奥尼电子(301189) - 2025 Q2 - 季度财报

First Section Important Notes, Table of Contents, and Definitions This section provides essential disclaimers, a comprehensive report directory, and definitions of key terms for clarity Important Notes The Board, Supervisory Board, and senior management guarantee the report's accuracy, with financial reports certified by key executives - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, assuming individual and joint legal responsibility[3] - Company head Wu Shijie, chief accountant Ye Yong, and head of accounting department Yang Yongxin declare the financial report in this semi-annual report is true, accurate, and complete[3] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[4] Table of Contents This report's clear directory outlines eight main chapters, from important notes to financial statements, offering comprehensive navigation - The report comprises eight main chapters, from important notes to financial reports, presenting a complete structure[6] Reference Documents Catalog The catalog lists essential documents for review, including certified financial statements, original public disclosures, and other regulatory filings - Reference documents include signed and stamped financial statements, original public disclosure documents, the semi-annual report signed by the legal representative, and other materials required by the Shenzhen Stock Exchange[8][9][10][11] Definitions This section defines common terms, including company names, major shareholders, subsidiaries, and regulatory bodies, ensuring accurate report comprehension - The definitions section clarifies key terms such as company, controlling shareholder, subsidiaries, and regulatory bodies[12] - The reporting period refers to January 1, 2025, to June 30, 2025, and the prior year period refers to January 1, 2024, to June 30, 2024[12] Second Section Company Profile and Key Financial Indicators This section provides an overview of the company's basic information, contact details, and a summary of its key financial performance and asset-liability status Company Profile Shenzhen Aoni Electronic Co., Ltd., stock code 301189, is listed on the Shenzhen Stock Exchange, with Wu Shijie as its legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Aoni Electronic | | Stock Code | 301189 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | Shenzhen Aoni Electronic Co., Ltd. | | Legal Representative | Wu Shijie | Contacts and Contact Information The company's Board Secretary is Jiang Songjun and Securities Affairs Representative is Kang Xiang, both located in Shenzhen, with shared contact numbers and distinct email addresses Contact Information | Position | Name | Contact Address | Phone/Fax | Email | | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Jiang Songjun | 8th Floor, Building 5, Honghui Industrial Park, Liuxian 2nd Road, Xin'an Street, Bao'an District, Shenzhen | 0755-21632223 | aonidm@anc.cn | | Securities Affairs Representative | Kang Xiang | 8th Floor, Building 5, Honghui Industrial Park, Liuxian 2nd Road, Xin'an Street, Bao'an District, Shenzhen | 0755-21632223 | ir@anc.cn | Other Information The company's contact details, information disclosure, and registration status remained unchanged during the reporting period, as detailed in the 2024 annual report - The company's registered address, office address, website, and email remained unchanged during the reporting period[16] - Information disclosure and reference locations remained unchanged during the reporting period[17] - The company's registration status remained unchanged during the reporting period[18] Key Accounting Data and Financial Indicators H1 2025 revenue grew 21.00%, but net profit and operating cash flow significantly declined, leading to negative EPS and slightly reduced total assets Key Accounting Data and Financial Indicators (YoY) | Indicator | Current Reporting Period (RMB) | Prior Year Period (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 287,511,361.76 | 237,612,184.13 | 21.00% | | Net Profit Attributable to Shareholders of Listed Company | -64,129,358.70 | -20,044,109.03 | -219.94% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Items) | -65,808,470.23 | -25,418,620.67 | -158.90% | | Net Cash Flow from Operating Activities | -95,949,541.76 | -12,393,074.85 | -674.22% | | Basic Earnings Per Share (RMB/share) | -0.55 | -0.17 | -223.53% | | Diluted Earnings Per Share (RMB/share) | -0.55 | -0.17 | -223.53% | | Weighted Average Return on Net Assets | -2.99% | -0.89% | -2.10% | Period-End Asset and Liability Indicators (YoY) | Indicator | End of Current Reporting Period (RMB) | End of Prior Year (RMB) | Change from Prior Year-End | | :--- | :--- | :--- | :--- | | Total Assets | 2,495,481,734.17 | 2,561,905,659.22 | -2.59% | | Net Assets Attributable to Shareholders of Listed Company | 2,120,683,901.14 | 2,175,526,631.95 | -2.52% | Differences in Accounting Data under Domestic and International Accounting Standards The company reported no differences in net profit and net assets between international/overseas accounting standards and Chinese accounting standards during the reporting period - The company reported no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards during the reporting period[20] - 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[21] Non-Recurring Gains and Losses and Amounts Total non-recurring gains and losses amounted to RMB 1.68 million, primarily from government subsidies and fair value changes, with no reclassification of non-recurring items as recurring Non-Recurring Gains and Losses and Amounts | Item | Amount (RMB) | | :--- | :--- | | Gains and Losses from Disposal of Non-Current Assets | -19,045.64 | | Government Subsidies Included in Current Profit and Loss | 631,689.92 | | Gains and Losses from Fair Value Changes and Disposal of Financial Assets and Liabilities | 1,620,062.07 | | Other Non-Operating Income and Expenses | -369,297.31 | | Other Income and Expense Items Meeting the Definition of Non-Recurring Gains and Losses | 109,270.12 | | Less: Income Tax Impact | 292,120.70 | | Minority Interest Impact (After Tax) | 1,446.93 | | Total | 1,679,111.53 | - Other income and expense items meeting the definition of non-recurring gains and losses refer to personal income tax handling fee refunds received by the company[23] - The company has not classified any non-recurring gains and losses as recurring gains and losses[24] Third Section Management Discussion and Analysis This section