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易联众(300096) - 2025 Q2 - 季度财报
YLZYLZ(SZ:300096)2025-08-25 11:55

Important Notes, Table of Contents, and Definitions This section provides crucial disclaimers, a detailed table of contents, and definitions of key terms used throughout the report for clarity Important Notes The company's board, supervisory board, and senior management guarantee the report's truthfulness, accuracy, and completeness, while noting that future plans are not substantive commitments - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content4 - Company head Wu Liangbin, accounting head Chen Donghong, and accounting manager Su Yuanxing declare the financial reports are true, accurate, and complete4 - The company disclosed an equity repurchase matter involving its controlled subsidiary Yilianzhong Minsheng (Xiamen) Technology Co., Ltd., which may lead to retrospective adjustments of financial statements since 2020, with the extent of impact yet to be confirmed; the company will actively negotiate5 - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period7 Table of Contents The report's clear table of contents lists eight main chapters covering important notes, company profile, MD&A, corporate governance, significant matters, share changes, bond information, and financial reports - The report contains eight main chapters, structured clearly9 - Reference documents include financial statements signed and sealed by the legal representative, original public disclosure documents on designated websites, and the original report text111213 Definitions This section defines common terms used in the report, including company names, major subsidiaries, associates, relevant organizations, and the reporting period, ensuring consistent understanding - "Company," "this company," "joint-stock company," "parent company," and "Yilianzhong" all refer to Yilianzhong Information Technology Co., Ltd17 - Several wholly-owned subsidiaries, controlled subsidiaries, and associate companies are listed, such as Anhui Yilianzhong, Yilianzhong Minsheng (Xiamen) Technology Co., Ltd., and Haibao Life Insurance1718 - The reporting period refers to January 1, 2025 to June 30, 2025, and the end of the reporting period refers to June 30, 202518 Company Profile and Key Financial Indicators This section provides an overview of the company's basic information, stock details, contact information, and a summary of key financial performance and position indicators for the reporting period Company Profile The company's stock ticker is "ST Yilianzhong" (300096) listed on the Shenzhen Stock Exchange, with Wu Liangbin as its legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | ST Yilianzhong | | Stock Code | 300096 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | Yilianzhong Information Technology Co., Ltd. | | Legal Representative | Wu Liangbin | Contact Person and Information The company's Board Secretary is Niu Niu and Securities Affairs Representative is Chen Xiaoxue, both located at the same address in Xiamen Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Niu Niu | Room 502, No. 18 Guanri Road, Software Park Phase II, Siming District, Xiamen City, Fujian Province | 0592-2517011 | 0592-2517008 | niuniu@ylzinfo.com | | Securities Affairs Representative | Chen Xiaoxue | Room 502, No. 18 Guanri Road, Software Park Phase II, Siming District, Xiamen City, Fujian Province | 0592-6307553 | 0592-2517008 | chxxshany@163.com | Other Information The company's registered address, office address, website, email, information disclosure, and registration status remained unchanged during the reporting period - Company contact information, information disclosure and filing locations, and registration status remained unchanged during the reporting period22232425 Key Accounting Data and Financial Indicators During the reporting period, operating revenue decreased by 20.21% year-on-year, but net profit attributable to shareholders turned profitable, increasing by 170.53% Key Accounting Data and Financial Indicators (Current Period vs. Prior Year) | Indicator | Current Period (CNY) | Prior Year (CNY) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 163,681,464.52 | 205,138,964.82 | -20.21% | | Net Profit Attributable to Shareholders of Listed Company | 37,175,661.79 | -52,710,704.18 | 170.53% | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-recurring Gains and Losses | -37,921,632.31 | -52,061,945.29 | 27.16% | | Net Cash Flow from Operating Activities | -105,728,753.12 | -141,596,463.08 | 25.33% | | Basic Earnings Per Share (Yuan/share) | 0.0865 | -0.1226 | 170.55% | | Diluted Earnings Per Share (Yuan/share) | 0.0865 | -0.1226 | 170.55% | | Weighted Average Return on Net Assets | 11.26% | -16.11% | 27.37% | Key Accounting Data and Financial Indicators (End of Current Period vs. End of Prior Year) | Indicator | End of Current Period (CNY) | End of Prior Year (CNY) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 871,690,792.16 | 954,298,550.96 | -8.66% | | Net Assets Attributable to Shareholders of Listed Company | 349,839,000.86 | 311,113,392.82 | 12.45% | 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 for the reporting period - No differences in accounting data under domestic and overseas accounting standards during the reporting period2728 Non-recurring Gains and Losses Items and Amounts Non-recurring gains and losses totaled CNY 75.10 million, primarily from contingent events unrelated to normal operations and fair value changes, while software VAT refunds and personal income tax handling fee rebates are recurring Non-recurring Gains and Losses Items and Amounts | Item | Amount (CNY) | | :--- | :--- | | Gains or losses from disposal of non-current assets | -113,808.42 | | Government grants recognized in current profit or loss (excluding those continuously related to the company's normal business operations) | 1,446,433.54 | | Gains or losses from changes in fair value and disposal of financial assets and liabilities | 13,926,161.78 | | Gains or losses from contingent events unrelated to the company's normal business operations | 60,454,522.00 | | Other non-operating income and expenses | -189,371.50 | | Less: Income tax impact | 53,295.64 | | Less: Impact on minority interests (after tax) | 373,347.66 | | Total | 75,097,294.10 | Items Classified as Recurring Gains and Losses | Item | Amount Involved (CNY) | Reason | | :--- | :--- | :--- | | Software VAT refund | 2,087,154.07 | Recurring subsidy | | Personal income tax handling fee rebate | 295,483.41 | Recurring subsidy | Management Discussion