普天科技(002544) - 2025 Q2 - 季度财报

Important Notes, Table of Contents, and Definitions This section provides essential disclaimers, the report's structure, and definitions of key terms for clarity Important Notes The company's board, supervisory board, and senior management guarantee the report's accuracy, with no cash dividends or share transfers planned - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the report's content[4] - The company's head, chief accountant, and head of accounting department declare the financial report is true, accurate, and complete[4] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[4] Table of Contents This section lists the report's nine main chapters, covering company operations, finance, governance, and significant matters - The report comprises nine main chapters, covering various aspects of company operations, finance, governance, and significant matters[6] List of Reference Documents Reference documents include the signed semi-annual report, financial statements, and all publicly disclosed company files, available at the capital securities management department - Reference documents include the semi-annual report signed by the legal representative and financial statements[8][9] - All publicly disclosed company documents and original announcements are also available as reference documents[10] - Reference documents are kept at the company's capital securities management department[11] Definitions This section defines common terms used in the report, including company abbreviations, controlling shareholders, and key subsidiaries, for clear understanding Major Definitions | Term | Definition | | :--- | :--- | | Company, This Company, Potevio Technology | CETC Potevio Co., Ltd. | | CETC, Group Company, Group | China Electronics Technology Group Corporation | | CETC Network Communication | CETC Network Communication Group Co., Ltd. | | PCB | Printed Circuit Board | Company Profile and Key Financial Indicators This section provides an overview of the company's basic information and presents its key financial performance metrics for the reporting period Company Profile CETC Potevio Co., Ltd. (stock code: 002544) is listed on the Shenzhen Stock Exchange, with Shen Wenming as its legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Potevio Technology | | Stock Code | 002544 | | Former Stock Abbreviation | Jeson Technology | | Stock Exchange | Shenzhen Stock Exchange | | Chinese Name | CETC Potevio Co., Ltd. | | Legal Representative | Shen Wenming | Contact Persons and Information This section provides contact details for the company's Board Secretary and Securities Affairs Representative, including address, phone, fax, and email Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Zhou Zhen | Potevio Technology Building, No. 381 Xingang Middle Road, Guangzhou | 020-84118343 | 020-84119246 | ir@cetcpotevio.com | | Securities Affairs Representative | Deng Xiaohua | Potevio Technology Building, No. 381 Xingang Middle Road, Guangzhou | 020-84118343 | 020-84119246 | ir@cetcpotevio.com | Other Information The company's contact information, disclosure, and reference locations remained unchanged during the reporting period - The company's registered address, office address, website, and email remained unchanged during the reporting period[17] - Information disclosure and reference locations remained unchanged during the reporting period[18] - Other relevant information remained unchanged during the reporting period[19] Key Accounting Data and Financial Indicators The company experienced a significant decline in revenue and net profit, turning to a loss, while operating cash flow improved substantially Key Accounting Data and Financial Indicators (Current Period vs. Prior Year) | Indicator | Current Period (Yuan) | Prior Year (Yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,023,882,766.31 | 2,437,339,982.48 | -16.96% | | Net Profit Attributable to Shareholders of Listed Company | -20,803,221.86 | 39,320,075.47 | -152.91% | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | -29,328,041.94 | 36,529,006.49 | -180.29% | | Net Cash Flow from Operating Activities | -109,924,274.40 | -413,919,409.81 | 73.44% | | Basic Earnings Per Share (Yuan/Share) | -0.0306 | 0.0576 | -153.13% | | Diluted Earnings Per Share (Yuan/Share) | -0.0306 | 0.0576 | -153.13% | | Weighted Average Return on Net Assets | -0.56% | 1.05% | -1.61% | | Current Period End vs. Prior Year End | | | | | Total Assets | 9,404,409,263.07 | 9,893,675,292.55 | -4.95% | | Net Assets Attributable to Shareholders of Listed Company | 3,699,997,650.99 | 3,726,011,517.05 | -0.70% | Differences in Accounting Data under Domestic and Overseas Accounting Standards The company reports no differences in net profit or net assets between international/overseas and Chinese accounting standards - The company reported no differences in net profit and net assets between financial reports disclosed under international accounting standards and Chinese accounting standards during the reporting period[21] - The company reported no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese accounting standards during the reporting period[22] Non-Recurring Gains and Losses and Amounts Non-recurring gains and losses totaled 8.52 million yuan, primarily from non-current asset disposal, government grants, and other non-operating income/expenses Non-Recurring Gains and Losses and Amounts | Item | Amount (Yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets | 123,723.01 | | Government grants recognized in current profit or loss | 2,829,524.50 | | Other non-operating income and expenses apart from the above | 5,599,601.80 | | Less: Income tax impact | -10,837.10 | | Impact on minority interests (after tax) | 38,866.33 | | Total | 8,524,820.08 | Management Discussion and Analysis This section provides an in-depth analysis of the company's business operations, financial performance, and strategic initiatives during the reporting period Principal Businesses Engaged in by the Company During the Reporting Period The company focuses on ICT integrated services across public network communication, private network communication, smart applications, and intelligent manufacturing - The company focuses on major industries such as