中青宝(300052) - 2025 Q2 - 季度财报

Important Notice, Table of Contents, and Definitions This section provides the important notice, structured table of contents, and definitions of key terms used throughout the report Important Notice The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report[4] - Company's responsible person Li Yilun, head of accounting Zhang Yunqin, and head of accounting department Zhu Danping declare the financial report is true, accurate, and complete[4] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[6] Table of Contents This section lists the report's structured table of contents, covering eight main chapters from company profile to financial reports - The report comprises eight main chapters, including company profile, financial indicators, management discussion, corporate governance, significant matters, share changes, bond information, and financial reports[8] Definitions This section defines common terms used in the report, including company abbreviations, actual controllers, legal regulations, game types, AI terms, and currency units - The report defines key concepts such as the company, actual controller, controlling shareholder, laws and regulations, various game types (client, web, mobile), and AI-related terms (LLM, AI Agent)[14] - The reporting period refers to January 1, 2025, to June 30, 2025[14] Company Profile and Key Financial Indicators This section provides an overview of the company's basic information, key financial performance, and asset status for the reporting period Company Profile The company's stock abbreviation is "ST ZQGame", stock code 300052, listed on the Shenzhen Stock Exchange, with Li Yilun as legal representative - Company stock abbreviation: ST ZQGame, stock code: 300052[17] - Company stock listed on: Shenzhen Stock Exchange[17] - Company legal representative: Li Yilun[17] Contact Person and Information The company's board secretary is Zhang Yunqin, securities affairs representative is Wang Qing, with contact details provided - Board Secretary: Zhang Yunqin; Securities Affairs Representative: Wang Qing[18] - Contact number: 0755-26733925; Email: ir@zqgame.com[18] Other Information The company's registered address, office address, website, email, information disclosure, and registration status remained unchanged during the reporting period - The company's contact information, information disclosure and storage locations, and registration status remained unchanged during the reporting period[19][20][21] Key Accounting Data and Financial Indicators The company's semi-annual operating revenue decreased by 19.19%, net profit attributable to shareholders narrowed losses by 1.45%, and net cash flow from operating activities decreased by 38.76% 2025 Semi-Annual Key Accounting Data and Financial Indicators | Indicator | Current Period (Yuan) | Prior Period (Yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 97,946,418.30 | 121,209,411.88 | -19.19% | | Net Profit Attributable to Shareholders of Listed Company | -24,645,817.53 | -25,008,489.30 | 1.45% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | -24,996,721.64 | -26,733,877.10 | 6.50% | | Net Cash Flow from Operating Activities | 10,946,924.01 | 17,874,198.24 | -38.76% | | Basic Earnings Per Share (Yuan/share) | -0.09 | -0.10 | 10.00% | | Diluted Earnings Per Share (Yuan/share) | -0.09 | -0.10 | 10.00% | | Weighted Average Return on Net Assets | -6.26% | -5.37% | -0.89% | | Indicator | End of Current Period (Yuan) | End of Prior Year (Yuan) | Change from Prior Year End | | Total Assets | 815,989,936.30 | 831,889,085.53 | -1.91% | | Net Assets Attributable to Shareholders of Listed Company | 380,684,176.41 | 405,893,338.48 | -6.21% | Differences in Accounting Data under Domestic and Overseas Accounting Standards The company reported no differences in net profit and net assets between international/overseas accounting standards and Chinese accounting standards during the reporting period - The company reported no differences in net profit and net assets under domestic and overseas accounting standards during the reporting period[23][24] Non-Recurring Gains and Losses and Amounts The company's total non-recurring gains and losses for the reporting period amounted to 350,904.11 yuan, primarily from disposal of non-current assets, government grants, and other non-operating income/expenses 2025 Semi-Annual Non-Recurring Gains and Losses and Amounts | Item | Amount (Yuan) | Description | | :--- | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | 191,240.11 | | | Government Grants Recognized in Current Profit/Loss | 230,032.47 | | | Other Non-Operating Income and Expenses Apart from the Above | -123,667.02 | | | Other Gains/Losses Meeting the Definition of Non-Recurring Gains/Losses | 51,334.81 | Personal income tax handling fee refund recognized in the reporting period | | Less: Income Tax Impact | -31,962.99 | | | Impact on Minority Interests (After Tax) | 29,999.25 | | | Total | 350,904.11 | | Management Discussion and Analysis This section discusses the company's main businesses, core competencies, financial performance, and risk factors during the reporting period Main Businesses Engaged by the Company During the Reporting Period The company has established a multi-driven model with cloud computing, gaming, and cultural tourism as three synergistic segments, actively developing cloud computing, steadily advancing traditional gaming, and expanding cultural tourism - The company has established a multi-driven model with cloud computing, gaming, and cultural tourism as three synergistic segments[39] 1. Industry Development Overview The cloud computing market is rapidly expanding due to policy support, the gaming industry is accelerating AI adoption, and the cultural tourism sector is thriving with digital transformation - In 2024, China's intelligent computing power scale reached 725.3 EFLOPS, a year-on-year increase of 74.1%; it is expected to reach 1037.3 EFLOPS in 2025[33] - In 2024, China's cloud computing market size reached 828.8 billion yuan, a year-on-year increase of 34.4%; it is expected to exceed 3 trillion yuan by 2030[34] - In the first half of 2025, the domestic game market's actual sales revenue was 168 billion yuan, a year-on-year increase of over 14%; the game user scale reached nearly 679 million, a year-on-year increase of 0.72%[36] - In the first half of 2025, domestic tourist trips reached 3.285 billion, a year-on-year