and Analysis This section provides a comprehensive analysis of the company's business operations, core competencies, financial performance, investment activities, and risk factors during the reporting period Main Businesses Engaged in by the Company During the Reporting Period As a digital solution provider in the livelihood sector, the company focuses on human resources, social security, medical insurance, and health, driven by national digital China and "AI+" initiatives - The company is a key provider of digital solutions and technical services in human resources and social security, medical insurance, and health sectors in China33 - National policies support digital economy innovation and continuously advance "AI+" initiatives, deepening the development and utilization of data resources, providing broad prospects for the company's development34 - The company has over two decades of experience in the public service sector, holding leading positions or competitive advantages in its main businesses, including digital HRSS, digital medical insurance, digital healthcare, digital technology, and digital services4142 (I) Industry Overview and Development Stage National policies promote "AI+" and digital China, increasing fiscal spending on social security and health, while the software industry grows with expanding AI applications in public services - The 2025 government work report proposes continuously advancing "AI+" initiatives to stimulate digital economy innovation and strengthen efforts to guarantee and improve public welfare34 - In the first half of the year, national fiscal expenditure on social security and employment increased by 9.2% year-on-year, and health expenditure increased by 4.3%35 - In the first half of 2025, China's software and information technology service industry achieved CNY 7,058.5 billion in business revenue, a 11.9% year-on-year increase; total profit reached CNY 858.1 billion, up 12.0% year-on-year40 - Artificial intelligence technology is widely applied in the public service sector, with examples such as Yunnan's smart medical insurance customer service "Yibao Xiaoyun" and Shandong's social security "Digital Employee" significantly improving service efficiency41 (II) Company's Industry Position With over two decades in public services, the company is a primary builder and service provider for national HRSS and medical insurance informatization, covering 31 provinces and holding leading positions in various digital segments - The company is a primary builder, service provider, and supporter for national HRSS and medical insurance informatization, with business involving 31 provincial administrative regions and the Xinjiang Production and Construction Corps41 - In digital HRSS business, the company ranks in the first tier of the industry, having built the national HRSS government service platform (over 53.6 million cumulative users) and the electronic social security card (over 1 billion users)42 - In digital medical insurance business, the company's medical insurance core business market ranks among the top in the industry, having built the national medical insurance service platform and medical insurance code (over 1.236 billion users), and participated in the construction of over 20 provincial medical insurance information platforms42 - In digital healthcare business, the company is the general integrator for Sanming medical reform informatization, with its medical imaging products ranking among the top nationally in high-end cases and comprehensive product system42 - In digital technology and digital services, the company launched "Zhi Ding Tian Gong AI Platform" 2.0 and "Zhi Ding Yun Fan" industry large model, with smart customer service products deployed in over 20 provinces nationwide42 (III) Main Businesses, Products, and Their Uses The company offers diverse digital HRSS, medical insurance, healthcare, technology, and service solutions, leveraging AI, big data, and blockchain to enhance public service efficiency and quality - The company focuses on AI, big data, blockchain, cloud computing, IoT, and other cutting-edge technologies to foster new productive forces and advance public service informatization into a new digital era53 1. Digital HRSS Business The company supports national HRSS systems and provincial constructions, driving "AI+HRSS" innovation with products like "AI Social Security Planner" to improve efficiency and user experience - The company continuously supports multiple national service systems for the Ministry of Human Resources and Social Security, participating in the construction and operation of public service systems, new employment injury protection systems, and third-pillar pension systems53 - The company successfully deployed products in "AI+HRSS" scenarios such as "digital employee" and "smart service," including RPA digital employees, OCR-assisted processing, smart processing digital humans, AI social security planners, and employment intelligent agents54 - The "AI Social Security Planner" is co-built by the company and Fujian Big Data Group Xingyun Company, providing professional social security policy interpretation and personalized social security planning services55 2. Digital Medical Insurance Business The company provides IT services for the national medical insurance information platform and expands local markets, developing an AI smart audit platform integrated with DeepSeek technology to enhance medical insurance regulation - The company continues to provide information technology services for the core systems of the National Medical Security Information Platform, undertaking operations and maintenance for public service systems, medical insurance electronic vouchers, mobile payments, and electronic prescriptions55 - The company launched an AI smart audit platform, deeply integrating DRG/DIP payment intelligent supervision solutions with DeepSeek, helping medical insurance achieve a win-win of "cost control + quality improvement"60 - The company assists multiple provincial medical insurance platforms in developing drug cloud platforms and drug price comparison platforms, providing smart and convenient drug services for insured individuals57 3. Digital Healthcare Business The company's digital healthcare product system is maturing, covering regional medical informatization and in-hospital information solutions, assisting hospitals in achieving high-level electronic medical record ratings and maintaining a leading position in medical imaging informatization - The company's product system covers regional health, health medical big