安居宝(300155) - 2025 Q2 - 季度财报

Section I Important Notes, Table of Contents, and Definitions Important Notes The company's board and management assure report accuracy, while highlighting risks like real estate downturn and bad debts - The company's board, supervisory board, and senior management declare the report content is true, accurate, and complete[3] - The company's principal business is closely related to the real estate industry, and a downturn will adversely affect its main operations and performance[4] - The company faces the risk of bad debts from accounts receivable, with major clients being system integrators and real estate developers[5] - The company's production and operations are seasonal, with the third and fourth quarters being peak sales periods, leading to a "lower first half, higher second half" pattern for revenue and net profit[7] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[8] Table of Contents This section outlines the report's structure, covering eight main chapters from important notes to financial statements Definitions This section defines key terms used throughout the report, including company names, subsidiaries, and the reporting period - "Anjubao, the Company, or this Company" refers to Guangdong Anjubao Digital Technology Co, Ltd[17] - The controlling shareholder and actual controller is Zhang Bo[17] - The reporting period is from January 1, 2025, to June 30, 2025[17] Section II Company Profile and Key Financial Indicators I. Company Profile The company, Anjubao, is listed on the Shenzhen Stock Exchange under stock code 300155, with Zhang Bo as its legal representative - Company stock abbreviation: Anjubao, stock code: 300155[19] - Company legal representative: Zhang Bo[19] II. Contact Persons and Information This section provides contact details for the company's Board Secretary and Securities Affairs Representative - Board Secretary: Wu Ruoshun, Securities Affairs Representative: Luo Weiming[20] - Contact address: Anjubao Science and Technology Park, No 6 Qiyun Road, Science City, Guangzhou Development Zone, Guangdong Province[20] III. Other Information The company's contact information, disclosure, and registration details remained unchanged during the reporting period - The company's contact information, information disclosure and placement locations, and registration status remained unchanged during the reporting period[21][22][23] IV. Key Accounting Data and Financial Indicators In the first half of 2025, the company experienced declines in revenue, net profit, and total assets, with basic EPS at -0.0439 yuan/share 2025 Half-Year Key Accounting Data and Financial Indicators | Indicator | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 72,411,923.92 | 97,791,766.55 | -25.95% | | Net Profit Attributable to Shareholders of Listed Company | -24,633,971.48 | -18,765,660.79 | -31.27% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | -34,933,844.78 | -24,203,544.35 | -44.33% | | Net Cash Flow from Operating Activities | -14,694,647.35 | -11,275,707.47 | -30.32% | | Basic Earnings Per Share (Yuan/Share) | -0.0439 | -0.0334 | -31.44% | | Diluted Earnings Per Share (Yuan/Share) | -0.0439 | -0.0334 | -31.44% | | Weighted Average Return on Net Assets | -1.98% | -1.44% | -0.54% | | Indicator | End of Current Period (Yuan) | End of Prior Year (Yuan) | Change from End of Prior Year (%) | | :--- | :--- | :--- | :--- | | Total Assets | 1,387,808,181.12 | 1,434,765,395.33 | -3.27% | | Net Assets Attributable to Shareholders of Listed Company | 1,233,102,899.63 | 1,257,831,224.39 | -1.97% | V. Differences in Accounting Data under Domestic and Overseas Accounting Standards The company reports no differences in net profit or net assets between domestic and international accounting standards - The company reports no differences in accounting data under domestic and overseas accounting standards during the reporting period[25][26] VI. Non-Recurring Gains and Losses and Amounts Non-recurring gains and losses totaled 10.30 million yuan, primarily from fair value changes, impairment reversals, and government grants 2025 Half-Year Non-Recurring Gains and Losses and Amounts | Item | Amount (Yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets | 155,789.50 | | Government grants recognized in current profit or loss | 160,237.39 | | Gains or losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains or losses from disposal of financial assets and liabilities | 9,918,075.96 | | Reversal of impairment provisions for accounts receivable subject to separate impairment testing | 2,381,444.13 | | Gains or losses from debt restructuring | -355,978.00 | | Other non-operating income and expenses apart from the above | 167,507.73 | | Less: Income tax impact | 2,116,051.95 | | Impact on minority interests (after tax) | 11,151.46 | | Total | 10,299,873.30 | Section III Management Discussion and Analysis I. Principal Business Activities During the Reporting Period The company specializes in smart community security and intelligent equipment, facing challenges from the real estate downturn but actively upgrading products with AI (I) Industry Overview The company operates in the smart community security sector, benefiting from AI, IoT, and supportive real estate policies, maintaining a leading market position - The company's principal business belongs to the security industry, with a sub-industry of "Computer, Communication and Other Electronic Equipment Manufacturing"[31] - The building intercom industry is deeply integrating with smart homes and smart communities, actively embracing cloud intercom and AI large model technologies like DeepSeek[32][33][35][37] - The state has introduced multiple policies to support the stabilization and high-quality development of the real estate market, including lower down payments, relaxed purchase restrictions, financing support, and "three major projects" construction, providing development prospects for the building intercom industry[38][39][40][41] - The smart home industry benefits from deep integration of AIOT technology, unified industry standards, and empowerment by large model technologies, evolving from "single-product intelligence" to "whole-house intelligence" and "cognitive intelligence"[44][45][46] - National policies highly prioritize the development of the smart home industry, issuing documents like the "Action Plan for Innovation and Development of Smart Home Industry (2024-2026)" to promote technological innovation, industrial upgrading, and market expansion[47][48][49] - The smart parking industry, under the "new infrastructure" background, benefits from advanced technologies (AI, big data, cloud computing) driving digital development, and