increase of 20.6%; tourism spending was 3.15 trillion yuan, a year-on-year increase of 15.2%[38] 2. Main Business Operations The company expands its cloud computing services with self-built IDC and AI computing, optimizes traditional and small games, and develops cultural tourism projects integrating technology and IP - The company operates self-built high-quality internet data centers in Shenzhen, Chengdu, and Leshan, and holds agency qualifications for Huawei Cloud and Volcano Engine[40][41][43] - A new intelligent computing business unit has been established to build a one-stop intelligent computing service platform covering "computing power leasing-intelligent agent development-resource scheduling management", currently in the market expansion and model exploration phase with small revenue scale[46][47] - The company specializes in "red-themed" online games, optimizing and upgrading client games like "Anti-Japanese War", "Bright Sword", and "Last Bullet", and launched "Anti-Japanese War Heroes 2" WeChat mini-game[49][50] - As of the end of the reporting period, the company operated a total of 21 games, including 7 newly launched IAA mini-games[54] - The "Dragon Soaring Nine Continents" project, located in the Shuiguan Great Wall scenic area in Beijing, received approximately 190,000 visitors during the reporting period and added catering and snack services[55] Core Competitiveness Analysis The company's core competitiveness lies in its cloud computing's geographical advantages and technical strength, gaming's market experience and content integration, and cultural tourism's unique location and asset autonomy 1. Cloud Computing Business The company's cloud computing business boasts strong geographical advantages, high-standard data centers, robust partnerships with major operators, independent R&D capabilities, and a comprehensive security system - The company actively responds to the "East Data West Computing" project, investing in and operating cloud data centers in the Guangdong-Hong Kong-Macao Greater Bay Area and Chengdu-Chongqing hub nodes[56] - The company's operated cloud data centers comply with GB50174 Class A and International Tier III+ standards, and have obtained CQC Class A data center certification[58] - The company has established important partnerships with China Telecom, China Unicom, and China Mobile, providing IDC services to Huawei, ByteDance, and others[59] - The company holds 5 patents and 75 software copyrights, demonstrating independent R&D capabilities[60] 2. Gaming Business The company's gaming business benefits from eighteen years of market experience, a significant share in the "red-themed" online game market, and a strategic shift towards the mini-game sector - The company has focused on online game R&D and operations for eighteen years, holding a significant share in the "red-themed" online game market[63][64] - The company's games combine "red culture", historical education, and entertainment elements to create high-quality online games that "respect history and promote patriotism"[65] - The company keenly observes user fragmented entertainment demands and the potential of hyper-casual games, strategically transforming into the mini-game sector[66] 3. Cultural Tourism Business The company's cultural tourism business leverages the unique location of the "Dragon Soaring Nine Continents" project at the Shuiguan Great Wall, proprietary assets, and comprehensive integrated services - The "Dragon Soaring Nine Continents" project is located in the Shuiguan Great Wall scenic area, a World Cultural Heritage site, with Great Wall culture at its core[67] - The company's proprietary dome theater serves as a core asset for the cultural tourism project, reducing long-term operating costs and enhancing profit margins and autonomy[68] - The project offers an integrated immersive experience covering "food, drink, travel, and shopping", including specialty catering and the "Chang Xiaocheng" series of cultural and creative products[69] Main Business Analysis The company's semi-annual operating revenue decreased by 19.19% due to a decline in cloud computing revenue, while net cash flow from operating activities also fell, but net cash flow from financing activities significantly increased 2025 Semi-Annual Major Financial Data Year-on-Year Changes | Indicator | Current Period (Yuan) | Prior Period (Yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 97,946,418.30 | 121,209,411.88 | -19.19% | Decline in cloud computing business revenue | | Operating Cost | 69,807,913.52 | 95,000,045.99 | -26.52% | Reduced costs corresponding to decreased cloud computing revenue | | Financial Expenses | 6,138,760.21 | 4,815,553.23 | 27.48% | Increase in finance lease expenses | | R&D Investment | 12,235,175.98 | 17,642,858.97 | -30.65% | Project adjustments, decrease in R&D personnel and salaries | | Net Cash Flow from Operating Activities | 10,946,924.01 | 17,874,198.24 | -38.76% | Decreased sales collection due to revenue decline | | Net Cash Flow from Financing Activities | -1,101,965.20 | -34,430,919.53 | 96.80% | Reduced repayment of short-term borrowings, new intelligent computing business collections | 2025 Semi-Annual 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 | | :--- | :--- | :--- | :--- | :--- | | Cloud Computing Business | 63,357,541.44 | 62,249,265.65 | 1.75% | -22.93% | | Online Gaming Business | 23,227,196.72 | 3,259,847.53 | 85.97% | -26.28% | - The decrease in cloud computing business revenue and costs was primarily due to a reduction in customer numbers and market demand[75] - As of the end of the reporting period, the company operated a total of 21 games, including 7 newly launched IAA mini-games[54] Non-Core Business Analysis The company's non-core business income primarily stemmed from investment gains, government grants, and other non-operating income, alongside asset impairment losses and non-operating expenses, none of which are sustainable 2025 Semi-Annual Non-Core Business Items and Amounts | Item | Amount (Yuan) | Proportion of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 146,143.75 | -0.58% | Recognition of investment income from long-term equity investments accounted for using equity method | No | | Asset Impairment | -726,990.95 | 2.90% | Provision for bad debts of other receivables: 191,910.60 yuan; provision for bad debts of accounts receivable: 535,080.35 yuan | No | | Non-Operating Income | 