data service applications, and smart hospital solutions for healthy cities48 - The company assisted over ten hospital clients in passing high-level national electronic medical record evaluations (Level 5 and above) or smart service grading assessments (Level 3 and above)6063 - Medical imaging informatization products are cumulatively applied in 372 secondary and above hospitals nationwide, including 187 tertiary hospitals, ranking among the top nationally in high-level hospital imaging informatization cases and comprehensive product system strength4963 4. Digital Technology Business The company actively explores AI, blockchain, and big data applications, launching "Zhi Ding Tian Gong AI Platform" 2.0 and "Zhi Ding Yun Fan" industry large model to enhance intelligent processing, consulting, decision-making, service, and supervision in public services - The company released an "AI+" public service overall solution covering human resources and social security, medical insurance, and healthcare64 - The company launched "Zhi Ding Tian Gong AI Platform" 2.0 and "Zhi Ding Yun Fan" industry large model, which focuses on public service information, integrating AI atomic capabilities to provide intelligent processing, consulting, decision-making, service, and supervision solutions51666869 - The "Zhi Ding Yun Fan" large model successfully completed generative AI service registration with the Fujian Provincial Cyberspace Administration5164 5. Digital Services Business The company offers "Ying Cai Bang" digital HR services, steadily develops supplementary commercial insurance, possesses extensive big data product systems and government data experience, and expands data security solutions to healthcare and finance - The company's human resource service platform "Ying Cai Bang" was selected for the Ministry of Human Resources and Social Security's list of quality online vocational skill training platforms and digital resources52 - The company possesses a comprehensive big data product system and rich experience in government data aggregation, management, and application, having undertaken multiple provincial and ministerial-level HRSS big data projects5269 - The company's independently developed data security products and solutions are being deployed in the healthcare and financial industries, and have obtained openGauss technical certification69 (IV) Main Business Model The company's core profitability relies on customized, integrated solutions, generating revenue from project contracting, product sales, and technical services, supported by autonomous R&D, optimized procurement, and direct sales - Profitability Model: Provides customized, integrated solutions and product/technical services to government departments, medical institutions, banks, insurance companies, and other enterprises or individuals, generating revenue from project contracting, product sales, and technical services70 - R&D Model: Adheres to independent R&D, forming a complete product and technology R&D service and management system, closely tracking industry development trends and the latest technologies70 - Procurement Model: Moderately adopts quantitative procurement, mainly including terminal hardware, outsourced software, and labor, combining long-term strategic suppliers with annually renewed qualified suppliers71 - Sales Model: Primarily direct sales, acquiring government, medical institution, bank, insurance, and enterprise clients through participation in bidding, competitive negotiations, and other methods, while exploring e-commerce platforms, social platforms, and other internet marketing channels7172 (V) Main Performance Drivers The company improved internal management and efficiency through cost reduction, maintaining strong cash flow and risk response capabilities, while proactively adapting to market changes and launching "AI+" public service solutions - Through cost reduction and efficiency improvement, the company's internal management is standardized and orderly, human efficiency has significantly improved, cash flow is relatively abundant, and it possesses strong risk response capabilities72 - The company actively responded to market and new technology changes, releasing an "AI+" public service overall solution covering human resources and social security, medical insurance, and health, and has achieved multiple "AI+" product implementation cases72 - The company's business model aligns with industry trends and actual development, remaining stable with steady progress73 Analysis of Core Competencies The company's core competencies, including customized integrated solutions, high customer satisfaction, diverse innovation, and leading core technologies, were strengthened through new infrastructure and "Internet+" integration - The company's core competencies are balanced and have not undergone significant changes that could affect future operations74 (I) Advantages in Customized, Integrated Overall Solution Capabilities The company's strong product portfolio and service synergy enable an integrated online-offline and "cloud-chain-end" product service system, driven by AI, blockchain, and big data, meeting diverse client needs - The company built an integrated online-offline operation service model and a "cloud-chain-end" integrated product service system, fully meeting the multi-level, multi-functional public service information needs of government departments, enterprises, and the public74 - Driven by AI, blockchain, big data, cloud computing, IoT, and other new infrastructure technologies, the company integrates "Internet+" advantages to actively explore digital business upgrades74 (II) Advantages in High-Satisfaction Services With over two decades in public services, the company has accumulated extensive experience in product development, technology iteration, project delivery, and O&M, leading to high customer satisfaction and recognition from various government bodies - Through long-term, close cooperation with clients, the company deeply understands evolving client needs, accumulating extensive experience in product development, technology iteration, project delivery, and O&M services75 - During the reporting period, the company received a letter of appreciation from the HRSS Ministry Information Center and praise from various local government departments, hospitals, and enterprise clients or partners75 (III) Advantages in Diverse Innovation Holding high-level software industry qualifications, the company drives innovation in technology, products, channels, and services, maintaining industry leadership, marked by pioneering