浩瀚深度(688292) - 2025 Q2 - 季度财报

Section 1 Glossary Definitions of Common Terms This chapter defines key company, industry, and technology terms to ensure accurate report interpretation - The reporting period is defined as January 1, 2025, to June 30, 2025[10] - Core technical terms include DPI (Deep Packet Inspection), SDN (Software-Defined Networking), and NFV (Network Function Virtualization), which are fundamental to the company's business[10][11] - Emerging technologies such as 5G, AI, big data, IoT, cloud computing, digital economy, and industrial internet are broadly defined, indicating the company's close ties to these frontier areas[10][11][12] Section 2 Company Profile and Key Financial Indicators I. Company's Basic Information This section provides Beijing Haohan Deep Information Technology Co., Ltd.'s fundamental details, including its name, legal representative, and updated registered address - The company's full Chinese name is Beijing Haohan Deep Information Technology Co., Ltd., abbreviated as Haohan Deep[14] - The company's legal representative is Zhang Yue, and its registered address changed to Room 218, 2nd Floor, Building A, No. 119 West Fourth Ring North Road, Haidian District, Beijing on May 16, 2023[14] II. Contacts and Contact Information This section lists contact details for the company's Board Secretary and Securities Affairs Representative for investor communication - The Board Secretary is Feng Yanjun, and the Securities Affairs Representative is Zhang Tian; both share the contact address at 2nd Floor, Building A, No. 119 West Fourth Ring North Road, Haidian District, Beijing[15] - The company's contact phone number is 010-68462866, and its email is haohanir@haohandata.com.cn[15] III. Brief Introduction to Changes in Information Disclosure and Document Storage Locations This section details the company's official information disclosure channels and the storage location for its semi-annual report - The company's information disclosure newspapers include China Securities Journal, Shanghai Securities News, Securities Times, and Securities Daily[16] - The semi-annual report is published on the Shanghai Stock Exchange website (www.sse.com.cn), and its storage location is the company's securities department[16] IV. Overview of Company Shares/Depositary Receipts This section details the company's A-shares, listed on the STAR Market of the Shanghai Stock Exchange under "Haohan Deep" (688292) - The company's shares are RMB ordinary shares (A-shares), listed on the STAR Market of the Shanghai Stock Exchange[17] - The stock abbreviation is "Haohan Deep," and the stock code is 688292[17] VI. Company's Key Accounting Data and Financial Indicators H1 2025 saw significant declines in revenue and profits, improved operating cash flow, and increased R&D intensity H1 2025 Key Accounting Data | Key Accounting Data | Current Period (Jan-Jun) (CNY) | Prior Period (CNY) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 153,712,970.56 | 236,293,658.46 | -34.95 | | Total Profit | -6,474,669.05 | 35,219,907.94 | -118.38 | | Net Profit Attributable to Shareholders of Listed Company | 2,528,971.86 | 34,060,969.82 | -92.58 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Items) | -2,607,594.42 | 29,069,829.14 | -108.97 | | Net Cash Flow from Operating Activities | -4,270,044.41 | -6,529,401.84 | 34.60 | | Net Assets Attributable to Shareholders of Listed Company | 1,066,625,976.47 | 1,044,577,344.10 | 2.11 | | Total Assets | 1,634,191,980.60 | 1,214,527,660.76 | 34.55 | H1 2025 Key Financial Indicators | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | 0.02 | 0.22 | -90.91 | | Diluted Earnings Per Share (CNY/share) | 0.02 | 0.22 | -90.91 | | Basic EPS (Excluding Non-Recurring Items) (CNY/share) | -0.02 | 0.19 | -110.53 | | Weighted Average Return on Net Assets (%) | 0.24 | 3.27 | Decreased by 3.03 percentage points | | Weighted Average Return on Net Assets (Excluding Non-Recurring Items) (%) | -0.24 | 2.79 | Decreased by 3.03 percentage points | | R&D Investment as % of Operating Revenue (%) | 40.40 | 21.08 | Increased by 19.32 percentage points | - Operating revenue decreased by 34.95% year-on-year, primarily due to delayed China Mobile centralized procurement and seasonal revenue impact from subsidiary Guorui Shuzhi[20] - Total profit, net profit attributable to parent, and non-recurring net profit attributable to parent all decreased by over 30% year-on-year, mainly due to lower operating revenue, increased convertible bond interest expenses, and higher sales, general, and administrative (SG&A) and R&D expenses from changes in consolidation scope[20] VIII. Non-Recurring Gains and Losses and Amounts This section itemizes H1 2025 non-recurring gains and losses, totaling CNY 5,136,566.28, from investments, subsidies, and asset disposals H1 2025 Non-Recurring Gains and Losses Items | Non-Recurring Gains and Losses Item | Amount (CNY) | | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | 198,029.27 | | Government Subsidies Recognized in Current Period P&L | 2,048,868.03 | | Gains/Losses from Entrusted Investment or Asset Management | 4,254,056.35 | | Other Non-Operating Income and Expenses Apart from the Above | -42,901.28 | | Other Items Meeting the Definition of Non-Recurring Gains/Losses (Individual Income Tax Handling Fee Refund) | 194,979.40 | | Less: Income Tax Impact | 998,074.03 | | Minority Interest Impact (After Tax) | 518,391.46 | | Total | 5,136,566.28 | IX. Companies with Equity Incentive or Employee Stock Ownership Plans May Choose to Disclose Net Profit After Deducting Impact of Share-Based Payments H1 2025 net profit, after share-based payment adjustments, was CNY -292,673.00, a 100.83% year-on-year decline Net Profit After Deducting Impact of Share-Based Payments | Key Accounting Data | Current Period (Jan-Jun) (CNY) | Prior Period (CNY) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Net Profit After Deducting Impact of Share-Based Payments | -292,673.00 | 35,432,248.79 | -100.83 | Section 3 Management Discussion and Analysis I. Explanation of the Company's Industry and Main Business Operations During the Reporting Period This section details the company's industry landscape, including software, network visualization, and information security, highlighting technological trends and opportunities from 5G-A, computing networks, AI, and low-altitude economy - The software and information technology services industry is experiencing development opportunities during the "14th Five-Year Plan" period, with software business revenue growing by 11.9% year-on-year and total profit by 12.0% year-on-year in H1 2025[27][28] - The network visualization industry benefits from the "Cyberpower Strategy," "new infrastructure," and digital economy development, with its market size projected to exceed CNY 100 billion by 2027[31][32] - The information security industry, driven by policies and regulations, is experiencing stable and rapid market growth, projected to approach CNY 400 billion by 2026, with cloud security, IoT security, connected vehicle security, and low-altitude economy security emerging as new growth areas[40][41][42][45][48][49] - The company holds a leading position in the domestic network visualization industry, particularly with the highest market share in operator international egress and inter-network interconnection egress markets, capable of replacing foreign counterparts[52] - 5G-A, 400G/800G high-speed optical transmission networks, computing networks, data elements, and the booming development of artificial intelligence are driving large-scale network upgrades and deepening information security, bringing new development opportunities and challenges for the company[34][35][36][54][55][56][57][58] 1. Industry Development Stage, Characteristics, and Key Technical Barriers This section analyzes the development, characteristics, and technical barriers of the software, network visualization, and information security industries, highlighting growth drivers and emerging security domains - The software and information technology services industry grew steadily under the "14th Five-Year Plan," with software business revenue increasing by 11.9% year-on-year and total profit by 12.0% year-on-year in H1 2025[27][28] - The network visualization market benefits from the "Broadband China" strategy and mobile internet development, with its market size projected to exceed CNY 100 billion by 2027, and intelligent computing visualization and 400G backbone network construction bringing new opportunities[31][32][33][34][35] - The information security industry, driven by policies like the "Cybersecurity Review Measures" and "Data Security Law," is expected to maintain a growth rate of over 15% in the next three years, with its market size approaching CNY 400 billion by 2026[40][41] - Artificial intelligence technology drives innovation in the information security industry, offering threat detection, risk prediction, and automated response, but also introduces new challenges such as deepfake threats[43][44] - The connected vehicle security and low-altitude economy security markets are growing rapidly, with strong technological relevance and commonality between them; the connected vehicle security market is projected to have a CAGR exceeding 20% over the next five years[45][46][47][48][49] 2. Analysis of the Company's Industry Position and Changes The company leads the network visualization industry with top-tier DPI technology, holding the highest market share in operator international egress, and is capable of replacing foreign products - The company holds a leading position in the domestic network visualization industry, employing a DPI technology path based on FPGA-specific chips and dedicated hardware architectures like ATCA and CLOS[52] - The company's products are widely deployed across China's three major operators' networks, holding the highest market share in operator international egress and inter-network interconnection egress markets[52] - The company has received multiple honors, including "2025 Trustworthy Enterprise in Software and Information Services" and "2024 Top 100 Comprehensive Strength Evaluation," demonstrating its technological prowess and industry influence[52][53] 3. Development Status and Future Trends of New Technologies, Industries, Business Forms, and Models During the Reporting Period This section examines new technology trends, including network upgrades (5G, 400G), deepening information security, data elements, and AI's rapid growth, noting both opportunities and deepfake risks - 5G, industrial internet, and IoT are developing rapidly, driving fast growth in operator network construction, and the National Data Bureau has issued the "National Data Infrastructure Construction Guidelines (Draft for Comment)"[54] - China's intelligent computing power reached 725.3 exaFLOPS in 2024, a 74.1% year-on-year increase, projected to reach 1037.3 exaFLOPS in 2025[54] - In June 2024, China Mobile's "Jiuzhou" computing optical network—a 400G backbone network—fully commenced operations, covering 30 provinces and over 200 cities[55] - Data elements have become a core driving force for economic and social development, with national policies promoting market-based allocation reforms for data elements, stimulating the vitality of the big data industry[56][57] - Artificial intelligence is booming, with large model technologies accelerating development, and AI agents becoming a key industry trend, but security risks such as deepfakes are also becoming increasingly prominent[57][58] II. Discussion and Analysis of Operations H1 2025 saw significant progress in AI, network, and connected vehicle security, and international expansion, despite a 