银信科技(300231) - 2025 Q2 - 季度财报

Part I Important Notes, Table of Contents, and Definitions This section provides crucial disclaimers, the report's table of contents, and definitions of key terms used throughout the document Important Notes The Board of Directors, Supervisory Board, and senior management guarantee the accuracy and completeness of the semi-annual report, assuming legal responsibility - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, with no false records, misleading statements, or major omissions, and assume individual and joint legal responsibility[3] - Company head Lin Jingying, chief accountant Zhu Guohui, and head of accounting department Li Zhihui declare that the financial report in this semi-annual report is true, accurate, and complete[3] Risk Factors The company faces risks from intensified market competition, rapid technological updates, and potential loss of core talent - Market competition risk: As an IT operation and maintenance service provider for data centers, the company faces increasing new entrants and stronger competitors, which could diminish its market position without continuous improvement in professional technology and brand influence[4] - Technology risk: IT operation and maintenance services involve rapidly updating equipment and technology; failure to continuously innovate and update product technology may weaken the company's competitive advantage and lead to customer loss[5][6] - Talent competition risk: Intensified industry competition may lead to the loss of core R&D and management personnel, despite the company's measures such as compensation, promotion, and equity incentives[7] Profit Distribution Plan The company plans no cash dividends, bonus shares, or capital reserve conversions for this semi-annual period - The company plans not to distribute cash dividends, not to issue bonus shares, and not to convert capital reserves into share capital[8] Reference Documents Catalog The catalog includes financial statements signed by key personnel, all publicly disclosed company documents, and the original semi-annual report - Reference documents include financial statements signed and sealed by the company's legal representative, chief accountant, and head of the accounting department[12] - Reference documents also include the originals of all company documents and announcements publicly disclosed on the website designated by the China Securities Regulatory Commission during the reporting period[13] Definitions This section defines common terms, including company details, regulatory bodies, financial units, and technical concepts like IT, data centers, and AI computing - Definitions cover basic information such as the company and its related parties, regulatory bodies, stock types, accounting firms, and currency units[17] - Professional terms include IT, IT infrastructure, IT infrastructure services, third-party IT infrastructure services, professional third-party service providers, data centers, IT operation and maintenance management, intelligent operation and maintenance (AIOps), IaaS, PaaS, SaaS, open source, computing power, and intelligent computing centers[17][18] Part II Company Profile and Key Financial Indicators This section provides an overview of the company's basic information, contact details, registration changes, and key financial performance metrics Company Basic Information The company, listed on the Shenzhen Stock Exchange under stock code 300231, is named Beijing Trustfar Technology Co., Ltd., with Lin Jingying as its legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Trustfar Technology | | Stock Code | 300231 | | Stock Exchange | Shenzhen Stock Exchange | | Chinese Name | Beijing Trustfar Technology Co., Ltd. | | Legal Representative | Lin Jingying | Contact Information and Information Disclosure The company's contact details for the Board Secretary and Securities Affairs Representative remain unchanged, located in Beijing Company Contact Person Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Zhu Guohui | 8th Floor, Beijing Anhua Development Building, No. 35 Anding Road, Chaoyang District, Beijing | 010-82629666 | 010-82621118 | public@trustfar.cn | | Securities Affairs Representative | Wang Rong | 8th Floor, Beijing Anhua Development Building, No. 35 Anding Road, Chaoyang District, Beijing | 010-82629666 | 010-82621118 | public@trustfar.cn | - The company's registered address, office address, website, email, information disclosure, and document storage locations remained unchanged during the reporting period, as detailed in the 2024 Annual Report[22][23] Registration Changes The company's registered capital increased due to convertible bond conversions, with industrial and commercial registration completed - The company convened the 10th meeting of the Fifth Board of Directors on April 22, 2025, and the 2024 Annual General Meeting on May 15, 2025, to approve the "Proposal on Changing the Company's Registered Capital and Amending the Articles of Association"[25] - As of March 31, 2025, the company's total share capital increased from 419,015,055 shares to 444,267,334 shares, and the corresponding registered capital increased from 419,015,055 yuan to 444,267,334 yuan[25] - The company has completed the industrial and commercial change registration procedures and obtained a new business license in May 2025[25] Key Accounting Data and Financial Indicators In the first half of 2025, the company reported a 7.36% increase in operating revenue and a 20.89% rise in net profit attributable to shareholders Key Accounting Data and Financial Indicators for H1 2025 (Year-on-Year) | Indicator | Current Reporting Period (Yuan) | Prior Year Period (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 838,245,496.84 | 780,759,294.22 | 7.36% | | Net Profit Attributable to Shareholders of Listed Company | 48,907,291.82 | 40,456,817.35 | 20.89% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | 48,248,979.44 | 43,170,183.40 | 11.76% | | Net Cash Flow from Operating Activities | -53,738,822.94 | -199,769,875.60 | 73.10% | | Basic Earnings Per Share (Yuan/Share) | 0.1101 | 0.0966 | 13.98% | | Diluted Earnings Per Share (Yuan/Share) | 0.1101 | 0.0966 | 13.98% | | Weighted Average Return on Net Assets | 2.95% | 2.48% | 0.47% | Key Accounting Data and Financial Indicators as of H1 2025 End (Compared to Prior Year End) | Indicator | End of Current Reporting Period (Yuan) | End of Prior Year (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 2,413,791,033.24 | 2,779,914,354.12 | -13.17% | | Net Assets Attributable to Shareholders of Listed Company | 1,636,507,090.56 | 1,631,569,802.27 | 0.30% | - The company's share capital changed due to convertible bond conversions from the end of the reporting period to the disclosure date of the semi-annual report, affecting the amount of owners' equity[26] Non-Recurring Gains and Losses Items and Amounts Non-recurring gains and losses totaled 658,312.38 yuan in H1 2025, primarily from non-current asset