中嘉博创(000889) - 2025 Q2 - 季度财报

Section I Important Notice, Table of Contents, and Definitions Important Notice The Board of Directors, Supervisory Board, and senior management guarantee the report's accuracy and completeness, highlighting risks like goodwill impairment and customer concentration, and confirming no dividend distribution or capital increase from reserves - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content and assume legal responsibility[3] - The company's head, chief financial officer, and head of accounting department declare the financial report to be true, accurate, and complete[3] - The report highlights risks such as goodwill impairment, increasing customer concentration and churn in information services, new technology substitution, and technical competition and customer dependence in communication network maintenance[4] - The company plans not to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital for this period[5] Table of Contents This section outlines the report's overall structure, comprising nine main chapters covering company profile, financial indicators, management discussion and analysis, corporate governance, significant events, share changes, bond information, financial reports, and other submitted data - The report is divided into nine main chapters, covering various aspects of the company's operations, financials, governance, and significant matters[7] Definitions This section defines common terms and company-related entities used in the report, clarifying the meanings of "Company," "Reporting Period," key subsidiaries, and related parties to ensure accurate interpretation - "Company" refers to Zhongjia Bochuang Information Technology Co., Ltd[10] - "Reporting Period" refers to January 1, 2025, to June 30, 2025[10] - "Chuangshi Mandao" refers to Beijing Chuangshi Mandao Technology Co., Ltd., a wholly-owned subsidiary of the company, primarily engaged in intelligent information transmission[10] - "Changshi Communication" refers to Guangdong Changshi Communication Technology Co., Ltd., a wholly-owned subsidiary of the company, primarily engaged in communication network maintenance[10] Section II Company Profile and Key Financial Indicators 1. Company Profile Zhongjia Bochuang Information Technology Co., Ltd., stock ticker "Zhongjia Bochuang" and code 000889, is listed on the Shenzhen Stock Exchange, with Wu Ying as its legal representative Key Company Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Zhongjia Bochuang | | Stock Code | 000889 | | Stock Exchange | Shenzhen Stock Exchange | | Company Chinese Name | 中嘉博创信息技术股份有限公司 | | Legal Representative | Wu Ying | 2. Contact Persons and Information The company's Board Secretary (acting) is Wu Ying, and the Securities Affairs Representative is Zhang Haiying, with contact addresses in Beijing and Qinhuangdao, along with phone, fax, and email details Contact Persons and Information | Position | Name | Contact Address | Phone | Email | | :--- | :--- | :--- | :--- | :--- | | Board Secretary (Acting) | Wu Ying | 15F, Block B, Qianhai Life Insurance Building, No. 28 Pingguoyuan Road, Shijingshan District, Beijing; 26th Floor, Jinyuan International Business Building, No. 146 Hebei Avenue, Qinhuangdao City | 0335-3280602 | wuying@zjbctech.com | | Securities Affairs Representative | Zhang Haiying | 15F, Block B, Qianhai Life Insurance Building, No. 28 Pingguoyuan Road, Shijingshan District, Beijing; 26th Floor, Jinyuan International Business Building, No. 146 Hebei Avenue, Qinhuangdao City | 0335-3280602 | zhanghaiying@zjbctech.com | 3. Other Information The company's registered and office addresses remained unchanged during the reporting period, with Juchao Information Network designated for information disclosure - The company's registered address and office address remained unchanged during the reporting period[15] - The company's website is www.zjbctech.com, and its email address is ir@zjbctech.com[15] - The company's designated website and media for semi-annual report disclosure, as well as the report's availability location, remained unchanged during the reporting period, with details available in the 2024 annual report[16] 4. Key Accounting Data and Financial Indicators In the first half of 2025, the company's operating revenue grew by 10.46%, but net profit attributable to shareholders widened its loss by 47.91%, and weighted average return on net assets decreased by 12.65 percentage points, indicating pressure on profitability; net cash flow from operating activities significantly improved, total assets slightly increased, while net assets attributable to shareholders decreased by 21.37% Key Accounting Data and Financial Indicators for H1 2025 | Indicator | Current Period (yuan) | Prior Period (yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 775,762,560.52 | 702,306,040.54 | 10.46% | | Net Profit Attributable to Shareholders of Listed Company | -21,438,895.62 | -14,494,500.96 | -47.91% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains and Losses) | -18,062,288.45 | -13,207,467.86 | -36.76% | | Net Cash Flow from Operating Activities | -27,020,533.94 | -83,988,140.78 | 67.83% | | Basic Earnings Per Share | -0.0229 | -0.0155 | -47.74% | | Diluted Earnings Per Share | -0.0229 | -0.0155 | -47.74% | | Weighted Average Return on Net Assets | -23.93% | -11.28% | Decrease of 12.65 percentage points | | Indicator | End of Current Period (yuan) | End of Prior Year (yuan) | Change from Prior Year-End (%) | | :--- | :--- | :--- | :--- | | Total Assets | 928,470,041.09 | 920,860,066.68 | 0.83% | | Net Assets Attributable to Shareholders of Listed Company | 78,876,587.15 | 100,315,482.77 | -21.37% | 5. Differences in Accounting Data under Domestic and Overseas Accounting Standards During the reporting period, the company reported no differences in net profit and net assets between financial statements prepared under International or overseas accounting standards and those under Chinese accounting standards - During the reporting period, the company reported no differences in net profit and net assets between financial statements disclosed under International Accounting Standards and those under Chinese Accounting Standards[18] - During the reporting period, the company reported no differences in net profit and net assets between financial statements disclosed under overseas accounting standards and those under Chinese Accounting Standards[19] 6. Non-recurring Gains and Losses and Amounts During the reporting period, the company's total non-recurring gains and losses amounted to -3,376,607.17 yuan, primarily comprising non-current asset disposal gains/losses, government subsidies, and other non-operating income/expenses, with non-operating expenses having a significant negative impact on non-recurring gains and losses Non-recurring Gains and Losses for H1 2025 | Item | Amount (yuan) | | :--- | :--- | | Gains or losses on disposal of non-current assets (including the write-off of impairment provisions already made) | -90,396.18 | | Government