34.95% revenue decline, driven by 39.69% new order growth and 40.40% R&D intensity - In AI solutions, Haohan Deep promoted the implementation of the Morning Star large model in financial industry intelligent customer service and other high-value scenarios, and established a strategic partnership with Rongshu Information, a wholly-owned subsidiary of China UnionPay Data[61] - In security business, the company built a new "cloud intelligence, edge control, digital governance" tripartite security system based on AI technology, achieving commercialization in areas such as large network security, digital content security, AI large model security, low-altitude security, and deepfake detection[61] - In connected vehicle security solutions, through its subsidiary Zhilian Yun'an, the company built a "cloud-network-edge" protection system, led the development of integrated vehicle-road-cloud security standards, and has initially deployed it for trial use in Beijing's high-level autonomous driving demonstration zone[62] - In international business, the company combines the Morning Star large model, deepfake detection system, and DPI technology to provide AI-powered security solutions for overseas markets and actively expands into "Belt and Road" countries[62] H1 2025 Operating Performance | Indicator | Amount/Ratio | | :--- | :--- | | Operating Revenue | CNY 15,371.30 10,000 | | Year-on-year Decrease | 34.95% | | Overall Gross Margin YoY Increase | 11.75 percentage points | | Net Profit Attributable to Shareholders of Listed Company YoY Decrease | Over 30% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Items) YoY Decrease | Over 30% | | New Orders YoY Increase | 39.69% | | R&D Investment | CNY 6,209.38 10,000 | | R&D Investment YoY Increase | 24.63% | | R&D Investment as % of Operating Revenue | 40.40% | | New Invention Patents Obtained | 7 items | | New Software Copyrights Obtained | 15 items | III. Analysis of Core Competencies During the Reporting Period This section details the company's core strengths: deep technology, stable customer base, talent, and AI/data expertise, reinforcing its leadership in network visualization and information security - With 30 years of technological accumulation, the company has formed a complete business system based on proprietary hardware and software products, representing full-产业链 vertical integration in the network visualization industry[65] - As of the end of the reporting period, the company had 267 R&D personnel, accounting for 41% of total employees, holding 99 invention patents and 361 software copyrights, demonstrating strong R&D capabilities[66] - The company holds a significant leading edge in the network visualization operator market, with a cumulative winning bid share exceeding 50% in China Mobile's headquarters internet DPI centralized procurement tenders from 2018-2023, indicating high customer loyalty[66] - The company possesses inherent advantages in the data element market, such as proximity to data sources, expertise in data governance and analysis technologies, and long-term cooperation with operators, actively collaborating to expand vertical industry application scenarios[67] - In artificial intelligence, the company has completed the Haohan Morning Star AI large model and digital content deepfake detection system, which have been applied in intelligent customer service for the financial industry and an AI deepfake detection platform project in a certain province[68] (I) Core Competency Analysis This section details the company's core strengths: deep technology, stable customer base, talent, and AI/data expertise, reinforcing its leadership in network visualization and information security - Since its establishment in 1994, the company has focused on internet traffic management and intelligent data applications, forming a complete business system based on proprietary hardware and software products[65] - As of the end of the reporting period, the company had 267 R&D personnel, accounting for 41% of total employees, possessing 99 invention patents and 361 software copyrights[66] - The company holds a significant leading edge in the network visualization operator market, with a cumulative winning bid share exceeding 50% in China Mobile's headquarters internet DPI centralized procurement tenders from 2018-2023[66] - The company possesses inherent advantages in the data element market, such as proximity to data sources and extensive experience in data governance and analysis technologies, actively collaborating with operators to expand vertical industry application scenarios[67] - In artificial intelligence, the company has completed the Haohan Morning Star AI large model and digital content deepfake detection system, which have been applied in intelligent customer service for commercial banks and an AI deepfake detection platform project in a certain province[68] (III) Core Technologies and R&D Progress This section details the company's five core technologies, including DPI and AI-driven data governance, highlighting a 24.63% increase in R&D investment (40.40% of revenue) and new patents/copyrights - The company possesses five major categories of core technologies, including "DPI technology for large-scale high-speed link cascading deployment," "PB-level big data processing platform technology," "large-scale network user perception and service quality analysis technology," "large-scale network abnormal traffic and content detection technology," and "cloud security management technology based on virtualization architecture," all maintaining a domestic leading level[69][70] - Newly added data governance technology based on the Morning Star large model, including core technologies such as transformer architecture large model construction, training inference, data collection and quality auditing, and metadata management, has been applied in