analyzes the company's business operations, financial performance, core competencies, investment activities, and risk management strategies during the reporting period Main Business Activities During the Reporting Period The company focuses on consumer IoT audio-video smart terminals and high-performance computing, with revenue up 21.00%, but net profit significantly declined due to market competition and rising costs - The company's core business covers R&D and manufacturing of consumer IoT audio-video smart terminals and full-chain high-performance computing systems, focusing on smart home, smart travel, and smart office applications[28] - The company builds a 'edge AI + edge computing' dual-driven model, aiming to become an 'AI cloud-edge-device integrated embodied intelligence solution provider'[28] Key Financial Performance During the Reporting Period | Indicator | Amount (RMB) | YoY Change | | :--- | :--- | :--- | | Operating Revenue | 287,511,400 | 21.00% | | Net Profit Attributable to Shareholders of Listed Company | -64,129,400 | -219.94% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Items) | -65,808,500 | -158.90% | (I) Industry Development Overview 2025 is a pivotal year for AI, driving smart terminal evolution towards multi-scenario, multi-device collaboration, with significant growth projected for AI PCs, tablets, phones, and smart home markets - 2025 is considered a critical turning point for AI development, dubbed the 'Year of AI Terminals,' with AI extensively empowering terminals and driving changes in product forms[27] - IDC forecasts that in 2025, total shipments of AI PCs, AI tablets, and AI phones in China will grow by 20% year-on-year, while head-mounted devices, including smart glasses and AR/VR, will increase by 99%[27] - Strategy Analytics predicts the global smart home market size will reach $149.43 billion in 2025, with a compound annual growth rate exceeding 22.9%[27] (II) Main Businesses The company's main businesses are audio-video smart terminals and high-performance computing devices, with the former seeing RMB 229.74 million in sales but a 5.37 percentage point gross margin drop Audio-Video Smart Terminal Business Performance | Indicator | Amount (RMB) | YoY Change | Gross Margin | Gross Margin YoY Change | | :--- | :--- | :--- | :--- | :--- | | Sales Revenue | 229,738,400 | 12.10% | 14.27% | -5.37% | - The company's audio-video smart terminal products include smart cameras (indoor, outdoor, low-power battery cameras, smart doorbells, baby monitors, pet feeders), smart vehicle cameras (dashcams, commercial vehicle video surveillance systems), and wireless audio products (head-mounted Bluetooth noise-canceling headphones, TWS earphones, OWS earphones, translation earphones, omnidirectional microphones, audio-video conference all-in-one machines)[30][32][33] High-Performance Computing Device Business Performance | Indicator | Amount (RMB) | Gross Margin | | :--- | :--- | :--- | | Sales Revenue | 29,413,200 | 5.18% | - The company's high-performance computing device products include PC products (AI PC, Mini PC, workstations) and planned computing server products, providing ODM/OEM services to domestic and international brand manufacturers, internet companies, operators, and government/enterprise clients[36] (III) Main Business Models The company operates primarily on an ODM customization model, supplemented by proprietary brand operations, integrating R&D, "produce-to-order" procurement, self-production, and a clear divisional management structure - The company's business model is 'ODM customization as primary, proprietary brand operation as supplementary,' reducing single-model risks and improving gross margins[38] - The R&D model combines the roles of solution provider and manufacturer, enhancing efficiency and quality through integrated joint development[39] - The procurement model primarily follows 'produce-to-order,' with reasonable inventory reserves for raw materials with long import cycles[40] - The production model is mainly self-produced, with multiple product quality control systems established[41] - The sales model for ODM is direct sales, while proprietary brands combine direct sales and distribution[42] - The management model adopts a divisional system, with each division having relatively independent operational and management authority[44] (IV) Key Performance Drivers During the Reporting Period Performance drivers include expanding ODM and strengthening proprietary brands, optimizing capacity through smart manufacturing, fostering R&D innovation, enhancing sales channels, and improving brand image - The company is committed to expanding its ODM business, strengthening its proprietary brands, utilizing smart manufacturing to optimize capacity, innovating R&D technologies, enhancing sales channels, and improving brand image[45] - The company possesses extensive experience in electronic manufacturing and strong capabilities in product R&D innovation and expansion[45] - The company adheres to a 'key account strategy,' maintaining long-term and strong relationships with major clients, and actively developing international renowned brands, regional leading supermarkets, and cross-border e-commerce clients[45] Core Competitiveness Analysis The company's core strengths lie in its innovative R&D for technology integration, rapid response through an "integrator + manufacturer" model, and comprehensive quality and cost control via信息化 systems and automated production - The company possesses innovative R&D capabilities for technology integration and application fusion, providing solutions to brand clients by integrating chips, smart algorithms, and cloud services through authorized acquisition or joint development models[46] - Leveraging an 'integrator + manufacturer' integrated model, the company unifies technology integration and hardware manufacturing functions, effectively controlling development risks, improving efficiency, and shortening product development and launch cycles[47] - The company possesses comprehensive quality and cost control capabilities, deploying information systems covering the entire production process, achieving ISO9001, IATF16949, and other international system certifications, and building modern factories for digital and automated production[48] Main Business Analysis Operating revenue increased by 21.00%, but operating costs rose 31.51% due to customer structure changes and new park investments, while management and R&D expenses