subsidies recognized in current profit or loss (excluding those closely related to the company's ordinary activities, compliant with national policies, enjoyed at fixed or quantitative standards, and having a continuous impact on the company's profit or loss) | 237,381.37 | | Other non-operating income and expenses apart from the above items | -3,523,270.93 | | Impact on minority interests (after tax) | 321.43 | | Total | -3,376,607.17 | - The company has no other profit or loss items that meet the definition of non-recurring gains and losses, nor does it classify non-recurring gains and losses as recurring profit or loss items[22] Section III Management Discussion and Analysis 1. Main Business Activities during the Reporting Period The company's main businesses are intelligent information transmission and communication network maintenance, operated by wholly-owned subsidiaries Chuangshi Mandao and Changshi Communication, respectively, providing enterprise information services and professional technical services to communication operators (1) Main Businesses The company's main businesses are intelligent information transmission and communication network maintenance, operated by wholly-owned subsidiaries Chuangshi Mandao and Changshi Communication, providing enterprise messaging services and comprehensive communication network technical services to operators and China Tower - The company's main businesses are intelligent information transmission and communication network maintenance, operated by wholly-owned subsidiaries Chuangshi Mandao and Changshi Communication[24] - Chuangshi Mandao primarily engages in intelligent information transmission, providing enterprise clients with trigger-based SMS (including MMS and voice) services for identity verification and notifications through its self-developed platform, along with SMS sending interface products and technical support[24] - Changshi Communication primarily engages in communication network maintenance, providing professional technical services such as network operation management, fault repair, engineering construction, and daily maintenance for communication operators and China Tower, covering base stations, lines, broadband access, fixed-line telephone access, and WLAN[27] (2) Business Model The company's intelligent information transmission business provides SMS/MMS services to enterprises, generating revenue from service fees and operator commissions, with costs primarily from telecom operator tariffs; the communication network maintenance business secures contracts through public bidding with operators and China Tower, earning service fees, with costs mainly from labor, materials, vehicles, and equipment - Clients for intelligent information transmission services are primarily internet, e-commerce, banking, and insurance enterprises, with telecom operators as procurement targets[29] - Revenue for intelligent information transmission services comes from SMS/MMS sending service fees and telecom operator commissions, with the main cost being telecom operator SMS service tariffs[29] - Communication network maintenance clients include China Mobile, China Unicom, and other communication operators, as well as China Tower, with orders secured through public bidding and services provided accordingly[29] - Revenue for communication network maintenance services is derived from service fees, with primary costs including labor, materials, vehicles, and equipment incurred during maintenance[29] (3) Key Performance Drivers Information intelligent transmission business performance is driven by long-term operator partnerships, nationwide SMS channel resources, a high-quality enterprise client base, and increasing demand for trigger-based SMS due to mobile internet development; communication network maintenance benefits from centralized client procurement and increased 5G network investment, favoring qualified comprehensive maintenance providers - Key performance drivers for intelligent information transmission services include with over 20 provincial and municipal operators, nationwide SMS channel resources, and an accumulated base of high-quality enterprise clients in e-commerce, internet, finance, logistics, and third-party payments[30] - The deep development of mobile internet technology has strengthened demand for trigger-based and genuinely needed SMS services across various industries, providing conditions for expanding revenue in intelligent information transmission services[30] - Performance drivers for communication network maintenance services include the centralized procurement by communication operators and China Tower clients, as well as the expansion of communication infrastructure upgrades and operation and maintenance investments driven by 5G network construction[31] - Changshi Communication, as a communication network maintenance provider with good market reputation, excellent service evaluations, complete qualifications, and cross-regional comprehensive maintenance capabilities, will have more opportunities to win bids and secure business orders[31] (4) Industry Analysis The intelligent information transmission (enterprise SMS) industry benefits from rapid growth in mobile SMS traffic, but faces market fragmentation and intense price competition, leading to declining gross margins; the company actively tracks 5G messaging as a future strategic position. The communication network maintenance industry is driven by 5G network construction and increased telecom infrastructure investment, but also experiences declining gross margins due to competition and rising costs, prompting the company to explore other industry chain extensions - In the first half of 2025, national mobile SMS traffic increased by 22.3% year-on-year, mobile SMS business revenue grew by 2.2% year-on-year, and enterprise SMS demand increased due to the development of the internet new economy[32] - The enterprise SMS industry has a large but fragmented market, with intense price competition leading to a declining trend in overall industry gross profit margins[35] - The company actively tracks RCS technology and 5G messaging services, applying them in the financial sector, considering 5G messaging a crucial strategic position for the company in the 5G era[36] - As of the end of June, the total number of 5G base stations reached 4.549 million, an increase of 298,000 year-on-year, accounting for 35.7% of all mobile base stations, driving rapid growth in the communication technology service industry[37] - The gross profit margin for communication network maintenance services has declined in recent years, primarily due to operator policy adjustments, industry competition, and rising social costs, prompting the company to extend into other parts of the industry chain[41] (5) Discussion and Analysis of Operations In the first half of 2025, the company achieved operating revenue of 776 million yuan, a 10.46% year-on-year increase, driven by communication network maintenance growth, but overall losses widened to 21.44 million yuan due