33,379.27 | -0.13% | | No | | Non-Operating Expenses | 157,046.29 | 0.63% | Recognition of liquidated damages: 137,952.87 yuan and other: 19,093.42 yuan | No | | Other Income | 281,367.28 | -1.12% | Recognition of government subsidies: 230,032.47 yuan, personal income tax handling fee refund: 51,334.81 yuan | No | Analysis of Assets and Liabilities The company's total assets and net assets attributable to shareholders decreased, while monetary funds increased due to new intelligent computing business collections, and construction in progress significantly decreased 2025 Semi-Annual Major Changes in Asset Composition | Item | End of Current Period (Yuan) | Proportion of Total Assets | End of Prior Year (Yuan) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 34,920,588.28 | 4.28% | 24,705,782.16 | 2.97% | 1.31% | New intelligent computing business collections | | Fixed Assets | 247,872,168.10 | 30.38% | 268,190,029.79 | 32.24% | -1.86% | Depreciation and amortization transferred to cost and expenses | | Construction in Progress | 0 | 0.00% | 110,633,806.58 | 13.30% | -13.30% | Completion and transfer out of computing power servers and supporting equipment adaptation | | Right-of-Use Assets | 26,240,299.11 | 3.22% | 35,764,221.73 | 4.30% | -1.08% | Amortization transferred to cost and expenses | | Contract Liabilities | 53,348,422.79 | 6.54% | 40,149,700.53 | 4.83% | 1.71% | Advance receipts for contracts | | Lease Liabilities | 21,000,510.23 | 2.57% | 24,480,864.83 | 2.94% | -0.37% | Payment of rent and reduction in leased area | 2025 Semi-Annual Asset Rights Restriction Status at Period End | Item | Book Value at Period End (Yuan) | Reason for Restriction | | :--- | :--- | :--- | | Fixed Assets | 6,566,497.46 | Shenzhen talent housing, only right of use, no right of disposal | | Monetary Funds | 104.54 | Bank account information not updated in time, restricted use | | Monetary Funds | 12,820,000.00 | Bank acceptance bill deposit | | Fixed Assets | 23,516,835.60 | Mortgage financing | | Total | 42,903,437.60 | | - The company pledged/mortgaged accounts receivable, subsidiary equity, and usufruct rights for financing loans[87] Investment Status Analysis The company's investment increased by 33.24% year-on-year, primarily for the completed computing power server project, with no use of raised funds, wealth management, derivative investments, or entrusted loans - The investment amount for the reporting period was 1,483,636.08 yuan, an increase of 33.24% compared to the same period last year[89] - The computing power server and supporting equipment adaptation project had a cumulative actual investment of 111,908,855.38 yuan, with project progress at 100%[91] 2025 Semi-Annual Financial Assets Measured at Fair Value at Period End | Asset Category | Initial Investment Cost (Yuan) | Cumulative Investment Income (Yuan) | Amount at Period End (Yuan) | | :--- | :--- | :--- | :--- | | Other Equity Instrument Investments | 307,391,700.46 | 0.00 | 212,153,280.46 | | Other Non-Current Financial Assets | 6,550,000.00 | 6,000,000.00 | 6,332,900.00 | | Total | 313,941,700.46 | 6,000,000.00 | 218,486,180.46 | - The company had no use of raised funds, entrusted wealth management, derivative investments, or entrusted loans during the reporting period[94][95][96][97] 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 during the reporting period[98] - The company did not sell significant equity during the reporting period[99] Analysis of Major Holding and Participating Companies The company's main subsidiaries, including Baoteng Interconnect, Leshan Baoteng, and Shenzhen Sumo, primarily engage in IDC hosting and online gaming, all reporting net losses for the period 2025 Semi-Annual Major Subsidiary Financial Data | Company Name | Company Type | Main Business | Registered Capital (Yuan) | Total Assets (Yuan) | Net Assets (Yuan) | Operating Revenue (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Baoteng Interconnect | Subsidiary | IDC Hosting and Value-Added Services | 80,000,000.00 | 418,736,272.09 | 187,503,029.74 | 60,952,185.58 | -9,913,772.15 | | Leshan Baoteng | Subsidiary | IDC Hosting and Value-Added Services | 90,000,000.00 | 86,225,644.45 | 43,941,569.34 | 2,815,284.89 | -8,397,138.86 | | Shenzhen Sumo | Subsidiary | Online Gaming | 10,000,000.00 | 34,256,800.30 | 25,600,490.93 | 3,591,287.62 | -3,689,424.88 | - The company had no acquisitions or disposals of subsidiaries during the reporting period[100] Information on Structured Entities Controlled by the Company The company did not control any structured entities during the reporting period - The company had no controlled structured entities during the reporting period[101] Risks Faced by the Company and Countermeasures The company faces multiple risks across its cloud computing, gaming, and cultural tourism segments, including policy changes, market competition, talent loss, and safety, addressed by comprehensive mitigation strategies 1. Cloud Computing Business The cloud computing business faces risks from changing regulatory policies, intensifying market competition, potential loss of key personnel, and rapid technological updates - The cloud computing business faces risks from changes in industry regulatory policies such as "dual control of energy consumption"[101] - Intensified market competition leads to a decline in overall gross margin for the IDC industry, and the increased power density requirements for AI intelligent computing business pose renovation cost risks[102] - The company faces the risk of losing core management and technical talent[103][104] - The information technology industry is developing rapidly, and the company faces the risk of technological updates and iterations[105] 2. Gaming Business The gaming business is exposed to industry and policy risks, fierce market competition, and the potential loss of core personnel - The online gaming industry is regulated by cultural and press and publication departments, posing risks of non-approval and inability to launch games[106] - The gaming market is highly competitive, players demand high-quality games, and new game development entails high trial-and-error costs[107] - The company faces the risk of losing core talent in game R&D, operations, and management[108] 3. Cultural Tourism Business The cultural tourism business is vulnerable to natural disasters, adverse weather conditions, and significant safety incidents related to tourism