achievements and the launch of "Zhi Ding Tian Gong AI Platform" 2.0 and "Zhi Ding Yun Fan" large model - The company possesses comprehensive high-level qualifications in the software industry, adheres to innovation-driven development, forming diversified innovation models to maintain industry leadership75 - The company set multiple industry records, such as the first provincial medical insurance network in 2006, the first financial social security IC card in 2009, and the first provincial centralized public service application platform for HRSS in 201476 - In March 2024, the company launched "Zhi Ding Tian Gong AI Platform" 2.0 and "Zhi Ding Yun Fan" industry large model, bringing more intelligent implementation modes for AI applications in the public service sector77 (IV) Advantages in Core Technology The company boasts deep technical expertise and R&D capabilities, participating in HRSS and national medical insurance platform standard setting, launching "Zhi Ding Tian Gong AI Platform" 2.0 and "Zhi Ding Yun Fan" large model, and applying big data technology in various projects - The company possesses deep technical accumulation, innovative R&D capabilities, and product advantages, participating in the formulation of informatization standards and top-level design of information platforms for the Ministry of Human Resources and Social Security and the National Healthcare Security Administration78 - The company pioneered "Zhi Ding Tian Gong AI Platform" 2.0 and related product systems, launched "Zhi Ding Yun Fan" industry large model, and applied big data technology in multiple provincial and ministerial-level projects, breaking through public service business boundaries78 - The company owns multiple national, provincial, and municipal award-winning application software, such as the "Urban Employee Medical Insurance Information Management Network System" which won the first prize for scientific and technological achievements from the Fujian Provincial Health Department79 - During the reporting period, the company added 31 software copyrights and 4 authorized invention patents80 Analysis of Main Business Operating revenue decreased by 20.21% year-on-year, but operating costs, sales, and administrative expenses also fell. Financial expenses decreased due to higher interest income, and income tax expenses significantly dropped due to increased deferred tax assets Year-on-Year Changes in Key Financial Data | Indicator | Current Period (CNY) | Prior Year (CNY) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 163,681,464.52 | 205,138,964.82 | -20.21% | | | Operating Cost | 82,729,458.52 | 109,056,397.73 | -24.14% | | | Selling Expenses | 30,040,178.02 | 38,836,105.40 | -22.65% | | | Administrative Expenses | 80,019,691.57 | 87,721,148.89 | -8.78% | | | Financial Expenses | -738,449.14 | -525,900.18 | -40.42% | Increase in interest income for the current period | | Income Tax Expenses | -1,470,947.00 | 76,546.65 | -2,021.63% | Increase in deferred tax assets recognized for deductible losses | | R&D Investment | 20,973,092.75 | 27,546,419.96 | -23.86% | | | Net Cash Flow from Operating Activities | -105,728,753.12 | -141,596,463.08 | 25.33% | | | Net Cash Flow from Investing Activities | 8,519,387.84 | -2,271,518.59 | 475.05% | Received final payment for disposal of controlled subsidiary equity and transfer of associate company equity | | Net Cash Flow from Financing Activities | -4,687,069.34 | -8,815,521.01 | 46.83% | Decrease in dividends from controlled subsidiaries | | Net Increase in Cash and Cash Equivalents | -101,896,434.62 | -152,683,502.68 | 33.26% | Increase in net cash flow from operating and investing activities | Products or Services Accounting for Over 10% of Revenue | Product or Service | Operating Revenue (CNY) | Operating Cost (CNY) | Gross Profit Margin | Year-on-Year Change in Operating Revenue | Year-on-Year Change in Operating Cost | Year-on-Year Change in Gross Profit Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Customized Software and IC Technology Services | 95,565,226.77 | 47,785,441.60 | 50.00% | -9.90% | -17.30% | 4.48% | | Technical Services | 56,954,562.61 | 28,274,103.52 | 50.36% | 4.35% | 46.00% | -14.16% | Main Business Cost Composition and Reasons for Change | Cost Component | Current Period Amount (CNY) | Proportion of Operating Cost | Prior Year Amount (CNY) | Proportion of Operating Cost | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Public Service Information Services - Raw Materials | 22,794,448.12 | 27.55% | 49,847,992.38 | 45.71% | -54.27% | Decrease in system integration and hardware revenue | | Public Service Information Services - Labor Costs and Others | 59,685,167.85 | 72.15% | 51,633,262.42 | 47.35% | 15.59% | | | Insurance Brokerage Industry - Labor Costs and Others | 249,842.55 | 0.30% | 7,575,142.93 | 6.95% | -96.70% | Decrease in insurance brokerage revenue | Analysis of Non-Main Business Non-main business significantly contributed to total profit, primarily driven by credit impairment and fair value changes. Investment income came from associates, while other income included government grants and software tax refunds, some of which are sustainable Impact of Non-Main Business on Total Profit | Item | Amount (CNY) | Proportion of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 4,333,566.15 | 16.77% | Investment income from associates recognized under equity method | No | | Gains or Losses from Changes in Fair Value | 13,926,161.78 | 53.89% | Fair value changes of financial assets held for trading | No | | Asset Impairment | -2,868,360.63 | -11.10% | Provision for bad debts of contract assets and inventory write-down losses | Yes | | Other Income | 3,829,071.02 | 14.82% | Government grants and software tax refunds | Software tax refunds and personal income tax handling fee rebates are sustainable; other government grants are not sustainable | | Credit Impairment | 57,411,774.43 | 222.18% | Provision for bad debts of accounts receivable and other receivables, and reversal of principal and interest of provisions for contingent liabilities of CNY 60.45 million and reversal of credit impairment losses | Provision for bad debts is sustainable; reversal of provisions for contingent liabilities is not sustainable | Analysis of Assets and Liabilities Total assets decreased by 8.66% year-on-year, while net assets attributable to shareholders increased by 12.45%. Cash and cash equivalents decreased, while financial assets held for trading and inventories increased Significant Changes in Asset Composition | Item | End of Current Period (CNY) | Proportion