disposal and government grants Non-Recurring Gains and Losses Items and Amounts for H1 2025 | Item | Amount (Yuan) | | :--- | :--- | | Gains/Losses from disposal of non-current assets | 216,814.16 | | Government grants recognized in current profit or loss (excluding those closely related to normal business operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on the company's profit or loss) | 84,935.23 | | Gains/Losses from entrusted investments or asset management | 308,964.19 | | Other non-operating income and expenses apart from the above | -95,265.39 | | Other items meeting the definition of non-recurring gains and losses | 259,036.96 | | Less: Income tax impact | 116,172.77 | | Total | 658,312.38 | - "Other items meeting the definition of non-recurring gains and losses" primarily refers to individual income tax handling fee refunds[30] Part III Management Discussion and Analysis This section analyzes the company's main business operations, core competencies, financial performance, investment activities, and risk management strategies Company's Main Business Operations During the Reporting Period The company is a professional IT infrastructure third-party service provider, expanding into computing power services and focusing on financial technology and intelligent computing Company's Main Business Operations The company provides one-stop IT overall solutions for data center IT infrastructure, covering hardware and system software lifecycle services - The company's main business is to provide one-stop IT overall solutions for data center IT infrastructure, acting as a professional third-party IT infrastructure service provider[32] - Service scope includes hardware equipment such as servers, storage, and networks, as well as system software like operating systems, database systems, middleware systems, and backup systems[32] Company's Main Products, Business Applications, and Operating Models Business models include IT infrastructure O&M, system integration, software development, and new computing power services for intelligent computing centers - IT infrastructure operation and maintenance services: Ensuring stable, secure, and efficient operation of customer data centers, including system optimization, fault analysis, data management, and information security, transitioning towards unified, visualized, and proactive management[33] - System integration services: Providing consulting, planning, design, product selection, hardware and software supply, installation, debugging, modification, upgrade, and after-sales services related to IT infrastructure system construction[34] - Software development and sales: Primarily intelligent operation and maintenance and other IT infrastructure service-related software, generating revenue by providing solutions for intelligent operation and maintenance, data processing, and business visualization[35][36] - Computing power services: Providing comprehensive technical services for customer intelligent computing centers, including computing power infrastructure construction, system integration and deployment, security management, project management, and post-maintenance support, generating revenue through sales of computing power servers and related software, and providing computing power resource leasing and operation and maintenance services[37] Analysis of Company's Market Position and Key Drivers for Performance Growth The company maintains a strong market position in finance, driven by brand recognition, customer resources, and strategic expansion into intelligent computing and global markets - Focusing on financial technology transformation: The company has deeply cultivated the financial industry, primarily banks, for many years, establishing a high brand reputation and customer resource moat through quality services and software products, earning recognition such as inclusion in the "2025 Top 100 Future Bank Technology Service Providers" list[38][39][40] - Actively deploying in the intelligent computing field: Responding to national information development reports, the company views artificial intelligence as a new productive force, leveraging its technological accumulation and customer resources to comprehensively deepen its business layout, extending from traditional data center IT infrastructure services to intelligent computing center computing power infrastructure services, creating a second growth curve[41][42] - The company plans to establish a subsidiary in Hong Kong to leverage its status as an international financial center, build an overseas financial technology service platform, and accelerate its global layout[38] Analysis of Core Competencies Core competencies include continuous R&D and innovation, comprehensive professional qualifications, strategic ecosystem partnerships, digital transformation, and talent development - Adhering to core technology R&D and innovation: The company focuses on a "technology leadership" strategy, strengthening IT operation and maintenance service product lines (IaaS, PaaS, SaaS), extending technology lines (distributed architecture, cloud management), achieving a shift from "passive operation and maintenance" to "proactive management," and has accumulated 20 patents and 310 software copyrights[43] - Professional capabilities provide stable support: The company holds multiple high-level qualifications and quality management system certifications, including CS5 (Information System Construction and Service Capability Outstanding Level), CCRC Information Security Service Qualification (Security Integration Level 1, Security Operation and Maintenance Level 1), and CMMI-DEV, V2.0 Maturity Level 5[43][44] - Ecosystem cooperation keeps pace with industry trends, assisting customers in domestic technology upgrades: The company continues to expand cooperation with domestic manufacturers, jointly creating domestic technology solutions in finance, government, and other fields, with a total contract value of 152 million yuan for domestic technology projects during the reporting period[45] - Continuous advancement of digital construction: By optimizing CRM, EHR, OMM command and dispatch platform, supply chain system, and data middle platform, the company achieves data standardization and structuring, providing reliable data for decision-making and improving business process efficiency[46] - People-oriented approach, promoting high-quality company development: The company implements a broadband compensation system, differentiated performance management system, and equity incentives, and builds a systematic, professional employee development platform to attract and cultivate high-quality talent[47] Main Business Analysis Operating revenue increased by 7.36%, but higher operating costs led to a slight decrease in gross margin, with strong growth in system integration services Major Financial Data Year-on-Year Changes | Indicator | Current Reporting Period (Yuan) | Prior Year Period (Yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 