to rising costs and arbitration payouts, despite cost controls in information intelligent transmission Operating Performance for H1 2025 | Indicator | Amount (10,000 yuan) | YoY Change | | :--- | :--- | :--- | | Operating Revenue | 77,576.26 | 10.46% | | Communication Network Maintenance Business Revenue | 74,982.21 | 14.2% | | Intelligent Information Transmission Business Revenue | 2,544.65 | -43.95% | | Net Loss Attributable to Shareholders of Listed Company | -2,143.89 | Loss increased by 6.9444 million yuan | - Communication network maintenance business saw an increase in scale and a 14.2% year-on-year growth in revenue due to changes in bid-winning regions, but intensified industry competition led to higher cost and expense increases, a year-on-year decrease in gross profit margin, and a 279.1% year-on-year decrease in net profit[43] - The intelligent information transmission business experienced a 43.95% decline in overall business scale due to intense market competition and reduced customer numbers, but the company managed to slightly increase operating profit compared to the same period by optimizing personnel structure and reducing rental expenses[42][43] - The company's overall loss increased compared to the same period last year, primarily due to the expanded scale of communication network maintenance business leading to a simultaneous rise in costs and expenses, as well as arbitration payouts by the company[42][43] 2. Analysis of Core Competencies The company's core competencies lie in its intelligent information transmission business, with experienced talent, proprietary platforms, extensive client base, and strong brand, and its communication network maintenance business, featuring professional teams, advanced technology, robust qualifications, and comprehensive cross-regional service capabilities - Chuangshi Mandao, as an integrated information service platform operator for mobile intelligent information transmission services, possesses competitive advantages including an experienced, efficient, and stable talent structure, technological superiority of its proprietary core processing platform, a widely distributed and high-quality customer base, a business scale that has entered a virtuous cycle, brand influence established through long-term market-oriented operations, and comprehensive value-added customer service advantages[44] - Changshi Communication, as a communication network maintenance technology service provider, possesses competitive advantages including a professional management team and technical talent, advanced technical service levels and R&D capabilities, a refined management system, strong qualifications and extensive project experience, and cross-regional, comprehensive service capabilities[45] 3. Analysis of Main Business The company's main business revenue increased by 10.46%, primarily driven by a 14.20% growth in communication network maintenance, despite a 43.95% decline in intelligent information transmission; operating costs rose by 12.73%, leading to a decrease in gross profit margin, while net cash flow from operating activities significantly improved Year-on-Year Changes in Key Financial Data | Indicator | Current Period (yuan) | Prior Period (yuan) | YoY Change% | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 775,762,560.52 | 702,306,040.54 | 10.46% | Expanded service areas, increased business scale | | Operating Cost | 716,413,100.58 | 635,500,687.05 | 12.73% | Expanded service areas, increased business scale | | Taxes and Surcharges | 1,293,097.12 | 426,895.06 | 202.91% | Mainly due to increased urban construction tax and education surcharge | | Selling Expenses | 3,313,570.05 | 3,805,511.07 | -12.93% | Mainly due to reduced personnel costs | | Administrative Expenses | 47,653,615.86 | 48,627,112.93 | -2.00% | Mainly due to reduced depreciation and amortization expenses | | Financial Expenses | 2,163,618.09 | 1,643,274.48 | 31.67% | Mainly due to increased interest expenses | | Income Tax Expense | -983,478.85 | -454,681.95 | -116.30% | Mainly due to reduced deferred income tax expenses | | R&D Investment | 25,522,832.90 | 23,950,960.14 | 6.56% | Mainly due to increased personnel costs | | Net Cash Flow from Operating Activities | -27,020,533.94 | -83,988,140.78 | 67.83% | Increased cash inflow from sales of goods and provision of services in this period | | Net Cash Flow from Investing Activities | -5,072,705.98 | -4,087,787.30 | -24.09% | Increased expenditure on fixed asset purchases in this period | | Net Cash Flow from Financing Activities | 36,220,572.57 | 1,614,138.04 | 2143.96% | Increased borrowings in this period | | Net Increase in Cash and Cash Equivalents | 4,127,332.65 | -86,461,790.04 | 104.77% | | Operating Revenue Composition (by Industry) | Industry Segment | Current Period Amount (yuan) | Proportion of Operating Revenue | Prior Period Amount (yuan) | Proportion of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | 1. Communication Network Maintenance | 749,822,057.66 | 96.66% | 656,613,680.39 | 93.49% | 14.20% | | 2. Intelligent Information Transmission | 25,446,533.74 | 3.28% | 45,400,905.63 | 6.47% | -43.95% | | 3. Other | 493,969.12 | 0.06% | 291,454.52 | 0.04% | 69.48% | | Total Operating Revenue | 775,762,560.52 | 100.00% | 702,306,040.54 | 100.00% | 10.46% | Changes in Gross Profit Margin of Main Business | Industry Segment | Operating Revenue | Operating Cost | Gross Profit Margin% | YoY Change in Operating Revenue% | YoY Change in Operating Cost% | YoY Change in Gross Profit Margin% | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 1. Communication Network Maintenance | 749,822,057.66 | 693,008,691.69 | 7.58% | 14.20% | 16.42% | -1.77% | | 2. Intelligent Information Transmission | 25,446,533.74 | 23,141,903.96 | 9.06% | -43.95% | -42.32% | -2.58% | 4. Analysis of Non-Main Business The company's non-main business negatively impacted total profit, primarily due to credit impairment losses, non-operating expenses (arbitration payouts, external compensation), and other income from government subsidies, with non-operating expenses being the largest contributor Impact of Non-Main Business on Total Profit | Item | Amount (yuan) | Proportion of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Credit Impairment Loss | 1,532,180.12 | -6.83% | Reversal of bad debt provision for receivables | No | | Asset Disposal Income | 115,047.73 | -0.51% | Gains from asset disposal | No | | Non-operating Income | 9,870.43 | -0.04% | Government subsidies | No | | Non-operating Expenses | 3,738,585.27 | -16.66% | Mainly arbitration payouts, external compensation, etc. | No | | Other Income | 237,381.37 | -1.06% | Individual income tax refunds and stable employment subsidies, etc. | No | 5. Analysis of Assets and Liabilities At the end of the reporting period, total assets slightly increased, but net assets attributable to shareholders decreased by 21.37%; asset structure showed increases in monetary funds, notes receivable, accounts receivable (over 61% of total assets), and