is expanding towards city-level platforms and the "parking-charging integrated" new energy market[55][56][60][61] - The company is among China's top ten security brands in building intercom and smart home sectors, leading the drafting of multiple national and industry standards; in smart parking, it was the first domestic enterprise to launch license plate recognition and WeChat Pay[62] - During the reporting period, the company's market share in building intercom and smart home was approximately 12.72%, a year-on-year decrease of 1.17%, primarily due to the impact of the real estate industry[63] (II) Company's Main Products The company offers integrated smart community solutions, including intercom, smart home, and parking systems, leveraging advanced AI and cloud technologies - The company's building intercom system utilizes TCP/IP network communication, audio and video processing, cloud communication, and biometric recognition technologies, providing call intercom, video calls, remote door opening, and facial recognition functions, and has launched a cloud video intercom system[64] - The company's smart home system, centered on smart screens, integrates AIOT technology to provide appliance control, security alarms, and environmental monitoring, and has introduced the DeepSeek large model to achieve proactive intelligence and personalized services[65][66][67][68] - The company's smart community system integrates AI and IoT technologies to provide comprehensive solutions for five major scenarios: access control, security, monitoring alarms, smart parking, and smart homes, earning honors such as "2024 Security Industry Excellent Solution"[69][70][71][72] - The smart parking management system employs non-sensory payment, AI, big data, and IoT technologies, offering license plate recognition, parking guidance, and cloud parking management, and has launched a zero-investment leasing cooperation model[73][74] - The parking gate advertising business leverages gate locations, integrating national gate resources to build an advertising platform operator, enhancing efficiency and benefits[75] (III) Company's Business Model The company employs a "order + inventory" production model and direct sales for smart community products, while parking business combines equipment sales with advertising - Smart community, building intercom, and smart home businesses adopt an "order + inventory" production model, with production arranged based on market demand and sales forecasts[76] - The sales model is direct sales, utilizing a nationwide marketing and service network for product sales and after-sales service, with major clients being engineering contractors, system integrators, and real estate developers[77][78] - The parking advertising platform ecosystem business increases revenue through media advertising by selling upgraded parking systems with advertising gates, forming a complementary cost advantage[79] (IV) Business Review During the Reporting Period The company experienced declines in contract orders, revenue, and net profit due to the real estate market, leading to the discontinuation of the "Ceyouyou" platform - In the first half of 2025, the company signed various sales contracts totaling approximately 73.4756 million yuan, a year-on-year decrease of 31.23%[80] - Operating revenue reached 72.4119 million yuan, a year-on-year decrease of 25.95%[80] 2025 Half-Year Major Business Sales Revenue and YoY Change | Business Type | Sales Revenue (Ten Thousand Yuan) | YoY Change (%) | | :--- | :--- | :--- | | Building Intercom System | 3,618.32 | -25.58% | | Smart Home System | 1,131.15 | -29.91% | | Parking System and Gate Advertising Business | 753.90 | -39.45% | | Monitoring and System Integration | 548.67 | -22.03% | | Property Operating Lease | 863.14 | -14.11% | - Net profit attributable to shareholders of the listed company was -24.6340 million yuan, a year-on-year decrease of 31.27%[80] - The company's wholly-owned subsidiary "Anjubao Yance" decided to gradually cease operations of its "Ceyouyou" shopping platform due to underperforming business expectations[82] (V) Future Business Development Plan The company plans to enhance existing products with AI and large models, while expanding into commercial robots and smart automation equipment for the tea beverage sector - Utilize AI technology and large models to further upgrade building intercom systems, parking systems, and smart home technologies[83] - Increase R&D investment in the integration of AI and large models, striving for breakthroughs in commercial robots and smart automation equipment (in the freshly made tea beverage sector)[83] - Smart automation equipment (for freshly made tea beverages) is expected to be launched by year-end, and reception robots are also targeted for market release by year-end[83] II. Analysis of Core Competencies The company's core strengths include AI-driven integration, a national parking gate advertising platform, continuous R&D, and an extensive marketing network - The company leverages AI artificial intelligence technology to achieve interconnected AI smart communities and AI smart homes, forming a comprehensive integrated platform that raises product competition barriers[84] - The company has built a national parking gate advertising platform, conducting self-service advertising business through equipment cooperation, resource cooperation, and channel cooperation, combining it with parking system hardware sales to form an ecologically complementary cost advantage[85] - As of the end of the reporting period, the company held 178 patents (45 invention patents, 99 utility model patents, 34 design patents) and 90 software copyrights[85] - The company has 53 marketing and service outlets nationwide, supporting product promotion, sales, and services, and actively promotes deep cooperation with the top fifty real estate developers[86] III. Analysis of Principal Business The company's principal business saw declines in revenue and cost, with significant changes in financial expenses and cash flows from investment activities Major Financial Data YoY Changes | Indicator | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 72,411,923.92 | 97,791,766.55 | -25.95% | | | Operating Cost | 45,513,346.55 | 56,702,025.02 | -19.73% | | | Selling Expenses | 17,077,221.34 | 23,007,548.31 | -25.78% | | | Administrative Expenses | 20,413,379.54 | 19,406,455.12 | 5.19% | | | Financial Expenses | -662,487.41 | -3,864,472.95 | -82.86% | Decrease in bank deposits due to purchase of wealth management products, lower interest rates, and reduced interest income | | R&D Investment | 15,746,760.13 | 18,015,210.82 | -12.59% | | | Net Cash Flow from