communication, transportation, energy, security, and manufacturing, deeply cultivating new tracks of digital-real integration[26] - The company's business layout includes public network communication, private network communication, government and enterprise services, core products, and intelligent manufacturing[26] - The company is committed to becoming a leader in ICT integrated services in the digital intelligence era[26] Public Network Communication The company offers comprehensive technical services in public network communication, driven by "5G+" innovation, and explores emerging industries like low-altitude economy - The company focuses on basic services in network communication, including consulting, planning, design, optimization, and general contracting[26] - Driven by "5G+" technology and product innovation, it provides communication consulting, planning, design, industry digital consulting, communication network products, and engineering general contracting and supervision services[26] - Actively developing emerging industries such as low-altitude economy, data governance, and satellite internet[26] Private Network Communication and Smart Applications The company advances smart applications in private network communication, leveraging digital transformation to enhance safety and operational efficiency across various industries - Private network communication business accelerates digitalization and data-driven operations, promoting new infrastructure in smart transportation, energy, and emergency response[28] - Provides multi-system products and solutions, including program-controlled switching, IMS, TETRA, and LTE broadband clusters, serving urban rail, power, and petrochemical industries[29][30] - Smart applications deeply cultivate vertical industries such as water, gas, and industrial parks, building an AI+ digital intelligence integrated platform to enhance safety control and operational efficiency[33] Intelligent Manufacturing The company excels in intelligent manufacturing, mastering key technologies for special PCBs and high-end constant temperature time-frequency devices, serving high-end clients - The company masters miniaturization, intelligence, flexibility, and modularization new technologies for special printed circuit boards (PCBs) and high-end constant temperature time-frequency devices[36] - Provides one-stop PCB design, manufacturing, and assembly services for multiple varieties, samples, small to medium batches, short lead times, high reliability, and special requirements[37] - Continuously innovates in constant temperature crystal oscillators, launching miniaturized, high-reliability clock products, and developing high-end products like ultra-low phase noise, aerospace-grade radiation/shock-resistant crystal oscillators[38][39] Industry Development Overview The communication industry is poised for strategic growth in 2025, driven by AI infrastructure, 6G, and national policy support for digital transformation and smart manufacturing - In 2025, the communication industry faces strategic opportunities in AI infrastructure, 6G technology, integrated space-air-ground networks, digital transformation, low-altitude economy, private network communication, and intelligent manufacturing[40] - The "14th Five-Year Plan" emphasizes promoting deep integration of industry, academia, research, and application, strengthening enterprises' innovation status, and developing the digital economy[40] - The State-owned Assets Supervision and Administration Commission launched the "AI+" special action for central enterprises, and the Ministry of Industry and Information Technology initiated the "Computing Power Foundation Unveiling Action," promoting key technological breakthroughs and industrialization[41] Analysis of Core Competencies The company's core strengths include strong group support, deep industry expertise, extensive qualifications, advanced R&D capabilities, and vertical integration across the ICT value chain - The company leverages strong support from CETC and CETC Network Communication, along with its location advantage in the Guangdong-Hong Kong-Macao Greater Bay Area, to gain financing and capital operation advantages[46] - The company deeply cultivates the information and communication field, aligning with next-generation mobile communication trends, and strategically positions itself in emerging industries like low-altitude economy, data governance, and satellite internet[46] - The company holds multiple Class A qualifications, covering electronic/communication engineering consulting, surveying, design, contracting, and supervision, demonstrating strong market reputation and comprehensive service capabilities[47] - The company possesses independent R&D and core technological advantages in mobile communication, TETRA digital trunking equipment, 370MHz PDT digital trunking communication systems, special printed circuit boards, and high-end constant temperature crystal oscillators[47][48] - The company has built a complete information and communication industry chain, integrating basic components, data acquisition modules, digital trunking communication, wireless transmission and coverage, and intelligent computing centers, achieving vertical integration advantages[49] Analysis of Principal Business All three main business segments experienced revenue declines due to market challenges, prompting the company to pursue new markets and R&D investments - Public network communication segment's revenue decreased year-on-year, primarily due to an overall decline in operator investment[50] - Private network communication and smart application segment's revenue decreased year-on-year, affected by intensified industry competition, pressure on growth, and business structure optimization[53] - Intelligent manufacturing segment's revenue decreased year-on-year, impacted by specific customer demand cycles, while rising precious metal material prices led to increased manufacturing costs and decreased gross profit margin[54] - The company actively expands into new markets, increases independent R&D efforts, accelerates product industrialization, and optimizes product structure to address challenges[50][53][54] Year-on-Year Changes in Key Financial Data Revenue decreased by 