actual business operations[71] - During the reporting period, the company completed the development of high-performance DPI dedicated equipment based on domestic FPGA chips, building an autonomous and controllable domestic high-performance DPI product system[72] - The company launched a virtual DPI system based on distributed edge computing, integrating virtualization, containerization, SDN intelligent scheduling, and orchestration technologies, suitable for scenarios such as 5G, SASE, edge gateways, and IoT gateways[74] - The company continues to increase investment in AI large model related technologies, completing the Haohan Morning Star large model v1.1, enhancing AgentTool calling capabilities, and deepening cooperation with Ascend to improve inference performance[76] - The company is committed to developing deepfake content identification technology, releasing the "Digital Content Deepfake Detection System," which became the first system to pass the stringent product evaluation of the China Academy of Information and Communications Technology[79] H1 2025 R&D Investment Overview | Indicator | Current Period Amount (CNY) | Prior Period Amount (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 54,847,589.20 | 45,721,178.08 | 19.96 | | Capitalized R&D Investment | 7,246,242.78 | 4,100,504.62 | 76.72 | | Total R&D Investment | 62,093,831.98 | 49,821,682.70 | 24.63 | | Total R&D Investment as % of Operating Revenue (%) | 40.40 | 21.08 | Increased by 19.32 percentage points | | Proportion of Capitalized R&D Investment (%) | 11.67 | 8.23 | Increased by 3.44 percentage points | H1 2025 R&D Achievements | Intellectual Property Type | Newly Acquired in Current Period (items) | Cumulative Acquired (items) | | :--- | :--- | :--- | | Invention Patents | 7 | 99 | | Utility Model Patents | 0 | 7 | | Design Patents | 0 | 5 | | Software Copyrights | 15 | 361 | | Other | 0 | 132 | H1 2025 R&D Personnel Overview | Indicator | Current Period Amount | | :--- | :--- | | Number of Company R&D Personnel (persons) | 267 | | R&D Personnel as % of Total Company Employees (%) | 41 | | Total R&D Personnel Compensation (CNY 10,000) | 4,105.66 | | Average R&D Personnel Compensation (CNY 10,000) | 15.38 | | Doctoral Students | 2 persons (1%) | | Master's Students | 45 persons (17%) | | Bachelor's Degree | 201 persons (75%) | | Associate's Degree | 18 persons (7%) | | Under 30 years old | 71 persons (27%) | | 30-40 years old | 144 persons (54%) | | 40-50 years old | 47 persons (18%) | | 50-60 years old | 4 persons (1%) | | 60 years old and above | 1 person (0%) | IV. Risk Factors This section outlines diverse risks, including technology, talent, customer concentration, operational fluctuations, financial management, and macroeconomic factors, with countermeasures detailed - Technology innovation and new product development risk: The software and information technology services industry experiences rapid technological updates, and the company faces risks if it fails to accurately judge development trends or if R&D efforts fail[92] - Technology leakage and loss of core technical personnel risk: The company's core technologies are highly sophisticated; any technology leakage or loss of core technical personnel would impair its technological innovation capabilities[93] - Customer concentration and single customer dependency risk: The company's main customers are telecommunications operators, especially China Mobile, leading to high customer concentration and single customer dependency risks[93] - Short-term performance fluctuation risk: The company faces short-term performance volatility due to factors such as network technology iteration, the nascent stage of 400GE construction, and delayed China Mobile centralized procurement[94] - Accounts receivable risk: As of the end of the reporting period, the combined accounts receivable and contract assets accounted for 128.61% of operating revenue, posing a risk of uncollectible accounts and bad debt losses[96] - Macroeconomic environment risk: The company's industry is closely linked to national macroeconomic and industrial policies; changes in policies and the international trade environment (e.g., supply of raw materials like FPGA chips) could adversely affect operations[98][99] V. Key Operating Performance During the Reporting Period H1 2025 saw a 34.95% revenue decline and 92.58% net profit decrease, primarily due to procurement delays and seasonality, with detailed analysis of financial statement changes and subsidiary performance H1 2025 Key Operating Performance | Indicator | Amount (CNY 10,000) | YoY Change (%) | | :--- | :--- | :--- | | Operating Revenue | 15,371.30 | -34.95 | | Net Profit Attributable to Shareholders of Listed Company | 252.90 | -92.58 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Items) | -260.76 | -108.97 | - The decrease in operating revenue was mainly due to delayed contract signing and revenue recognition caused by delayed China Mobile centralized procurement in 2024, and the seasonal nature of subsidiary Guorui Shuzhi's revenue[102] H1 2025 Financial Statement Item Changes | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 153,712,970.56 | 236,293,658.46 | -34.95 | | Operating Cost | 53,386,355.12 | 109,831,819.57 | -51.39 | | Selling Expenses | 29,146,119.26 | 23,436,599.24 | 24.36 | | Administrative Expenses | 23,932,190.69 | 17,585,766.05 | 36.09 | | Financial Expenses | 3,150,356.25 | -1,206,260.24 | 361.17 | | R&D Expenses | 54,847,589.20 | 45,721,178.08 | 19.96 | | Net Cash Flow from Operating Activities | -4,270,044.41 | -6,529,401.84 | 34.60 | | Net Cash Flow from Investing Activities | -233,635,828.87 | -217,695,051.21 | -7.32 | | Net Cash Flow from Financing Activities | 334,693,254.69 | -35,033,626.86 | 1,055.35 | - Financial expenses increased by 361.17% year-on-year, mainly due to the issuance of convertible bonds, with