838,245,496.84 | 780,759,294.22 | 7.36% | | Operating Cost | 665,793,115.96 | 602,327,947.21 | 10.54% | | Selling Expenses | 53,239,615.40 | 62,390,219.66 | -14.67% | | Administrative Expenses | 21,089,114.02 | 22,698,713.09 | -7.09% | | Financial Expenses | 6,075,483.17 | 7,589,501.78 | -19.95% | | Income Tax Expenses | 10,617,207.50 | 9,305,758.31 | 14.09% | | R&D Investment | 38,182,075.35 | 32,888,500.27 | 16.10% | | Net Cash Flow from Operating Activities | -53,738,822.94 | -199,769,875.60 | 73.10% | | Net Cash Flow from Investing Activities | 61,731,780.22 | -17,755,434.00 | 447.68% | | Net Cash Flow from Financing Activities | -245,541,621.10 | -78,966,981.35 | -210.94% | | Investment Income | 308,964.19 | -2,609,609.78 | 111.84% | | Credit Impairment Losses | 3,454,630.59 | 2,313,434.97 | 49.33% | | Asset Impairment Losses | 2,821,025.60 | 475,501.24 | 493.27% | | Cash Paid for Debt Repayment | 393,341,406.07 | 148,573,926.47 | 164.74% | - Net cash flow from operating activities increased significantly by 73.10% year-on-year, primarily due to increased customer collections during the reporting period[50] - Net cash flow from investing activities increased significantly by 447.68% year-on-year, primarily due to the maturity and recovery of wealth management products during the reporting period[50] - Net cash flow from financing activities decreased by 210.94% year-on-year, primarily due to increased loan repayments to banks during the reporting period[50] Products or Services Accounting for Over 10% | Product or Service | Operating Revenue (Yuan) | Operating Cost (Yuan) | Gross Margin | Operating Revenue Year-on-Year Change | Operating Cost Year-on-Year Change | Gross Margin Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | IT Infrastructure O&M Services | 376,900,946.91 | 248,791,974.03 | 33.99% | -17.26% | -16.85% | -0.32% | | System Integration Services | 403,616,080.96 | 380,985,112.06 | 5.61% | 25.84% | 25.97% | -0.09% | Industry Situation Accounting for Over 10% of Company's Operating Revenue or Profit | Customer Industry | Operating Revenue (Yuan) | Operating Cost (Yuan) | Gross Margin | Operating Revenue Year-on-Year Change | Operating Cost Year-on-Year Change | Gross Margin Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Banking Industry | 469,063,721.57 | 358,609,963.79 | 23.55% | 6.68% | 13.18% | -4.39% | | North China Region | 433,570,658.72 | 386,572,473.74 | 10.84% | 5.16% | 12.98% | -6.17% | | East China Region | 254,709,189.20 | 176,077,707.70 | 30.87% | 24.83% | 13.61% | 6.82% | | South China Region | 97,567,381.72 | 68,717,187.79 | 29.57% | 33.81% | 62.39% | -12.40% | Main Business Cost Composition | Cost Component | Amount in Current Reporting Period (Yuan) | Proportion of Operating Cost | Amount in Prior Year Period (Yuan) | Proportion of Operating Cost | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Procurement Cost | 514,671,123.11 | 77.30% | 473,463,305.17 | 78.60% | 8.70% | | Spare Parts Cost | 17,292,446.06 | 2.60% | 21,786,414.24 | 3.62% | -20.63% | | Employee Salaries and Social Security | 100,299,205.56 | 15.06% | 102,125,647.67 | 16.96% | -1.79% | | Depreciation | 33,530,341.23 | 5.04% | 4,952,580.13 | 0.82% | 577.03% | | Total | 665,793,115.96 | 100.00% | 602,327,947.21 | 100.00% | 10.54% | - Depreciation cost in the current reporting period increased by 577.03% year-on-year, primarily due to increased depreciation of fixed assets for computing power service leasing projects[55] Non-Main Business Analysis Non-main business income primarily stems from investment gains and reversals of asset and credit impairment losses, largely due to customer repayments Non-Main Business Gains and Losses | Item | Amount (Yuan) | Proportion of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 308,964.19 | 0.52% | Wealth management product income | No | | Asset Impairment | 2,821,025.60 | 4.74% | Reversal of contract asset impairment provision due to customer repayments | Yes | | Non-Operating Income | 70,707.46 | 0.12% | Other income | No | | Non-Operating Expenses | 160,122.85 | 0.27% | Other expenses | No | | Credit Impairment Losses | 3,454,630.59 | 5.80% | Reversal of accounts receivable impairment provision due to customer repayments | Yes | Analysis of Assets and Liabilities Total assets decreased by 13.17% due to a significant reduction in short-term borrowings, while long-term borrowings increased, indicating a shift in financing structure Significant Changes in Asset Composition | Item | Amount at End of Current Reporting Period (Yuan) | Proportion of Total Assets | Amount at End of Prior Year (Yuan) | Proportion of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 464,719,332.62 | 19.25% | 710,880,134.65 | 25.57% | -6.32% | | Accounts Receivable | 656,404,699.81 | 27.19% | 577,949,921.06 | 20.79% | 6.40% | | Contract Assets | 42,963,692.25 | 1.78% | 36,568,964.09 | 1.32% | 0.46% | | Inventories | 116,673,414.91 | 4.83% | 217,220,794.55 | 7.81% | -2.98% | | Fixed Assets | 415,110,859.01 | 17.20% | 450,367,808.70 | 16.20% | 1.00% | | Short-Term Borrowings | 126,581,123.50 | 5.24% | 508,313,506.17 | 18.29% | -13.05% | | Long-Term Borrowings | 187,591,194.35 | 7.77% | 0.00 | 0.00% | 7.77% | - Short-term borrowings significantly decreased, primarily due to reduced bank loans[59] Assets with Restricted Rights | Item | Book Value at Period End (Yuan) | Reason for Restriction | | :--- | :--- | :--- | | Cash and Bank Balances | 9,148,861.16 | Bank acceptance bill deposits, performance bonds, bid bonds | | Accounts Receivable | 16,014,998.62 | Pledged accounts receivable | | Total | 25,163,859.78 | | Analysis of Investment Status The company had no significant equity or non-equity investments or use of raised funds, but held 20 million yuan in outstanding broker wealth management products - The company had no significant equity investments, non-equity investments, or use of raised funds during the reporting period[62] Overview of Entrusted Wealth Management During the Reporting Period | Specific Type | Source of Entrusted Wealth Management Funds | Amount of Entrusted Wealth Management (10,000 Yuan) | Unmatured Balance (10,000 Yuan) | | :--- | :--- | :--- | :--- | | Broker Wealth Management Products | Own Funds | 5,000 | 2,000 | | Total | | 5,000 | 2,000 | - The company had no derivative investments or entrusted loans during the reporting period[64][65] Analysis of Major Holding and Participating Companies The company operates several subsidiaries engaged in technical services, consulting, and investment management, with Beijing Trustfar Digital Cloud Technology Co., Ltd. reporting revenue and profit Major Subsidiary Operating Performance | Company Name | Company Type | Main Business | Registered Capital (Yuan) | Total Assets (Yuan) | Net Assets (Yuan) | Operating Revenue (Yuan) | Operating Profit (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Beijing Trustfar Digital Cloud Technology Co., Ltd. | Subsidiary | Technical services, technical