significantly increased, leading to a 5.37 percentage point drop in audio-video smart terminal gross margin Key Financial Data Year-on-Year Changes | Indicator | Current Reporting Period (RMB) | Prior Year Period (RMB) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 287,511,361.76 | 237,612,184.13 | 21.00% | | | Operating Cost | 243,525,797.32 | 185,183,576.61 | 31.51% | Changes in customer structure and increased costs after Zhongshan Aoni Technology Park investment | | Administrative Expenses | 57,050,606.50 | 33,033,359.84 | 72.71% | Increase in depreciation and amortization, employee compensation, and share-based payment expenses | | Financial Expenses | -6,963,758.87 | -9,737,253.00 | 28.48% | Decrease in interest income from maturing large-denomination certificates of deposit | | R&D Investment | 43,807,567.03 | 35,747,425.91 | 22.55% | Increased R&D investment, employee compensation, and share-based payment expenses | | Net Cash Flow from Operating Activities | -95,949,541.76 | -12,393,074.85 | -674.22% | Increased payments to suppliers for goods and increased personnel salaries | Products or Services Accounting for Over 10% of Revenue | Product or Service | Operating Revenue (RMB) | Operating Cost (RMB) | Gross Margin | Operating Revenue YoY Change | Operating Cost YoY Change | Gross Margin YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Audio-Video Smart Terminals | 229,738,398.39 | 196,954,488.50 | 14.27% | 12.10% | 19.59% | -5.37% | | High-Performance Computing Devices | 29,413,150.41 | 27,890,961.68 | 5.18% | - | - | - | | Total | 287,511,361.76 | 243,525,797.32 | 15.30% | 21.00% | 31.51% | -6.77% | Non-Core Business Analysis Non-core businesses impacted total profit, with positive contributions from investment income and fair value changes, offset by asset and credit impairment losses, none of which are sustainable Non-Core Business Gains and Losses | Item | Amount (RMB) | Percentage of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 226,028.49 | -0.26% | Due to the sale of structured deposits purchased by the company | No | | Gains and Losses from Fair Value Changes | 1,460,633.33 | -1.70% | Due to fair value changes of forward foreign exchange and structured deposits purchased by the company | No | | Asset Impairment | -5,853,152.73 | 6.83% | Due to inventory write-downs in the current period | No | | Credit Impairment Losses | -1,019,953.36 | 1.19% | Due to provision for bad debts on accounts receivable and other receivables | No | | Other Income | 1,058,254.31 | -1.24% | Due to government subsidies received | No | Analysis of Assets and Liabilities Total assets and net assets slightly decreased; cash and other current assets declined, while inventory, prepayments, and trading financial assets increased, and other payables rose due to new equity incentives Significant Changes in Asset Composition | Item | Amount at End of Current Reporting Period (RMB) | Percentage of Total Assets | Amount at Prior Year-End (RMB) | Percentage of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 92,134,523.37 | 3.69% | 171,259,667.52 | 6.68% | -2.99% | Increase in payments to suppliers | | Inventories | 230,481,505.22 | 9.24% | 169,217,086.90 | 6.61% | 2.63% | Increase in customer orders and raw material stocking | | Trading Financial Assets | 272,088,288.88 | 10.90% | 132,240,055.57 | 5.16% | 5.74% | Purchase of wealth management products after maturity of large-denomination certificates of deposit | | Prepayments | 32,035,770.32 | 1.28% | 9,876,159.80 | 0.39% | 0.89% | Increase in customer orders and prepayments to suppliers | | Other Current Assets | 314,661,546.94 | 12.61% | 587,490,750.97 | 22.93% | -10.32% | Partial large-denomination certificates of deposit matured | | Other Payables | 19,161,764.99 | 0.77% | 1,265,901.55 | 0.05% | 0.72% | New employee equity incentives with repurchase obligations | Period-End Fair Value Financial Assets | Item | Period-End Amount (RMB) | | :--- | :--- | | Trading Financial Assets | 272,088,288.88 | | Other Equity Instrument Investments | 30,000,000.00 | | Total | 302,088,288.88 | - As of June 30, 2025, restricted cash amounted to RMB 6,746,062.51, primarily funds held on third-party platforms[61] Investment Status Analysis Total investment decreased by 15.34%; fair value financial assets totaled RMB 302.09 million. Some IPO projects underperformed, and three new subsidiaries were established, with no other major investments Investment Amount During the Reporting Period | Indicator | Investment Amount in Current Period (RMB) | Investment Amount in Prior Year Period (RMB) | Change Rate | | :--- | :--- | :--- | :--- | | Total Investment Amount | 423,200,212.51 | 499,875,952.93 | -15.34% | Period-End Fair Value Financial Assets | Asset Category | Period-End Amount (RMB) | | :--- | :--- | | Other (Wealth Management Products, Equity Instrument Investments) | 302,088,288.88 | - As of June 30, 2025, the company had cumulatively invested RMB 1,468.37 million in fundraising projects[68] - The 'PCBA Production Workshop Intelligent Transformation Project,' 'Smart Video Product Production Line Project,' and 'Smart Audio Product Production Line Project' have been completed and put into use, but due to the overall downturn in the consumer electronics industry and intensified competition, sales revenue growth fell short of expectations, and project benefits did not meet targets[71] - The company had no entrusted wealth management, derivative investments, or entrusted loans during the reporting period[74][75][76] 5. Use of Raised Funds The company's IPO raised RMB 1.80 billion, with RMB 1.47 billion cumulatively invested. Some projects underperformed due to market conditions, and excess funds were used for working capital and new projects Overall Use of Raised Funds | Indicator | Amount (RMB) | | :--- | :--- | | Total Raised Funds | 1,985,400,000 | | Net Raised Funds | 1,800,516,600 | | Total Raised Funds Cumulatively Used | 1,468,369,600 | | Total Unused Raised Funds | 407,598,500 | - The 'PCBA Production Workshop Intelligent Transformation Project,' 'Smart Video Product Production Line Project,' and 'Smart Audio Product Production Line Project' have been completed and put into use, but due to the overall downturn in the consumer electronics industry and intensified competition, sales revenue growth fell short of expectations, leading to underutilized capacity and unfulfilled project benefits[71] - Excess raised funds of RMB 991.77 million were used, with RMB 