interest expenses increasing by CNY 3.1729 million year-on-year[103] - Net cash flow from financing activities increased significantly by 1,055.35% year-on-year, primarily due to the issuance of convertible bonds totaling CNY 354.29 million during the current reporting period[103] H1 2025 Asset and Liability Status Changes | Item Name | Current Period End Amount (CNY) | Current Period End Amount as % of Total Assets (%) | Prior Year End Amount (CNY) | Prior Year End Amount as % of Total Assets (%) | YoY Change in End Amount (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 405,531,717.85 | 24.82 | 309,163,830.20 | 22.19 | 31.17 | | Financial Assets Held for Trading | 602,910,060.51 | 36.89 | 446,538,992.34 | 32.05 | 35.02 | | Total Assets | 1,634,191,980.60 | 100.00 | 1,393,064,501.81 | 100.00 | 17.31 | | Contract Liabilities | 44,407,467.54 | 2.72 | 32,863,034.88 | 2.36 | 35.13 | | Other Payables | 2,579,534.74 | 0.16 | 69,495,336.52 | 4.99 | -96.29 | | Bonds Payable | 307,775,171.03 | 18.83 | 0 | 0 | - | - The significant increase in cash and cash equivalents and financial assets held for trading at period-end was primarily due to the issuance of convertible bonds totaling CNY 354.29 million during the reporting period[105] - Other payables at period-end decreased by 96.29% year-on-year, mainly due to the payment for the acquisition of Guorui Shuzhi equity during the current period[106] H1 2025 External Equity Investments | Indicator | Investment Amount in Reporting Period (CNY) | Investment Amount in Prior Period (CNY) | Change | | :--- | :--- | :--- | :--- | | Total External Equity Investment | 78,600,000.00 | 0 | - | H1 2025 Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (CNY) | Amount Purchased in Current Period (CNY) | Amount Sold/Redeemed in Current Period (CNY) | Ending Balance (CNY) | | :--- | :--- | :--- | :--- | :--- | | Other | 446,538,992.34 | 1,010,500,000.00 | 854,200,000.00 | 602,910,060.51 | - The company invested CNY 3 million in Jiaxing Tianqi Private Equity Fund Management Co., Ltd. during the current period, acting as a limited partner with a 100% capital contribution, but does not control the fund[117] (I) Analysis of Main Business H1 2025 main business revenue declined 34.95% due to procurement delays and seasonality, while financial expenses and financing cash flow significantly increased from convertible bond issuance H1 2025 Financial Statement Item Changes | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 153,712,970.56 | 236,293,658.46 | -34.95 | | Operating Cost | 53,386,355.12 | 109,831,819.57 | -51.39 | | Selling Expenses | 29,146,119.26 | 23,436,599.24 | 24.36 | | Administrative Expenses | 23,932,190.69 | 17,585,766.05 | 36.09 | | Financial Expenses | 3,150,356.25 | -1,206,260.24 | 361.17 | | R&D Expenses | 54,847,589.20 | 45,721,178.08 | 19.96 | | Net Cash Flow from Operating Activities | -4,270,044.41 | -6,529,401.84 | 34.60 | | Net Cash Flow from Investing Activities | -233,635,828.87 | -217,695,051.21 | -7.32 | | Net Cash Flow from Financing Activities | 334,693,254.69 | -35,033,626.86 | 1,055.35 | - Operating revenue decreased by 34.95% year-on-year, primarily due to delayed overall contract signing and revenue recognition caused by delayed China Mobile centralized procurement in 2024, and the relatively pronounced seasonality of subsidiary Guorui Shuzhi's revenue[102] - Financial expenses increased by 361.17% year-on-year, mainly due to the issuance of convertible bonds, with interest expenses increasing by CNY 3.1729 million year-on-year during the reporting period[103] - Net cash flow from financing activities increased by 1,055.35% year-on-year, primarily due to the issuance of convertible bonds totaling CNY 354.29 million during the current reporting period[103] (III) Analysis of Assets and Liabilities H1 2025 saw significant increases in cash and financial assets from convertible bond issuance, 34.55% total asset growth, and a new CNY 307.78 million in bonds payable H1 2025 Asset and Liability Status Changes | Item Name | Current Period End Amount (CNY) | Current Period End Amount as % of Total Assets (%) | Prior Year End Amount (CNY) | Prior Year End Amount as % of Total Assets (%) | YoY Change in End Amount (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 405,531,717.85 | 24.82 | 309,163,830.20 | 22.19 | 31.17 | | Financial Assets Held for Trading | 602,910,060.51 | 36.89 | 446,538,992.34 | 32.05 | 35.02 | | Total Assets | 1,634,191,980.60 | 100.00 | 1,393,064,501.81 | 100.00 | 17.31 | | Contract Liabilities | 44,407,467.54 | 2.72 | 32,863,034.88 | 2.36 | 35.13 | | Other Payables | 2,579,534.74 | 0.16 | 69,495,336.52 | 4.99 | -96.29 | | Bonds Payable | 307,775,171.03 | 18.83 | 0 | 0 | - | - Cash and cash equivalents and financial assets held for trading increased at period-end, primarily due to the issuance of convertible bonds totaling CNY 354.29 million during the reporting period[105] - Other payables at period-end significantly decreased by 96.29%, primarily due to the payment for the acquisition of Guorui Shuzhi equity during the current period[106] Major Restricted Assets as of the End of the Reporting Period | Item | End of Period Book Balance (CNY) | Reason for Restriction | | :--- | :--- | :--- | | Cash and Cash Equivalents | 8,116,406.84 | Letter of Guarantee Deposit | (IV) Analysis of Investment Status This section details the company's investment activities, including CNY 78.6 million in external equity investments and CNY 602.91 million in fair value financial assets, plus a CNY 3 million limited partnership investment H1 2025 Total External Equity Investment | Indicator | Investment Amount in Reporting Period (CNY) | Investment Amount in Prior Period (CNY) | Change | | :--- | :--- | :--- | :--- | | Total External Equity Investment | 78,600,000.00 | 0 | - | H1 2025 Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (CNY) | Amount