development, technical consulting, technical exchange, technology transfer, technology promotion; computer system services; data processing services; software development, etc. | 100,000,000.00 | 85,589,747.67 | 53,292,048.95 | 5,542,479.15 | 519,017.03 | 201,670.33 | | Beijing Trustfar Digital Security Technology Co., Ltd. | Subsidiary | Technology promotion services; computer system services; data processing; software development; computer technology training; sales of computers, software and auxiliary equipment, application software services, etc. | 100,000,000.00 | 21,625,581.50 | 21,625,581.50 | 0.00 | 4,083.04 | 1,547.96 | | Beijing Trustfar IoT Technology Co., Ltd. | Subsidiary | Technology development, technical consulting, technology transfer, technology promotion, technical services; software development; basic software services; application software services, etc. | 10,000,000.00 | 4,080,980.29 | 4,080,980.29 | 0.00 | -15,826.12 | -15,826.12 | | Jiaxing Digital Cloud Investment Management Co., Ltd. | Subsidiary | Investment management, investment consulting | 10,000,000.00 | 2,063,538.05 | 2,015,339.77 | 0.00 | -4,859.91 | -4,858.90 | | TRUST&FAR TECHNOLOGY PTE.LTD | Subsidiary | Other information technology and computer services | 300,000,000.00 | 28,419,998.47 | 28,183,404.33 | 353,426.83 | -244,691.29 | -174,561.01 | | Beijing Trustfar Yueheng Technology Co., Ltd. | Subsidiary | Technical services, technical development, technical consulting, technical exchange, technology transfer, technology promotion; software development; retail of computer software and hardware and auxiliary equipment, etc. | 10,000,000.00 | 16,547,883.90 | 9,822,383.90 | 0.00 | -19,772.41 | -15,868.38 | - The company did not acquire or dispose of any subsidiaries during the reporting period[74] Company Risks and Countermeasures The company addresses market competition, technological risks, and talent retention through continuous innovation, talent development, and strategic partnerships - Market competition risk: The company will adhere to independent innovation, cultivate sales and technical talent with a deep understanding of the service industry, continuously innovate with cutting-edge technologies, and create new value for customers[75] - Technology risk: The company will persist in new technology R&D, focus on key customers, and innovate collaboratively with leading partners[76] - Talent competition risk: The company will continuously establish fair, just, and open compensation, distribution, and promotion mechanisms, create an open and collaborative work environment and corporate culture, and strive to attract and cultivate outstanding talent[77] Registration Form for Investor Relations Activities During the Reporting Period The company participated in an online performance briefing on May 7, 2025, for investors regarding its 2024 annual and Q1 2025 results Investor Relations Activities During the Reporting Period | Reception Date | Reception Location | Reception Method | Type of Recipient | Main Content Discussed and Index of Provided Materials | | :--- | :--- | :--- | :--- | :--- | | May 07, 2025 | "Value Online" Network Platform (https://www.ir-online.cn/) | Online Communication | Other Investors | Participated in the company's 2024 Annual and Q1 2025 Online Performance Briefing, see Juchao Information Network (www.cninfo.com.cn) Investor Relations Activity Record Form (No.: 2025-001) | Part IV Corporate Governance, Environment, and Society This section covers changes in board and senior management, profit distribution, employee incentives, environmental disclosures, and social responsibility initiatives Changes in Directors, Supervisors, and Senior Management Vice General Manager Kang Man resigned on April 10, 2025, due to personal reasons Changes in Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Kang Man | Vice General Manager | Dismissal | April 10, 2025 | Personal Reasons | Profit Distribution and Capital Reserve Conversion to Share Capital The company plans no cash dividends, bonus shares, or capital reserve conversions for this semi-annual period - The company plans not to distribute cash dividends, not to issue bonus shares, and not to convert capital reserves into share capital for the semi-annual period[84] Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures The company approved a 2025 restricted stock incentive plan in June, granting 9.4198 million shares to 97 employees at 5.73 yuan/share - The company convened its Board of Directors and Supervisory Board meetings on June 6, 2025, to review and approve the "2025 Restricted Stock Incentive Plan (Draft)" and related management measures[85] - Following public disclosure and verification, the company's general meeting of shareholders approved the incentive plan on June 23, 2025[86] - On June 30, 2025, the company granted 9.4198 million restricted shares to 97 incentive recipients at a grant price of 5.73 yuan/share[88] Environmental Information Disclosure The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[90] Social Responsibility The company is committed to protecting stakeholder rights, promoting green operations, and fostering harmonious development with nature - Protection of shareholder and creditor rights: The company strictly adheres to information disclosure requirements, ensures equal access to information for shareholders, values reasonable investment returns, and improves profit distribution policies to safeguard the interests of small and medium investors[90] - Protection of employee rights: The company strictly enforces labor laws and regulations, pays social insurance for employees, and attracts and retains talent by creating a positive work environment, establishing promotion mechanisms, and offering competitive compensation and equity incentives[91] - Protection of supplier and customer rights: The company establishes a transparent and scientific supplier management system to ensure information sharing, and strengthens its quality and service systems with a high-standard, high-efficiency service philosophy to provide business continuity support to customers[92] - Environmental protection: The company actively responds to calls for energy conservation and emission reduction, implements green operations, passed its environmental management system certification annual review, and strengthens energy, resource, and waste management to improve resource utilization efficiency[93][94] Part V Significant Matters This section addresses the fulfillment of commitments, non-operating fund occupation, illegal external guarantees, auditor appointments, litigation, and related party transactions Fulfillment of Commitments The company had no unfulfilled or overdue commitments from controlling shareholders, related parties, or the company itself during the reporting period - The company had no commitments from its actual controller, shareholders, related parties, acquirers, or the company itself that were fulfilled during the reporting period or