16.96% and operating costs by 13.48%; financial expenses surged by 6026.80% due to lower interest income, while operating cash flow improved by 73.44% Key Financial Data Year-on-Year Changes | Indicator | Current Period (Yuan) | Prior Year (Yuan) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 2,023,882,766.31 | 2,437,339,982.48 | -16.96% | | | Operating Cost | 1,737,731,717.83 | 2,008,560,099.77 | -13.48% | | | Selling Expenses | 95,554,487.64 | 104,780,837.26 | -8.81% | | | Administrative Expenses | 109,472,677.21 | 132,082,011.91 | -17.12% | | | Financial Expenses | 5,923,609.09 | -99,946.22 | 6,026.80% | Primarily due to a decrease in deposit size and interest rates, leading to lower interest income | | Income Tax Expense | -762,103.52 | -960,039.89 | 20.62% | | | R&D Investment | 96,812,694.71 | 119,495,931.30 | -18.98% | | | Net Cash Flow from Operating Activities | -109,924,274.40 | -413,919,409.81 | 73.44% | Primarily due to a year-on-year decrease in cash outflows from operating activities such as purchasing goods and receiving services | | Net Cash Flow from Investing Activities | -88,441,141.19 | -63,392,598.79 | -39.51% | Primarily due to an increase in cash paid for purchasing long-term assets in the current period | | Net Cash Flow from Financing Activities | -237,907,889.22 | -330,922,295.67 | 28.11% | | | Net Increase in Cash and Cash Equivalents | -435,716,783.00 | -808,963,973.60 | 46.14% | Primarily due to an increase in net cash flow from operating and financing activities in the current period | Composition of Operating Revenue Total operating revenue decreased by 16.96% to 2.02 billion yuan, with declines in all major segments, though international revenue saw an 8.02% increase Composition of Operating Revenue (Current Period vs. Prior Year) | Category | Current Period Amount (Yuan) | Proportion of Operating Revenue | Prior Year Amount (Yuan) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Operating Revenue | 2,023,882,766.31 | 100% | 2,437,339,982.48 | 100% | -16.96% | | By Product | | | | | | | Public Network Communication | 729,818,942.04 | 36.06% | 802,333,885.60 | 32.92% | -9.04% | | Private Network Communication and Smart Applications | 716,747,616.59 | 35.41% | 984,005,781.31 | 40.37% | -27.16% | | Intelligent Manufacturing | 577,316,207.68 | 28.53% | 651,000,315.57 | 26.71% | -11.32% | | By Region | | | | | | | Domestic | 1,894,131,405.16 | 93.59% | 2,317,226,457.21 | 95.07% | -18.26% | | International | 129,751,361.15 | 6.41% | 120,113,525.27 | 4.93% | 8.02% | Industry, Product, or Region Accounting for More Than 10% of the Company's Operating Revenue or Operating Profit Software and information technology services, public network communication, private network communication, and intelligent manufacturing are key segments, all experiencing revenue declines except for international sales Operating Revenue, Cost, and Gross Profit Margin by Industry, Product, and Region | Category | Operating Revenue (Yuan) | Operating Cost (Yuan) | Gross Profit Margin | Year-on-Year Change in Operating Revenue | Year-on-Year Change in Operating Cost | Year-on-Year Change in Gross Profit Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | By Customer Industry | | | | | | | | Software and Information Technology Services | 2,023,882,766.31 | 1,737,731,717.83 | 14.14% | -16.96% | -13.48% | -3.45% | | By Product | | | | | | | | Public Network Communication | 729,818,942.04 | 682,100,223.06 | 6.54% | -9.04% | -3.95% | -4.95% | | Private Network Communication and Smart Applications | 716,747,616.59 | 608,770,967.21 | 15.06% | -27.16% | -27.24% | 0.09% | | Intelligent Manufacturing | 577,316,207.68 | 446,860,527.56 | 22.60% | -11.32% | -3.21% | -6.48% | | By Region | | | | | | | | Domestic | 1,894,131,405.16 | 1,622,334,101.62 | 14.35% | -18.26% | -14.73% | -3.54% | | International | 129,751,361.15 | 115,397,616.21 | 11.06% | 8.02% | 8.90% | -0.72% | Composition of Principal Business Costs Principal business costs decreased by 13.48% to 1.74 billion yuan, with materials being the largest component, also showing a decline Composition of Principal Business Costs (Current Period vs. Prior Year) | Cost Component | Current Period Amount (Yuan) | Proportion of Operating Cost | Prior Year Amount (Yuan) | Proportion of Operating Cost | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Labor and Outsourcing Fees | 353,251,773.25 | 20.33% | 397,196,551.11 | 19.78% | -11.06% | | Material Costs | 975,435,994.56 | 56.13% | 1,128,931,095.80 | 56.21% | -13.60% | | Manufacturing and Construction Costs, etc. | 409,043,950.02 | 23.54% | 482,432,452.86 | 24.01% | -15.21% | | Total | 1,737,731,717.83 | 100.00% | 2,008,560,099.77 | 100.00% | -13.48% | Analysis of Non-Principal Business The company reported no non-principal business analysis for the period Analysis of Assets and Liabilities Total assets decreased by 4.95% to 9.40 billion yuan, with declines in cash and short-term borrowings, while accounts receivable and inventory increased Significant Changes in Asset Composition (Current Period End vs. Prior Year End) | Item | Current Period End Amount (Yuan) | Proportion of Total Assets | Prior Year End Amount (Yuan) | Proportion of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 1,667,309,294.74 | 17.73% | 2,074,271,366.48 | 20.97% | -3.24% | | Accounts Receivable | 3,709,153,472.85 | 39.44% | 3,643,736,497.69 | 36.83% | 2.61% | | Inventories | 1,533,686,985.85 | 16.31% | 1,351,069,024.74 | 13.66% | 2.65% | | Fixed Assets | 687,729,495.75 | 7.31% | 579,911,618.15 | 5.86% | 1.45% | | Development Expenditures | 74,987,239.17 | 0.80% | 34,391,931.64 | 0.35% | 0.45% | | Short-term Borrowings | 456,868,595.23 | 4.86% | 675,175,182.63 | 6.82% | -1.96% | | Notes Payable | 681,741,472.15 | 7.25% | 812,777,706.82 | 8.21% | -0.96% | | Accounts Payable | 3,491,058,251.62 | 37.12% | 3,407,585,447.87 | 34.44% | 2.68% | Asset Rights Restricted as of the End of the Reporting Period | Item | Book Value at Period End (Yuan) | Reason for Restriction | Book Value at Period Start (Yuan) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 210,055,615.53 | Guarantees, judicial freezes, etc. | 181,300,904.27 | Guarantees, judicial freezes, etc. | | Total | 210,055,615.53 | - | 181,300,904.27 | - | Analysis of Investment Status Total investment increased by 21.59% to 242.89 million yuan, with a significant non-equity investment in the Zhuhai plant expansion, and some fundraising projects delayed Overall Investment Amount for the Reporting Period | Investment Amount for Reporting Period (Yuan) | Investment Amount for Prior Year (Yuan) | Change Rate | | :--- | :--- | :--- | | 242,895,420.27 | 199,768,904.67 | 21.59% | Significant Non-Equity Investments in Progress | Project Name | Investment Method | Fixed Asset Investment | Industry Involved | Amount Invested in Current Period | Cumulative Actual Investment as of Period End | Funding Source | Project Progress | Estimated Return | Cumulative Realized Return as of Period End | Reasons for Not Meeting Planned Progress and Estimated Returns | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zhuhai Plant Phase II Construction Project | Self-built | Yes | Electronic Circuit Manufacturing | 67,470.25 | 5,579,624.62 | Self-raised | 0.95% | 0.00 | 0.00 | Construction period (construction pace controlled according to actual business conditions) | Overall Use of Raised Funds | Fundraising Year | Fundraising Method | Total Raised Funds (10,000 Yuan) | Net Raised Funds (10,000 Yuan) | Total Raised Funds Used in Current Period (10,000 Yuan) | Cumulative Total Raised Funds Used (10,000 Yuan) | Proportion of Raised Funds Used at Period End | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 2020 | Non-public Issuance | 137,555.54 | 136,317.54 | 7,420.93 | 106,712.73 | 78.28% | - The "5G High-End Communication Oscillator R&D and Industrialization Project" has achieved its expected benefits, with cumulative benefits of 32.06 million yuan[76] - The "Next-Generation Mobile Communication Industrialization Project" and "Information Technology Service Base Construction Project" have been delayed until December 31, 2025, due to external environmental factors[76] - The remaining raised funds of 282.32 million yuan for the "Ubiquitous Intelligent Public Safety Private Network Equipment R&D and Industrialization Project" have been reallocated as permanent supplementary working capital[79][81] Significant Asset and Equity Sales The company did not engage in any significant asset or equity sales during the reporting period - The company did not sell significant assets during the reporting period[82] - The company did not sell significant equity during the reporting period[83] Analysis of Major Holding and Participating Companies Key subsidiaries like Zhuhai Jeson and Far East Communication drive core businesses, while some, like Zhongwang Huatong, face challenges and are adapting business models Major Subsidiaries and Participating Companies with Over 10% Impact on Company's Net Profit | Company Name | Company Type | Principal Business | Registered Capital (Yuan) | Total Assets (Yuan) | Net Assets (Yuan) | Operating Revenue (Yuan) | Operating Profit (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zhuhai Jeson | Subsidiary | Production, R&D, and sales of communication systems and equipment, electronic components, printed circuit boards | 250,000,000.00 | 645,257,158.25 | 368,430,985.57 | 379,415,525.44 | 25,927,078.98 | 26,259,719.32 | | Far East Communication | Subsidiary | Production and sales of switching and digital trunking systems, private network communication system integration services, production and sales of high-end time-frequency devices | 300,000,000.00 | 3,523,224,594.24 | 1,173,065,767.60 | 500,005,356.31 | 20,908,834.88 | 19,449,368.97 | | Jeson Electronics | Subsidiary | Electronic circuit manufacturing | 210,000,000.00 | 282,788,798.52 | 163,970,414.35 | 226,495,303.16 | 13,524,994.95 | 13,583,462.59 | | Jeson Myanmar | Subsidiary | Technical services | 35,413,500.00 | 96,867,838.70 | 71,698,017.58 | 46,457,145.36 | 2,828,052.67 | 2,820,411.96 | | Huatong Tianchang | Subsidiary | Construction engineering supervision; construction engineering design; construction engineering survey | 30,010,000.00 | 132,556,412.26 | 95,343,078.36 | 39,354,563.71 | -9,758,243.48 | -9,863,157.84 | | Zhongwang Huatong | Subsidiary | Communication network planning and engineering design | 51,480,000.00 | 295,267,121.44 | 168,769,814.49 | 91,948,745.75 | -9,285,860.98 | -9,308,567.29 | | CETC Navigation | Subsidiary | Satellite navigation operation services | 132,055,723.07 | 153,418,975.74 | 77,873,707.40 | 13,631,452.97 | -8,560,928.15 | -8,456,864.21 | - Zhuhai Jeson and Jeson Electronics focus on high-reliability, high-tech special PCB products, accelerating development in satellite communication, aerospace, and other fields[84] - Far East Communication concentrates on advantageous businesses, accelerating business digitalization, and showcasing new digital transportation, digital energy, and digital emergency services[84] - Zhongwang Huatong and Huatong Tianchang are affected by declining operator investment and intensified industry competition, leading to a decrease in traditional business and prompting them to explore new business models[85] Information on Structured Entities Controlled by the Company The company reported no structured entities under its control during the reporting period Risks Faced by the Company and Countermeasures The company addresses risks such as new product industrialization, seasonal revenue fluctuations, high accounts receivable, and talent loss through strategic initiatives - New product industrialization risk: The information and communication sector experiences rapid technological updates, requiring the company to continuously innovate, optimize its industrial structure, and monitor new technologies and market demands[87] - Risk of seasonal operating revenue fluctuations and high accounts receivable: Long settlement cycles with major customers lead to high accounts receivable, which the company addresses by establishing a special task force to strengthen collections and project management[87] - Talent loss risk: Intensified industry competition necessitates the company to accelerate the development of its human resource management system, optimize compensation and incentive mechanisms, and attract and retain core talent[88] Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan The company has established