Purchased in Current Period (CNY) | Amount Sold/Redeemed in Current Period (CNY) | Ending Balance (CNY) | | :--- | :--- | :--- | :--- | :--- | | Other | 446,538,992.34 | 1,010,500,000.00 | 854,200,000.00 | 602,910,060.51 | - The company invested CNY 3 million in Jiaxing Tianqi Private Equity Fund Management Co., Ltd. during the current period, acting as a limited partner with a 100% capital contribution, but does not control the fund[117] (VI) Analysis of Major Holding and Participating Companies This section provides financial data for major subsidiaries, highlighting Beijing Guorui Shuzhi Technology Co., Ltd.'s CNY 31.39 million revenue and CNY -2.99 million net loss, with other subsidiaries also reporting losses or no revenue Financial Information of Major Holding and Participating Companies | Company Name | Company Type | Registered Capital (CNY) | Total Assets (CNY) | Net Assets (CNY) | Operating Revenue (CNY) | Net Profit (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hefei Haohan Deep Information Technology Co., Ltd. | Subsidiary | 5,000,000 | 167,305.20 | 199,760.63 | 0 | -61,275.94 | | Haohan Deep (Shanghai) Intelligent Technology Co., Ltd. | Subsidiary | 5,000,000 | 6,493,063.01 | 573,036.07 | 0 | -680,635.25 | | Beijing Yungui Zhilian Information Technology Co., Ltd. | Subsidiary | 1,000,000 | 610,864.69 | -419,482.35 | 0 | -168,817.49 | | Beijing Zhilian Yun'an Technology Co., Ltd. | Subsidiary | 1,000,000 | 7,143,803.70 | 5,073,803.52 | 325,471.70 | -3,431,803.13 | | Nanjing Youzhu Information Technology Co., Ltd. | Subsidiary | 1,000,000 | 5,712,823.679 | 5,649,071.67 | 0 | -526,478.26 | | Beijing Guorui Shuzhi Technology Co., Ltd. | Subsidiary | 36,164,130 | 167,142,524.05 | 131,874,455.62 | 31,386,352.53 | -2,998,545.21 | | Beijing Huazhi Rail Transit Technology Co., Ltd. | Participating Company | 5,000,000 | 79,942.60 | -117,264.92 | 0 | -2,600.00 | Section 4 Corporate Governance, Environment, and Society II. Profit Distribution or Capital Reserve Conversion Plan The company will not distribute profits or convert capital reserves to share capital for H1 2025 - The company will not distribute profits or convert capital reserves for H1 2025[121] III. Status and Impact of the Company's Equity Incentive Plan, Employee Stock Ownership Plan, or Other Employee Incentive Measures This section details the 2022 restricted stock incentive plan's progress, including grants, price adjustments, and the first vesting period's share registration, aiming to retain core employees - On December 1, 2022, the company approved the 2022 restricted stock incentive plan, proposing to grant 3 million restricted shares to 58 incentive recipients[122] - On April 17, 2024, the first vesting period of the company's 2022 restricted stock incentive plan met vesting conditions, with 1.2 million shares eligible for vesting; share registration was completed on April 25, 2024, increasing the company's total share capital to 158,346,667 shares[123] - The restricted stock grant price has been adjusted multiple times, with the latest adjustment being CNY 11.91/share[123] Section 5 Significant Matters I. Fulfillment of Commitments This section details the timely and strict fulfillment of all commitments by the company, its controllers, and shareholders, covering related-party transactions, competition, share lock-ups, and equity incentives - The controlling shareholder or actual controller committed to minimizing and avoiding related-party transactions with the listed company, strictly adhering to market principles, and conducting them fairly and reasonably[126][128] - The controlling shareholder and actual controller committed not to engage in or participate in any business or activities identical or similar to the main business of Haohan Deep and its controlled enterprises, to avoid horizontal competition[128][129] - The company and relevant parties committed to strictly fulfilling all commitments related to initial public offering, refinancing, and equity incentives, including share lock-ups, stock price stabilization, and information disclosure authenticity[130][131][132][133][134][135][136][137][138][139][140][141][142][143][144][145][146][147][148][149][150][151][152][153][154][155][156][157][158][159][160][161] - All commitments were strictly and timely fulfilled during the reporting period, with no instances of non-fulfillment[126] X. Significant Related-Party Transactions This section details related-party transactions, including CNY 478,958.42 in technical services purchased from Beijing Xinliu Wanlian Network Technology Co., Ltd., within approved limits H1 2025 Related-Party Transactions for Goods Purchase/Sale and Services Received | Related Party | Related-Party Transaction Content | Amount Incurred in Current Period (CNY) | Approved Transaction Limit (CNY) | Exceeded Transaction Limit | | :--- | :--- | :--- | :--- | :--- | | Beijing Xinliu Wanlian Network Technology Co., Ltd. | Technical Services | 478,958.42 | 25,000,000.00 | No | H1 2025 Amounts Payable to Related Parties | Item Name | Related Party | End of Period Book Balance (CNY) | | :--- | :--- | :--- | | Accounts Payable | Beijing Xinliu Wanlian Network Technology Co., Ltd. | 965,379.26 | XII. Explanation of Progress in Use of Raised Funds This section details the use of IPO and convertible bond proceeds, showing 82.07% and 5.42% cumulative investment progress respectively, with CNY 16.1536 million used for replacement and idle funds managed Overall Use of Raised Funds | Source of Raised Funds | Net Raised Funds (CNY) | Total Committed Investment (CNY) | Cumulative Investment as of End of Reporting Period (CNY) | Cumulative Investment Progress of Raised Funds (%) | Amount Invested in Current Year (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | | Initial Public Offering of Shares | 571,692,294.81 | 400,000,000.00 | 469,190,965.70 | 82.07 | 20,796,162.36 | | Issuance of Convertible Bonds | 345,641,590.09 | 345,641,590.09 | 18,743,510.96 | 5.42 | 18,743,510.96 | | Total | 917,333,884.90 | 745,641,590.09 | 487,934,476.66 | - | 39,539,673.32 | - The total over-raised funds from the initial public offering of shares amounted to CNY 171,692,294.81, with a cumulative investment of CNY 87,064,427.65 as of the end of the reporting period, representing an investment progress of 50.71%[167] Detailed Use of Raised Fund Investment Projects | Raised Fund Investment Project Name | Planned Total Investment of Raised Funds (CNY) | Amount Invested in Current Year (CNY) | Cumulative Raised Funds Invested as of End of Reporting Period (CNY) | Cumulative Investment Progress (%) | | :--- | :--- | :--- | :--- | :--- | | Network Intelligent Application System R&D Project | 83,449,132.64 | 0 | 83,449,132.64 | 100 | | Security Technology R&D Center Construction Project | 47,663,271.96 | 892,400.55 | 47,663,271.96 | 100 | | Network Intelligent Collection System R&D Project | 100,630,511.43 | 0 | 100,630,511.43 | 100 | | Replenishment of Working Capital | 120,000,000.00 | 0 | 119,999,808.12 | 100 | | Localization of Network Intelligent Upgrade Project | 48,257,083.97 | 8,262,136.32 | 30,383,813.90 | 62.96 | | Deepfake Detection Collection and Preprocessing System Construction Project | 120,000,000.00 | 11,641,625.49 | 35,372,132.84 | 29.48 | | Public Internet Security Monitoring System R&D and Industrialization Project | 145,354,702.22 | 15,481,271.29 | 15,481,271.29 | 10.65 | | Deepfake Detection System R&D and Construction Project | 200,286,887.88 | 3,262,239.67 | 3,262,239.67 | 1.63 | Detailed Use of Over-Raised Funds | Purpose | Total Over-Raised Funds Planned for Investment (CNY) | Cumulative Over-Raised Funds Invested as of End of Reporting Period (CNY) | Cumulative Investment Progress as of End of Reporting Period (%) | | :--- | :--- | :--- | :--- | | Permanent Replenishment of Working Capital | 51,692,294.81 | 51,692,294.81 | 100 | | Deepfake Detection Collection and Preprocessing System Construction Project | 120,000,000.00 | 35,372,132.84 | 29.48 | - On April 23, 2025, the company approved the use of CNY 16.1536 million of raised funds to replace self-raised funds previously invested in projects and for paid issuance expenses, with the replacement fully completed by June 30, 2025[179] - The company managed idle raised funds through cash management, with an ending balance of CNY 185 million in cash management, not exceeding the authorized limit[181] Section 6 Share Changes and Shareholder Information I. Share Capital Change Status H1 2025 saw no change in share capital, with 158,346,667 total shares, comprising 43.15% restricted and 56.85% unrestricted shares Share Change Table | Share Class | Quantity Before This Change (shares) | Proportion Before This Change (%) | Increase/Decrease in This Change (+,-) | Quantity After This Change (shares) | Proportion After This Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 68,326,238 | 43.15 | 0 | 68,326,238 | 43.15 | | 3. Other Domestic Shares | 68,326,238 | 43.15 | 0 | 68,326,238 | 43.15 | | Of which: Domestic Non-State-Owned Corporate Shares | 10,808,518 | 6.83 | 0 | 10,808,518 | 6.83 | | Domestic Natural Person Shares | 57,517,720 | 36.32 | 0 | 57,517,720 | 36.32 | | II. Unrestricted Tradable Shares | 90,020,429 | 56.85 | 0 | 90,020,429 | 56.85 | | 1. RMB Ordinary Shares | 90,020,429 | 56.85 | 0 | 90,020,429 | 56.85 | | III. Total Shares | 158,346,667 | 100 | 0 | 158,346,667 | 100 | II. Shareholder Information This section details shareholder information, including 8,294 ordinary shareholders, with Zhang Yue (24.87%) and Lei Zhenming (11.45%) as top holders, and 1.09% of shares held in the repurchase account - As of the end of the reporting period, the company had 8,294 ordinary shareholders[187] Top Ten Shareholders' Holdings as of the End of the Reporting Period | Shareholder Name | End of Period Holding (shares) | Proportion (%) | Number of Restricted Shares Held (shares) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | | Zhang Yue | 39,383,801 | 24.87 | 39,383,801 | Domestic Natural Person | | Lei Zhenming | 18,133,919 | 11.45 | 18,133,919 | Domestic Natural Person | | Beijing Zhicheng Guangyi Investment Management Center (Limited Partnership) | 10,808,518 | 6.83 | 10,808,518 | Other | | Shanghai Lianchuang Yongqin Venture Capital Enterprise (Limited Partnership) | 9,775,231 | 6.17 | 0 | Other | | Shen Jun | 4,320,000 | 2.73 | 0 | Domestic Natural Person | | Song Ying | 2,590,300 | 1.64 | 0 | Domestic Natural Person | | Liu Hong | 2,227,711 | 1.41 | 0 | Domestic Natural Person | | Guojin Innovation Investment Co., Ltd. | 1,964,333 | 1.24 | 0 | Domestic Non-State-Owned Corporate | | Yang Yanping | 1,718,177 | 1.09 | 0 | Domestic Natural Person | | Dou Yinan | 1,592,396 | 1.01 | 0 | Domestic Natural Person | - Shareholders Zhang Yue, Lei Zhenming, and Beijing Zhicheng Guangyi Investment Management Center (Limited Partnership) have an associated relationship[191] - The company's special securities account for share repurchase holds 1,724,736 shares, accounting for 1.09% of the total share capital[190][191] Top Ten Restricted Shareholders' Holdings and Restrictions | No. | Name of Restricted Shareholder | Number of Restricted Shares Held (shares) | Date Available for Listing and Trading | Restriction Conditions | | :--- | :--- | :--- | :--- | :--- | | 1 | Zhang Yue | 39,383,801 | 2026年2月18日 | 36 months from the listing date; if Haohan Deep's stock closing price is below the IPO price for 20 consecutive trading days within 6 months after listing, the lock-up period will automatically extend by 6 months | | 2 | Lei Zhenming | 18,133,919 | 2026年2月18日 | 36 months from the listing date; if Haohan Deep's stock closing price is below the IPO price for 