overdue and unfulfilled as of the end of the reporting period[96] Non-Operating Occupation of Funds by Controlling Shareholders and Other Related Parties There was no non-operating occupation of listed company funds by controlling shareholders or other related parties during the reporting period - There was no non-operating occupation of listed company funds by controlling shareholders or other related parties during the reporting period[97] Illegal External Guarantees The company had no illegal external guarantees during the reporting period - The company had no illegal external guarantees during the reporting period[98] Appointment and Dismissal of Accounting Firms The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[99] Litigation Matters The company had no significant litigation or arbitration matters during the reporting period - The company had no significant litigation or arbitration matters during the reporting period[101] Penalties and Rectification The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[102] Integrity Status of the Company, its Controlling Shareholder, and Actual Controller There were no issues regarding the integrity status of the company, its controlling shareholder, or actual controller during the reporting period - There were no issues regarding the integrity status of the company, its controlling shareholder, or actual controller during the reporting period[103] Significant Related Party Transactions The company had no significant related party transactions concerning daily operations, asset/equity acquisitions/disposals, joint investments, or related party debts during the reporting period - The company had no related party transactions related to daily operations during the reporting period[103] - The company had no related party transactions involving asset or equity acquisitions or disposals during the reporting period[104] - The company had no related party debt transactions during the reporting period[106] Significant Contracts and Their Performance The company had no entrustment, contracting, or leasing matters, but provided a guarantee for Beijing Trustfar Digital Cloud Technology Co., Ltd. with a 10 million yuan limit and zero actual balance - The company had no entrustment, contracting, or leasing situations during the reporting period[110][111][112] Company Guarantees for Subsidiaries | Name of Guaranteed Party | Announcement Date of Guarantee Limit | Guarantee Limit (10,000 Yuan) | Actual Occurrence Date | Actual Guarantee Amount (10,000 Yuan) | Guarantee Type | Guarantee Period | Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Beijing Trustfar Digital Cloud Technology Co., Ltd. | April 11, 2023 | 1,000 | September 27, 2023 | 0 | Joint and Several Liability Guarantee | Until September 26, 2026 | No | - As of the end of the reporting period, the total approved guarantee limit for subsidiaries was 10 million yuan, with a total actual guarantee balance of 0 yuan[114] Explanation of Other Significant Matters There were no other significant matters requiring explanation during the reporting period - There were no other significant matters requiring explanation during the reporting period[116] Part VI Share Changes and Shareholder Information This section details changes in the company's share capital, shareholder numbers, top shareholders, and the integrity status of the controlling shareholder Share Changes The company's total share capital increased by 39,613 shares due to convertible bond conversions, leading to a corresponding rise in unrestricted shares Share Changes (Unit: Shares) | Share Type | Quantity Before This Change | Proportion Before This Change | Increase/Decrease in This Change (+, -) | Quantity After This Change | Proportion After This Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 22,815 | 0.01% | 0 | 22,815 | 0.01% | | II. Unrestricted Shares | 444,214,577 | 99.99% | 39,613 | 444,254,190 | 99.99% | | III. Total Shares | 444,237,392 | 100.00% | 39,613 | 444,277,005 | 100.00% | - During the reporting period, a total of 3,660 "Yinxin Convertible Bonds" were converted into 39,613 shares of the company's stock, leading to an increase in the number of unrestricted shares[120] Number of Shareholders and Shareholding Status As of the reporting period end, the company had 50,069 common shareholders, with controlling shareholder Zhan Lixiong and his concerted parties holding 22.62% Total Number of Common Shareholders and Top 10 Shareholders' Shareholding Status at Period End | Shareholder Name | Shareholder Nature | Shareholding Proportion | Number of Shares Held at Period End (Shares) | Number of Unrestricted Shares Held (Shares) | Share Status | Number of Pledged, Marked, or Frozen Shares (Shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zhan Lixiong | Domestic Natural Person | 20.73% | 92,094,320 | 92,094,320 | Pledged | 19,800,000 | | Guojin Securities Asset Management - Zhan Lixiong - Guojin Asset Management Xinjin No. 33 Single Asset Management Plan | Other | 1.89% | 8,379,200 | 8,379,200 | Not Applicable | 0 | | China Construction Bank Co., Ltd. - Huabao CSI Financial Technology Theme ETF | Other | 0.66% | 2,931,918 | 2,931,918 | Not Applicable | 0 | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 0.56% | 2,503,400 | 2,503,400 | Not Applicable | 0 | | Zeng Dan | Domestic Natural Person | 0.50% | 2,236,800 | 2,236,800 | Not Applicable | 0 | | Yu Benhong | Domestic Natural Person | 0.36% | 1,605,468 | 1,605,468 | Not Applicable | 0 | | Chen Xiaoyu | Domestic Natural Person | 0.31% | 1,386,200 | 1,386,200 | Not Applicable | 0 | | Xue Yundi | Domestic Natural Person | 0.29% | 1,300,000 | 1,300,000 | Not Applicable | 0 | | Pei Junchao | Domestic Natural Person | 0.27% | 1,200,000 | 1,200,000 | Not Applicable | 0 | | Gu Huxing | Domestic Natural Person | 0.24% | 1,075,000 | 1,075,000 | Not Applicable | 0 | - The total number of common shareholders at the end of the reporting period was 50,069[123] - Controlling shareholder and actual controller Mr. Zhan Lixiong and Guojin Securities Asset Management - Zhan Lixiong - Guojin Asset Management Xinjin No. 33 Single Asset Management Plan are parties acting in concert[123] Changes in Shareholdings of Directors, Supervisors, and Senior Management There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period - There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period, as detailed in the 2024 Annual Report[125] Changes in Controlling Shareholder or Actual Controller There were no changes in the company's controlling shareholder or actual controller during the reporting period - The company's controlling shareholder did not change during the reporting period[126] - The company's actual controller did not change during the reporting period[127] Part VII Bond-Related Information This section provides details on the company's convertible bonds, including issuance, holder information, conversion status, and credit ratings Convertible Corporate Bonds The company's "Yinxin Convertible