of Total Assets | End of Prior Year (CNY) | Proportion of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 247,953,117.96 | 28.45% | 350,730,494.19 | 36.75% | -8.30% | | Financial Assets Held for Trading | 43,761,161.78 | 5.02% | 29,835,000.00 | 3.13% | 1.89% | | Inventories | 117,030,196.15 | 13.43% | 97,315,191.30 | 10.20% | 3.23% | | Net Assets Attributable to Shareholders of Listed Company | 349,839,000.86 | 40.13% | 311,113,392.82 | 32.60% | 7.53% | | Total Liabilities | 478,622,391.65 | 54.91% | 589,090,868.82 | 61.73% | -6.82% | | Provisions | 10,120,925.88 | 1.16% | 70,575,447.88 | 7.39% | -6.23% | Asset Restriction Status as of the End of the Reporting Period | Item | Carrying Value (CNY) | Reason for Restriction | | :--- | :--- | :--- | | Cash and Cash Equivalents | 9,720,636.90 | Letters of guarantee/deposits, operating deposits, frozen bank funds, ETC deposits | | Financial Assets Held for Trading | 43,761,161.78 | Company's equity in Haibao Life Insurance frozen by court | | Total | 53,481,798.68 | | Analysis of Investment Status Investment decreased by 63.48% year-on-year. No significant equity, non-equity, entrusted wealth management, derivative, or entrusted loan investments. Financial assets measured at fair value totaled CNY 50.26 million, primarily other equity instrument investments, funded by own capital Changes in Investment Amount During the Reporting Period | Indicator | Investment Amount for Current Period (CNY) | Investment Amount for Prior Year (CNY) | Change | | :--- | :--- | :--- | :--- | | Investment Amount | 970,000.00 | 2,655,976.50 | -63.48% | Financial Assets Measured at Fair Value | Asset Category | Period-End Amount (CNY) | Source of Funds | | :--- | :--- | :--- | | Other (Financial Assets Held for Trading) | 43,761,161.78 | Own funds | | Other (Other Equity Instrument Investments) | 6,500,000.00 | Own funds | | Total | 50,261,161.78 | | - The company had no use of raised funds, entrusted wealth management, derivative investments, or entrusted loans during the reporting period102103104105 Significant Asset and Equity Sales The company did not sell any significant assets or equity during the reporting period - No significant asset sales during the reporting period106 - No significant equity sales during the reporting period107 Analysis of Major Holding and Associate Companies This section lists financial information for the company's major holding and associate companies, including Yilianzhong Minsheng (Xiamen) Technology, Fujian Yilianzhong Medical Information System, and Haibao Life Insurance Major Holding and Associate Companies | Company Name | Company Type | Registered Capital (CNY) | Total Assets (CNY) | Net Assets (CNY) | Operating Revenue (CNY) | Operating Profit (CNY) | Net Profit (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Yilianzhong Minsheng (Xiamen) Technology Co., Ltd. | Subsidiary | 30,000,000.00 | 100,918,892.67 | 21,677,646.00 | 30,047,340.40 | 7,408,364.76 | 7,372,087.89 | | Fujian Yilianzhong Medical Information System Co., Ltd. | Subsidiary | 20,000,000.00 | 59,501,298.26 | -4,333,960.57 | 13,818,962.44 | -3,893,881.64 | -3,935,853.64 | | Guangzhou Yilianzhong Ruitu Information Technology Co., Ltd. | Subsidiary | 10,000,000.00 | 70,204,674.13 | 6,293,460.19 | 30,499,891.48 | 1,658,186.69 | 1,655,162.28 | | Fujian Yilianzhong Baoruitong Information Technology Co., Ltd. | Subsidiary | 18,000,000.00 | 96,255,562.68 | 46,932,156.00 | 24,615,069.76 | -8,986,590.21 | -7,164,669.70 | | Shanxi Yilianzhong Huimin Technology Co., Ltd. | Subsidiary | 10,800,000.00 | 98,853,955.42 | 46,311,233.37 | 23,956,749.55 | 3,462,989.13 | 3,076,919.05 | | Anhui Yilianzhong Technology Development Co., Ltd. | Subsidiary | 15,000,000.00 | 33,483,581.07 | -4,377,310.28 | 4,239,756.59 | -5,473,988.23 | -5,473,988.23 | | Haibao Life Insurance Co., Ltd. | Associate Company | 2,300,000,000.00 | 7,609,092,001.50 | 1,256,179,522.17 | 1,004,753,785.81 | -95,042,300.37 | -95,042,299.16 | | Yilianzhong Yiwei Technology Co., Ltd. | Associate Company | 53,571,429.00 | 471,664,114.00 | 144,574,049.55 | 410,637,326.07 | 38,075,948.63 | 38,038,506.73 | Structured Entities Controlled by the Company The company did not control any structured entities during the reporting period - No structured entities controlled by the company during the reporting period110 Risks Faced by the Company and Countermeasures The company faces risks from rapid technological updates, intense market competition, and business upgrade uncertainties, addressed through continuous R&D, improved after-sales service, strategic planning, and internal management - Technology Risk: Rapid updates and short life cycles of information technology products necessitate continuous R&D of new products that meet market demand, otherwise facing the risk of losing technological and market advantages110111 - Operational Risk: Business development leads to an expansion of product service categories and customer scope; if sales or after-sales service are inadequate, it may affect the company's reputation111 - Market Risk: New technologies (AI, blockchain, big data, etc.) are driving the public service information industry into a new stage, intensifying industry competition; the company needs to accurately grasp trends and respond quickly112 - Business Upgrade Risk and Associated Management Risk: The transition to a digital ecosystem operation enterprise requires a long cycle and significant investment, faces intense market competition, high talent and technology demands, and inherent uncertainties113 Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period On May 15, 2025, the company participated in an online performance briefing for the 2024 annual report, discussing illegal guarantees/loans and future development plans - On May 15, 2025, the company participated in the 2024 annual report online performance briefing and Xiamen area listed company investor online collective reception day event via an online platform, primarily discussing the company's illegal guarantee/loan litigation and future development plans115116 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 system117 - The company has not disclosed a valuation enhancement plan117 Implementation of "Quality and Return Dual Improvement" Action Plan The company has not disclosed an announcement regarding the "Quality and Return Dual Improvement" action plan - The company has not disclosed an announcement regarding the "Quality and Return Dual Improvement" action plan117 Corporate Governance, Environment, and Society This section details changes in