a Market Value Management System but has not disclosed a valuation enhancement plan - The company has formulated a "Market Value Management System"[89] - The company has not disclosed a valuation enhancement plan[89] Implementation of "Dual Improvement in Quality and Returns" Action Plan The company did not disclose any announcements regarding the "Dual Improvement in Quality and Returns" action plan during the reporting period - The company did not disclose any announcements regarding the "Dual Improvement in Quality and Returns" action plan during the reporting period[90] Corporate Governance, Environment, and Society This section details changes in the company's governance, its environmental disclosures, and social responsibility initiatives during the reporting period Changes in Directors, Supervisors, and Senior Management Sun Zhanhai was elected Chairman of the Supervisory Board, and Shen Wenming was elected Director due to work transfers Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Type of Change | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Sun Zhanhai | Chairman of the Supervisory Board | Elected | January 13, 2025 | Work transfer | | Shen Wenming | Director | Elected | January 13, 2025 | Work transfer | Profit Distribution and Capital Reserve Conversion to Share Capital in This Reporting Period The company plans no cash dividends, bonus shares, or capital reserve conversions for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[93] Implementation of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures in place during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures during the reporting period[94] Environmental Information Disclosure The company and its subsidiary, Zhuhai Jeson, are listed as legally required environmental information disclosure enterprises, with Zhuhai Jeson having published its report - The company and its major subsidiary, Zhuhai Jeson Technology Co., Ltd., are included in the list of enterprises required to disclose environmental information by law[95] - Zhuhai Jeson Technology Co., Ltd. has disclosed its environmental information report on the Guangdong Enterprise Environmental Information Disclosure Platform[95] Social Responsibility The company actively fulfills its social responsibilities, including rural revitalization support, charitable donations, and blood donation drives - The company assisted in allocating 170,000 yuan in aid funds for rural revitalization in Xinwu Village, Huangpo Town, Wuchuan City, Zhanjiang[96] - The company organized a "6·30" charity donation event to support rural revitalization efforts[96] - Subsidiary Zhongwang Huatong organized a "2025, Let Love Flow in Our Veins" blood donation event[96] Significant Matters This section covers key events, commitments, related party transactions, and legal proceedings that significantly impacted the company during the reporting period Commitments Fulfilled and Overdue Unfulfilled Commitments by Controlling Shareholder, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period The company reported no fulfilled or overdue unfulfilled commitments by its controlling shareholder, shareholders, related parties, acquirers, or the company itself - The company reported no fulfilled or overdue unfulfilled commitments by related parties during the reporting period[98] Non-Operating Funds Occupied by Controlling Shareholder and Other Related Parties from the Listed Company The company reported no non-operating funds occupied by its controlling shareholder or other related parties during the reporting period - The company reported no non-operating funds occupied by its controlling shareholder or other related parties during the reporting period[99] Irregular External Guarantees The company reported no irregular external guarantees during the reporting period - The company reported no irregular external guarantees during the reporting period[100] Appointment and Dismissal of Accounting Firms The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[101] Explanation by the Board of Directors and Supervisory Board on the "Non-Standard Audit Report" for This Reporting Period The company's Board of Directors and Supervisory Board provided no explanation regarding a "non-standard audit report" for this reporting period Explanation by the Board of Directors on the "Non-Standard Audit Report" for the Previous Year The company's Board of Directors provided no explanation regarding a "non-standard audit report" for the previous year Bankruptcy and Reorganization Matters The company reported no bankruptcy or reorganization matters during the reporting period - The company reported no bankruptcy or reorganization matters during the reporting period[102] Litigation Matters The company had no major litigation but was involved in several other lawsuits, primarily contract and property disputes totaling 199.31 million yuan, with many resolved in its favor - The company reported no major litigation or arbitration matters during the reporting period[103] Other Litigation Matters | Basic Information of Litigation (Arbitration) | Amount Involved (10,000 Yuan) | Litigation (Arbitration) Progress | Litigation (Arbitration) Outcome and Impact | | :--- | :--- | :--- | :--- | | This company vs. Shenzhen Simai Optoelectronics Technology Co., Ltd., Shenzhen Jinmingrui Industrial Co., Ltd. for sales contract dispute | 2,485.9 | Guangzhou Intermediate People's Court has issued an effective judgment | Won second instance, judgment effective | | This company vs. Shenzhen Oulanda Lighting Technology Co., Ltd., Shenzhen Jinrunfa Electronic Technology Co., Ltd. for sales contract dispute | 627.1 | Guangzhou Haizhu District People's Court and Guangzhou Intermediate People's Court have successively issued effective judgments | Won second instance, judgment effective | | This company vs. Shijiazhuang Haoyuan Communication Technology Co., Ltd. for sales contract dispute | 473.47 | Guangzhou Haizhu District People's Court and Guangzhou Intermediate People's Court have successively issued effective judgments | Won second instance, judgment effective | | This company vs. Hebei Aike Zhongyi Composite Materials Co., Ltd. for bill dispute | 310 | Shijiazhuang Qiaoxi District People's Court has issued an