203.66 million permanently supplementing working capital, and the remainder allocated to the 'Aoni Technology Park Smart Audio-Video Terminal Production Base Project' (RMB 311.87 million) and the 'R&D and Operations Center Project' (RMB 351.38 million)[71] - The implementation locations for the company's fundraising projects 'Smart Audio-Video Product R&D Center Construction Project' and 'Brand Building and Marketing Channel Upgrade Project' have changed[71] - In 2022, the company used raised funds to replace RMB 97.74 million of self-raised funds previously invested in fundraising projects[71] 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 any significant assets during the reporting period[77] - The company did not sell any significant equity during the reporting period[78] Analysis of Major Holding and Participating Companies The company has no significant holding or participating company information to disclose for the reporting period - The company had no significant holding or participating company information that required disclosure during the reporting period[78] Structured Entities Controlled by the Company The company did not control any structured entities during the reporting period - The company did not control any structured entities during the reporting period[79] Risks Faced by the Company and Countermeasures The company faces risks from international trade, economic fluctuations, market competition, exchange rate volatility, and operational management, addressed by supply chain optimization, R&D, financial hedging, and internal controls - Risk: Intensified international trade friction may impact product exports or raw material imports[80] - Countermeasures: Optimize customer contract price adjustment mechanisms, stockpile key raw materials, adjust supply chain layout, establish manufacturing bases in Vietnam, and continuously increase market expansion and cost control efforts[80] - Risk: Fluctuations in the macroeconomic environment and downstream market demand may adversely affect the company's performance[80] - Countermeasures: Enhance focus on macroeconomic environment, industry trends, and market changes, accelerate R&D innovation, improve product performance and competitiveness, and explore new application scenarios[81] - Risk: Rapid industry changes and intensified market competition may lead to a decline in product competitiveness[81] - Countermeasures: Continuously track cutting-edge industry technology trends, increase R&D investment in artificial intelligence and audio-visual perception, and deeply explore downstream application scenario demands[81] - Risk: Exchange rate fluctuations may affect product price competitiveness and exchange gains/losses[81] - Countermeasures: Strengthen R&D to enhance product bargaining power, monitor foreign exchange market trends, and reasonably utilize financial instruments for foreign exchange hedging[82] - Risk: Operational management risks arising from company expansion pose challenges to management capabilities, operational efficiency, and profitability[82] - Countermeasures: Improve internal systems and processes, support independent divisional operations, strengthen talent pipeline development, refine performance appraisal and incentive mechanisms, and continuously enhance corporate governance structure and internal control systems[82] Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period On May 9, 2025, the company hosted an online investor briefing via Value Online, discussing its 2024 annual operating performance Investor Relations Activities | Reception Date | Reception Location | Reception Method | Type of Recipient | Main Topics Discussed | | :--- | :--- | :--- | :--- | :--- | | 2025年05月09日 | Online interaction platform Value Online | Online platform communication | Other (Investors) | Company's 2024 operating performance, etc. | Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan The company has not formulated a market value management system nor disclosed any valuation enhancement plan - The company has not formulated a market value management system[84] - The company has not disclosed a valuation enhancement plan[84] Implementation of "Dual Improvement in Quality and Returns" Action Plan The company has not disclosed any announcement regarding the "Dual Improvement in Quality and Returns" action plan - The company has not disclosed an announcement regarding the 'Dual Improvement in Quality and Returns' action plan[84] Fourth Section Corporate Governance, Environment, and Society This section details changes in the company's directors, supervisors, and senior management, profit distribution plans, equity incentive implementation, environmental disclosures, and social responsibility initiatives Changes in Directors, Supervisors, and Senior Management During the reporting period, Zeng Lianfeng resigned as a supervisor due to personal reasons, and Chen Zhixiang was elected as the new supervisor Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Zeng Lianfeng | Supervisor | Resignation | 2025年02月21日 | Personal reasons | | Chen Zhixiang | Supervisor | Elected | 2025年02月21日 | | Profit Distribution and Capital Reserve Conversion to Share Capital in the Current Reporting Period The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[87] Implementation of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures In January 2025, the company launched a restricted stock incentive plan, granting 1.5 million Class I and 1.5 million Class II restricted shares to 31 and 30 grantees, respectively, with Class I shares listed on April 8, 2025 - On January 23, 2025, the company approved the '2025 Restricted Stock Incentive Plan (Draft)' and its summary[88] - On March 7, 2025, the company granted 1.50 million Class I restricted shares to 31 eligible grantees and 1.50 million Class II restricted shares to 30 eligible grantees[90] - The registration for the Class I restricted shares under this incentive plan has been completed, with a listing date of April 8, 2025[90] Environmental Information Disclosure The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[92] Social Responsibility The company actively fulfills its social responsibilities by upholding its mission, maintaining sound corporate governance, protecting employee and stakeholder rights, implementing environmental measures, and engaging in community welfare - The company actively fulfills its social responsibilities with the corporate mission of 'achieving clients, achieving