prepayments, while liabilities saw a significant rise in short-term borrowings and a decrease in other payables, with Hong Kong and Macau subsidiaries remaining inactive Significant Changes in Asset Composition | Item | Amount at End of Current Period (yuan) | Proportion of Total Assets | Amount at Prior Year-End (yuan) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 59,227,056.46 | 6.38% | 55,184,731.89 | 5.99% | 0.39% | Increased communication business volume and operating cash inflow in this period | | Notes Receivable | 12,411,146.98 | 1.34% | 11,662,358.47 | 1.27% | 0.07% | Commercial acceptance bills not yet due | | Accounts Receivable | 570,839,431.13 | 61.48% | 552,739,901.12 | 60.02% | 1.46% | Increased communication business volume, reduced cyclical collections in this period | | Prepayments | 16,520,059.69 | 1.78% | 12,630,436.98 | 1.37% | 0.41% | Increased prepaid labor fees in this period | | Other Receivables | 19,928,085.14 | 2.15% | 21,761,299.50 | 2.36% | -0.21% | Reduced deposits in this period | | Inventories | 36,556,582.44 | 3.94% | 42,986,930.06 | 4.67% | -0.73% | Impact of settlement costs in this period | | Fixed Assets | 45,728,401.84 | 4.93% | 47,961,838.48 | 5.21% | -0.28% | No significant change | | Construction in Progress | 303,103.54 | 0.03% | 923,461.01 | 0.10% | -0.07% | Battery project transferred to fixed assets | | Right-of-Use Assets | 12,746,774.65 | 1.37% | 18,904,344.34 | 2.05% | -0.68% | Reduced leased assets | | Intangible Assets | 619,657.62 | 0.07% | 835,113.21 | 0.09% | -0.02% | No significant change | | Goodwill | 110,142,408.56 | 11.86% | 110,142,408.56 | 11.96% | -0.10% | Formed from acquisition of subsidiaries | | Short-term Borrowings | 63,935,500.00 | 6.89% | 24,458,118.61 | 2.66% | 4.23% | Increased borrowings in this period | | Notes Payable | 10,100,000.00 | 1.09% | 10,100,000.00 | 1.10% | -0.01% | Mainly for opening letters of credit for labor suppliers | | Accounts Payable | 430,397,973.76 | 46.36% | 430,265,361.67 | 46.72% | -0.36% | No significant change | | Contract Liabilities | 64,591,206.24 | 6.96% | 64,545,850.25 | 7.01% | -0.05% | No significant change | | Other Payables | 169,948,977.72 | 18.30% | 176,172,803.01 | 19.13% | -0.83% | Reduced supplier deposits and intercompany balances in this period | | Lease Liabilities | 10,905,344.85 | 1.17% | 14,129,452.79 | 1.53% | -0.36% | Reduced lease contracts | | Total Assets | 928,470,041.09 | 100.00% | 920,860,066.68 | 100.00% | | | - The company's subsidiaries established in Hong Kong and Macau (Changshi Communication Technology (Hong Kong) Co., Ltd., and Guangdong Changshi Communication Technology Co., Ltd. Macau Branch) have not commenced actual business operations, serving only as holding companies or having no actual capital contribution[57] Asset Restriction Status | Item | Book Value at Period-End (yuan) | Reason for Restriction | | :--- | :--- | :--- | | Monetary Funds | 7,021,165.81 | Restricted bank accounts, deposits, interest withdrawal restricted accounts | | Long-term Equity Investment (Subsidiaries) | 804,173,000.00 | Due to an arbitration case, the company's equity in three subsidiaries, Changshi Communication, Chuangshi Mandao, and Bochuang Yuntian, has been judicially frozen | | Total | 811,194,165.81 | -- | 6. Analysis of Investment Status During the reporting period, the company did not undertake any significant equity investments, non-equity investments, securities investments, or derivative investments, nor did it utilize any raised funds - The company had no securities investments during the reporting period[60] - The company had no derivative investments during the reporting period[61] - The company had no utilization of raised funds during the reporting period[62] 7. Significant Asset and Equity Sales During the reporting period, the company did not sell any significant assets or equity - The company did not sell any significant assets during the reporting period[63] - The company did not sell any significant equity during the reporting period[64] 8. Analysis of Major Holding and Participating Companies The company's key subsidiaries, Chuangshi Mandao and Changshi Communication, showed divergent operating performance during the reporting period; Chuangshi Mandao's revenue declined by 43.95% with a net profit decrease of 1.4057 million yuan, while Changshi Communication's revenue grew by 14.22%, but its net profit decreased by 8.0287 million yuan due to higher costs and reduced gross margin Financial Data of Major Subsidiaries (H1 2025) | Company Name | Company Type | Main Business | Registered Capital (10,000 yuan) | Total Assets (10,000 yuan) | Net Assets (10,000 yuan) | Operating Revenue (10,000 yuan) | Operating Profit (10,000 yuan) | Net Profit (10,000 yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Beijing Chuangshi Mandao Technology Co., Ltd. | Subsidiary | Intelligent Information Transmission | 15,000.00 | 42,225.57 | 35,026.64 | 2,544.65 | 255.30 | 109.83 | | Guangdong Changshi Communication Technology Co., Ltd. | Subsidiary | Communication Network Maintenance | 10,000.00 | 96,240.62 | 30,973.44 | 75,031.60 | -356.69 | -515.21 | - Chuangshi Mandao's overall business scale declined due to industry environment, with fewer new clients and total SMS volume, and continuous contraction in SMS volume from existing clients, resulting in a 43.95% year-on-year decrease in operating revenue and a 1.4057 million yuan year-on-year decrease in net profit in H1 2025[65] - Due to changes in bid-winning regions, Changshi Communication's business scale increased, with revenue growing by 14.22% year-on-year, but a larger increase in costs led to a lower gross profit margin compared to the prior year, and net profit decreased by 8.0287 million yuan year-on-year[66] 9. Structured Entities Controlled by the Company The company did not control any structured entities during the reporting period 10. Risks Faced by the Company and Countermeasures The company faces risks including goodwill impairment, increasing customer concentration and new technology substitution in information services, and intensified technical competition and customer dependence in communication network maintenance; it has implemented countermeasures such as cost control, high-margin business expansion, refined management, service quality enhancement, R&D, customer base expansion, and maintaining strong operator relationships - The company faces goodwill impairment risk, with goodwill accounting for 109.62% of the most recently audited net assets as of the end of this period; if Changshi Communication's future operations are poor, the company will face the risk of asset impairment provisions[67] - Measures to address goodwill impairment risk include controlling labor costs in maintenance business, expanding high-gross-margin engineering businesses, strengthening refined management, optimizing expense structure, and intensifying efforts to recover accounts receivable[67] - The information services industry faces risks of increasing customer concentration and new technology substitution, which could impact business development and profit growth[68] - Measures to address risks in the information services industry include enhancing service quality, strengthening cooperation with operators, expanding business areas, enlarging the customer base, and continuously tracking technological developments for practical application in business[69] - The communication network maintenance business faces risks of intensified technical competition and customer dependence, with major clients being the three major operators and China Tower, leading to high procurement concentration[69][70] - Measures to address risks in communication network maintenance business include continuous technological R&D, enhancing technical application capabilities, training maintenance personnel skills, leveraging comprehensive service advantages, and strengthening communication with telecom operators to continuously secure cooperation opportunities[70] 11. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan The company has not formulated a market value management system nor disclosed a valuation enhancement plan - The company has not formulated a market value management system[71] - The company has not disclosed a valuation enhancement plan[71] 12. Implementation of "Dual Improvement in Quality and Returns" Action Plan The company has not disclosed any announcement regarding its "Dual Improvement in Quality and Returns" action plan - The company has not disclosed an announcement regarding its "Dual Improvement in Quality and Returns" action plan[71] Section IV Corporate Governance, Environment, and Society 1. Changes in Directors, Supervisors, and Senior Management During the reporting period, the company experienced changes in its Board of Directors, Supervisory Board, and senior management, including the departure of independent director Wang Yan, Supervisory Board Chairman Liu Hong, Supervisor Xie Haiyan, and President Lin Ming, and the election of Li Zhanshun as independent director, Liu Shaoping as Supervisory Board Chairman, and Liu Dan as supervisor - Independent Director Wang Yan, Supervisory Board Chairman Liu Hong, Supervisor Xie Haiyan, and President Lin Ming left their positions due to term expiration or re-election[77] - Li Zhanshun was elected as an independent director, Liu Shaoping as Supervisory Board Chairman, and Liu Dan as a supervisor[77] 2. Profit Distribution and Capital Reserve Conversion to Share Capital for the Current Reporting Period The company plans not to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital for the semi-annual period - The company plans not to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital for the semi-annual period[74] 3. Implementation of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures The company did not implement any equity incentive plans during the reporting period, and its 2022 employee stock ownership plan was fully sold off via centralized bidding and terminated by the end of this reporting period, totaling 1,128,800 shares or 0.12% of the company's total share capital - The company did not implement any equity incentive plans during the reporting period[75] - All company shares held under the 2022 employee stock ownership plan have been sold through centralized bidding transactions, totaling 1,128,800 shares, accounting for 0.12% of the company's total share capital[78] - This employee stock ownership plan has been fully implemented and terminated[78] 4. Environmental Information Disclosure Neither the listed company nor its major subsidiaries are included in the list of enterprises required to disclose environmental information by law - Neither the listed company nor its major subsidiaries are included in the list of enterprises required to disclose environmental information by law[80] 5. Social Responsibility The company upholds a strategy of technological advancement, customer service, employee-centricity, investor returns, and positive social impact, actively fulfilling its social responsibilities in governance, employee rights, integrity, environmental protection, and public welfare, with subsidiary Changshi Communication participating in critical communication support and disaster relief, and the company contributing to rural revitalization - The company adheres to a business philosophy of technological progress, customer service, consumer satisfaction, employee-centricity, pursuing profits to reward investors, and seeking positive social and market impact[80] - Changshi Communication participated in communication support for major events such as the 2025 Spring Festival travel rush, the National People's Congress and Chinese People's Political Consultative Conference, the 15th National Games, and important ethnic minority festivals, and carried out emergency communication repair and support in areas affected by typhoons, ice and snow, floods, and forest fires during the reporting period[80] - The company safeguards the rights and interests of small and medium investors by standardizing shareholder meetings, timely information disclosure, cash dividends, and interactive platforms[81] - The company prioritizes protecting employees' legitimate rights and interests, establishing employment management systems, providing social security, conducting training, and focusing on employee growth and welfare[81][82] - The company implements anti-commercial bribery measures, treats suppliers, customers, and consumers with integrity, and meets customer needs by enhancing service quality[83] - The company's information transmission and network maintenance businesses belong to green and sustainable development industries, emphasizing environmental protection and the use of eco-friendly materials, actively practicing low-carbon, environmentally friendly, and sustainable development concepts[84] - The company actively contributes to rural revitalization, participating in Qingyuan City's "6·30" rural revitalization support activity with a donation of 500,000 yuan during the reporting period, and also contributing to rural revitalization projects in Jiangsu, Xinjiang, and Liaoning[85] Section V Significant Matters 1. Commitments Fulfilled and Overdue Unfulfilled by the Company's Actual Controller, Shareholders, Related Parties, Acquirers, and Other Committed Parties during the Reporting Period and as of the End of the Reporting Period The performance commitments from the 2018 major asset acquisition by Liu Yingkui and other parties remain overdue and unfulfilled due to arbitration and other factors, prompting the company to pursue legal actions, including applying for the revocation of an arbitration award and demanding the return of equity transaction consideration and interest - The performance commitments from the 2018 major asset acquisition by transaction parties Liu Yingkui, Jiayu Chunhua, and Jiahui Qiushi are overdue and unfulfilled[87] - The company applied to the Beijing Arbitration Commission to revoke Arbitration Award No. (2023) Jing Zhong Cai Zi No. 2564, but this application was rejected by the Beijing Fourth Intermediate People's Court[87] - The company has obtained an arbitration award requiring Liu Yingkui and other parties to fully refund the equity transaction consideration principal and interest paid in cash by the company, totaling 517.4 million yuan, plus corresponding interest for fund occupation, and has submitted an application for compulsory enforcement to the court[87] 2. Non-operating Fund Occupation by Controlling Shareholders and Other Related Parties of the Listed Company During the reporting period, there was no non-operating fund occupation by controlling shareholders or other related parties of the listed company - During the reporting period, there was no non-operating fund occupation by controlling shareholders or other related parties of the listed company[88] 3. Irregular External Guarantees During the reporting period, the company had no irregular external guarantees - The company had no irregular external guarantees during the reporting period[89] 4. 