Operating Activities | -14,694,647.35 | -11,275,707.47 | -30.32% | Decrease in sales collections YoY | | Net Cash Flow from Investing Activities | -46,380,172.34 | 37,657,534.92 | -223.16% | Increase in cash used for purchasing wealth management products | | Net Cash Flow from Financing Activities | -753,459.28 | 336,102.68 | -324.18% | Increase in lease liability payments | | Net Increase in Cash and Cash Equivalents | -61,922,661.38 | 26,757,736.66 | -331.42% | Decrease in net increase of cash and cash equivalents due to purchase of wealth management products | | Fair Value Change Gains | 3,147,758.66 | -1,078,322.69 | 391.91% | Increase in fair value changes of other non-current financial assets and wealth management products held for investment | Products or Services Accounting for Over 10% of Revenue | Product or Service | Operating Revenue (Yuan) | Operating Cost (Yuan) | Gross Margin (%) | YoY Change in Operating Revenue (%) | YoY Change in Operating Cost (%) | YoY Change in Gross Margin (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Building Intercom System | 36,183,179.67 | 23,825,949.88 | 34.15% | -25.58% | -19.30% | -5.13% | | Smart Home System | 11,311,481.37 | 7,370,338.34 | 34.84% | -29.91% | -22.54% | -6.19% | | Parking System and Gate Advertising Business | 7,539,007.98 | 6,079,118.98 | 19.36% | -39.45% | -26.61% | -14.11% | | Monitoring System and System Integration | 5,486,651.17 | 4,970,845.08 | 9.40% | -22.03% | -24.97% | 3.55% | | Property Operating Lease | 8,631,385.12 | 480,445.16 | 94.43% | -14.11% | -6.80% | -0.44% | IV. Analysis of Non-Principal Business Non-principal business significantly impacted total profit, with positive contributions from investment and fair value gains, offset by credit and asset impairment losses Impact of Non-Principal Business on Total Profit | Item | Amount (Yuan) | Proportion of Total Profit (%) | Explanation of Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 6,414,339.30 | -18.71% | Disposal of trading financial assets and interest income from debt investments | No | | Fair Value Change Gains | 3,147,758.66 | -9.18% | Increase in fair value of trading financial assets and other non-current financial assets held | No | | Asset Impairment | -3,328,255.69 | 9.71% | Impairment provision for inventory | No | | Non-Operating Income | 172,984.55 | -0.50% | Unpayable amounts | No | | Non-Operating Expenses | 19,219.56 | -0.06% | Losses from destruction and scrapping of non-current assets | No | | Other Income | 1,466,688.52 | -4.28% | Government grants received | No | | Credit Impairment Losses | -14,751,817.90 | 43.03% | Impairment provision for accounts receivable, etc | No | V. Analysis of Assets and Liabilities Total assets and net assets decreased, driven by reduced cash and receivables, while debt investments and fixed assets increased, with fair value financial assets growing Significant Changes in Asset Composition | Item | Amount at End of Current Period (Yuan) | Proportion of Total Assets (%) | Amount at End of Prior Year (Yuan) | Proportion of Total Assets (%) | Change in Proportion (%) | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 214,023,081.14 | 15.42% | 275,809,853.13 | 19.22% | -3.80% | Increase in cash paid for purchasing wealth management products | | Accounts Receivable | 143,279,273.19 | 10.32% | 182,045,472.73 | 12.69% | -2.37% | Increase in collection of accounts receivable, increase in bad debts | | Fixed Assets | 151,199,468.73 | 10.89% | 141,740,541.83 | 9.88% | 1.01% | "Property for Debt" transferred to fixed assets accounting | | Debt Investments | 320,119,625.32 | 23.07% | 210,994,333.33 | 14.71% | 8.36% | Increase in purchase of wealth management products | | Other Non-Current Assets | 4,947,817.40 | 0.36% | 15,154,596.64 | 1.06% | -0.70% | "Property for Debt" transferred to fixed assets accounting | | Employee Remuneration Payable | 6,131,297.25 | 0.44% | 12,358,372.46 | 0.86% | -0.42% | Decrease in employee remuneration payable | - The company's fair value measured financial assets totaled 578,566,665.59 yuan at period-end, an increase from 522,842,944.69 yuan at period-start[97] - Restricted monetary funds at period-end amounted to 1,302,971.58 yuan, primarily for letter of guarantee deposits[98] VI. Analysis of Investment Status Investment increased significantly, primarily in fair value financial assets like wealth management products, with no major equity or non-equity investments Investment Amount During the Reporting Period | Indicator | Amount (Yuan) | | :--- | :--- | | Investment Amount for the Reporting Period | 225,196,250.31 | | Investment Amount for the Prior Year Period | 0.00 | | Change Rate | 100.00% | - The company's fair value measured financial assets purchased with self-owned funds amounted to 151,592,267.12 yuan at period-end[103] - There were no significant equity investments, non-equity investments, use of raised funds, entrusted wealth management, derivative investments, or entrusted loans during the reporting period[100][101][104][105][106][107] VII. Significant Asset and Equity Sales The company did not engage in any significant asset or equity sales during the reporting period - The company did not sell significant assets or equity during the reporting period[108][109] VIII. Analysis of Major Holding and Participating Companies This section details the financial performance of major subsidiaries, with several reporting negative net profits during the period Major Subsidiary Financial Information (Unit: Ten Thousand Yuan) | Company Name | Company Type | Principal Business | Registered Capital | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Guangdong Anjubao Intelligent Control System Co, Ltd | Subsidiary | Other electronic equipment manufacturing | 1,396.50 | 4,707.31 | -1,347.09 | 314.78 | -261.65 | -261.70 | | Guangzhou Dejuan Electronic Technology Co, Ltd | Subsidiary | Technology promotion and application services | 9,539.63 | 11,989.21 | 11,298.91 | 937.45 | 229.83 | 185.39 | | Guangdong Audian Monitoring Technology Co, Ltd | Subsidiary | Manufacturing | 3,300.00 | 13,004.01 | 3,654.84 | 548.67 | -1,131.90 | -962.12 | | Guangdong Anjubao Yance E-commerce Co, Ltd | Subsidiary | Wholesale | 20,000.00 | 19,843.38 | 19,474.68 | 57.67 | -337.08 | -252.88 | - There were no acquisitions or disposals of subsidiaries during the reporting period[111] IX. Structured Entities Controlled by the Company The company did not control any structured entities during the reporting period - The company did not control any structured entities during the reporting period[112] X. Risks Faced by the Company and Countermeasures The company faces industry risks tied to real estate and bad debt risks from receivables, managed through strict credit screening and sales limits - The company's principal business is closely linked to the development of the real estate industry, and a downturn in real estate will adversely affect the company's principal business and operating performance[112] - The company's major clients are system integrators and real estate developers; if their operations are adversely affected by the industry, it will pose a significant risk to the company's accounts receivable collection[112] - The company mitigates the risk of bad debts from accounts receivable through strict credit screening and setting credit limits[112] XI. Registration Form for Research, Communication, and Interview Activities During the Reporting Period The company did not host any research, communication, or interview activities during the reporting period - The company did not host any research, communication, or interview activities during the reporting period[113] XII. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan The company has not established a market value management system or disclosed a valuation enhancement plan - The company has not established a market value management system, nor has it disclosed a valuation enhancement plan[114][115] XIII. Implementation of "Quality and Return Dual Improvement" Action Plan The company has not disclosed an action plan for "Quality and Return Dual Improvement" - The company has not disclosed an action plan for "Quality and Return Dual Improvement"[115] Section IV Corporate Governance, Environment, and Society I. Changes in Directors, Supervisors, and Senior Management There were no changes in the company's directors, supervisors, or senior management during the reporting period - There were no changes in the company's directors, supervisors, or senior management during the reporting period[116] II. Profit Distribution and Capital Reserve Conversion to Share Capital During the Reporting Period The company plans no cash dividends, bonus shares, or capital reserve conversions for the half-year period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period[117] III. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures during the reporting period[118] IV. Environmental Information Disclosure The company and its major subsidiaries are not listed among enterprises required to disclose environmental information by law - The company and its major subsidiaries are not listed among enterprises required to disclose environmental information by law[119] V. Social Responsibility The company actively fulfills its social responsibilities to stakeholders, including employees, customers, and the environment, while adhering to legal and ethical standards - The company safeguards shareholder rights through standardized operations, timely information disclosure, and implementation of profit distribution plans[119] - The company prioritizes employee welfare, complies with labor laws, provides "five insurances and one housing fund," offers competitive compensation, and implements equity incentive plans[119] - The company continuously enhances customer satisfaction with products and services through technological innovation and product quality improvement[120] - The company adheres to integrity, strictly enforces contracts, prevents commercial bribery, operates legally, actively pays taxes, and supports local economic development[120] - The company strictly manages enterprise noise, wastewater, exhaust gas, and hazardous waste, and establishes safety production rules and regulations[120] Section V Significant Matters I. Fulfilled and Overdue Unfulfilled Commitments by Controlling Shareholder, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period The company's controlling shareholder, shareholders, and related parties fully complied with their commitments during the reporting period - Promisors such as Zhang Bo, Zhang Pin, and Li Leni strictly adhered to share lock-up commitments, with no violations found[122] - Controlling shareholder Zhang Bo committed to bearing potential losses to the company due to housing provident fund补缴, property defects, or core technology disputes, and ensured the company's independence, strictly complying during the reporting period[122][124] - The company and Zhang Bo committed to avoiding horizontal competition with Guangdong Audian Monitoring Technology Co, Ltd, strictly complying during the reporting period[124][126] II. Non-Operating Funds Occupied by Controlling Shareholder and Other Related Parties from the Listed Company There were no instances of non-operating funds being occupied by the controlling shareholder or other related parties - There were no instances of non-operating funds being occupied by the controlling shareholder or other related parties during the reporting period[127] III. Irregular External Guarantees The company did not have any irregular external guarantees during the reporting period - The company did not have any irregular external guarantees during the reporting period[128] IV. 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[129] V. Explanations by the Board of Directors, Supervisory Board, and Audit Committee on "Non-Standard Audit Reports" for the Current Period The company did not receive any non-standard audit reports during the reporting period - The company did not receive any non-standard audit reports during the reporting period[130] VI. Explanations by the Board of Directors on "Non-Standard Audit Reports" for the Previous Year The company did not have any non-standard audit reports from the previous year - The company did not have any non-standard audit reports from the previous year[130] VII. Matters Related to Bankruptcy Reorganization The company was not involved in any bankruptcy reorganization matters during the reporting period - The company was not involved in any bankruptcy reorganization matters during the reporting period[130] VIII. Litigation Matters The company is involved in a significant arbitration case for 12.33 million yuan and other lawsuits totaling 54.12 million yuan, primarily for collecting overdue payments - Media Company applied to the Guangzhou Arbitration Commission to terminate 22 "New Project Parking Gate Advertising Contract Agreements" with Shanghai Gate Advertising Co, Ltd, requesting the return of gate poles and parking system equipment, and payment of cooperation fees, occupation fees, and liquidated damages[131] - The significant arbitration matter involves an amount of 12.33 million yuan and has been heard but not yet ruled upon[131] - During the reporting period, the company was also involved in other litigation cases totaling 54.1211 million yuan, of which 18.703 million yuan has been settled, primarily for collecting overdue payments[131] IX. Penalties and Rectification The company did not incur any penalties or require rectification during the reporting period - The company did not incur any penalties or require rectification during the reporting period[132] X. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller There were no integrity issues requiring disclosure for the company, its controlling shareholder, or actual controller - There were no integrity issues requiring disclosure for the company during the reporting period[133] XI. Significant Related Party Transactions The company did not engage in any significant related party transactions during the reporting period, including daily operations, asset transfers, or financial dealings - The company did not engage in related party transactions related to daily operations during the reporting period[133] - The company did not engage in related party transactions involving asset or equity acquisitions/disposals during the reporting period[134] - The company did not engage in related party transactions involving joint external investments during the reporting period[135] - There were no related party creditor-debtor transactions during the reporting period[136] - The company had no deposits, loans, credit lines, or other financial business with related financial companies or financial companies controlled by the company and related parties[137][138] - The company had no other significant related party transactions during the reporting period[139] XII. Significant Contracts and Their Performance The company has no trust or contracting arrangements, but leases out properties for a blockchain industrial park, with a significant access control project underway - The company had no trust or contracting arrangements during the reporting period[140][141] - The company leases out over 20,000 square meters of property within Anjubao Science and Technology Park at No 8 Qiyun Road and No 21 Nanxiang Second Road in the Development Zone, primarily for incubating and nurturing blockchain technology-related enterprises[143] - There were no lease projects that generated profits exceeding 10% of the company's total profit during the reporting period[143] - The company had no significant guarantee situations during the reporting period[144] - The construction contract for the Huadu access control project, signed with Shenzhen Pingan Communication Technology Co, Ltd, with a contract price of 71.4998 million yuan, is currently being executed[145] XIII. Explanation of Other Significant Matters There are no other significant matters requiring explanation for the company during the reporting period - There are no other significant matters requiring explanation for the company during the reporting period[146] XIV. Significant Matters of Company Subsidiaries The company disclosed an announcement regarding the extension and reduction of financial assistance to a controlled subsidiary on May 22, 2025 - On May 22, 2025, the company disclosed the "Announcement on the Extension and Reduction of Financial Assistance to a Controlled Subsidiary"[147] Section VI Share Changes and Shareholder Information I. Share Changes The company's total share capital remained unchanged, with a minor shift between restricted and unrestricted shares due to executive lock-up stock adjustments Share Changes | Share Type | Number Before Change (Shares) | Increase/Decrease in This Change (Shares) | Number After Change (Shares) | | :--- | :--- | :--- | :--- | | I. Restricted Shares | 230,518,387 | -17,419 | 230,500,968 | | 3. Other Domestic Shares | 230,518,387 | -17,419 | 230,500,968 | | II. Unrestricted Shares | 330,709,357 | 17,419 | 330,726,776 | | 1. RMB Ordinary Shares | 330,709,357 | 17,419 | 330,726,776 | | III. Total Shares | 561,227,744 | 0 | 561,227,744 | - The reason for the share change was the adjustment of executive lock-up shares[151] Changes in Restricted Shares | Shareholder Name | Restricted Shares at Beginning of Period (Shares) | Unrestricted Shares Released in Current Period (Shares) | Restricted Shares Increased in Current Period (Shares) | Restricted Shares at End of Period (Shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | | Zhang Bo | 125,833,064 | 0 | 0 | 125,833,064 | Executive Lock-up Shares | | Zhang Pin | 99,068,874 | 0 | 0 | 99,068,874 | Executive Lock-up Shares | | Li Leni | 3,850,831 | 0 | 0 | 3,850,831 | Executive Lock-up Shares | | Zhang Ruibin | 1,242,484 | 0 | 0 | 1,242,484 | Executive Lock-up Shares | | Zhang Shuming | 41,584 | 0 | 0 | 41,584 | Executive Lock-up Shares | | Gao Jingchi | 52,400 | 0 | 0 | 52,400 | Executive Lock-up Shares | | Wu Ruoshun | 359,475 | 0 | 0 | 359,475 | Executive Lock-up Shares | | Zhang Huanqing | 69,675 | 17,419 | 0 | 52,256 | Executive Lock-up Shares | | Total | 230,518,387 | 17,419 | 0 | 230,500,968 | | II. Issuance and Listing of Securities The company did not issue or list any securities during the reporting period - The company did not issue or list any securities during the reporting period[154] III. Number of Shareholders and Shareholding Status As of the reporting period end, the company had 24,096 common shareholders, with Zhang Bo and Zhang Pin as the largest shareholders, forming a concert party holding 57.85% - The total number of common shareholders at the end of the reporting period was 24,096[155] Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio (%) | Number of Shares Held at End of Reporting Period (Shares) | Number of Restricted Shares Held (Shares) | Number of Unrestricted Shares Held (Shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Zhang Bo | Domestic Natural Person | 29.89% | 167,777,419.00 | 125,833,064.00 | 41,944,355.00 | | Zhang Pin | Domestic Natural Person | 23.54% | 132,091,832.00 | 99,068,874.00 | 33,022,958.00 | | Shanghai Muxin Private Fund Management Co, Ltd - Muxin Dingshuo No 1 Private Securities Investment Fund | Other | 3.51% | 19,720,000.00 | 0.00 | 19,720,000.00 | | Li Leni | Domestic Natural Person | 0.91% | 5,134,442.00 | 3,850,831.00 | 1,283,611.00 | | BARCLAYS BANK PLC | Overseas Legal Person | 0.53% | 2,961,062.00 | 0 | 2,961,062.00 | | Ding Fengmei | Domestic Natural Person | 0.33% | 1,838,900.00 | 0 | 1,838,900.00 | | Liu Yong | Domestic Natural Person | 0.30% | 1,687,000.00 | 0 | 1,687,000.00 | | Zhang Ruibin | Domestic Natural Person | 0.30% | 1,656,645.00 | 1,242,484.00 | 414,161.00 | | Lu Dongfang | Domestic Natural Person | 0.20% | 1,134,000.00 | 0 | 1,134,000.00 | | Xu Yuecheng | Domestic Natural Person | 0.19% | 1,039,901.00 | 0 | 1,039,901.00 | - Shareholders Zhang Bo, Zhang Pin, Li Leni, and Shanghai Muxin Private Fund Management Co, Ltd - Muxin Dingshuo No 1 Private Securities Investment Fund are parties acting in concert, collectively holding 57.85% of the company's equity[156] IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management There were no changes in the shareholdings of the company's directors, supervisors, or senior management during the reporting period - During the reporting period, the initial and final shareholdings of the company's directors, supervisors, and senior management were consistent, with no increases or decreases[158] V. 