employees, achieving shareholders'[92] - The company has established a clear, well-defined, and mutually balanced corporate governance structure, emphasizing investor relations management and information disclosure[93] - Adhering to a 'people-oriented' management philosophy, the company standardizes employment practices, provides social insurance and housing provident funds for employees, and offers training and incentives[94] - The company has established systems such as 'Procurement Control Procedures' and 'Supplier Performance Appraisal Methods,' committed to building a fair, just, and open cooperation platform, honoring commitments, and adhering to the principle of customer first[95][96] - The company has established environmental protection measures such as the 'Environmental Hazardous Substance Restriction Standard,' achieving national environmental standards and ISO14001:2015 international environmental management system certification, with no significant environmental pollution incidents during the reporting period[97] - The company actively conducts tax work, bravely undertakes social responsibilities, cares for employees in need, creates employment, and actively participates in community activities[98] Fifth Section Significant Matters This section covers the fulfillment of commitments by related parties, absence of non-operating fund occupation, no illegal external guarantees, and details on litigation, penalties, and related party transactions 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 All share lock-up commitments made by the company's controlling shareholder, major shareholders, and senior management during IPO or refinancing were fulfilled on time, with no overdue unfulfilled commitments by the reporting period end - Commitment parties including Shenzhen Aoxintong Innovation Investment Co., Ltd., Wu Bin, Wu Chenghui, Wu Shijie, Shenzhen Qianhai Huixin Investment Partnership (Limited Partnership), Shenzhen Qianhai Zhongtaifuxing Investment Partnership (Limited Partnership), Wu Wenhua, Lai Jinrong, Wu Wenjian, Wu Yuwang, Liao Mucheng, Lin Yuansheng, Cai Jinchu, Huang Wenling, Wang Yanyan, and Ye Yong, all fulfilled their share lock-up commitments made during the initial public offering or refinancing on time during the reporting period[100][101][102] - Commitments primarily include not transferring shares within 36 months from the listing date, ensuring a reduction price no lower than the offering price within 2 years after the lock-up period expires, and an automatic 6-month extension of the lock-up period under specific conditions[100][101][102] - As of the end of the reporting period, there were no overdue unfulfilled commitments[102] Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties of the Listed Company The company reported no non-operating fund occupation by its controlling shareholder or other related parties during the reporting period - The company reported no non-operating fund occupation by its controlling shareholder or other related parties during the reporting period[103] Illegal External Guarantees The company had no illegal external guarantees during the reporting period - The company had no illegal external guarantees during the reporting period[104] Appointment and Dismissal of Accounting Firms The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[105] Explanation by the Board of Directors, Supervisory Board, and Audit Committee on the Accounting Firm's "Non-Standard Audit Report" for the Current Reporting Period The company did not have a non-standard audit report during the current reporting period - The company did not have a non-standard audit report during the reporting period[106] Explanation by the Board of Directors on Matters Related to the "Non-Standard Audit Report" for the Prior Year The company did not have a non-standard audit report for the prior year during the reporting period - The company did not have a non-standard audit report for the prior year during the reporting period[106] Bankruptcy and Reorganization Matters The company did not experience any bankruptcy or reorganization matters during the reporting period - The company did not experience any bankruptcy or reorganization matters during the reporting period[106] Litigation Matters The company had no significant litigation or arbitration matters during the reporting period; other minor lawsuits totaling RMB 132,800 were settled without major impact - The company had no significant litigation or arbitration matters during the current reporting period[107] Other Litigation Matters | Basic Information on Litigation (Arbitration) | Amount Involved (RMB) | Whether a Provision is Formed | Litigation (Arbitration) Progress | Litigation (Arbitration) Outcome and Impact | | :--- | :--- | :--- | :--- | :--- | | Summary of other lawsuits involving the company or its subsidiaries during the reporting period that did not meet the disclosure threshold for significant litigation | 132,800 | No | Already settled through mediation | No significant impact | Penalties and Rectification The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[107] Integrity Status of the Company, its Controlling Shareholder, and Actual Controller The company, its controlling shareholder, and actual controller maintained good integrity status during the reporting period, with no issues reported - The company reported no integrity issues concerning itself, its controlling shareholder, or actual controller during the reporting period[108] Significant Related Party Transactions The company reported no significant related party transactions during the period, including those related to daily operations, asset/equity sales, joint investments, or intercompany debt - The company had no related party transactions related to daily operations during the reporting period[108] - The company had no related party transactions involving asset or equity acquisitions/sales during the reporting period[109] - The company had no related party transactions involving joint external investments during the reporting period[110] - The company had no related party creditor-debtor relationships during the reporting period[111] - There were no deposits, loans, credit lines, or other financial transactions between the company and related financial companies, or financial companies controlled by the company and related parties[112][113] - The company had no other significant related party transactions during the reporting period[114] Significant