the company's directors, supervisors, and senior management, profit distribution plans, employee incentive measures, environmental disclosures, and social responsibility initiatives Changes in Company Directors, Supervisors, and Senior Management No changes occurred in the company's directors, supervisors, or senior management during the reporting period - No changes in company directors, supervisors, and senior management during the reporting period119 Profit Distribution and Capital Reserve Conversion to Share Capital During the Reporting Period The company plans no cash dividends, bonus shares, or capital increase from capital reserves for the half-year - The company plans no cash dividends, bonus shares, or capital increase from capital reserves for the half-year period120 Implementation of Company 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 during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures during the reporting period121 Environmental Information Disclosure The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law122 Social Responsibility The company actively fulfills social obligations, creating shareholder value while taking responsibility for employees, customers, and society through governance, disclosure, investor returns, employee development, and legal operations - The company establishes and improves internal management and control systems, standardizes general meeting procedures, ensuring shareholders' right to know and vote122 - The company strictly adheres to laws and regulations for timely, accurate, truthful, complete, and fair information disclosure, communicating with investors through various channels122 - The company adheres to a people-oriented talent philosophy, values employee career development, provides training activities, and has established a comprehensive compensation, benefits, and performance appraisal system123 - The company continuously innovates technology to meet customer needs, enhances customer service satisfaction, and always prioritizes legal operations to achieve a win-win of economic and social benefits123 Significant Matters This section covers commitments, related party transactions, illegal guarantees, accounting firm appointments, litigation, penalties, and other significant events affecting the company Commitments Fulfilled and Overdue Unfulfilled by Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period The former controlling shareholder, Zhang Xi, fulfilled his related party transaction commitments, but previously provided illegal guarantees and loans in the company's name without internal approval, leading to ongoing legal actions - Mr. Zhang Xi's commitments regarding related party transactions have been fulfilled125126 - Mr. Zhang Xi, without company internal control approval/board of directors/shareholder meeting deliberation and approval, signed a "Guarantee Contract" and other related contracts in the company's name as one of the guarantors for Beijing Jingfa Real Estate Co., Ltd.'s loan with Mr. Zhang Liyun125 - Mr. Zhang Xi, in the company's name, signed a "Loan Contract" with Suzhou Nuojin Investment Co., Ltd., and a "Loan Agreement" with Ms. Gao Caie as one of the borrowers, providing joint guarantees for Mr. Zhang Xi and related parties' joint loans125 Non-operating Funds Occupied by Controlling Shareholders and Other Related Parties from the Listed Company The company reported no non-operating funds occupied by controlling shareholders or other related parties during the reporting period - No non-operating funds occupied by controlling shareholders or other related parties from the listed company during the reporting period127 Illegal External Guarantees The company faced illegal joint loan guarantees provided by former controlling shareholder Zhang Xi without internal approval, which led to litigation; however, the illegal loan situation has been eliminated, and the outstanding illegal guarantee balance is CNY 0 Illegal External Guarantees | Name of Guaranteed Party | Relationship with Listed Company | Reason for Violation | Illegal Guarantee Amount (CNY 10,000) | Proportion of Latest Audited Net Assets | Outstanding Illegal Guarantee Balance at Period-End (CNY 10,000) | Proportion of Latest Audited Net Assets | Estimated Resolution Time (Months) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Mr. Zhang Xi, Ms. Zhang Huafang and related parties | Former controlling shareholder/former actual controller/then-chairman and related parties | Provided illegal joint guarantees for related parties' joint loans in the company's name without company internal control approval/board of directors/shareholder meeting deliberation and other decision-making procedures | 5,000 | 16.07% | 5,000 | 16.07% | Not applicable | - The company has appointed a legal team to respond, actively cooperating with relevant institutions to properly handle the matter and legally assert its legitimate rights129 - The second instance of the related lawsuit has been finalized, ruling that the company is not liable for joint and several repayment, eliminating the illegal loan situation, with an illegal guarantee balance of CNY 0131132 Appointment and Dismissal of Accounting Firms The company's half-year financial report was not audited - The company's half-year report was not audited133 Explanations by the Board of Directors, Supervisory Board, and Audit Committee on the "Non-Standard Audit Report" for the Current Period The company had no non-standard audit report during the reporting period - No non-standard audit report during the reporting period134 Explanations by the Board of Directors on the "Non-Standard Audit Report" for the Previous Year The Board actively addressed Beijing Dehao International Accounting Firm's qualified opinion on the 2024 financial statements, primarily concerning illegal guarantee/loan litigation, for which the company appealed and initiated internal rectification - Beijing Dehao International Accounting Firm issued a qualified opinion on the company's 2024 annual financial statements134 - The main reason for the qualified opinion was that the company had not yet received conclusive opinions from the China Securities Regulatory Commission's investigation, and the lawsuit regarding illegal joint loans was still in the second instance, with significant uncertainties134 - The company has appointed a legal team to respond, appealed the first-instance judgment, initiated internal rectification work, and continues to monitor the CSRC investigation progress134135 Bankruptcy Reorganization Matters The company had no