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[159] - The company's actual controller remained unchanged during the reporting period[159] VI. Preferred Shares Related Matters The company did not have any preferred shares during the reporting period - The company did not have any preferred shares during the reporting period[160] Section VII Bond Related Matters Bond Related Matters The company had no bond-related matters during the reporting period - The company had no bond-related matters during the reporting period[162] Section VIII Financial Report I. Audit Report The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[164] II. Financial Statements This section provides the company's consolidated and parent company financial statements, offering a comprehensive view of its financial position and performance 1. Consolidated Balance Sheet As of June 30, 2025, consolidated total assets were 1.39 billion yuan, a 3.27% decrease, with total liabilities at 140.59 million yuan Major Data from Consolidated Balance Sheet (Period-End Balance) | Item | Amount (Yuan) | | :--- | :--- | | Total Assets | 1,387,808,181.12 | | Total Current Assets | 715,390,964.08 | | Total Non-Current Assets | 672,417,217.04 | | Total Liabilities | 140,588,390.85 | | Total Current Liabilities | 122,009,925.92 | | Total Non-Current Liabilities | 18,578,464.93 | | Total Owners' Equity | 1,247,219,790.27 | | Total Owners' Equity Attributable to Parent Company | 1,233,102,899.63 | | Minority Interests | 14,116,890.64 | 2. Parent Company Balance Sheet As of June 30, 2025, parent company total assets were 1.49 billion yuan, with total liabilities at 237.28 million yuan Major Data from Parent Company Balance Sheet (Period-End Balance) | Item | Amount (Yuan) | | :--- | :--- | | Total Assets | 1,493,211,937.53 | | Total Current Assets | 618,104,846.21 | | Total Non-Current Assets | 875,107,091.32 | | Total Liabilities | 237,281,084.99 | | Total Current Liabilities | 223,027,273.35 | | Total Non-Current Liabilities | 14,253,811.64 | | Total Owners' Equity | 1,255,930,852.54 | 3. Consolidated Income Statement For the first half of 2025, consolidated total operating revenue decreased by 25.95% to 72.41 million yuan, resulting in a net loss of 29.28 million yuan Major Data from Consolidated Income Statement | Item | 2025 Half-Year (Yuan) | 2024 Half-Year (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 72,411,923.92 | 97,791,766.55 | | Total Operating Costs | 99,968,675.33 | 115,489,124.45 | | Operating Profit | -34,438,506.28 | -25,483,202.03 | | Total Profit | -34,284,741.29 | -25,460,193.57 | | Net Profit | -29,278,659.09 | -20,473,761.89 | | Net Profit Attributable to Parent Company Shareholders | -24,633,971.48 | -18,765,660.79 | | Minority Interest Income/Loss | -4,644,687.61 | -1,708,101.10 | | Basic Earnings Per Share | -0.0439 | -0.0334 | | Diluted Earnings Per Share | -0.0439 | -0.0334 | 4. Parent Company Income Statement For the first half of 2025, parent company operating revenue was 57.25 million yuan, with a net loss of 15.82 million yuan Major Data from Parent Company Income Statement | Item | 2025 Half-Year (Yuan) | 2024 Half-Year (Yuan) | | :--- | :--- | :--- | | Operating Revenue | 57,250,949.63 | 78,673,556.32 | | Operating Profit | -18,580,088.35 | -22,559,724.38 | | Total Profit | -18,598,654.11 | -22,613,793.61 | | Net Profit | -15,817,418.76 | -17,796,774.58 | | Basic Earnings Per Share | -0.0282 | -0.0317 | | Diluted Earnings Per Share | -0.0282 | -0.0317 | 5. Consolidated Cash Flow Statement For the first half of 2025, net cash flows from operating, investing, and financing activities were all negative, leading to a net decrease in cash and cash equivalents Major Data from Consolidated Cash Flow Statement | Item | 2025 Half-Year (Yuan) | 2024 Half-Year (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -14,694,647.35 | -11,275,707.47 | | Net Cash Flow from Investing Activities | -46,380,172.34 | 37,657,534.92 | | Net Cash Flow from Financing Activities | -753,459.28 | 336,102.68 | | Net Increase in Cash and Cash Equivalents | -61,922,661.38 | 26,757,736.66 | | Cash and Cash Equivalents at End of Period | 212,720,109.56 | 475,791,828.88 | 6. Parent Company Cash Flow Statement For the first half of 2025, parent company operating cash flow was positive, but investing cash flow was negative, resulting in a net increase in cash and cash equivalents Major Data from Parent Company Cash Flow Statement | Item | 2025 Half-Year (Yuan) | 2024 Half-Year (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 56,963,744.03 | 53,365,311.33 | | Net Cash Flow from Investing Activities | -46,309,307.44 | 38,070,447.84 | | Net Cash Flow from Financing Activities | 1,110,319.56 | 8,997,118.08 | | Net Increase in Cash and Cash Equivalents | 11,764,756.15 | 100,432,877.25 | | Cash and Cash Equivalents at End of Period | 122,263,331.96 | 376,429,838.77 | 7. Consolidated Statement of Changes in Owners' Equity Consolidated owners' equity decreased by 29.37 million yuan in the first half of 2025, primarily due to negative net profit attributable to the parent company Consolidated Owners' Equity Changes | Item | 2025 Half-Year Change Amount (Yuan) | | :--- | :--- | | Total Comprehensive Income Attributable to Parent Company Owners | -24,728,324.76 | | Total Comprehensive Income Attributable to Minority Shareholders | -4,644,687.61 | | Total Comprehensive Income | -29,373,012.37 | | Total Owners' Equity at End of Period | 1,247,219,790.27 | | Total Owners' Equity at Beginning of Period | 1,276,592,802.64 | 8. Parent Company Statement of Changes in Owners' Equity Parent company owners' equity decreased by 15.82 million yuan in the first half of 2025, primarily due to a negative net profit Parent Company Owners' Equity Changes | Item | 2025 Half-Year Change Amount (Yuan) | | :--- | :--- | | Total Comprehensive Income | -15,817,418.76 | | Total Owners' Equity at End of Period | 1,255,930,852.54 | | Total Owners' Equity at Beginning of Period | 1,271,748,271.30 | III. Company Overview Established in 2004 and listed in 2010, the company specializes in smart security systems, with Zhang Bo as its actual