Contracts and Their Performance The company had no significant entrustment, contracting, or guarantee contracts. As a lessee, it incurred RMB 785,744.35 in lease liability interest and RMB 7.75 million in total cash outflow for property leases - The company had no entrustment situations during the reporting period[115] - The company had no contracting situations during the reporting period[116] Leasing Situation (as Lessee) | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Interest Expense on Lease Liabilities | 785,744.35 | 1,214,718.17 | | Short-Term Lease Expenses Simplified and Included in Relevant Asset Costs or Current Profit and Loss | 157,200.51 | 1,158,054.40 | | Total Cash Outflow Related to Leases | 7,752,081.81 | 9,291,358.68 | - The company had no significant guarantee situations during the reporting period[121] - The company had no significant contracts in ordinary operations during the reporting period[122] - The company had no other significant contracts during the reporting period[122] Explanation of Other Significant Matters The company had no other significant matters requiring explanation during the reporting period - The company had no other significant matters requiring explanation during the reporting period[123] Significant Matters of Company Subsidiaries The company's subsidiaries had no significant matters during the reporting period - The company's subsidiaries had no significant matters during the reporting period[124] Sixth Section Share Changes and Shareholder Information This section details changes in the company's share capital, securities issuance, shareholder structure, and holdings of directors, supervisors, and senior management Share Change Status Total share capital increased by 1.5 million shares due to an equity incentive plan, reaching 116,396,465 shares, while 73.72 million pre-IPO restricted shares became tradable, proportionally diluting per-share financial metrics Share Change Status | Share Type | Quantity Before This Change (shares) | Increase/Decrease in This Change (shares) | Quantity After This Change (shares) | | :--- | :--- | :--- | :--- | | Restricted Shares | 74,008,592 | -69,370,000 | 4,638,592 | | Unrestricted Shares | 40,887,873 | 70,870,000 | 111,757,873 | | Total Shares | 114,896,465 | 1,500,000 | 116,396,465 | - The company granted 1,500,000 Class I restricted shares to 31 grantees, with new shares listed on April 8, 2025, increasing total share capital to 116,396,465 shares[127] - The lock-up period for 73,720,000 pre-IPO restricted shares expired, making them tradable, with 2,850,000 shares held by Wu Shijie, Wu Bin, and Wu Chenghui remaining locked as senior management restricted shares[128] - This share change proportionally diluted financial indicators such as basic and diluted earnings per share, and net assets per share attributable to ordinary shareholders for the most recent year and period[131] 2. Changes in Restricted Shares Restricted shares changed from 4,088,592 to 4,638,592, with 2,850,000 shares released and 5,300,000 added, primarily due to senior management lock-up expirations and new equity incentive grants Changes in Restricted Shares | Shareholder Name | Initial Restricted Shares | Shares Released from Restriction in Current Period | Shares Added to Restriction in Current Period | Period-End Restricted Shares | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | | Wu Shijie | 2,040,600 | 1,453,500 | 1,938,000 | 1,556,100 | Senior Management Locked Shares | | Wu Bin | 1,249,942 | 855,000 | 1,140,000 | 964,942 | Senior Management Locked Shares | | Wu Chenghui | 798,050 | 541,500 | 722,000 | 617,550 | Senior Management Locked Shares | | Grantees of 2025 Restricted Stock Incentive Plan | 0 | 0 | 1,500,000 | 1,500,000 | Equity Incentive Restricted Shares | | Total | 4,088,592 | 2,850,000 | 5,300,000 | 4,638,592 | | Securities Issuance and Listing The company issued 1.5 million RMB A-shares at RMB 11.80/share to incentive grantees under its 2025 Restricted Stock Incentive Plan, which were listed on April 8, 2025, increasing total share capital Securities Issuance and Listing | Name of Stock and Derivative Securities | Issuance Date | Issuance Price (or Interest Rate) | Issuance Quantity | Listing Date | Quantity Approved for Listing and Trading | | :--- | :--- | :--- | :--- | :--- | :--- | | Private Placement of Company RMB A-shares to Grantees | 2025年04月08日 | 11.80 | 1,500,000 | 2025年04月08日 | 1,500,000 | - The company's total share capital increased from 114,896,465 shares to 116,396,465 shares[133] Shareholder Numbers and Shareholding Status As of the reporting period end, the company had 17,252 ordinary shareholders. Shenzhen Aoxintong Innovation Investment Co., Ltd. was the largest shareholder at 42.44%, with Wu Shijie, Wu Bin, and Wu Chenghui as actual controllers and acting in concert - As of the end of the reporting period, the total number of ordinary shareholders was 17,252[135] Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Percentage | Shares Held at Period-End (shares) | Restricted Shares Held (shares) | Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Shenzhen Aoxintong Innovation Investment Co., Ltd. | Domestic Non-State-Owned Legal Person | 42.44% | 49,400,000 | 0 | 49,400,000 | | Shenzhen Qianhai Huixin Investment Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 13.06% | 15,200,000 | 0 | 15,200,000 | | Shenzhen Qianhai Zhongtaifuxing Investment Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 4.57% | 5,320,000 | 0 | 5,320,000 | | Wu Shijie | Domestic Natural Person | 1.78% | 2,074,800 | 1,556,100 | 518,700 | | Wu Bin | Domestic Natural Person | 1.11% | 1,286,590 | 964,942 | 321,648 | | Wu Chenghui | Domestic Natural Person | 0.71% | 823,400 | 617,550 | 205,850 | - Wu Shijie, Wu Bin, and Wu Chenghui are parties acting in concert, and also the actual controllers of Shenzhen Aoxintong Innovation Investment Co., Ltd., Shenzhen Qianhai Huixin Investment Partnership (Limited Partnership), and Shenzhen Qianhai Zhongtaifuxing Investment Partnership (Limited Partnership)[136][137] Changes in Shareholdings of Directors, Supervisors, and Senior Management During the reporting period, CFO Ye Yong was granted 50,000 restricted shares, bringing his period-end holding to 50,000 shares, with no other changes in D&O shareholdings Changes in Shareholdings of Directors, Supervisors, and Senior Management | Name | Position | Employment Status | Initial Shares Held (shares) | Shares Increased in Current