20 consecutive trading days within 6 months after listing, the lock-up period will automatically extend by 6 months | | 3 | Beijing Zhicheng Guangyi Investment Management Center (Limited Partnership) | 10,808,518 | 2025年8月18日 | 36 months from the listing date | IV. Changes in Controlling Shareholder or Actual Controller Effective August 19, 2025, Mr. Zhang Yue became the sole controlling shareholder and actual controller, following the expiration of the concerted action agreements - The company's controlling shareholder and actual controller changed to Mr. Zhang Yue on August 19, 2025[201] - The change occurred because the "Concerted Action Agreement" and "Supplementary Agreement" between Mr. Zhang Yue and Mr. Lei Zhenming expired and were not renewed, terminating their concerted action relationship on August 18, 2025[191] Section 7 Bond-Related Information II. Convertible Corporate Bonds This section details the CNY 354.29 million Haohan Convertible Bonds issued on March 13, 2025, with 10,578 holders, a CNY 24.38/share conversion price, and a stable "A+" credit rating - On March 13, 2025, the company issued 3.5429 million convertible corporate bonds, totaling CNY 354.29 million, with the bond abbreviation "Haohan Convertible Bonds" and code "118052," which began trading on the Shanghai Stock Exchange on April 7, 2025[203] Haohan Convertible Bonds Holder Information | Name of Convertible Corporate Bond Holder | End of Period Bond Holding (CNY) | Holding Proportion (%) | | :--- | :--- | :--- | | Zhang Yue | 89,086,000 | 25.14 | | Lei Zhenming | 41,019,000 | 11.58 | | Ping An Bank Co., Ltd. - Western Securities Huixiang Bond Fund | 21,000,000 | 5.93 | | China Merchants Bank Co., Ltd. - Boshi CSI Convertible Bond and Exchangeable Bond ETF | 14,895,000 | 4.20 | | CITIC Securities Xinfu Wannian Fixed Income Pension Product - China Construction Bank Co., Ltd. | 7,718,000 | 2.18 | | Song Ying | 6,596,000 | 1.86 | | China Merchants Bank Co., Ltd. - Boshi Stable Return Bond Fund (LOF) | 6,054,000 | 1.71 | | Bank of China Co., Ltd. - CITIC-Prudential Dual-Yield Bond Fund (LOF) | 6,000,000 | 1.69 | | Gao Herong | 5,847,000 | 1.65 | | Industrial and Commercial Bank of China Co., Ltd. - Tianhong Tianli Bond Fund (LOF) | 5,007,000 | 1.41 | - As of the end of the reporting period, Haohan Convertible Bonds had 10,578 holders, with CNY 354,290,000 yet to be converted, representing 100% of the total issued convertible bonds[204][207] - The conversion price for Haohan Convertible Bonds is CNY 24.38/share, with a conversion period from September 19, 2025, to March 12, 2031[209][447] - The company's corporate credit rating and "Haohan Convertible Bonds" credit rating are both "A+", with a "stable" outlook; operations are normal, asset structure is reasonable, and operating cash flow is sufficient, ensuring timely and full repayment of principal and interest[210] Section 8 Financial Report II. Financial Statements This section presents H1 2025 consolidated and parent company financial statements, showing CNY 1.63 billion total assets, CNY 474.86 million total liabilities, and a CNY 855,227.57 net loss Consolidated Balance Sheet (June 30, 2025) | Item | June 30, 2025 (CNY) | December 31, 2024 (CNY) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 405,531,717.85 | 309,163,830.20 | | Financial Assets Held for Trading | 602,910,060.51 | 446,538,992.34 | | Accounts Receivable | 168,499,450.40 | 179,900,114.11 | | Inventories | 138,931,684.10 | 131,419,755.41 | | Contract Assets | 29,194,270.09 | 33,794,552.62 | | Total Assets | 1,634,191,980.60 | 1,393,064,501.81 | | Accounts Payable | 70,156,709.64 | 92,021,806.60 | | Contract Liabilities | 44,407,467.54 | 32,863,034.88 | | Bonds Payable | 307,775,171.03 | 0 | | Total Liabilities | 474,856,089.73 | 257,066,704.91 | | Total Equity Attributable to Parent Company Owners | 1,066,625,976.47 | 1,041,373,683.07 | | Total Equity | 1,159,335,890.87 | 1,135,997,796.90 | Consolidated Income Statement (Jan-Jun 2025) | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 153,712,970.56 | 236,293,658.46 | | Total Operating Costs | 165,805,891.65 | 196,481,646.55 | | Total Profit | -6,474,669.05 | 35,219,907.94 | | Net Profit | -855,227.57 | 33,967,498.79 | | Net Profit Attributable to Parent Company Shareholders | 2,528,971.86 | 34,060,969.82 | | Basic Earnings Per Share (CNY/share) | 0.02 | 0.22 | | Diluted Earnings Per Share (CNY/share) | 0.02 | 0.22 | III. Company's Basic Information This section provides an overview of Beijing Haohan Deep Information Technology Co., Ltd., detailing its history, listing, capital, and core businesses in network visualization and information security - The company's predecessor was Beijing Kuanguang Telecom High-Tech Development Co., Ltd., established in 1994, and it was wholly converted into a joint-stock company in 2013[253] - The company's shares were listed and traded on the STAR Market of the Shanghai Stock Exchange on August 18, 2022, with stock code 688292 and stock abbreviation "Haohan Deep"[253] - As of the reporting date, the company's registered capital is CNY 158,346,667, and the actual controller is Zhang Yue[254] - The company's main business includes network visualization and information security protection solutions, big data solution design and implementation, hardware and software design and development, product sales, and technical services[254] IV. Basis of Financial Statement Preparation The financial statements are prepared on a going concern basis, confirming the company's ability to operate for at least 12 months without significant issues - The company's financial statements are prepared on a going concern basis[255] - The company has the ability to continue as a going concern for at least 12 months from the end of the current reporting period, with no significant matters affecting its going concern ability[256] [