bankruptcy reorganization matters during the reporting period - No bankruptcy reorganization matters during the reporting period136 Litigation Matters The company was involved in two significant litigation/arbitration cases: one where former controlling shareholder Zhang Xi provided an illegal joint liability guarantee, ruled that the company is not liable; and another where Zhang Xi illegally signed a loan agreement in the company's name, also ruled that the company is not liable - Former controlling shareholder Mr. Zhang Xi illegally provided a joint liability guarantee for Beijing Jingfa Real Estate Co., Ltd.'s loan from natural person Zhang Liyun, involving CNY 712.56 million137 - The Beijing Arbitration Commission ruled that the company is not liable for joint and several repayment and does not bear arbitration fees137138 - Mr. Zhang Xi illegally signed a loan agreement in the company's name as one of the borrowers with Ms. Gao Caie, with a loan amount of CNY 50 million, involving CNY 56.93 million139 - The Hangzhou Intermediate People's Court of Zhejiang Province ruled in the final instance that the company is not liable for joint and several repayment for the illegal guarantee/loan matters139140 Significant Litigation and Arbitration Matters The company was involved in two significant litigation/arbitration cases: one where former controlling shareholder Zhang Xi provided an illegal joint liability guarantee, ruled that the company is not liable; and another where Zhang Xi illegally signed a loan agreement in the company's name, also ruled that the company is not liable - On September 3, 2024, the company received an arbitration award from the Beijing Arbitration Commission, ruling that the company is not liable for joint and several repayment and does not bear arbitration fees137138 - On August 22, 2025, the company received the final judgment from the Hangzhou Intermediate People's Court of Zhejiang Province, ruling that the company is not liable for joint and several repayment for the illegal guarantee/loan matters139140 Other Litigation Matters The company has other litigation matters not meeting the significant disclosure threshold; some are concluded and executed, while others are ongoing but without major impact - Other litigation matters not meeting the significant disclosure threshold involve CNY 7.53 million, some concluded and executed, others ongoing without major impact141 Penalties and Rectification The company is under investigation by the China Securities Regulatory Commission for alleged information disclosure violations, including failure to disclose related party guarantees, with no conclusion yet - The company is under investigation by the China Securities Regulatory Commission for alleged information disclosure violations, including failure to disclose related party guarantees142 - As of the report disclosure date, the CSRC investigation has no conclusive opinion yet142 Integrity Status of the Company, its Controlling Shareholders, and Actual Controllers The company, its controlling shareholders, and actual controllers had no unfulfilled effective court judgments or large overdue debts during the reporting period - The company, its controlling shareholders, and actual controllers had no unfulfilled effective court judgments or large overdue debts during the reporting period143 Significant Related Party Transactions The company reported no significant related party transactions during the reporting period, including those related to daily operations, asset/equity acquisitions/disposals, joint investments, or related party debt/credit - No related party transactions related to daily operations during the reporting period143 - No related party transactions involving asset or equity acquisitions/disposals during the reporting period144 - No related party transactions involving joint external investments during the reporting period145 - No related party debt/credit transactions during the reporting period146 - No deposits, loans, credit lines, or other financial business between the company and related financial companies, or between controlled financial companies and related parties147148 - No other significant related party transactions during the reporting period149 Significant Contracts and Their Performance The company had no entrustment, contracting, or leasing matters. It has significant guarantees for subsidiaries, with an actual outstanding balance of CNY 5 million, representing 0.36% of net assets - No entrustment, contracting, or leasing situations during the reporting period150151152 - The company provided illegal guarantees for its former actual controller/controlling shareholder/then-chairman Mr. Zhang Xi and related parties without any internal control approval/board of directors/shareholder meeting deliberation, but the illegal loan situation has been eliminated155 1. Entrustment, Contracting, Leasing Matters The company reported no entrustment, contracting, or leasing situations during the reporting period - No entrustment situations during the reporting period150 - No contracting situations during the reporting period151 - No leasing situations during the reporting period152 2. Significant Guarantees The company has significant guarantees for subsidiaries, with an actual outstanding balance of CNY 5 million, representing 0.36% of net assets Company Total Guarantee Situation | Indicator | Amount (CNY 10,000) | | :--- | :--- | | Total approved guarantee limit for subsidiaries during the reporting period | 350 | | Total actual guarantees for subsidiaries during the reporting period | 0 | | Total approved guarantee limit for subsidiaries at period-end | 125 | | Total actual guarantee balance for subsidiaries at period-end | 500 | | Proportion of actual total guarantees to company's net assets | 0.36% | | Outstanding debt guarantees provided directly or indirectly for guaranteed parties with asset-liability ratio exceeding 70% | 125 | | Total of the above three guarantee amounts | 125 | - The company provided illegal guarantees for its former actual controller/controlling shareholder/then-chairman Mr. Zhang Xi and related parties without any internal control approval/board of directors/shareholder meeting deliberation, but the illegal loan situation has been eliminated155 3. Significant Contracts in Daily Operations The company had no significant contracts in daily operations during the reporting period 4. Other Significant Contracts The company had no other significant contracts during the reporting period - No other significant contracts during the reporting period157 