Bonds" were issued on July 15, 2020, with a current conversion price of 9.15 yuan/share, and 157.0556 million yuan remains unconverted - The company publicly issued 3.914 million convertible corporate bonds on July 15, 2020, named "Yinxin Convertible Bonds" with code "123059," and an initial conversion price of 9.91 yuan/share[133] Convertible Bond Holder Information at Period End | Indicator | Value | | :--- | :--- | | Number of Convertible Bond Holders at Period End | 3,559 | | Guarantor of Company's Convertible Bonds | None | Top Ten Convertible Bond Holders | No. | Name of Convertible Bond Holder | Nature of Convertible Bond Holder | Number of Convertible Bonds Held at Period End (Units) | Amount of Convertible Bonds Held at Period End (Yuan) | Proportion of Convertible Bonds Held at Period End | | :--- | :--- | :--- | :--- | :--- | :--- | | 1 | Industrial and Commercial Bank of China Co., Ltd. - GF Convertible Bond Fund (Initiated) | Other | 100,260 | 10,026,000.00 | 6.38% | | 2 | Agricultural Bank of China Co., Ltd. - Fullgoal Convertible Bond Fund | Other | 93,980 | 9,398,000.00 | 5.98% | | 3 | Bank of Communications Co., Ltd. - Golden Eagle Yuanqi Credit Bond Fund | Other | 70,000 | 7,000,000.00 | 4.46% | | 4 | China Merchants Bank Co., Ltd. - Boshi CSI Convertible Bond and Exchangeable Bond ETF | Other | 65,355 | 6,535,500.00 | 4.16% | | 5 | Industrial and Commercial Bank of China Co., Ltd. - Golden Eagle Yuanfeng Bond Fund | Other | 57,980 | 5,798,000.00 | 3.69% | | 6 | China Construction Bank Co., Ltd. - Huashang Credit Enhanced Bond Fund | Other | 51,810 | 5,181,000.00 | 3.30% | | 7 | China Credit Trust Co., Ltd. - China Credit Trust - Chengyue No. 2 Collective Fund Trust Plan | Other | 47,450 | 4,745,000.00 | 3.02% | | 8 | CITIC Securities Co., Ltd. | State-owned Legal Person | 47,170 | 4,717,000.00 | 3.00% | | 9 | Shanghai Sidaxinghui Private Equity Fund Management Co., Ltd. - Sida Juncheng No. 1 Private Securities Investment Fund | Other | 40,840 | 4,084,000.00 | 2.60% | | 10 | Shanghai Tianyan Private Equity Fund Management Co., Ltd. - Tianyan Feihong No. 6 Private Securities Investment Fund | Other | 33,910 | 3,391,000.00 | 2.16% | Convertible Bond Changes During the Reporting Period | Convertible Corporate Bond Name | Amount Before This Change (Yuan) | Increase/Decrease in This Change (Yuan) | Amount After This Change (Yuan) | | :--- | :--- | :--- | :--- | | Yinxin Convertible Bonds | 157,421,600.00 | -366,000.00 | 157,055,600.00 | Cumulative Conversion Status | Convertible Corporate Bond Name | Conversion Start and End Dates | Total Issued Amount (Units) | Total Issued Amount (Yuan) | Cumulative Conversion Amount (Yuan) | Cumulative Converted Shares (Shares) | Proportion of Converted Shares to Total Shares Issued Before Conversion Start Date | Unconverted Amount (Yuan) | Proportion of Unconverted Amount to Total Issued Amount | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Yinxin Convertible Bonds | January 21, 2021 to July 14, 2026 | 3,914,000 | 391,400,000.00 | 234,343,500.00 | 25,331,547 | 5.73% | 157,055,600.00 | 40.13% | - The conversion price of Yinxin Convertible Bonds has been adjusted multiple times, and as of May 27, 2025, it was adjusted from 9.25 yuan/share to 9.15 yuan/share[139] - United Credit Ratings Co., Ltd. maintained the company's long-term credit rating at AA- and the "Yinxin Convertible Bonds" credit rating at AA-, with a stable outlook[140] Key Accounting Data and Financial Indicators for the Past Two Years as of the End of the Reporting Period The company's financial structure improved with increased liquidity ratios, decreased asset-liability ratio, and enhanced profitability and solvency Key Accounting Data and Financial Indicators for the Past Two Years | Item | End of Current Reporting Period (10,000 Yuan) | End of Prior Year (10,000 Yuan) | Change from Prior Year End | | :--- | :--- | :--- | :--- | | Current Ratio | 3.60 | 1.91 | 88.48% | | Asset-Liability Ratio | 32.20% | 41.31% | -9.11% | | Quick Ratio | 3.28 | 1.67 | 96.41% | | Net Profit After Non-Recurring Gains/Losses | 4,824.90 | 4,317.02 | 11.76% | | EBITDA to Total Debt Ratio | 14.75% | 8.86% | 5.89% | | Interest Coverage Ratio | 6.4112 | 5.1627 | 24.18% | | Cash Interest Coverage Ratio | -3.0484 | -14.9613 | 79.62% | | EBITDA Interest Coverage Ratio | 10.4252 | 6.4658 | 61.24% | | Loan Repayment Rate | 100.00% | 100.00% | 0.00% | | Interest Payment Rate | 100.00% | 100.00% | 0.00% | | Earnings Before Interest, Taxes, Depreciation, and Amortization | 11,467.85 | 7,729.47 | 48.37% | Part VIII Financial Report This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in equity Audit Report The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[144] Financial Statements This chapter provides the company's H1 2025 consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity - This chapter includes the consolidated balance sheet, parent company balance sheet, consolidated income statement, parent company income statement, consolidated cash flow statement, parent company cash flow statement, consolidated statement of changes in owners' equity, and parent company statement of changes in owners' equity[145][149][153][156][158][160][162][173] Company Basic Information Established in May 2004 and listed in June 2011, the company operates in software and IT services, with Zhan Lixiong as its actual controller - The company, formerly Beijing Trustfar Technology Co., Ltd., was established in May 2004, restructured into a joint-stock company in December 2009, and listed on the stock exchange in June 2011, operating in the software and information technology services industry[185] - As of June 30, 2025, the company's total issued share capital was 444.277005 million shares, and its registered capital was 444.277005 million yuan[185] - The company's main business activities include computer system services, data processing services, software development and sales, technical services, technology transfer, and technology promotion, with Zhan Lixiong as the actual controller[186] Basis of Financial Statement Preparation The financial statements are prepared in accordance with CAS and CSRC regulations, based on a going concern assumption, accurately reflecting the company's financial position and performance - These financial statements are prepared in accordance with the "Accounting Standards for Business Enterprises" promulgated by the Ministry of Finance and the relevant provisions of "No. 15 - General Provisions for Financial Reporting by Companies Issuing Securities Publicly" by the China Securities Regulatory Commission[188] - These financial statements are prepared on a going concern basis, comply with the requirements of the Accounting Standards for Business Enterprises, and truly and completely reflect the company's consolidated and parent company financial position as of June 30, 2025, and consolidated and parent company operating results and cash flows for the first half of 2025[189][191] Significant