国网信通(600131) - 2025 Q2 - 季度财报

Section I Definitions Definitions of Common Terms This section defines common terms used in the report, including company name, controlling shareholder, main subsidiaries, and specific business systems, to ensure clear understanding of the report content - Company abbreviation: State Grid ITC[12] - Controlling shareholder: State Grid Information & Telecommunication Industry Group Co., Ltd. (ITC Group)[12] - Main business system definitions: Marketing 2.0, Online State Grid, iState Grid[12] Section II Company Profile and Key Financial Indicators I. Company Information This section provides the Chinese name, abbreviation, foreign name, and legal representative of State Grid Information & Telecommunication Co., Ltd - Company Chinese name: State Grid Information & Telecommunication Co., Ltd., Chinese abbreviation: State Grid ITC[14] - Company Legal Representative: Wang Ben[14] II. Contact Persons and Information This section provides the names, contact addresses, telephone numbers, and email addresses of the company's Board Secretary and Securities Affairs Representative - Board Secretary: Wang Xun, Securities Affairs Representative: Wang Dingjuan[15] - Contact Address: Southwest Industrial Base of State Grid ITC Industry Group, No. 390 Lazi Road, Tianfu New Area, Chengdu, Sichuan Province[15] III. Overview of Basic Information Changes This section discloses the company's registered address, office address, postal code, company website, and email address - Company Registered Address: Xiasuo Bridge, Wenchuan County, Sichuan Province; Company Office Address: Southwest Industrial Base of State Grid ITC Industry Group, No. 390 Lazi Road, Tianfu New Area, Chengdu, Sichuan Province[16] - Company Website: www.sgitc.com, Email: gwxt@sgitc.com[16] IV. Overview of Information Disclosure and Document Placement Location Changes This section lists the newspapers selected by the company for information disclosure, the website address for semi-annual reports, and the location where the company's semi-annual reports are kept - Newspapers selected for information disclosure: Shanghai Securities News, Securities Daily, China Securities Journal, Securities Times[17] - Website address for semi-annual reports: **www.sse.com.cn**[17](index=17&type=chunk) V. Company Stock Overview This section provides the company's stock type, listing exchange, stock abbreviation, stock code, and previous stock abbreviation - Stock Type: A-share, Listing Exchange: Shanghai Stock Exchange[18] - Stock Abbreviation: State Grid ITC, Stock Code: 600131, Previous Stock Abbreviation: Minjiang Hydropower[18] VII. Key Accounting Data and Financial Indicators This section details the company's key accounting data and financial indicators for the first half of 2025, showing a 4.55% year-on-year decrease in operating revenue and an 11.01% year-on-year decrease in net profit attributable to shareholders, but a significant improvement in net cash flow from operating activities 2025 Semi-Annual Key Accounting Data | Indicator | Current Period (Jan-Jun) | Prior Year (Adjusted) | Change from Prior Year (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 3,524,689,153.35 yuan | 3,692,889,547.09 yuan | -4.55 | | Total Profit | 318,456,113.46 yuan | 305,811,199.58 yuan | 4.13 | | Net Profit Attributable to Listed Company Shareholders | 265,880,676.20 yuan | 298,781,794.50 yuan | -11.01 | | Net Profit Attributable to Listed Company Shareholders (Excluding Non-Recurring Items) | 206,310,572.60 yuan | 232,391,769.04 yuan | -11.22 | | Net Cash Flow from Operating Activities | 1,211,368,838.84 yuan | -160,134,440.46 yuan | Not Applicable | | Net Assets Attributable to Listed Company Shareholders (Period End) | 6,154,215,107.60 yuan | 7,947,459,873.33 yuan | -22.56 | | Total Assets (Period End) | 14,542,970,977.03 yuan | 16,646,313,305.85 yuan | -12.64 | 2025 Semi-Annual Key Financial Indicators | Indicator | Current Period (Jan-Jun) | Prior Year (Adjusted) | Change from Prior Year (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.22 | 0.25 | -12.00 | | Diluted Earnings Per Share (yuan/share) | 0.22 | 0.25 | -12.00 | | Basic Earnings Per Share (Excluding Non-Recurring Items) (yuan/share) | 0.17 | 0.19 | -10.53 | | Weighted Average Return on Net Assets (%) | 3.29 | 3.96 | Decrease of 0.67 percentage points | | Weighted Average Return on Net Assets (Excluding Non-Recurring Items) (%) | 2.55 | 3.08 | Decrease of 0.53 percentage points | IX. Non-Recurring Gains and Losses Items and Amounts This section lists the company's non-recurring gains and losses items and their amounts for the first half of 2025, totaling 59,570,103.60 yuan, primarily including gains/losses from disposal of non-current assets, government grants, and net profit from subsidiaries acquired under common control from the beginning of the period to the acquisition date - Total non-recurring gains and losses: 59,570,103.60 yuan[25] - Net profit from subsidiaries acquired under common control from the beginning of the period to the acquisition date: 89,329,105.21 yuan[25] Section III Management Discussion and Analysis I. Description of the Company's Industry and Main Business Operations During the Reporting Period This