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[90] 5. Board of Directors' and Supervisory Board's Explanations on "Non-Standard Audit Report" for the Current Period The company did not have a non-standard audit report during the reporting period, thus no explanation from the Board of Directors or Supervisory Board is required 6. Board of Directors' Explanations on "Non-Standard Audit Report" for the Prior Year The company did not have a non-standard audit report during the reporting period, thus no explanation from the Board of Directors is required 7. Bankruptcy and Reorganization Matters The company did not experience any bankruptcy or reorganization matters during the reporting period - The company did not experience any bankruptcy or reorganization matters during the reporting period[91] 8. Litigation Matters The company is involved in several significant litigation and arbitration cases, including an arbitration with Liu Yingkui and other parties related to the 2018 reorganization, which resulted in a 72.1201 million yuan loss in 2023 and a forced execution application for approximately 480 million yuan in claims; wholly-owned subsidiary Chuangshi Mandao was also ordered to pay 2.245 million yuan in liquidated damages, and sub-subsidiary Xinjiang Mandao Communication Technology Co., Ltd. is involved in a technical service contract dispute - The arbitration between the company and Liu Yingkui and other parties regarding the 2018 reorganization has been adjudicated, resulting in a 72.1201 million yuan loss for the company in 2023[92] - According to the arbitration award, 100% equity of Jiahua Information was transferred to Liu Yingkui and other parties on September 5, 2024[92] - The company holds claims of no less than 480 million yuan against Liu Yingkui and other parties, and submitted an application for compulsory enforcement to the Beijing Second Intermediate People's Court on August 25, 2025[92] - Wholly-owned subsidiary Chuangshi Mandao was ordered to pay a total of 2.245 million yuan in liquidated damages, attorney fees, insurance premiums, and arbitration fees due to a contract dispute with Jiahua Information[94] - The company's second-tier subsidiary, Xinjiang Mandao Communication Technology Co., Ltd., initiated a civil lawsuit for a technical service contract dispute, involving an amount of 18.3447 million yuan plus overdue payment interest, which has not yet been heard in court[94] - Among non-significant lawsuits concluded during the reporting period, subsidiaries as plaintiffs had adjudicated amounts of 133,800 yuan, and as defendants, 253,800 yuan[95] - As of the end of the reporting period, among non-significant lawsuits awaiting adjudication or still pending, subsidiaries as plaintiffs were involved in cases totaling 3.0571 million yuan, and as defendants, 16.5547 million yuan[96] 9. 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[97] 10. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller The company and its legal representative, Wu Ying, were subject to a consumption restriction order issued by the Beijing First Intermediate People's Court on November 1, 2024, for failing to fulfill payment obligations specified in an effective legal document - The company was issued a "Consumption Restriction Order" by the Beijing First Intermediate People's Court for failing to fulfill payment obligations specified in an effective legal document within the period designated by the enforcement notice[98] - The "Consumption Restriction Order" imposed consumption restrictions on the company and its legal representative, Wu Ying[98] 11. Significant Related Party Transactions During the reporting period, the company did not engage in significant related party transactions involving daily operations, asset/equity acquisitions/disposals, or joint external investments; however, non-operating related party receivables and payables existed, primarily related to equity acquisition payments and arbitration payouts with Liu Yingkui and his controlled entities - The company had no significant related party transactions related to ordinary operations during the reporting period[99] - The company had no related party transactions involving asset or equity acquisitions or disposals during the reporting period[100] - The company had no related party transactions involving joint external investments during the reporting period[101] - Non-operating related party receivables and payables existed, primarily involving receivables from and payables to related parties[102] Receivables from Related Parties | Related Party | Relationship | Reason for Formation | Non-operating Fund Occupation | Beginning Balance (10,000 yuan) | Amount Added in Current Period (10,000 yuan) | Amount Recovered in Current Period (10,000 yuan) | Ending Balance (10,000 yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jiangsu Jiahua Huying Information Technology Co., Ltd. | Company controlled by Liu Yingkui, former shareholder with over 5% stake | Ordinary related party transaction | No | 0.20 | | | 0.20 | | Beijing Zhongtian Jiahua Information Technology Co., Ltd. | Company controlled by Liu Yingkui, former shareholder with over 5% stake | Ordinary related party transaction | No | 44.85 | | 44.85 | - | Payables to Related Parties | Related Party | Relationship | Reason for Formation | Beginning Balance (10,000 yuan) | Amount Added in Current Period (10,000 yuan) | Amount Repaid in Current Period (10,000 yuan) | Ending Balance (10,000 yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Ningbo Bonded Area Jiayu Chunhua Venture Capital Partnership (Limited Partnership) | Company controlled by Liu Yingkui, former shareholder with over 5% stake | Equity acquisition | 6,840.85 | | | 6,840.85 | | Ningbo Bonded Area Jiahui Qiushi Venture Capital Partnership (Limited Partnership) | Company controlled by Liu Yingkui, former shareholder with over 5% stake | Equity acquisition | 1,890.05 | | | 1,890.05 | | Liu Yingkui | Former shareholder