controller - The company was established on December 29, 2004, and listed on the Shenzhen Stock Exchange in December 2010[200] - The company's principal business includes manufacturing digital video surveillance systems, electronic components, selling communication equipment, parking services, information system integration services, and security technology prevention system design and construction services[201] - The actual controller of the company is Zhang Bo[202] IV. Basis of Financial Statement Preparation The financial statements are prepared in accordance with Chinese accounting standards and regulatory requirements, based on a going concern principle - These financial statements are prepared in accordance with the "Enterprise Accounting Standards" issued by the Ministry of Finance and relevant provisions of the "Information Disclosure Rules for Companies Issuing Securities No 15 - General Provisions for Financial Reports" by the China Securities Regulatory Commission[204] - These financial statements are prepared on a going concern basis[205] V. Significant Accounting Policies and Estimates This section details the company's accounting policies and estimates for various financial items, ensuring compliance with enterprise accounting standards - The company adheres to enterprise accounting standards, accurately and completely reflecting its financial position, operating results, and cash flows[207] - The company classifies financial assets as measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss[228] - The company applies impairment accounting for financial assets measured at amortized cost, based on expected credit losses[249] - Revenue is recognized when the company satisfies a performance obligation, meaning the customer obtains control of the related goods or services[303] - The company opts not to recognize right-of-use assets and lease liabilities for short-term leases and leases of low-value assets[328] VI. Taxation This section outlines the company's main tax types and rates, including VAT, corporate income tax, and surcharges, with high-tech enterprise tax incentives Major Tax Types and Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Sales of goods and taxable services income | 13%, 9%, 6%, 5%, 3% | | Urban Maintenance and Construction Tax | Actually paid VAT | 7% | | Corporate Income Tax | Taxable income | 8.25%-25% | | Education Surcharge | Actually paid VAT | 3% | | Local Education Surcharge | Actually paid VAT | 2% | | Cultural Business Construction Fee | Advertising service billing sales amount | 3% | | Property Tax | Rental income / 70% of original value of houses and buildings | 12%/1.2% | - Guangdong Anjubao Digital Technology Co, Ltd, Guangdong Anjubao Intelligent Control System Co, Ltd, and Guangdong Audian Monitoring Technology Co, Ltd, as high-tech enterprises, pay corporate income tax at a rate of 15% for the current period[345][346] - The company's sales of self-developed and produced software products are subject to a VAT immediate refund policy for the portion exceeding an actual tax burden of 3%[347] VII. Notes to Consolidated Financial Statement Items This section provides detailed explanations for each item in the consolidated financial statements, covering assets, liabilities, equity, and income statement components Monetary Funds Period-End Balance | Item | Period-End Balance (Yuan) | | :--- | :--- | | Cash on Hand | 59,489.94 | | Bank Deposits | 213,092,766.61 | | Other Monetary Funds | 870,824.59 | | Total | 214,023,081.14 | | Of which: Total Funds Deposited Overseas | 6,124,205.20 | - Trading financial assets had a period-end balance of 191,752,489.34 yuan, primarily consisting of wealth management products[351] - Accounts receivable had a period-end book value of 143,279,273.19 yuan, with total bad debt provisions of 228,249,687.30 yuan[362] - Inventory had a period-end book value of 55,214,045.93 yuan, with total inventory depreciation reserves and contract performance cost impairment provisions of 35,818,173.59 yuan[390][392] - Debt investments had a period-end book value of 320,119,625.32 yuan, primarily consisting of large-denomination certificates of deposit and time deposits[404] - Fixed assets had a period-end book value of 151,199,468.73 yuan, with buildings and structures accounting for a larger proportion[429] - Goodwill had a period-end original book value of 37,198,449.30 yuan, with impairment provisions of 32,427,976.71 yuan at period-end[439][441] - Accounts payable had a period-end balance of 71,016,192.22 yuan, of which significant accounts payable overdue for more than one year totaled 27,870,884.40 yuan[466][468] - Employee remuneration payable had a period-end balance of 6,131,297.25 yuan, a decrease from the beginning of the period[477] - Operating revenue for the current period was 72,411,923.92 yuan, and operating cost was 45,513,346.55 yuan[502] - Administrative expenses for the current period were 20,413,379.54 yuan, primarily due to increased salaries and wages[505] - R&D expenses for the current period were 15,746,760.13 yuan, primarily for employee remuneration[510] - Fair value change gains for the current period were 3,147,758.66 yuan, mainly from trading financial assets and other non-current financial assets[516] - Credit impairment losses for the current period were -14,751,817.90 yuan, primarily bad debt losses from accounts receivable[520] VIII. Research and Development Expenses Total R&D expenses for the period were 15.75 million yuan, entirely expensed, primarily consisting of employee compensation R&D Expense Composition | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Employee Remuneration | 14,266,283.26 | 16,351,157.34 | | Direct Input | 601,468.91 | 570,628.46 | | Depreciation and Amortization | 503,950.64 | 699,688.67 | | Other | 375,057.32 | 393,736.35 | | Total | 15,746,760.13 | 18,015,210.82 | | Of which: Expensed R&D Expenditure | 15,746,760.13 | 18,015,210.82 | - There were no R&D projects meeting capitalization criteria or significant externally purchased R&D projects during the reporting period[556] IX. Changes in Consolidation Scope There were no changes in the company's consolidation scope during the reporting period due to mergers, acquisitions, or disposals - There were no changes in the company's consolidation scope during the reporting period due to non-same control business combinations, same control business combinations, reverse acquisitions, disposal of subsidiaries, or other reasons[556][557] X. Interests in Other Entities This section details the composition of major subsidiaries, including their capital, business, and ownership, highlighting significant non-wholly owned subsidiaries Composition