section elaborates on the development trends of the energy, software & IT services, and information & communication industries in the first half of 2025, and the company's main business layout and significant progress in these sectors, including digital infrastructure, frontier technology innovation, enterprise digital applications, power digital applications, and energy innovation services - Synergistic development of energy, software & IT services, and communication industries drives high-quality transformation[28] - The company is committed to becoming a leading energy digitalization and intelligence innovation enterprise in China[33] (I) Industry Overview In the first half of 2025, new wind and solar power installations surpassed thermal power for the first time, showing significant progress in green and low-carbon transition; software and information technology services achieved steady growth in revenue and profit, with clear targets for the digital economy's core industry value; and new infrastructure construction in the information and communication industry advanced, with expanding user bases for 5G, gigabit, and IoT - Energy and Power Sector: Wind and solar power accounted for nearly 90% of new installed generation capacity, with new energy generation reaching 26.0%, an increase of 4.4 percentage points year-on-year[29] - Software and Information Technology Services Industry: Software business revenue increased by 11.9% year-on-year, and total profit increased by 12.0% year-on-year[31] - Information and Communication Industry: National optical cable line length reached 73.77 million kilometers, a year-on-year increase of 9.9%[32] (II) Main Business Operations The company achieved significant progress across its five main business areas: digital infrastructure, frontier technology innovation, enterprise digital applications, power digital applications, and energy innovation services, including the second phase of the 100G high-efficiency data transmission platform, expansion of quantum power applications, promotion of the Guangming large model, launch of a new generation enterprise portal, deployment of drone intelligent inspection products, and release of Green Certificate Trading Platform 2.0 - Digital Infrastructure: Advanced the 100G high-efficiency data transmission platform Phase II project and completed communication system commissioning for the Hami-Chongqing ±800 kV UHV DC transmission project[34] - Frontier Technology Innovation: Intelligent power supply scheme generation based on the Guangming large model was fully rolled out in Jiangsu, and the State Grid Jilin Power large model toolchain platform was deployed[34] - Power Digital Applications: Supported the implementation of Marketing 2.0 AI scenarios for State Grid Liaoning Power and Shanxi Power, and piloted the Qingtian drone product at State Grid Liaoyang Company[35] - Energy Innovation Services: Successfully expanded virtual power plant operation platform projects in Nanchong and Yalong River Hydropower, with Green Certificate Trading Platform 2.0 cumulative transaction volume exceeding 270 million certificates[36] II. Discussion and Analysis of Operations In the first half of 2025, amidst a complex market environment, the company achieved operating revenue of 3.525 billion yuan and net profit attributable to listed company shareholders of 266 million yuan by deepening its core business, focusing on lean management, strengthening compliance and market value management, and leveraging Party building, thereby consolidating core business advantages and improving development quality and efficiency - Operating Revenue: 3.525 billion yuan[36] - Net Profit Attributable to Listed Company Shareholders: 266 million yuan[36] - Total Assets at Period End: 14.543 billion yuan[36] - Owners' Equity Attributable to Listed Company Shareholders at Period End: 6.154 billion yuan[36] (I) Deepening Core Responsibilities and Consolidating New Core Business Advantages The company deeply integrates into the "Digital China" strategy, continuously cultivating the energy digitalization field by expanding digital infrastructure, enhancing frontier technology innovation, steadily advancing enterprise digitalization, robustly developing power digitalization, and actively deploying energy innovation services, thereby comprehensively consolidating its core business advantages and providing solid support for smart grids and "dual carbon" goals - Digital Infrastructure Business: Expanded the scale of communication centralized procurement and integration business, solidifying the communication foundation for smart grids[37] - Frontier Technology Innovation Business: Focused on the application of artificial intelligence and "5G + Quantum" technologies in the energy sector to enhance intelligent service levels[37] - Energy Innovation Services Business: Developed "dual carbon" digital products and improved power trading service capabilities to support "dual carbon" goals and the construction of a new power system[37] (II) Focusing on Lean Management to Steadily Improve Development Quality and Efficiency The company established a "customer-centric" new management system, integrated marketing resources, optimized