effective judgment | Won first instance, judgment effective | | This company vs. Cai Xianrong for revocation lawsuit | 954.76 | Shenzhen Intermediate People's Court has issued an effective judgment | Won second instance, judgment effective | | This company vs. Sichuan Dingshengfeng Technology Development Co., Ltd. for unjust enrichment return | 569.58 | Guangzhou Haizhu District People's Court has issued an effective judgment | Won second instance, judgment effective | | This company vs. Hu Zhougang, Shenzhen Hairong Industrial Co., Ltd., Zhang Xiaofen, Shenzhen Bayuyun Technology Co., Ltd. for property rights infringement dispute | 1,126.41 | Guangzhou Intermediate People's Court has issued an effective judgment | Won second instance, judgment effective | | This company vs. Sanxian Yuansheng Technology Co., Ltd., Guangdong Boda Financing Guarantee Co., Ltd., Huizhou Huayue Real Estate Co., Ltd., Guo Honghui, Sun Xiaoying for sales contract dispute | 2,650 | Guangzhou Intermediate People's Court has issued an effective judgment | Won second instance, judgment effective | | This company vs. China Mobile Communications Group Yunnan Co., Ltd. Kunming Branch, Yunnan Guandu Public Security Bureau for construction engineering contract dispute | 4,683.29 | Yunnan Guandu District People's Court has issued a first-instance judgment | Won first instance, second instance hearing held | | This company vs. Guangdong Yingzhen Industrial Co., Ltd. for private lending contract dispute | 4,980.16 | Guangzhou Tianhe District People's Court held a first-instance hearing | First instance hearing held | | Subsidiary Hebei Far East vs. Puyang County Government Service Big Data Administration Bureau for sales contract dispute | 7,366 | Puyang County People's Court held a first-instance hearing | First instance hearing held, awaiting judgment | | Other lawsuits | 19,930.91 | Not applicable | Not applicable | Penalties and Rectification The company reported no penalties or rectification situations during the reporting period - The company reported no penalties or rectification situations during the reporting period[105] Integrity Status of the Company, its Controlling Shareholder, and Actual Controller The company reported no issues regarding the integrity status of itself, its controlling shareholder, or its actual controller Significant Related Party Transactions The company engaged in routine related party transactions with its controlling shareholder and actual controller's affiliates, including procurement, sales, leasing, and financial services Related Party Transactions Related to Daily Operations | Related Party | Related Party Transaction Type | Related Party Transaction Content | Related Party Transaction Amount (10,000 Yuan) | Proportion of Similar Transactions | Approved Transaction Limit (10,000 Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Controlling shareholder CETC Network Communication and related research institute shareholders | Procurement of products and acceptance of services from related parties | Satellite antennas, handheld terminals, structural parts and other communication equipment (including Beidou-related), technical services, hardware development services | 419.79 | 0.23% | 4,550 | | Actual controller CETC and other subordinate entities | Procurement of products and acceptance of services from related parties | Plates, security products, printed circuit boards, monitoring equipment, image transmission equipment, etc.; software and technical services, etc. | 9,125.69 | 4.95% | 20,100 | | Controlling shareholder CETC Network Communication and related research institute shareholders | Sales of products and provision of services to related parties | Printed circuit boards, communication equipment, Beidou-related products and systems; provision of technical services, etc. | 11,092.61 | 4.86% | 59,500 | | Actual controller CETC and other subordinate entities | Sales of products and provision of services to related parties | Printed circuit boards, communication equipment, Beidou-related products and systems; provision of technical services, etc. | 21,638.76 | 9.48% | 50,800 | | Controlling shareholder CETC Network Communication and related research institute shareholders | Lease of premises from related parties | Acceptance of office space lease | 1,252.57 | 83.42% | 2,500 | | Controlling shareholder CETC Network Communication and related research institute shareholders | Lease of premises to related parties | Provision of office space lease | 79.44 | 15.75% | 200 | | Actual controller CETC and other subordinate entities | Lease of premises to related parties | Provision of office space lease | 122.87 | 24.36% | 300 | | Total | -- | -- | 43,731.73 | -- | 137,950 | Dealings with Financial Companies with Related Party Relationships - Deposit Business | Related Party | Related Party Relationship | Maximum Daily Deposit Limit (10,000 Yuan) | Deposit Interest Rate Range | Beginning Balance (10,000 Yuan) | Total Deposits in Current Period (10,000 Yuan) | Total Withdrawals in Current Period (10,000 Yuan) | Ending Balance (10,000 Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | CETC Finance Co., Ltd. | Legal entity controlled by actual controller | 191,344.36 | 0.01%-2.92% | 132,334.4 | 230,588.09 | 266,041.27 | 96,881.22 | Dealings with Financial Companies with Related Party Relationships - Loan Business | Related Party | Related Party Relationship | Loan Limit (10,000 Yuan) | Loan Interest Rate Range | Beginning Balance (10,000 Yuan) | Total Loans in Current Period (10,000 Yuan) | Total Repayments in Current Period (10,000 Yuan) | Ending Balance (10,000 Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | CETC Finance Co., Ltd. | Legal entity controlled by actual controller | 45,000 | 2.85%-2.9% | 5,037 | 0 | 5,037 | 0 | - The company did not engage in related party transactions involving asset or equity acquisition or disposal during the reporting period[109] - The company reported no non-operating related party creditor-debtor transactions during the reporting period[111] Significant Contracts and Their Performance The company had no托管, 承包, major guarantees, or entrusted wealth management, but significant leasing agreements, particularly with the Seventh Research