Period (shares) | Shares Decreased in Current Period (shares) | Period-End Shares Held (shares) | Restricted Shares Granted at Period-End (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Ye Yong | CFO | Current | 0 | 0 | 0 | 50,000 | 50,000 | | Total | -- | -- | 0 | 0 | 0 | 50,000 | 50,000 | 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[139] - The company's actual controller remained unchanged during the reporting period[140] Preferred Share Information The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[141] Seventh Section Bond-Related Information This section confirms the absence of any bond-related information for the company during the reporting period Bond-Related Information The company had no bond-related information during the reporting period - The company had no bond-related information during the reporting period[143] Eighth Section Financial Report This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owner's equity, along with detailed notes on accounting policies and financial items Audit Report The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[145] Financial Statements This section provides the company's H1 2025 consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owner's equity, detailing assets, liabilities, equity, and profit/loss Key Data from Consolidated Balance Sheet | Item | Period-End Balance (RMB) | Initial Balance (RMB) | | :--- | :--- | :--- | | Total Assets | 2,495,481,734.17 | 2,561,905,659.22 | | Total Liabilities | 377,418,025.25 | 386,987,787.51 | | Total Owner's Equity | 2,118,063,708.92 | 2,174,917,871.71 | Key Data from Consolidated Income Statement | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 287,511,361.76 | 237,612,184.13 | | Operating Profit | -85,290,976.16 | -31,490,437.44 | | Net Profit | -66,200,489.27 | -20,460,596.28 | | Net Profit Attributable to Parent Company Shareholders | -64,129,358.70 | -20,044,109.03 | | Basic Earnings Per Share | -0.55 | -0.17 | Key Data from Consolidated Cash Flow Statement | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -95,949,541.76 | -12,393,074.85 | | Net Cash Flow from Investing Activities | 4,853,073.45 | -50,424,453.03 | | Net Cash Flow from Financing Activities | 10,053,035.37 | -7,504,241.45 | | Net Increase in Cash and Cash Equivalents | -79,892,219.89 | -68,808,960.04 | Company Basic Information Shenzhen Aoni Electronic Co., Ltd., established in 2005 and listed on SZSE in 2021, operates in computer and electronics manufacturing, with 116.40 million shares, controlled by Wu Shijie, Wu Bin, and Wu Chenghui - Shenzhen Aoni Electronic Co., Ltd. was established on August 9, 2005, listed on the ChiNext board of the Shenzhen Stock Exchange on December 28, 2021, and belongs to the computer, communication, and other electronic equipment manufacturing industry[180] - As of June 30, 2025, the company's total issued share capital was 116.40 million shares, and its registered capital was RMB 116.40 million[180] - The company's parent company is Shenzhen Aoxintong Innovation Investment Co., Ltd., and its actual controllers are Wu Shijie, Wu Bin, and Wu Chenghui[180] Basis of Financial Statement Preparation These financial statements are prepared in accordance with China's Enterprise Accounting Standards and CSRC regulations, based on a going concern assumption - These financial statements are prepared in accordance with the 'Enterprise Accounting Standards' promulgated by the Ministry of Finance and the 'Information Disclosure Rules for Companies Issuing Securities to the Public No. 15 - General Provisions for Financial Reports' by the China Securities Regulatory Commission[181] - These financial statements are prepared on a going concern basis[182] Significant Accounting Policies and Estimates This section details the company's adherence to Enterprise Accounting Standards, covering accounting periods, currency, mergers, financial instruments, receivables, inventory, fixed assets, R&D, revenue, and new policy implementations - These financial statements comply with the requirements of the Enterprise Accounting Standards promulgated by the Ministry of Finance, truly and completely reflecting the company's financial position, operating results, and cash flows[184] - The company uses RMB as its bookkeeping currency, while some overseas subsidiaries use USD or VND[187] - The company implemented new accounting policies including 'Interpretation No. 17 of Enterprise Accounting Standards,' 'Interim Provisions on Accounting Treatment for Enterprise Data Resources,' and 'Interpretation No. 18 of Enterprise Accounting Standards,' making retrospective adjustments to some statement items; specifically, 'Interpretation No. 18 of Enterprise Accounting Standards' resulted in an increase of RMB 81,550.86 in operating costs and a decrease of RMB 81,550.86 in selling expenses[268][269][270][271][273][274][276] Taxation The company's main taxes include VAT, urban maintenance and construction tax, and corporate income tax, with high-tech and small-profit subsidiaries enjoying preferential rates, and export products benefiting from "exempt, offset, refund" policies Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Sales of Goods and Taxable Services Revenue | 13%、6%、5%、0% | | Urban Maintenance and Construction Tax | Actual VAT Paid | 7%、5% | | Corporate Income Tax | Taxable Income | See table below | | Education Surcharge | Actual VAT Paid | 3% | | Local Education Surcharge | Actual VAT Paid | 2% | - Shenzhen Aoni Electronic Co., Ltd. and Aoni Vision Technology (Zhongshan) Co., Ltd. are high-tech enterprises strongly supported by the state, enjoying a reduced corporate income tax rate of 15%[279] - Subsidiaries eligible for small and micro-profit enterprise tax rates enjoy a corporate income tax rate of 22% on taxable income up to RMB 1 million (calculated at 25% of the actual amount), and 20% on taxable income between RMB 1 million and RMB 3 million (calculated at 25% of the actual amount)[280] - The company's export products are subject to VAT 'exempt, offset, refund' and 'exempt, refund' tax policies[281] - From January 1, 2023, to December 31, 2027, advanced manufacturing enterprises are allowed to deduct an additional 5% of their current deductible input VAT from their payable VAT[281] Notes to Consolidated Financial Statement Items This section details period-end and initial balances for consolidated financial statement items, including RMB 92.13 million in cash, RMB 272.09 million in trading