attractions and special equipment operations - The tourism industry is highly sensitive to natural disasters, weather, and other factors, which may lead to a reduction in visitor numbers[109] - The tourism industry requires high safety standards, posing risks of major personal safety accidents and special equipment operational safety[110] 4. Other Risks The company may face litigation risks, potentially leading to cash flow constraints - The company may face litigation risks, which could lead to cash flow constraints[111] 5. Countermeasures The company actively manages risks by establishing dynamic policy monitoring, green data center upgrades, business optimization, talent development, safety management, and financing expansion - The company is committed to establishing a dynamic policy monitoring system and a long-term compliance management mechanism, and green upgrading data centers to meet energy-saving and emission reduction requirements[112] - The company actively adapts to market demand changes, optimizes cloud computing services and game products, expands market share, reduces operating costs, and enhances user experience[112] - The company continuously improves its management system, strengthens talent acquisition, training, and retention to address talent loss risks[113] - The company builds a safety management system covering the entire lifecycle of equipment, regularly maintains special equipment, and strengthens visitor safety education[115] - The company utilizes legal tools to protect legitimate rights and interests, maintains communication with financial institutions, expands financing channels, and increases cash reserves[115] Registration Form for Investor Relations Activities During the Reporting Period On May 22, 2025, the company hosted an online investor event to discuss its 2024 annual and Q1 2025 performance and business outlook - On May 22, 2025, the company hosted an online investor event via the Value Online platform to discuss its 2024 annual and Q1 2025 performance and business outlook[116] Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan The company did not formulate a market value management system or disclose a valuation enhancement plan during the reporting period - The company did not formulate a market value management system[117] - The company did not disclose a valuation enhancement plan[117] Implementation of "Dual Improvement in Quality and Returns" Action Plan The company did not disclose an announcement regarding the "Dual Improvement in Quality and Returns" action plan during the reporting period - The company did not disclose an announcement regarding the "Dual Improvement in Quality and Returns" action plan[117] Corporate Governance, Environment, and Society This section covers changes in the company's directors, supervisors, and senior management, profit distribution, equity incentive plans, and environmental and social responsibility disclosures Changes in Directors, Supervisors, and Senior Management During the reporting period, there were changes in the company's senior management and employee representative supervisors, with new appointments and resignations 2025 Semi-Annual Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Gao Guozhou | Deputy General Manager, Board Secretary | Resignation | 2025年05月30日 | Job Transfer | | Dong Chizhen | Deputy General Manager | Resignation | 2025年05月30日 | Personal Reasons | | Zhang Yunqin | Board Secretary | Appointment | 2025年06月03日 | Job Transfer | | Lin Dezhi | Employee Representative Supervisor | Resignation | 2025年06月05日 | Resigned by Mutual Agreement | | Pan Xiaolong | Employee Representative Supervisor | Appointment | 2025年06月05日 | Job Transfer | Profit Distribution and Capital Reserve Conversion to Share Capital in the Current Reporting Period The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[120] Implementation of Company's Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures The company's 2021 stock option incentive plan's third exercise period was not achieved due to unmet performance targets, resulting in the cancellation of 2,076,000 stock options, and no other employee incentive measures were in place - The company's 2021 stock option incentive plan's third exercise period was not achieved due to unmet operating revenue performance targets for 2024[121] - 2,076,000 stock options were cancelled, and the incentive plan has been fully implemented[121] - The company had no employee stock ownership plans or other employee incentive measures during the reporting period[122] Environmental Information Disclosure The listed company and its major subsidiaries were not included in the list of enterprises required to disclose environmental information by law - The listed company and its major subsidiaries were not included in the list of enterprises required to disclose environmental information by law[123] Social Responsibility The company did not disclose any social responsibility information during the reporting period - The company did not disclose any social responsibility information during the reporting period[123] Significant Matters This section details the fulfillment of commitments, related party transactions, litigation, penalties, and other significant events during the reporting period Fulfillment of Commitments by Actual Controllers, Shareholders, Related Parties, Acquirers, and the Company During the Reporting Period and Overdue Unfulfilled Commitments as of the End of the Reporting Period The actual controllers, Li Ruijie and Li Yilun, fulfilled their equity incentive commitments related to the 2021 stock option incentive plan on time - Li Ruijie and Li Yilun's equity incentive commitments regarding the 2021 stock option incentive plan were fulfilled on time[125] - Commitments included exercise conditions of not less than 20%, 30%, and 40% growth rates for operating revenue and net profit for 2022-2024, and cumulative actual exercised shares not exceeding 2 million shares respectively[125] Non-Operating Fund Occupation by Controlling Shareholders and Other Related Parties The company reported no non-operating fund occupation by controlling shareholders or other related parties during the reporting period - The company reported no non-operating fund occupation by controlling shareholders or other related parties during the reporting period[126] Irregular External Guarantees The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[127] Appointment