with over 5% stake | Equity acquisition | 3,969.10 | | | 3,969.10 | | Beijing Zhongtian Jiahua Information Technology Co., Ltd. | Company controlled by Liu Yingkui, former shareholder with over 5% stake | Ordinary related party transaction | 2,575.84 | 224.50 | 44.85 | 2,755.49 | | Beijing Bosheng YouShi Technology Development Co., Ltd. | Wu Ying, Chairman of the Company, is also Chairman of Bosheng YouShi | Ordinary related party transaction | 0.47 | | | 0.47 | 12. Significant Contracts and Their Performance During the reporting period, the company had no entrustment, contracting, or leasing arrangements, nor any other significant contracts; however, it provided guarantees for its subsidiary Changshi Communication, with an actual outstanding guarantee balance of 47.9593 million yuan at period-end, representing 60.80% of the company's net assets - The company had no entrustment situations during the reporting period[106] - The company had no contracting situations during the reporting period[107] - The company had no leasing situations during the reporting period[108] Company Guarantees for Subsidiaries | Guaranteed Entity Name | Announcement Date of Guarantee Limit | Guarantee Limit (10,000 yuan) | Actual Occurrence Date | Actual Guarantee Amount (10,000 yuan) | Guarantee Type | Guarantee Period | Fulfilled | Related Party Guarantee | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Guangdong Changshi Communication Technology Co., Ltd. | 2021-10-30 | 20,000 | 2021-02-03 | 294.40 | Joint and several liability guarantee | Three years after loan maturity date | No | No | | Guangdong Changshi Communication Technology Co., Ltd. | 2022-04-30 | 2,000 | 2022-05-12 | 2,213.17 | Joint and several liability guarantee | Three years after loan maturity date | No | No | | Guangdong Changshi Communication Technology Co., Ltd. | 2022-10-29 | 20,000 | 2022-11-08 | 0.00 | Joint and several liability guarantee | Two years after loan maturity date | No | No | | Guangdong Changshi Communication Technology Co., Ltd. | 2023-07-03 | 2,000 | 2023-06-21 | 1,000.00 | Joint and several liability guarantee | Three years after loan maturity date | No | No | | Guangdong Changshi Communication Technology Co., Ltd. | 2023-10-31 | 10,000 | 2023-11-21 | 4,097.06 | Joint and several liability guarantee | Three years after loan maturity date | No | No | | Total approved guarantee limit for subsidiaries during reporting period (B1) | | 0 | | Total actual guarantee amount for subsidiaries during reporting period (B2) | 7,604.63 | | | | | Total approved guarantee limit for subsidiaries at period-end (B3) | | 54,000 | | Total actual guarantee balance for subsidiaries at period-end (B4) | 4,795.93 | | | | | Proportion of total actual guarantee amount (i.e., A4+B4+C4) to company's net assets | | 60.80% | | | | | | | | Amount by which total guarantee exceeds 50% of net assets (F) | | 852.10 | | | | | | | - The company had no entrusted wealth management during the reporting period[111] - The company had no other significant contracts during the reporting period[112] 13. Explanation of Other Significant Matters The company completed the re-election of its Eighth Board of Directors and Supervisory Board, and its stock trading had its other risk warning removed on June 4, 2025, with the stock abbreviation changing from "ST Zhongjia" to "Zhongjia Bochuang" and the daily price fluctuation limit increasing from 5% to 10% - The company completed the re-election of its Eighth Board of Directors and Eighth Supervisory Board during this reporting period[113] - The company's stock trading had its other risk warning removed and resumed trading from the market opening on June 4, 2025[115] - The stock abbreviation changed from "ST Zhongjia" to "Zhongjia Bochuang," while the stock code remained "000889"[115] - Following the removal of the other risk warning, the daily price fluctuation limit for the company's stock changed from 5% to 10%[115] 14. Significant Matters of Company Subsidiaries During the reporting period, the company's wholly-owned subsidiary Changshi Communication continued to collect and pay on behalf of Changshi Construction for communication network engineering business funds from its spin-off, with an outstanding balance of 196,900 yuan and 50,000 yuan in rent at period-end - The company's wholly-owned subsidiary Changshi Communication collected 2.0183 million yuan in cash on behalf of Changshi Construction for communication network engineering construction funds and paid 6.7459 million yuan on its behalf[117] - At period-end, the outstanding balance for collected and paid funds was 196,900 yuan, and rent was 50,000 yuan[117] - This matter originated from the spin-off of Changshi Communication, the target asset of the company's 2015 major asset acquisition, prior to its acquisition[117] Section VI Share Changes and Shareholder Information 1. Share Changes During the reporting period, the company's total share capital remained unchanged at 936,291,116 shares, with no alterations in the structure of restricted and unrestricted shares Share Capital Changes | Category | Number of Shares Before Change | Proportion | Increase/Decrease in Current Change (+, -) | Number of Shares After Change | Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 66,441,440 | 7.10% | 0 | 66,441,440 | 7.10% | | 3. Other Domestic Shares | 66,441,440 | 7.10% | 0 | 66,441,440 | 7.10% | | Of which: Domestic Corporate Shares | 242,715 | 0.03% | 0 | 242,715 | 0.03% | | Domestic Individual Shares | 66,198,725 | 7.07% | 0 | 66,198,725 | 7.07% | | II. Unrestricted Shares | 869,849,676 | 92.90% | 0 | 869,849,676 | 92.90% | | 1. RMB Ordinary Shares | 869,849,676 | 92.90% | 0 | 869,849,676 | 92.90% | | III. Total Shares | 936,291,116 | 100.00% | 0 | 936,291,116 | 100.00% | - During the reporting period, there were no changes in the company's total share capital, restricted shares, or unrestricted shares[120] 2. Securities Issuance and Listing The company had no securities issuance or listing activities during the reporting period 3. Number of Shareholders and Shareholding Status As of the end of the reporting period, the company had 40,008 ordinary shareholders; controlling shareholder Xiaochang Yingxigu Investment Center (Limited Partnership) and its concerted party Beijing Bosheng YouShi Technology Development Co., Ltd. collectively held 24.15% of shares, while Liu Ximei became a shareholder holding over 5% of the company's shares, with 66,185,136 restricted shares - The total number of ordinary shareholders at the end of the reporting period was 40,008[122] Shareholding Status of Shareholders with Over 5% Stake or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Proportion | Number of Shares Held at Period-End | Changes during Reporting Period | Number of Restricted Shares Held | Number of Unrestricted Shares Held | Share Status | Pledged, Marked, or Frozen Shares | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Xiaochang Yingxigu Investment Center (Limited Partnership) | Domestic Non-State-Owned Legal