financial assets, RMB 78.65 million in accounts receivable, and RMB 230.48 million in inventory Period-End Balances of Key Asset Items | Item | Period-End Balance (RMB) | | :--- | :--- | | Cash and Cash Equivalents | 92,134,523.37 | | Trading Financial Assets | 272,088,288.88 | | Accounts Receivable | 78,647,372.56 | | Inventories | 230,481,505.22 | | Fixed Assets | 685,634,215.21 | | Construction in Progress | 62,635,978.44 | Period-End Balances of Key Liability Items | Item | Period-End Balance (RMB) | | :--- | :--- | | Notes Payable | 17,943,463.98 | | Accounts Payable | 190,785,563.27 | | Other Payables | 19,161,764.99 | | Contract Liabilities | 66,721,729.48 | | Lease Liabilities | 39,160,238.70 | Current Period Amounts of Key Income Statement Items | Item | Current Period Amount (RMB) | | :--- | :--- | | Operating Revenue | 287,511,361.76 | | Operating Cost | 243,525,797.32 | | Administrative Expenses | 57,050,606.50 | | Selling Expenses | 29,199,064.19 | | R&D Expenses | 43,807,567.03 | | Net Profit | -66,200,489.27 | R&D Expenses Total R&D expenses for the period were RMB 43.81 million, fully expensed, primarily comprising employee compensation, share-based payments, depreciation, and material costs, reflecting increased investment in technological innovation Composition of R&D Expenses | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Employee Compensation | 29,208,429.50 | 25,958,350.99 | | Share-Based Payment Expenses | 3,648,228.45 | 0 | | Depreciation and Amortization Expenses | 2,639,133.97 | 2,108,119.45 | | Plate-Making Fees | 2,051,527.94 | 1,859,899.47 | | Design Fees | 1,953,440.12 | 806,465.60 | | Material Costs | 1,396,567.61 | 1,254,454.46 | | Total | 43,807,567.03 | 35,747,425.91 | | Of which: Expensed R&D Expenses | 43,807,567.03 | 35,747,425.91 | - All R&D expenses for the current period were expensed, with no R&D projects meeting capitalization criteria[472][473] Changes in Consolidation Scope The company's consolidation scope changed due to the establishment of three new subsidiaries: Shenzhen Aoni Zhichuang Holding Co., Ltd., Shenzhen Aoni Xiangshu Technology Co., Ltd., and Shenzhen Aoni Huhang Technology Co., Ltd. - Shenzhen Aoni Zhichuang Holding Co., Ltd. was registered on April 16, 2025; Shenzhen Aoni Xiangshu Technology Co., Ltd. was registered on May 9, 2025; Shenzhen Aoni Huhang Technology Co., Ltd. was registered on April 29, 2025[474] - The company had no business combinations not under common control, business combinations under common control, or reverse acquisitions[473][474] Interests in Other Entities This section details the company's interests in subsidiaries and associates, including newly established subsidiaries and an investment of RMB 12.05 million in associate Shenzhen Ruixun Cloud Technology Co., Ltd. - The company owns several wholly-owned or controlled subsidiaries, including Shenzhen Asidun Cloud Technology Co., Ltd., Shenzhen Kemei Precision Technology Co., Ltd., Huihai Zhisu (Zhongshan) Technology Co., Ltd., Zhongshan Aoni Investment Holding Co., Ltd., Shenzhen Huahairunda Technology Co., Ltd., and Shenzhen Aoni Qidian Technology Co., Ltd.[477][478][479] - During the reporting period, Shenzhen Aoni Zhichuang Holding Co., Ltd., Shenzhen Aoni Xiangshu Technology Co., Ltd., and Shenzhen Aoni Huhang Technology Co., Ltd. were newly established[477][479] Summary Financial Information of Associates | Item | Period-End Balance (RMB) | | :--- | :--- | | Total Carrying Amount of Investments | 12,054,086.73 | Government Grants The company recognized RMB 3.20 million in deferred income from asset-related government grants at period-end, with RMB 812,600 recognized as other income in the current period Liability Items Involving Government Grants | Account Title | Initial Balance (RMB) | New Grants Added in Current Period (RMB) | Amount Included in Non-Operating Income in Current Period (RMB) | Amount Transferred to Other Income in Current Period (RMB) | Period-End Balance (RMB) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 3,341,162.47 | | | 136,408.08 | 3,204,754.39 | Asset-related | Government Grants Included in Current Profit and Loss | Account Title | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Other Income | 812,576.11 | 1,630,912.00 | Risks Related to Financial Instruments The company manages credit, liquidity, and market risks (interest and exchange rate) through credit assessments, cash flow monitoring, debt structure optimization, and potential hedging, but does not engage in hedging activities - The company faces credit risk, liquidity risk, and market risk (including exchange rate risk, interest rate risk, and other price risks)[487] - Credit risk management measures include credit assessment for new clients, setting credit limits, quarterly monitoring of client credit ratings, and monthly review of accounts receivable aging[488] - Liquidity risk management measures include ensuring sufficient cash to repay maturing debts, by monitoring cash balances, marketable securities, and 12-month future cash flow forecasts[489] - Interest rate risk management measures include establishing good bank-enterprise relationships, reasonably designing credit lines, types, and terms, shortening individual loan terms, and agreeing on early repayment clauses[489] - Exchange rate risk management measures include matching foreign currency income with foreign currency expenditures, and potentially entering into forward foreign exchange contracts or currency swap agreements[490] - The company does not engage in hedging activities[491] Fair Value Disclosure Period-end fair value assets totaled RMB 302.09 million, primarily trading financial assets and other equity investments, all measured using Level 3 fair value inputs, with accounts receivable financing also fair valued at RMB 507,900 Period-End Fair Value of Assets and Liabilities Measured at Fair Value | Item | Level 3 Fair Value Measurement (RMB) | Total (RMB) | | :--- | :--- | :--- | | Trading Financial Assets | 272,088,288.88 | 272,088,288.88 | | Other Equity Instrument Investments | 30,000,000.00 | 30,000,000.00 | | Total Assets Measured at Fair Value on a Recurring Basis | 302,088,288.88 | 302,088,288.88 | | Financing for Accounts Receivable | 507,882.00 | 507,882.00 | | Total Assets Measured at Fair Value on a Non-Recurring Basis | 507,882.00 | 507,882.00 | - Inputs used for fair value measurement are categorized into three levels, with the company primarily using Level 3 inputs[494](index=494&type