and Dismissal of Accounting Firms The company's semi-annual financial report was unaudited - The company's semi-annual report was unaudited[128] Explanation by the Board of Directors, Supervisory Board, and Audit Committee on the Accounting Firm's "Non-Standard Audit Report" for the Current Reporting Period The company had no non-standard audit report during the reporting period, rendering this section inapplicable - Not applicable[129] Explanation by the Board of Directors on the "Non-Standard Audit Report" for the Previous Year The company had no non-standard audit report during the reporting period, rendering this section inapplicable - Not applicable[129] 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[129] Litigation Matters The company had no major litigation or arbitration matters but was involved in several other cases, including investor securities misrepresentation, labor disputes, and contract disputes, most of which are ongoing or awaiting execution - The company had no major litigation or arbitration matters during the current reporting period[130] 2025 Semi-Annual Other Litigation and Arbitration Matters | Basic Information of Litigation (Arbitration) | Amount Involved (Ten Thousand Yuan) | Litigation (Arbitration) Progress | Litigation (Arbitration) Outcome and Impact | | :--- | :--- | :--- | :--- | | Securities Misrepresentation Liability Dispute involving 133 Investors | 659.32 | First Instance | Undecided | | Labor Dispute Arbitration with a Natural Person | 3.29 | Arbitration | Arbitration award supported applicant's claim for a total of 9,755 yuan | | Construction Project Contract Dispute Arbitration with Taiji Computer | 1,390.79 | Arbitration | Undecided | | Company's Litigation Regarding Shenzhen Huihai Yirong Equity Repurchase Dispute | 1,900 | First Instance | Undecided | | Company's Litigation Regarding Zhejiang China Textile City Computer Software Development Contract Dispute | 942.37 | First Instance | Undecided | | Chengdu Baoteng Interconnect's Litigation Regarding Guangzhou Jiajie Product Liability Dispute | 51.66 | Closed | Closed | Penalties and Rectification The company and several individuals received administrative penalties from the China Securities Regulatory Commission for information disclosure violations, including false statements in annual reports and delayed disclosure of the actual controller's criminal coercive measures, with subsequent accounting corrections and rectifications 2025 Semi-Annual Penalties | Name | Type | Reason | Investigation and Penalty Type | Conclusion (if any) | | :--- | :--- | :--- | :--- | :--- | | Shenzhen ZQGame Interactive Network Co., Ltd. | Other | Information Disclosure Violations | Investigated or Administratively Penalized by China Securities Regulatory Commission | Warning, and fined 4 million yuan (false statements); Warning, and fined 1 million yuan (failure to timely disclose actual controller's criminal coercive measures and organizing/instigating information disclosure violations) | | Li Ruijie | Actual Controller | Information Disclosure Violations | Investigated or Administratively Penalized by China Securities Regulatory Commission | Warning, and fined 2 million yuan (false statements); fined 1.5 million yuan (organizing/instigating information disclosure violations) | | Zhang Yunxia | Actual Controller | Information Disclosure Violations | Investigated or Administratively Penalized by China Securities Regulatory Commission | Fined 2 million yuan (organizing/instigating information disclosure violations) | | Li Yilun | Director | Information Disclosure Violations | Investigated or Administratively Penalized by China Securities Regulatory Commission | Warning, and fined 1 million yuan (false statements); Warning, and fined 0.5 million yuan (failure to timely disclose actual controller's criminal coercive measures and organizing/instigating information disclosure violations) | | Zhang Chao | Other | Information Disclosure Violations | Investigated or Administratively Penalized by China Securities Regulatory Commission | Warning, and fined 2 million yuan | | Zhang Siqun | Other | Information Disclosure Violations | Investigated or Administratively Penalized by China Securities Regulatory Commission | Warning, and fined 0.5 million yuan | | Gao Guozhou | Other | Information Disclosure Violations | Investigated or Administratively Penalized by China Securities Regulatory Commission | Warning, and fined 0.2 million yuan | - The company has retrospectively adjusted its 2019-2021 financial statements and implemented rectification measures for the failure to timely disclose the actual controller's criminal coercive measures[134] Integrity Status of the Company, its Controlling Shareholders, and Actual Controllers The company reported no integrity issues requiring disclosure during the reporting period - Not applicable[135] Significant Related Party Transactions The company engaged in daily operational related party transactions totaling 8.0287 million yuan, including property leases and service procurement, and acquired a 10% equity stake in a related party for 1 yuan 2025 Semi-Annual Related Party Transactions Related to Daily Operations | Related Party | Related Transaction Content | Transaction Amount (Ten Thousand Yuan) | Proportion of Similar Transactions | | :--- | :--- | :--- | :--- | | Baode Holdings | Property Lease Out | 168.61 | 100.00% | | Baode Technology | Property Lease In | 463.31 | 40.08% | | Leshan Baode | Property Lease In | 36.70 | 3.17% | | Leshan Baoyun | Property Lease In | 110.09 | 9.52% | | Leshan Baode Future City Science Park Management Co., Ltd. | Property Lease In | 19.80 | 1.71% | | Beijing Baode Ziqiang | Purchase of Servers, Computers, and Accessories | 4.20 | 8.86% | | Guizhou Jinsha Gujiu Winery | Provision of Technology Development, Platform Services | 0.16 | 2.47% | | Total | | 802.87 | | - The company acquired a 10% equity stake in Shenzhen ZQGame Data Services Co., Ltd. from Shenzhen Qianhai Pengde Mobile Internet Venture Capital Fund (Limited Partnership) for 1 yuan[137] - The company reported no related party transactions involving joint external investments, non-operating related party receivables/payables, dealings with related financial companies, or other significant related party transactions during the reporting period[139][140][141][142][143] Significant Contracts and Their Performance The company had no