Explanation of Other Significant Matters The company disclosed progress on subsidiary equity transfer, received the third installment, and its stock remains under "ST" risk warning. It received an equity repurchase notice for Yilianzhong Minsheng (Xiamen) Technology, potentially requiring retrospective financial statement adjustments - The company received the third installment of CNY 14.05 million for the transfer of 56.5217% equity in Xiamen Yilianzhong Yihui Technology Co., Ltd. from Tengyun Big Health Management Co., Ltd., fulfilling the equity transfer payment obligation158 - The company's stock will continue to be subject to other risk warnings (ST) because the related illegal guarantee/loan situations have not been completely eliminated158 - The company received an equity repurchase notice for its controlled subsidiary Yilianzhong Minsheng (Xiamen) Technology Co., Ltd., which may lead to retrospective adjustments of financial statements since 2020159 - The second instance of the company's illegal loan lawsuit has been finalized, ruling that the company is not liable for joint and several repayment, eliminating the illegal guarantee/loan situation159 Significant Matters of Company Subsidiaries The company had no significant subsidiary matters during the reporting period - No significant subsidiary matters during the reporting period161 Share Changes and Shareholder Information This section details changes in the company's share capital, securities issuance, shareholder numbers, top shareholders, and changes in holdings by directors, supervisors, and senior management Share Changes During the reporting period, restricted shares decreased by 975,138, unrestricted shares increased by 975,138, and total share capital remained unchanged, primarily due to the unlocking of shares held by departing executives - Share changes were primarily due to the unlocking of company shares held by departing executives in accordance with relevant regulations165 1. Detailed Share Changes During the reporting period, restricted shares decreased by 975,138, unrestricted shares increased by 975,138, and total share capital remained unchanged, primarily due to the unlocking of shares held by departing executives Share Changes | Share Type | Number Before Change (shares) | Proportion Before Change | Increase/Decrease in This Change (shares) | Number After Change (shares) | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 975,138 | 0.23% | -975,138 | 0 | 0.00% | | II. Unrestricted Shares | 429,024,862 | 99.77% | 975,138 | 430,000,000 | 100.00% | | III. Total Shares | 430,000,000 | 100.00% | 0 | 430,000,000 | 100.00% | - Share changes were due to the unlocking of company shares held by departing executives in accordance with relevant regulations165 2. Changes in Restricted Shares During the reporting period, all restricted shares held by executives such as Zhang Xi, Huang Wencan, Zhao Yan, and Jiang Zhixiang were released from restriction, resulting in 0 restricted shares at period-end Changes in Restricted Shares | Shareholder Name | Restricted Shares at Beginning of Period (shares) | Shares Released from Restriction in Current Period (shares) | Shares Added to Restriction in Current Period (shares) | Restricted Shares at End of Period (shares) | Reason for Restriction | Planned Release Date | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zhang Xi | 56,175 | 56,175 | 0 | 0 | Executive Lock-up | January 3, 2025 | | Huang Wencan | 912,513 | 912,513 | 0 | 0 | Executive Lock-up | January 3, 2025 | | Zhao Yan | 1,350 | 1,350 | 0 | 0 | Executive Lock-up | January 3, 2025 | | Jiang Zhixiang | 5,100 | 5,100 | 0 | 0 | Executive Lock-up | January 3, 2025 | | Total | 975,138 | 975,138 | 0 | 0 | | | Securities Issuance and Listing The company had no securities issuance or listing during the reporting period - No securities issuance or listing during the reporting period168 Company Shareholder Numbers and Shareholding As of the end of the reporting period, there were 18,618 common shareholders. Zhoukou City Development Smart Technology Co., Ltd. is the largest shareholder with 16.19% equity Total Number of Shareholders at Period-End | Indicator | Number | | :--- | :--- | | Total number of common shareholders at period-end | 18,618 | | Total number of preferred shareholders with restored voting rights at period-end (if any) | 0 | | Total number of shareholders holding special voting rights shares (if any) | 0 | Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Proportion | Number of Shares Held at Period-End (shares) | Change in Shareholding During Reporting Period (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | Share Status | Number (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zhoukou City Development Smart Technology Co., Ltd. | Domestic Non-State-Owned Legal Person | 16.19% | 69,606,749 | 0 | 0 | 69,606,749 | Not applicable | 0 | | Feng Furong | Domestic Natural Person | 1.88% | 8,086,480 | -200,000 | 0 | 8,086,480 | Not applicable | 0 | | Fang Qinhua | Domestic Natural Person | 1.43% | 6,164,200 | 6,164,200 | 0 | 6,164,200 | Not applicable | 0 | | Shan Jinggang | Domestic Natural Person | 1.35% | 5,821,600 | 5,821,600 | 0 | 5,821,600 | Not applicable | 0 | | Yue Kejing | Domestic Natural Person | 1.12% | 4,805,000 | 3,430,000 | 0 | 4,805,000 | Not applicable | 0 | | Jin Lili | Domestic Natural Person | 1.10% | 4,723,300 | 4,723,300 | 0 | 4,723,300 | Not applicable | 0 | | He Bin | Domestic Natural Person | 1.07% | 4,603,900 | 4,603,900 | 0 | 4,603,900 | Not applicable | 0 | | Yang Xiaofeng | Domestic Natural Person | 0.93% | 3,989,300 | 769,300 | 0 | 3,989,300 | Not applicable | 0 | | Zhao Ce | Domestic Natural Person | 0.81% | 3,496,900 | 3,446,000 | 0 | 3,496,900 | Not applicable | 0 | | Lai Yuying | Overseas Natural Person | 0.80% | 3,450,000 | 3,450,000 | 0 | 3,450,000 | Not applicable | 0 | - The company is unaware of any associated relationships or concerted actions among the top 10 shareholders170 Changes in Shareholdings of Directors, Supervisors, and Senior Management No changes occurred in the shareholdings of the company's directors, supervisors, and senior management during the reporting period - No changes in shareholdings of company directors, supervisors, and senior management during the reporting period172 Changes in Controlling Shareholder or Actual Controller The company's controlling shareholder and actual controller remained unchanged during the reporting period - No changes in controlling shareholder during the reporting period173 - No changes in actual controller during the reporti