests[464] - Credit risk: Primarily arises from cash and cash equivalents and receivables. The company regularly conducts credit assessments of customers, transacts with creditworthy customers, and deposits funds with financial institutions with high credit ratings[472][473][474] - Liquidity risk: The company controls risk by utilizing various financing methods such as bill settlement and bank borrowings, and by appropriately combining long-term and short-term financing to optimize its financing structure[476] - Market risk: Includes interest rate risk and foreign exchange risk. The company manages interest rate risk by determining the proportion of fixed-rate and floating-rate financial instruments, and controls foreign exchange risk exposure by buying and selling foreign currencies[479][480][481] Financial Asset Transfer Information | Transfer Method | Nature of Transferred Financial Assets | Amount of Transferred Financial Assets (Yuan) | Derecognition Status | Basis for Derecognition Judgment | | :--- | :--- | :--- | :--- | :--- | | Bill Endorsement and Discounting | Notes Receivable | 472,682.91 | Not Derecognized | Retained substantially all risks and rewards | | Bill Endorsement | Financing for Receivables | 508,890.65 | Derecognized | Transferred substantially all risks and rewards | Disclosure of Fair Value The company's total assets measured at fair value on a recurring basis at period-end were 2,912,814.10 Yuan, primarily other equity instrume