entrustment, contracting, or leasing matters, but provided significant guarantees for subsidiaries totaling 86 million yuan, representing 22.59% of net assets, and a computing power service contract is being performed normally - The company reported no entrustment, contracting, or leasing situations during the reporting period[144][145][146] 2025 Semi-Annual Company Guarantees for Subsidiaries | Guaranteed Party Name | Guaranteed Amount (Ten Thousand Yuan) | Actual Guaranteed Amount (Ten Thousand Yuan) | Guarantee Type | Guarantee Period | Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | | Chengdu Baoteng | 8,200 | 2,460 | Joint and Several Liability Guarantee | Three years from the expiration date of the debt performance period | No | | Chengdu Baoteng | 8,200 | 4,772.8 | Joint and Several Liability Guarantee | Three years from the expiration date of the debt performance period | No | | Chengdu Baoteng | 8,200 | 367.2 | Joint and Several Liability Guarantee | Three years from the expiration date of the debt performance period | No | | Shenzhen Baoteng Interconnect | 6,000 | 1,000 | Joint and Several Liability Guarantee | Three years from the expiration date of the debt performance period | No | | Total Approved Guarantee Amount for Subsidiaries at Period End | 14,200 | | | | | | Total Actual Guarantee Balance for Subsidiaries at Period End | 8,600 | | | | | | Proportion of Total Actual Guarantee Amount to Company's Net Assets | | 22.59% | | | | - The "Computing Power Resource Service Contract" signed by the company with China Unicom Shenzhen Branch on December 11, 2024, is being performed normally[150] - The company reported no other significant contracts during the reporting period[151] Explanation of Other Significant Matters The company reported no other significant matters requiring explanation during the reporting period - The company reported no other significant matters requiring explanation during the reporting period[152] Significant Matters of Company Subsidiaries The company reported no significant matters concerning its subsidiaries during the reporting period - Not applicable[153] Share Changes and Shareholder Information This section details changes in the company's share capital, shareholder numbers, and holdings, as well as information on directors, supervisors, and senior management shareholdings Share Change Status The company's total share capital remained unchanged, but restricted shares decreased by 2,500 and unrestricted shares increased by 2,500, primarily due to changes in senior management's locked-up shares 2025 Semi-Annual Share Change Status | Share Class | Quantity Before Change (Shares) | Increase/Decrease in This Change (＋，－) (Shares) | Quantity After Change (Shares) | | :--- | :--- | :--- | :--- | | I. Restricted Shares | 10,000 | -2,500 | 7,500 | | Of which: Shares held by domestic natural persons | 10,000 | -2,500 | 7,500 | | II. Unrestricted Shares | 261,848,710 | 2,500 | 261,851,210 | | Of which: RMB Ordinary Shares | 261,848,710 | 2,500 | 261,851,210 | | III. Total Shares | 261,858,710 | 0 | 261,858,710 | - The reason for share changes was the change in the company's senior management's locked-up shares[157] 2025 Semi-Annual Restricted Share Change Status | Shareholder Name | Restricted Shares at Beginning of Period (Shares) | Restricted Shares Released in Current Period (Shares) | Restricted Shares Increased in Current Period (Shares) | Restricted Shares at End of Period (Shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | | Zhang Chao | 10,000 | 2,500 | 0 | 7,500 | Senior Management Locked-up Shares | Securities Issuance and Listing The company had no securities issuance or listing activities during the reporting period - Not applicable[159] Company Shareholder Numbers and Shareholding Status As of the reporting period end, the company had 40,468 ordinary shareholders, with Shenzhen Baode Technology and Shenzhen Baode Investment Holdings as the top two, both controlled by Li Ruijie and Zhang Yunxia - Total number of ordinary shareholders at the end of the reporting period: 40,468[160] 2025 Semi-Annual Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Proportion | Number of Shares Held at End of Reporting Period (Shares) | Number of Unrestricted Shares Held (Shares) | Pledge, Mark, or Freeze Status | | :--- | :--- | :--- | :--- | :--- | :--- | | Shenzhen Baode Technology Co., Ltd. | Domestic Non-State-Owned Legal Person | 9.51% | 24,903,400 | 24,903,400 | Pledged 24,903,400 shares | | Shenzhen Baode Investment Holdings Co., Ltd. | Domestic Non-State-Owned Legal Person | 7.31% | 19,141,478 | 19,141,478 | Pledged 19,000,000 shares | | Xu Guoxin | Domestic Natural Person | 2.71% | 7,098,813 | 7,098,813 | Not applicable | | Luo Li | Domestic Natural Person | 1.21% | 3,163,598 | 3,163,598 | Not applicable | | Zhao Zhangcai | Domestic Natural Person | 1.06% | 2,769,003 | 2,769,003 | Not applicable | | Xu Jiacheng | Domestic Natural Person | 0.97% | 2,529,200 | 2,529,200 | Not applicable | | BARCLAYS BANK PLC | Overseas Legal Person | 0.94% | 2,466,087 | 2,466,087 | Not applicable | | Xu Gangsheng | Domestic Natural Person | 0.85% | 2,237,600 | 2,237,600 | Not applicable | | Goldman Sachs International - Proprietary Funds | Overseas Legal Person | 0.75% | 1,959,025 | 1,959,025 | Not applicable | | UBS AG | Overseas Legal Person | 0.61% | 1,591,445 | 1,591,445 | Not applicable | - The actual controllers of Shenzhen Baode Investment Holdings Co., Ltd. and Shenzhen Baode Technology Co., Ltd. are Li Ruijie and Zhang Yunxia, a married couple[161] Shareholding Changes of Directors, Supervisors, and Senior Management The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period - The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period[163] 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[164] - The company's actual controller remained unchanged during the reporting period[164] Preferred Share Information The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[165] Bond-Related Information This section provides information regarding the company's bonds Bond-Related Information The company had no bond-related information during the reporting period - Not applicable[167] Financial Report This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and notes on significant accounting policies Audit Report The company's semi-annual financial report was unaudited - The company's semi-annual financial report was