Accounting Policies and Accounting Estimates This section details the company's accounting policies and estimates for periods, operating cycles, currency, business combinations, financial instruments, revenue recognition, and other key areas - The company's accounting period is from January 1 to December 31 of the Gregorian calendar, with an operating cycle of 12 months, and uses Renminbi as its bookkeeping base currency[192][193][194] - Financial instruments are classified as financial assets and liabilities measured at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss, with detailed recognition criteria and measurement methods provided[213][214][215][216][217][218][219][220][221][222][223][224][225][227][228][229][230][231] - Revenue recognition and measurement policy: Revenue is recognized when performance obligations are satisfied and the customer obtains control of the related goods or services, with transaction prices allocated based on contract terms, considering variable consideration and significant financing components[311] - R&D expenditures are divided into research and development phases; research phase expenditures are expensed in the current period, while development phase expenditures are capitalized as intangible assets when specific conditions are met[285][286][287][288] Taxation The company's main taxes include VAT, urban maintenance and construction tax, and corporate income tax, with various subsidiaries enjoying high-tech or small-profit enterprise tax incentives Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Calculated based on sales of goods and taxable services as stipulated by tax laws, with input VAT deducted from output VAT to determine payable VAT | 13%, 6% | | Urban Maintenance and Construction Tax | Calculated based on actual VAT paid | 7% | | Corporate Income Tax | Calculated based on taxable income | 15%, 25%, 20%, 17%, 16.5% | Taxable Entities with Different Corporate Income Tax Rates | Taxable Entity Name | Income Tax Rate | | :--- | :--- | | Beijing Trustfar Technology Co., Ltd. | 15% | | Beijing Trustfar Digital Cloud Technology Co., Ltd. | 15% | | Beijing Trustfar Digital Security Technology Co., Ltd. | 20% | | Jiaxing Digital Cloud Investment Management Co., Ltd. | 20% | | Shenzhen Trustfar Technology Co., Ltd. | 20% | | TRUST&FAR TECHNOLOGY PTE.LTD | 17% | | ReachSolution International Limited | 16.5% | | Beijing Trustfar IoT Technology Co., Ltd. | 20% | | Beijing Trustfar Yueheng Technology Co., Ltd. | 20% | - The company and its subsidiary, Beijing Trustfar Digital Cloud Technology Co., Ltd., passed the high-tech enterprise re-certification and enjoy a 15% corporate income tax preferential rate[352] - Some subsidiaries enjoy preferential corporate income tax policies for small and micro-profit enterprises, paying corporate income tax at a 20% rate[353][354] - The company sells self-developed software products and implements a VAT immediate refund policy for the portion of actual VAT burden exceeding 3%[354] Notes to Consolidated Financial Statement Items This section details the period-end and period-beginning balances and changes for consolidated financial statement items, including assets, liabilities, equity, revenue, and expenses - Cash and bank balances at period-end were 464,719,332.62 yuan, a 34.63% decrease from the beginning of the period, with 719,513.25 yuan held overseas[356] - Financial assets held for trading at period-end were 20,000,000.00 yuan, an 80% decrease from the beginning of the period, primarily wealth management products[357] - Accounts receivable at period-end had a book value of 656,404,699.81 yuan, a 13.58% increase from the beginning of the period, with an impairment provision rate of 3.96%[360] - Contract assets at period-end had a book value of 42,963,692.25 yuan, a 17.49% increase from the beginning of the period, with an impairment provision rate of 1.00%[370] - Inventories at period-end had a book value of 116,673,414.91 yuan, a 46.30% decrease from the beginning of the period, primarily due to a significant reduction in goods in transit[404] - Fixed assets at period-end had a book value of 415,110,859.01 yuan, a 7.83% decrease from the beginning of the period, with computing power equipment having a book value of 265,006,677.42 yuan[418] - Short-term borrowings at period-end were 126,581,123.50 yuan, a significant 75.08% decrease from the beginning of the period, primarily due to bank loan repayments[445] - Long-term borrowings at period-end were 187,591,194.35 yuan, compared to 0 yuan at the beginning of the period, primarily mortgage-backed loans[477] - Bonds payable at period-end were 155,360,364.09 yuan, a 1.13% increase from the beginning of the period, primarily convertible corporate bonds[478] - Operating revenue for the current period was 838,245,496.84 yuan, and operating cost was 665,793,115.96 yuan[500] - Net cash flow from operating activities for the current period was -53,738,822.94 yuan, net cash flow from investing activities was 61,731,780.22 yuan, and net cash flow from financing activities was -245,541,621.10 yuan[538] Cash and Bank Balances Period-end cash and bank balances decreased by 34.63% to 465 million yuan, with bank deposits forming the majority and 719,513.25 yuan held overseas Cash and Bank Balances | Item | Period-End Balance (Yuan) | Period-Beginning Balance (Yuan) | | :--- | :--- | :--- | | Bank Deposits | 455,570,471.46 | 693,243,439.39 | | Other Cash and Bank Balances | 9,148,861.16 | 17,636,695.26 | | Total | 464,719,332.62 | 710,880,134.65 | | Of which: Total Amount of Funds Held Overseas | 719,513.25 | 0 | Financial Assets Held for Trading Period-end financial assets held for trading decreased by 80% to 20 million yuan, entirely consisting of wealth management products Financial Assets Held for Trading | Item | Period-End Balance (Yuan) | Period-Beginning Balance (Yuan) | | :--- | :--- | :--- | | Financial assets measured at fair value through profit or loss | 20,000,000.00 | 100,000,000.00 | | Of which: Wealth management products | 20,000,000.00 | 100,000,000.00 | | Total | 20,000,000.00 | 100,000,000.00 | Accounts Receivable Period-end accounts receivable had a book balance of 683 million yuan, with 87.87% due within one year, and a book value of 656 million yuan after impairment Accounts Receivable Aging Disclosure | Aging | Period-End Book Balance (Yuan) | Period-Beginning Book Balance (Yuan) | | :--- | :--- | :--- | | Within 1 year (inclusive) | 600,554,553.15 | 494,534,351.82 | | 1 to 2 years | 32,889,081.26 | 52,387,232.47 | | 2 to 3 years | 11,360,623.04 | 15,772,885.66 | | Over 3 years | 38,682,913.61 | 47,583,584.09 | | Total | 683,487,171.06 | 610,278,054.04 | Accounts Receivable Classified by Impairment Provision Method | Category | Period-End Book Balance (Yuan) | Period-End Impairment Provision (Yuan) | Period-End Provision Rate | Period-End Book Value (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Accounts receivable for which impairment provisions