Institute, impacted its financials - The company reported no trusteeship, contracting, significant guarantees, or entrusted wealth management during the reporting period[115][116][118][119] Leasing Projects Generating Profit or Loss Exceeding 10% of the Company's Total Profit for the Reporting Period | Leasing Situation | Lessor Name | Type of Leased Asset | Amount Involved (10,000 Yuan) | Start Date | End Date | Leasing Income (10,000 Yuan) | Impact on Company | Related Party Relationship | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Lessee | Seventh Research Institute | Real Estate | 834.32 | January 01, 2023 | December 01, 2025 | -834.32 | Constitutes significant impact | Former controlling shareholder, shareholder as of period end | | Lessor | Far East Communication | Real Estate | 310.6 | October 01, 2024 | September 30, 2027 | -310.6 | Constitutes significant impact | Company shareholder | Explanation of Other Significant Matters The company completed industrial and commercial registration changes, appointed new executives, and distributed 2024 annual cash dividends totaling 5.65 million yuan - The company completed industrial and commercial registration changes, appointed Shen Wenming as president and elected him as a director, and Sun Zhanhai was elected chairman of the supervisory board[121] - On July 10, 2025, the company completed its 2024 annual equity distribution, distributing a cash dividend of 0.083 yuan (including tax) per 10 shares to all shareholders, totaling 5.65 million yuan[121] Significant Matters of Company Subsidiaries The company adjusted its subsidiary governance structure by removing supervisors from several subsidiaries to enhance modern corporate governance - The company removed supervisors (boards) from subsidiaries including Huatong Tianchang, Zhuhai Jeson, Jeson Electronics, Jeson Design, and Jeson Malaysia to improve its modern corporate governance system[122] Share Changes and Shareholder Information This section details changes in the company's share capital, restricted shares, and the composition of its major shareholders during the reporting period Share Change Status Restricted shares decreased by 1.76 million, while unrestricted shares increased by the same amount, with total shares remaining constant due to executive share unlocking Share Change Status | Category | Quantity Before This Change (Shares) | Proportion Before This Change | Net Increase/Decrease in This Change (Shares) | Quantity After This Change (Shares) | Proportion After This Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 1,829,235 | 0.27% | -1,764,391 | 64,844 | 0.01% | | 3. Other Domestic Shares | 1,829,235 | 0.27% | -1,764,391 | 64,844 | 0.01% | | II. Unrestricted Shares | 678,704,655 | 99.73% | 1,764,391 | 680,469,046 | 99.99% | | 1. RMB Ordinary Shares | 678,704,655 | 99.73% | 1,764,391 | 680,469,046 | 99.99% | | III. Total Shares | 680,533,890 | 100.00% | 0 | 680,533,890 | 100.00% | - Restricted shares decreased by 1.76 million, while unrestricted shares increased by 1.76 million, with the total number of shares remaining unchanged[126] - The changes were due to variations in the transferable quota of shares held by directors, supervisors, and senior management at the beginning of the year, and the unlocking of shares after some senior executives left their positions[125][126] Changes in Restricted Shares Restricted shares of several executives changed due to job transfers or annual transferable quota adjustments, with some being unlocked and others increasing Changes in Restricted Shares | Shareholder Name | Restricted Shares at Period Start | Restricted Shares Released in Current Period | Restricted Shares Increased in Current Period | Restricted Shares at Period End | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | | Pan Lei | 29,250 | 29,250 | 0 | 0 | Senior executive restricted shares | | Zhang Jianfeng | 517 | 517 | 0 | 0 | Senior executive restricted shares | | Zhou Zhen | 16,810 | 0 | 3,485 | 20,295 | Senior executive restricted shares | | Peng Hao | 1,665,296 | 1,665,296 | 0 | 0 | Senior executive restricted shares | | Qi Xinghui | 8,815 | 0 | 1,827 | 10,642 | Senior executive restricted shares | | Zhu Haijiang | 41,000 | 41,000 | 0 | 0 | Senior executive restricted shares | | Shen Wenming | 13,612 | 0 | 0 | 13,612 | Senior executive restricted shares | | Ji Shuxin | 37,125 | 37,125 | 0 | 0 | Senior executive restricted shares | | Jiang Shibao | 16,810 | 0 | 3,485 | 20,295 | Senior executive restricted shares | | Total | 1,829,235 | 1,773,188 | 8,797 | 64,844 | -- | Securities Issuance and Listing The company reported no securities issuance or listing activities during the reporting period Number of Shareholders and Shareholding Status The company had 30,955 common shareholders, with its controlling shareholder, CETC Network Communication Group, holding 27.50% of shares - The total number of common shareholders at the end of the reporting period was 30,955[130] Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio | Number of Shares Held at Period End (Shares) | Change in Shares During Reporting Period (Shares) | Number of Restricted Shares Held (Shares) | Number of Unrestricted Shares Held (Shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | CETC Network Communication Group Co., Ltd. | State-owned Legal Person | 27.50% | 187,160,325 | 0 | 0 | 187,160,325 | | Industrial Investment Fund Co., Ltd. | State-owned Legal Person | 8.00% | 54,420,242 | -1,546,100 | 0 | 54,420,242 | | CETC Investment Holdings Co., Ltd. | State-owned Legal Person | 3.52% | 23,932,614 | 0 | 0 | 23,932,614 | | Guangzhou Communication Research Institute (Seventh Research Institute of China Electronics Technology Group Corporation) | State-owned Legal Person | 3.51% | 23,903,877 | 0 | 0 | 23,903,877 | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 2.23% | 15,205,033 | 2,539,012 | 0 | 15,205,033 | | Tang Jianping | Domestic Natural Person | 1.78% | 12,098,795 | -50,000 | 0 | 12,098,795 | | Zhu Xiangjun | Domestic Natural Person | 1.32% | 8,993,840 | -20,000 | 0 | 8,993,840 | | CETC Network Communication Research Institute (54th Research Institute of China Electronics Technology Group Corporation) | State-owned Legal Person | 0.97% | 6,613,027 | 0 | 0 | 6,613,027 | | Yang Mengyuan | Domestic Natural Person | 0.92% | 6,294,611 | 0 | 0 | 6,294,611 | | Zhu Wen | Domestic Natural Person | 0.81% | 5,543,600 | 57,853 | 0 | 5,543,600 | - CETC Network Communication Group Co., Ltd., Guangzhou Communication Research Institute, CETC Network Communication Research Institute, Guilin Laser Communication Research Institute, and CETC Investment Holdings Co., Ltd. are subordinate research institutes or enterprises controlled by the company's actual controller, China Electronics Technology Group Corporation, and are considered parties acting in concert[131] Changes in Shareholdings of Directors, Supervisors, and Senior Management The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period - The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period[132] Changes in Controlling Shareholder or Actual Controller The company's controlling shareholder and actual controller remained unchanged during the reporting period - The company's controlling shareholder remained unchanged during the reporting period[133] - The company's actual controller remained unchanged during the reporting period[133] Preferred Share Information The company reported no preferred shares during the reporting period - The company reported no preferred shares during the reporting period[134] Bond-Related Information This section provides information regarding the company's bond-related activities during the reporting period Bond-Related Information The company reported no bond-related information during the reporting period - The company reported no bond-related information during the reporting period[136] Financial Report This section presents the company's comprehensive financial statements, including balance sheets, income statements, cash flow statements, and notes to the financial statements Audit Report The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[138] Financial Statements This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in equity for the semi-annual period - The consolidated balance sheet shows total assets of 9.40 billion yuan and equity attributable to parent company owners of 3.70 billion yuan at period end[142] - The consolidated income statement shows a net loss of -23.89 million yuan for the current period, with net profit attributable to parent company shareholders of -20.80 million yuan[149] - The consolidated cash flow statement shows net cash flow from operating activities of -109.92 million yuan and net cash flow from investing activities of -88.44 million yuan[154] Company Basic Information CETC Potevio Co., Ltd., established in 1994 and listed in 2011, is controlled by CETC and provides ICT integrated services - The company was established in 1994 and listed on the Shenzhen Stock Exchange on January 28, 2011, with stock code 002544[172] - The company's controlling shareholder is CETC Network Communication Group Co., Ltd., and its ultimate controller is China Electronics Technology Group Corporation[173] - The company primarily engages in communication technology services and manufacturing, providing ICT integrated services for the digital era[173] Basis of Financial Statement Preparation The financial statements are prepared on a going concern basis, adhering to Chinese Accounting Standards and key accounting policies, with the company maintaining going concern ability for 12 months - The financial statements are prepared on a going concern basis, following "Enterprise Accounting Standards" and significant accounting policies and estimates[174] - The company possesses the ability to continue as a going concern for 12 months from the end of the reporting period[175] Significant Accounting Policies and Accounting Estimates This section details the company's accounting policies for financial instruments, revenue recognition, assets, liabilities, and other key areas, ensuring compliance with accounting standards - The company's financial statements comply with the requirements of "Enterprise Accounting Standards," accurately and completely reflecting its financial position and operating results[177] - The company uses a 12-month period as its normal operating cycle and RMB as its bookkeeping currency, with some overseas subsidiaries using local currencies[179][180] - Financial assets are classified into three categories: measured at amortized cost, measured at fair value through other comprehensive income, and measured at fair value through profit or loss[198][199] - The company applies a simplified approach to expected credit losses for accounts receivable and contract assets to accrue bad debt provisions[210][222] - Revenue primarily derives from public network communication, private network communication and smart applications, and intelligent manufacturing, recognized when performance obligations are satisfied at a point in time or over a period[253][254] Taxation The company's main taxes include VAT, urban maintenance and construction tax, and corporate income tax, with several subsidiaries enjoying preferential tax rates as high-tech enterprises Major Taxes and Tax Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Sales revenue, service and construction revenue | 3% (levy rate), 5%, 6%, 9%, 13% | | Urban Maintenance and Construction Tax | Amount of turnover tax payable | 7% | | Corporate Income Tax | Taxable income | 15% (this company and several subsidiaries), 25% (Myanmar GT Broadband), 24% (Jeson Malaysia), 22% (Jeson Indonesia), 16.5%/8.25% (Jeson Hong Kong), 20% (Jeson Cambodia) | | Education Surcharge | Amount of turnover tax payable | 3% | - The company and several subsidiaries are certified high-tech enterprises, applying a 15% preferential corporate income tax rate[277][278] - The company's software products are subject to a VAT immediate refund policy for amounts exceeding a 3% actual tax burden, and some advanced manufacturing enterprises enjoy a VAT additional deduction policy[276] Notes to Consolidated Financial Statement Items This section provides detailed explanations for consolidated financial statement items, including assets, liabilities, equity, income, and expenses, highlighting significant changes and their causes - Monetary funds at period end were 1.67 billion yuan, a decrease from the beginning of the period, with a s