unaudited[169] Financial Statements This section provides the company's 2025 semi-annual consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity Consolidated Balance Sheet Key Data as of June 30, 2025 | Item | Balance at Period End (Yuan) | | :--- | :--- | | Total Assets | 815,989,936.30 | | Total Liabilities | 453,325,164.00 | | Total Owners' Equity | 362,664,772.30 | Consolidated Income Statement Key Data for 2025 Semi-Annual Period | Item | 2025 Semi-Annual Period (Yuan) | | :--- | :--- | | Total Operating Revenue | 97,946,418.30 | | Net Profit Attributable to Parent Company Shareholders | -24,645,817.53 | | Basic Earnings Per Share (Yuan/share) | -0.09 | Consolidated Cash Flow Statement Key Data for 2025 Semi-Annual Period | Item | 2025 Semi-Annual Period (Yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | 10,946,924.01 | | Net Cash Flow from Investing Activities | -1,851,500.77 | | Net Cash Flow from Financing Activities | -1,101,965.20 | | Net Increase in Cash and Cash Equivalents | 7,983,783.04 | Company Basic Information The company was listed on the Shenzhen Stock Exchange on February 11, 2010, with stock code 300052, primarily engaged in online game development and operations, and ultimately controlled by Li Ruijie and Zhang Yunxia - The company was listed on the Shenzhen Stock Exchange ChiNext Board on February 11, 2010, stock code 300052[204] - As of June 30, 2025, the company's total share capital and registered capital were both 261,858,710.00 yuan[204] - The company belongs to the online gaming industry, with its main products or services being the development and operation of online games[205] - As of June 30, 2025, the company's ultimate controlling parties are Li Ruijie and Zhang Yunxia, a married couple[206] Basis of Financial Statement Preparation The company's financial statements are prepared on a going concern basis in accordance with the Accounting Standards for Business Enterprises and relevant regulations, with no significant matters affecting its going concern ability - The company's financial statements are prepared on a going concern basis, in accordance with the Accounting Standards for Business Enterprises and relevant regulations[208] - The company possesses the ability to continue as a going concern for at least 12 months from the end of the reporting period, with no significant matters affecting this ability[209] Significant Accounting Policies and Accounting Estimates This section details the company's significant accounting policies and estimates for financial statement preparation, covering various items from accounting standards to revenue recognition, with no changes during the reporting period - The company's financial statements comply with the requirements of the Accounting Standards for Business Enterprises, truthfully and completely reflecting its financial position, operating results, and cash flows[212] - The company uses RMB as its bookkeeping base currency; US ZQGame uses USD as its bookkeeping base currency, and its financial statements have been converted to RMB for reporting purposes[214][215] - The company defines individual accounts receivable balances exceeding 10% of the total accounts receivable as individually significant, and individual construction in progress projects exceeding 10% of the total construction in progress as significant[216] - For expected credit losses on accounts receivable and other receivables, the company uses an aging portfolio approach, with different expected credit loss rates for various aging periods[253][255][258][259] - The company's intangible assets include system software, development tools, game products, operating tools, office software, etc., with finite-lived intangible assets amortized using the straight-line method[279][281] - The company's revenue primarily includes online game revenue (including advertising agency revenue), cloud computing revenue, labor service revenue, and asset use right transfer revenue, with detailed principles and methods for recognizing each type[301][305][312] - The company reported no significant changes in accounting policies or accounting estimates during the reporting period[333] Taxation The company's main taxes include VAT, urban maintenance and construction tax, education surcharges, property tax, and corporate income tax, with some entities enjoying preferential high-tech enterprise tax rates and overseas subsidiaries benefiting from local tax policies 2025 Semi-Annual Major Tax Categories and Rates | Tax Category | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Sales Revenue | 13%, 3%, 1% | | Value-Added Tax (VAT) | Modern Service Industry Revenue | 9%, 6%, 5%, 3%, 1% | | Urban Maintenance and Construction Tax | Actual Paid Turnover Tax Amount | 7%, 5% | | Education Surcharge | Actual Paid Turnover Tax Amount | 3% | | Local Education Surcharge | Actual Paid Turnover Tax Amount | 2% | | Property Tax | For self-occupied properties, 70% of the original value of the property is the tax base; for leased properties, rental income is the tax base | 1.2%; 12% | 2025 Semi-Annual Corporate Income Tax Rates for Taxable Entities | Taxable Entity Name | Income Tax Rate | | :--- | :--- | | The Company | 15% | | Shenzhen Baoteng Interconnect | 15% | | Shenzhen Big | 15% | | Other Companies | 25% | - The company and its wholly-owned subsidiaries Shenzhen Baoteng Interconnect and Shenzhen Big obtained high-tech enterprise qualifications, enjoying a 15% preferential corporate income tax rate for 2025[336] - CU PLAY (registered in British Virgin Islands, Cayman Islands) is exempt from corporate income tax[337] - Hong Kong ZQGame and Chaser are taxed based on profit source, paying 16.5% profits tax for profits sourced from Hong Kong, and exempt otherwise[337][339] Notes to Consolidated Financial Statement Items This section provides detailed notes on the consolidated financial statement items, including monetary funds, accounts receivable, construction in progress, goodwill, operating revenue, operating costs, and net profit attributable to parent company shareholders Consolidated Financial Statement Key Items Balances as of June 30, 2025 | Item | Balance at Period End (Yuan) | | :--- | :--- | | Monetary Funds | 34,920,588.28 | | Accounts Receivable | 39,900,166.31 | | Other Receivables | 7,026,572.70 | | Inventories | 5,209,295.88 | | Other Equity Instrument Investments | 212,153,280.46 | | Fixed Assets | 247,872,168.10 | | Construction in Progress | 0 | | Intangible Assets | 15,429,064.68 | | Goodwill | 0 (Fully impaired) | | Short-Term Borrowings | 12,787,718.24 | | Accounts Payable | 57,492,922.33 | | Contract Liabilities | 53,348,422.79 | | Share Capital | 261,858,710.00 | | Capital Reserve | 375,755,303.26 | | Retained Earnings | -230,571,493.12 | - Of the monetary funds at period end, 12,820,104.54 yuan are restricted in use[341] - The balance of construction in progress at period end was 0, primarily due to the completion and transfer out of computing power servers and supporting equipment adaptation[400][402][84] - The original book value of goodwill at period end was 77,616,588.85 yuan, which has been fully impaired[412][414] 2025 Semi-Annual Consolidated Income Statement Key Items | Item | Amount for Current Period (Yuan) | Amount for Prior Period (Yuan) | | :--- | :--- | :--- | | Operating Revenue | 97,946,418.30 | 121,209,411.88 | | Operating Cost | 69,807,913.52 | 95,000,045.99 | | R&D Expenses | 12,235,175.98 | 17,642,858.97 | | Financial Expenses | 6,138,760.21 | 4,815,553.23 | | Net Profit Attributable to Owners of the Parent Company | -24,645,817.53 | -25,008,489.30 | R&D Expenses The company's total R&D expenses for the 2025 semi-annual period amounted to 12,235,175.98 yuan, all of which were expensed, primarily consisting of employee compensation 2025 Semi-Annual R&D Expense Composition | Item | Amount for Current Period (Yuan) | | :--- | :--- | | Employee Compensation | 10,725,722.25 | | Property Lease Expenses | 148,994.86 | | Depreciation and Amortization Expenses | 750,883.43 | | Other | 609,575.44 | | Total | 12,235,175.98 | | Of which: Expensed R&D Expenses | 12,235,175.98 | Changes in Consolidation Scope The company reported no changes in its consolidation scope during the reporting period - Not applicable[532] Interests in Other Entities The company holds interests in 31 subsidiaries engaged in various businesses and acquired a 10% equity stake in Shenzhen ZQGame Data Services for 1 yuan, increasing capital reserve by 563,344.21 yuan, and also holds investments in associates - The company owns 31 subsidiaries, with business natures covering online games, advertising, investment, and cloud computing services[534][536] - The company acquired a 10% equity stake in Shenzhen ZQGame Data Services Co., Ltd. for 1 yuan, making it a wholly-owned subsidiary and resulting in an increase of 563,344.21 yuan in capital reserve[537][538] 2025 Semi-Annual Summary Financial Information of Insignificant Joint Ventures and Associates | Item | Balance at Period End/Amount for Current Period (Yuan) | | :--- | :--- | | Total Book Value of Investments in Associates | 3,045,175.66 | | Net Profit of Associates | 146,143.75 | | Total Comprehensive Income of Associates | 146,143.75 | Government Grants The company recognized government grants totaling 230,032.47 yuan as other income during the reporting period, with no outstanding receivables or liabilities related to government grants - Government grants totaling 230,032.47 yuan were recognized in current profit or loss and recorded as other income[542] - As of the end of the reporting period, there were no government grants recognized as receivables or any liabilities related to government grants[541] Risks Related to Financial Instruments The company's financial instruments, including borrowings and receivables/payables, expose it to market, credit, and liquidity risks, which are managed through credit limits, bad debt provisions, cash flow monitoring, and financing negotiations - The company's main financial instruments include borrowings, receivables, and payables, exposing it to market risks (exchange rate risk, price risk), credit risk, and liquidity risk[543][545][548][549][553] 2025 Semi-Annual Foreign Currency Monetary Items Balances as of June 30 | Item | Balance at Period End (Yuan) | | :--- | :--- | | Monetary Funds - USD | 421,800.68 | | Monetary Funds - HKD | 161,057.78 | | Accounts Receivable - USD | 15,530,947.29 | | Accounts Receivable - HKD | 11,637.26 | | Other Receivables - USD | 6,804,783.90 | | Other Payables - USD | 93,532.41 | | Accounts Payable - USD | 53,693.44 | 2025 Semi-Annual Impact of Exchange Rate Changes on Net Profit and Shareholders' Equity | Item | Exchange Rate Change | Impact on Net Profit (Yuan) | Impact on Shareholders' Equity (Yuan) | | :--- | :--- | :--- | :--- | | USD | Appreciation of 5% against RMB | 1,130,515.30 | 1,130,515.30 | | USD | Depreciation of 5% against RMB | -1,130,515.30 | -1,130,515.30 | | HKD | Appreciation of 5% against RMB | 8,634.75 | 8,634.75 | | HKD | Depreciation of 5% against RMB | -8,634.75 | -8,634.75 | 2025 Semi-Annual Impact of Interest Rate Changes on Net Profit and Shareholders' Equity | Item | Interest Rate Change | Impact on Net Profit (Yuan) | Impact on Shareholders' Equity (Yuan) | | :--- | :--- | :--- | :--- | | Floating Rate Borrowings | Increase by 1% | -94,000.00 | -94,000.00 | | Floating Rate Borrowings | Decrease by 1% | 94,000.00 | 94,000.00 | Fair Value Disclosure The company's total assets measured at fair value on a recurring basis amounted to 218,486,180.46 yuan, primarily other equity instrument investments and other non-current financial assets, all measured using Level 3 fair value and valuation techniques like perpetual growth models 2025 Semi-Annual Assets and Liabilities Measured at Fair Value as of June 30 | Item | Fair Value at Period End (Yuan) | | :--- | :--- | | I. Recurring Fair Value Measurements | | | (I) Non-Current Financial Assets | 6,332,900.00 | | 1. Financial assets designated at fair value through profit or loss | 6,332,900.00 | | (1) Equity instrument investments | 6,332,900.00 | | (II) Other Equity Instrument Investments | 212,153,280.46 | | Total assets measured at fair value on a recurring basis | 218,486,180.46 | - Equity instrument investments and other equity instrument investments are valued using a perpetual growth model or based on audit/appraisal reports combined with the company's investment cost[563] Related Parties and Related Party Transactions The company's ultimate controllers are Li Ruijie and Zhang Yunxia, with significant daily operational related party transactions, including property leases and service procurement, and an acquisition of a 10% equity stake in a related party for 1 yuan - The company's controlling shareholders are Shenzhen Baode Investment Holdings Co., Ltd. and **Shenzhen Ba