are made based on credit risk characteristics portfolio | 683,487,171.06 | 27,082,471.25 | 3.96% | 656,404,699.81 | - Impairment provision for the current period: 2,767,036.48 yuan recovered or reversed, 2,478,625.25 yuan written off[362] Contract Assets Period-end contract assets increased by 17.49% to 42.96 million yuan, with an impairment provision rate of 1.00% Contract Assets | Item | Period-End Book Balance (Yuan) | Period-End Impairment Provision (Yuan) | Period-End Book Value (Yuan) | | :--- | :--- | :--- | :--- | | Contract assets within one year | 43,397,668.94 | 433,976.69 | 42,963,692.25 | | Total | 43,397,668.94 | 433,976.69 | 42,963,692.25 | - Impairment provision for the current period: 64,719.71 yuan provided, 126.50 yuan recovered or reversed[374] Other Receivables Period-end other receivables had a book value of 34.13 million yuan, slightly down, primarily comprising bid/performance deposits and business petty cash Other Receivables Classified by Nature of Amount | Nature of Amount | Period-End Book Balance (Yuan) | Period-Beginning Book Balance (Yuan) | | :--- | :--- | :--- | | Intercompany balances | 2,522.47 | 1,414,745.85 | | Business petty cash | 4,316,128.60 | 6,870,065.38 | | Bid (performance) deposits | 29,223,209.08 | 27,565,498.43 | | Security deposits | 785,983.34 | 733,183.34 | | Other | 5,629,938.44 | 5,024,502.80 | | Total | 39,957,781.93 | 41,607,995.80 | Other Receivables Classified by Impairment Provision Method | Category | Period-End Book Balance (Yuan) | Period-End Impairment Provision (Yuan) | Period-End Provision Rate | Period-End Book Value (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Impairment provisions made based on credit risk characteristics portfolio | 39,957,781.93 | 5,827,137.19 | 14.58% | 34,130,644.74 | - Impairment provision for the current period: 2,325.00 yuan provided, 689,919.11 yuan recovered or reversed, 784,339.67 yuan written off[393] Prepayments Period-end prepayments increased slightly to 199 million yuan, with 96.58% due within one year, and the top five suppliers accounting for 48.18% Prepayments by Aging | Aging | Period-End Amount (Yuan) | Proportion | | :--- | :--- | :--- | | Within 1 year | 192,216,192.28 | 96.58% | | 1 to 2 years | 1,877,179.32 | 0.94% | | 2 to 3 years | 3,029,027.65 | 1.52% | | Over 3 years | 1,911,876.24 | 0.96% | | Total | 199,034,275.49 | | Top Five Prepayments by Recipient at Period End | Recipient | Period-End Balance (Yuan) | Proportion of Total Prepayments at Period End (%) | | :--- | :--- | :--- | | Prepaid Supplier 1 | 44,279,461.57 | 22.25 | | Prepaid Supplier 2 | 17,847,906.97 | 8.97 | | Prepaid Supplier 3 | 15,808,874.76 | 7.94 | | Prepaid Supplier 4 | 9,044,918.64 | 4.54 | | Prepaid Supplier 5 | 8,920,650.40 | 4.48 | | Total | 95,901,812.34 | 48.18 | Inventories Period-end inventories decreased by 46.30% to 117 million yuan, mainly due to a significant reduction in goods in transit, with an impairment provision of 5.69 million yuan Inventory Classification | Item | Period-End Book Balance (Yuan) | Period-End Inventory Impairment Provision or Contract Performance Cost Impairment Provision (Yuan) | Period-End Book Value (Yuan) | | :--- | :--- | :--- | :--- | | Inventory Goods | 84,378,703.59 | 5,694,776.35 | 78,683,927.24 | | Contract Performance Costs | 29,677,822.58 | 0 | 29,677,822.58 | | Goods in Transit | 8,311,665.09 | 0 | 8,311,665.09 | | Total | 122,368,191.26 | 5,694,776.35 | 116,673,414.91 | Inventory Impairment Provision and Contract Performance Cost Impairment Provision | Item | Period-Beginning Balance (Yuan) | Period-End Balance (Yuan) | | :--- | :--- | :--- | | Inventory Goods | 5,694,776.35 | 5,694,776.35 | | Total | 5,694,776.35 | 5,694,776.35 | Other Current Assets Period-end other current assets increased by 10.12% to 18.93 million yuan, primarily including input VAT to be deducted/certified and prepaid corporate/individual income tax Other Current Assets | Item | Period-End Balance (Yuan) | Period-Beginning Balance (Yuan) | | :--- | :--- | :--- | | Input VAT to be deducted/certified | 2,163,241.44 | 2,160,733.10 | | Prepaid corporate income tax | 15,287,976.63 | 14,919,576.99 | | Prepaid individual income tax | 1,479,530.94 | 112,724.14 | | Total | 18,930,749.01 | 17,193,034.23 | Investments in Other Equity Instruments Period-end investments in other equity instruments increased by 17.69% to 133 million yuan, including investments in Dalian Bank and other companies, not held for trading Investments in Other Equity Instruments | Project Name | Period-Beginning Balance (Yuan) | Period-End Balance (Yuan) | Reason for Designation as Fair Value Measured Through Other Comprehensive Income | | :--- | :--- | :--- | :--- | | Suzhou Jibei Data Technology Co., Ltd. | 3,000,000.00 | 3,000,000.00 | Equity instrument not held for trading purposes | | Beijing Juyuan Huixin Technology Development Center (Limited Partnership) | 500,000.00 | 500,000.00 | Equity instrument not held for trading purposes | | Dalian Bank Co., Ltd. | 109,800,000.00 | 109,800,000.00 | Equity instrument not held for trading purposes | | Jiangxi Lianchuang Superconducting Technology Co., Ltd. | 0 | 20,000,000.00 | Equity instrument not held for trading purposes | | Total | 113,300,000.00 | 133,300,000.00 | | Long-Term Receivables Period-end long-term receivables slightly decreased to 62.95 million yuan, entirely consisting of equity receivables Long-Term Receivables | Item | Period-End Book Balance (Yuan) | Period-End Book Value (Yuan) | Period-Beginning Book Balance (Yuan) | Period-Beginning Book Value (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Equity Receivables | 62,950,267.45 | 62,950,267.45 | 65,252,919.96 | 65,252,919.96 | | Total | 62,950,267.45 | 62,950,267.45 | 65,252,919.96 | 65,252,919.96 | Investment Properties Period-end investment properties slightly decreased to 1.3949 million yuan, entirely consisting of buildings measured at cost Investment Properties Measured at Cost Model | Item | Buildings (Yuan) | | :--- | :--- | | I. Book Original Value at Period End | 1,489,233.71 | | II. Accumulated Depreciation and Amortization at Period End | 94,318.08 | | IV. Book Value at Period End | 1,394,915.63 | | IV. Book Value at Period Beginning | 1,418,495.15 | Fixed Assets Period-end fixed assets decreased by 7.83% to 415 million yuan, with computing power equipment having the highest book value at 265 million yuan Fixed Assets (Unit: Yuan) | Item | Buildings | Transportation Equipment | Electronic Equipment | Office Equipment | Computing Power Equipment | Total | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | I. Book Original Value at Period End | 168,514,655.51 | 18,947,642.35 | 128,786,552.44 | 2,539,766.65 | 314,468,533.30 | 633,257,150.25 | | II. Accumulated Depreciation at Period End | 37,907,880.03 | 14,934,847.48 | 108,015,382.24 | 2,284,200.56 | 49,461,855.88 | 212,604,166.19 | | III. Impairment Provision at Period End | 0 | 454,527.07 | 4,997,108.28 | 90,489.70 | 0 | 5,542,125.05 | | IV.