Person | 22.61% | 211,721,085 | 0 | 0 | 211,721,085 | Pledged | 57,000,000 | | Liu Ximei | Domestic Natural Person | 7.07% | 66,185,136 | 0 | 66,185,136 | 0 | N/A | 0 | | Qinhuangdao State-owned Assets Management Holding Co., Ltd. | State-owned Legal Person | 1.76% | 16,439,277 | 0 | 0 | 16,439,277 | N/A | 0 | | Beijing Bosheng YouShi Technology Development Co., Ltd. | Domestic Non-State-Owned Legal Person | 1.53% | 14,370,933 | 0 | 0 | 14,370,933 | Frozen | 14,370,933 | | Mou Dexue | Domestic Natural Person | 0.99% | 9,313,100 | 525,000 | 0 | 9,313,100 | N/A | 0 | | Huang Jianshan | Domestic Natural Person | 0.69% | 6,428,500 | 6,428,500 | 0 | 6,428,500 | N/A | 0 | | Huang Tengyu | Domestic Natural Person | 0.63% | 5,858,996 | 5,858,996 | 0 | 5,858,996 | N/A | 0 | | Huang Haiquan | Domestic Natural Person | 0.59% | 5,480,000 | 80,000 | 0 | 5,480,000 | N/A | 0 | | Teng Minghao | Domestic Natural Person | 0.53% | 5,000,000 | 0 | 0 | 5,000,000 | N/A | 0 | | Wei Yinshan | Domestic Natural Person | 0.53% | 4,965,000 | 4,965,000 | 0 | 4,965,000 | N/A | 0 | - Xiaochang Yingxigu Investment Center (Limited Partnership) and Beijing Bosheng YouShi Technology Development Co., Ltd. are concerted parties[122] - Liu Ximei acquired company shares held by Liu Yingkui through judicial auction, becoming a shareholder holding over 5% of the company's shares[512] 4. Changes in Shareholdings of Directors, Supervisors, and Senior Management There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period - There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period[124] 5. Changes in Controlling Shareholder or Actual Controller The company's controlling shareholder and actual controller remained unchanged during the reporting period - The company's controlling shareholder remained unchanged during the reporting period[125] - The company's actual controller remained unchanged during the reporting period[125] 6. Preferred Share Information The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[126] Section VII Bond Information Bond Information The company had no bond-related matters during the reporting period Section VIII Financial Report 1. Audit Report The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[130] 2. Financial Statements This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for H1 2025, comprehensively presenting the financial position at period-end and operating results and cash flows during the reporting period 1. Consolidated Balance Sheet As of June 30, 2025, the company's consolidated total assets were 928.47 million yuan, a slight increase from the beginning of the period, with accounts receivable being the largest component of current assets and goodwill a significant portion of non-current assets; total current liabilities were 830.78 million yuan, marked by a substantial increase in short-term borrowings, while total owners' equity was 79.02 million yuan, with 78.88 million yuan attributable to parent company owners Key Data from Consolidated Balance Sheet (June 30, 2025) | Item | Ending Balance (yuan) | Beginning Balance (yuan) | | :--- | :--- | :--- | | Total Assets | 928,470,041.09 | 920,860,066.68 | | Total Current Assets | 744,941,898.97 | 727,735,322.95 | | Total Non-current Assets | 183,528,142.12 | 193,124,743.73 | | Total Liabilities | 849,451,010.60 | 820,383,135.34 | | Total Current Liabilities | 830,776,076.91 | 797,442,999.85 | | Total Non-current Liabilities | 18,674,933.69 | 22,940,135.49 | | Total Owners' Equity | 79,019,030.49 | 100,476,931.34 | | Total Owners' Equity Attributable to Parent Company | 78,876,587.15 | 100,315,482.77 | - At period-end, monetary funds were 59.23 million yuan, accounts receivable were 570.84 million yuan, and goodwill was 110.14 million yuan[132][133] - At period-end, short-term borrowings were 63.94 million yuan, accounts payable were 430.40 million yuan, and other payables were 169.95 million yuan[133][134] 2. Parent Company Balance Sheet As of June 30, 2025, the parent company's total assets were 839.34 million yuan, a slight decrease from the beginning of the period, with long-term equity investments being the primary asset at 804 million yuan; total liabilities were 726.77 million yuan, largely comprising other payables of 726 million yuan, while total owners' equity was 112.57 million yuan, with retained earnings at -2.408 billion yuan Key Data from Parent Company Balance Sheet (June 30, 2025) | Item | Ending Balance (yuan) | Beginning Balance (yuan) | | :--- | :--- | :--- | | Total Assets | 839,343,316.14 | 840,887,295.41 | | Total Current Assets | 34,793,345.38 | 35,148,196.58 | | Total Non-current Assets | 804,549,970.76 | 805,739,098.83 | | Total Liabilities | 726,769,290.39 | 710,972,460.01 | | Total Current Liabilities | 726,680,060.83 | 710,300,886.73 | | Total Non-current Liabilities | 89,229.56 | 671,573.28 | | Total Owners' Equity | 112,574,025.75 | 129,914,835.40 | - At period-end, long-term equity investments were 804.17 million yuan, and dividends receivable were 28.58 million yuan[135] - At period-end, other payables were 726.23 million yuan, and retained earnings were -2.408 billion yuan[136][137] 3. Consolidated Income Statement In H1 2025, the company's consolidated total operating revenue was 776 million yuan, up 10.46% year-on-year, while total operating costs rose 11.54% to 796 million yuan; operating profit was -18.71 million yuan, total profit -22.44 million yuan, net profit -21.46 million yuan, and net profit attributable to parent company shareholders -21.44 million yuan, indicating an expanded loss year-on-year Key Data from Consolidated Income Statement (H1 2025) | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | I. Total Operating Revenue | 775,762,560.52 | 702,306,040.54 | | II. Total Operating Costs | 796,359,834.60 | 713,954,440.73 | | III. Operating Profit (Loss indicated by "-") | -18,712,664.86 | -13,351,432.10 | | IV. Total Profit (Total loss indicated by "-") | -22,441,379.70 | -14,964,404.15 | | V. Net Profit (Net loss indicated by "-") | -21,457,900.85 | -14,509,722.20 | | 1. Net Profit Attributable to Parent Company Shareholders (Net loss indicated by "-") | -21,438,895.62 | -14,494,500.96 | | VIII. Earnings Per Share: (I) Basic Earnings Per Share | -0.0229 | -0.0155 | - Operating costs were 716.41 million yuan, selling expenses 3.31 million yuan, administrative expenses 47.65 million yuan, R&D expenses 25.52 million yuan, and financial expenses 2.16 million yuan[139] - Credit impairment losses were 1.53 million yuan, and non-operating expenses were 3.74 million yuan[140] 4. Parent Company Income Statement In H1 2025, the parent company reported zero operating revenue, an operating profit of -17.63 million yuan, total profit of -17.63 million yuan, and a net profit of -17.34 million yuan, indicating a narrowed loss year-on-year Key Data from Parent Company Income Statement (H1 2025) | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | I. Operating Revenue | 0 | 0 | | II. Operating Profit (Loss indicated by "-") | -17,634,374.71 | -18,0