of Enterprise Group (Major Subsidiaries) | Subsidiary Name | Registered Capital (Yuan) | Principal Place of Business | Nature of Business | Direct Shareholding Ratio (%) | Method of Acquisition | | :--- | :--- | :--- | :--- | :--- | :--- | | Guangdong Anjubao Intelligent Control System Co, Ltd | 13,965,000.00 | Guangzhou, Guangdong Province | Other electronic equipment manufacturing | 84.96% | Establishment | | Guangzhou Dejuan Electronic Technology Co, Ltd | 95,396,340.00 | Guangzhou, Guangdong Province | Technology promotion and application services | 100.00% | Establishment | | Guangdong Audian Monitoring Technology Co, Ltd | 33,000,000.00 | Guangzhou, Guangdong Province | Manufacturing | 56.15% | Acquisition | | Guangdong Anjubao Yance E-commerce Co, Ltd | 200,000,000.00 | Guangzhou, Guangdong Province | Wholesale | 100.00% | Establishment | Major Financial Information of Important Non-Wholly Owned Subsidiaries | Subsidiary Name | Minority Shareholding Ratio (%) | Net Profit Attributable to Minority Shareholders in Current Period (Yuan) | Minority Interests Balance at Period-End (Yuan) | | :--- | :--- | :--- | :--- | | Guangdong Audian Monitoring Technology Co, Ltd | 43.85% | -4,219,325.17 | 16,028,115.79 | - The company had no transactions where its ownership interest in subsidiaries changed while still retaining control, nor any interests in joint ventures or associates during the reporting period[562] XI. Government Grants Government grants primarily relate to deferred income for asset-related items and VAT refunds, totaling 160,237.39 yuan recognized in other income Liability Items Involving Government Grants | Accounting Account | Beginning Balance (Yuan) | New Grants in Current Period (Yuan) | Amount Recognized in Non-Operating Income in Current Period (Yuan) | Amount Transferred to Other Income in Current Period (Yuan) | Ending Balance (Yuan) | Related to Assets/Income | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 104,195.14 | 0 | 0 | 76,111.12 | 28,084.02 | Asset-related | Government Grants Recognized in Current Profit or Loss | Source of Other Income | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Government Grants | 160,237.39 | 700,399.55 | | VAT Refunds | 1,306,451.13 | 2,084,168.74 | | Total | 1,466,688.52 | 2,784,568.29 | XII. Risks Related to Financial Instruments The company manages credit, liquidity, and market risks through diversified investments, credit assessments, and cash flow monitoring, with minimal interest and exchange rate risks - The company faces credit risk, liquidity risk, and market risk (including exchange rate risk, interest rate risk, and other price risks)[567] - The company controls credit risk exposure by assessing and monitoring customers' financial conditions, collateral possibilities, and credit records, and by setting credit terms[569] - The company manages liquidity risk by monitoring cash balances, marketable securities, and future cash flow forecasts to ensure sufficient funds to repay maturing debts[569] Undiscounted Contractual Cash Flows of Financial Liabilities by Maturity Date (Period-End Balance) | Item | Within 1 Year (Yuan) | Over 1 Year (Yuan) | Total Undiscounted Contractual Amount (Yuan) | Book Value (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Accounts Payable | 15,203,788.03 | 55,812,404.19 | 71,016,192.22 | 71,016,192.22 | | Other Payables | 1,876,879.84 | 5,845,047.30 | 7,721,927.14 | 7,721,927.14 | | Non-Current Liabilities Due Within One Year | 1,376,054.77 | 0 | 1,376,054.77 | 1,342,397.05 | | Lease Liabilities | 0 | 955,136.64 | 955,136.64 | 930,277.68 | | Total | 18,456,722.64 | 62,612,588.13 | 81,069,310.77 | 81,010,794.09 | - The company did not incur borrowings in the current period and has no financial instruments with floating interest rates, thus interest rate risk is not significant[573] - The company's exchange rate risk primarily arises from financial assets and liabilities denominated in US dollars, but as its main operating activities are denominated in RMB, the market risk from exchange rate fluctuations is not significant[575] XIII. Disclosure of Fair Value The company's fair value measured assets totaled 578.27 million yuan, primarily comprising trading financial assets (securities-based wealth management products and structured deposits) and other non-current financial assets (equity instrument investments) measured at fair value through profit or loss Fair Value of Assets and Liabilities Measured at Fair Value at Period-End | Item | Level 1 Fair Value Measurement (Yuan) | Level 3 Fair Value Measurement (Yuan) | Total (Yuan) | | :--- | :--- | :--- | :--- | | I. Recurring Fair Value Measurement | | | | | (I) Trading Financial Assets | 564,128,364.66 | 0 | 564,128,364.66 | | (1) Securities-based Wealth Management Product Investments | 151,592,267.12 | 0 | 151,592,267.12 | | (2) Structured Deposits | 412,536,097.54 | 0 | 412,536,097.54 | | (II) Other Non-Current Financial Assets | 0 | 14,145,314.15 | 14,145,314.15 | | 1. Financial Assets Measured at Fair Value Through Profit or Loss | 0 | 14,145,314.15 | 14,145,314.15 | | (1) Equity Instrument Investments | 0 | 14,145,314.15 | 14,145,314.15 | | Total Assets Measured at Recurring Fair Value | 564,128,364.66 | 14,145,314.15 | 578,273,678.81 | - The fair value of Level 1 fair value measurement items is determined based on unadjusted quoted prices in active markets[579] - Level 3 fair value measurement items (other non-current financial assets) are valued using comparable transaction methods, with recent transaction prices as key parameters[581] XIV. Related Parties and Related Party Transactions Company's ultimate controlling party is Zhang Bo, holding 29.89% of shares and voting rights; no significant related party transactions occurred, except for key management personnel compensation - The ultimate controlling party of the company is Zhang Bo, whose shareholding and voting rights in the company are both 29.89%[583] - Details of the company's major subsidiaries are provided in Note X, Interests in Other Entities[584] - Other related parties include Guangzhou Gaobaoshi Intelligent Technology Co, Ltd (a shareholder with significant influence over a subsidiary) and several subsidiary shareholders and directors/deputy general managers[585] - During the reporting period, the company did not engage in related party transactions involving the purchase or sale of goods, or the provision or acceptance of services[587] - During the reporting period, the company did not engage in related party entrusted management/contracting, entrusted management/outsourcing, related party fund borrowing, related party asset transfers, or debt restructuring[587][588] Key Ma