process standards, and continuously increased R&D investment (approximately 482 million yuan in the first half), achieving significant technological innovation results (61 patent authorizations), while also improving project and material management, effectively enhancing operational efficiency and cost control - R&D Investment: Approximately 482 million yuan in the first half[39] - Technological Innovation Achievements: 61 patent authorizations, 65 scientific papers published, and 3 technology awards received[39] - Management System: Promoted the construction of a new management system "customer-centric, marketing-led, R&D-core, with human resources, finance, materials, and compliance as guarantees"[39] (III) Strengthening Bottom-Line Thinking and Solidifying the Foundation of Compliance Management The company maintained efficient operation of the "three meetings," revised and improved its core institutional system, established a system evaluation and update mechanism, and deeply carried out special safety production actions, thereby comprehensively enhancing compliance management and ensuring stable and compliant company operations, with no safety liability accidents occurring during the reporting period - System Construction: Comprehensively reviewed and updated the institutional system in accordance with laws and regulations such as the "Guidelines for Articles of Association of Listed Companies"[40] - Safety Management: Deeply carried out special safety production actions, with no safety liability accidents occurring in the first half of the year[40] (IV) Focusing on High-Quality Development and Enhancing Market Value Management Internally and Externally The company established a sound market value management system, strictly disclosed information, actively engaged in investor relations management activities (such as "Into State Grid ITC" open day, collective performance briefings), and deepened the integration of ESG principles into its operations, thereby comprehensively enhancing its image and influence in the capital market and receiving multiple honors for investor relations management and value creation - Market Value Management: Formulated the "Company Market Value Management System," clarifying organizational leadership and responsibility implementation mechanisms[41] - Information Disclosure: Disclosed 2 regular announcements and over 70 temporary announcements and attachments in the first half of the year[41] - Investor Relations: Held "Into State Grid ITC" brand open day, participated in collective performance briefings, and received multiple investor relations management awards[41] - ESG: Released the 2024 Environmental, Social, and Governance (ESG) Report[41] (V) Strengthening Party Building Empowerment to Achieve New Developments in Party Building The company highly values the implementation of the Central Eight Provisions, achieving new developments in Party building through learning and education activities, innovating the "three-type and one-transformation" Party building system, strengthening supervision and accountability, and continuously assisting rural revitalization by promoting the "Power Love Classroom" project and paired assistance for education, demonstrating the social responsibility of state-owned enterprises - Party Building Learning: Comprehensively carried out learning and education activities through special study classes and central group studies[42] - Social Responsibility: Continuously assisted rural revitalization, promoted the donation and implementation of the "Power Love Classroom" project, and implemented paired assistance for education[42] III. Analysis of Core Competencies During the Reporting Period As a backbone enterprise in the digital transformation of the power energy industry, the company has formed a mature and complete industrial layout, deep industry experience and customer resources, outstanding talent echelon and independent innovation capabilities, comprehensive and complete qualification certifications, and significant brand influence through technological accumulation and innovative practices, effectively assisting it in achieving its strategic goal of "building a leading energy digitalization and intelligence innovation enterprise in China" - Industrial Layout: Constructed a full-stack technical architecture of "communication transmission network - data center resources - intelligent management platform - energy application services"[43] - Talent Advantage: Employees with bachelor's degree or above account for 94.24%, and those with master's degree or above account for 50.84%[45] - Qualification Certifications: Holds a national telecommunications value-added business license (ISP), obtained CMMI5 certification, and possesses over 40 professional qualifications[46] IV. Main Operating Conditions During the Reporting Period This section details the company's main operating conditions during the reporting period, including the reasons for changes in financial statement items, asset and liability status, external equity investments, and major controlled and associated companies, revealing specific changes in revenue, profit, asset structure, and investment activities and their driving factors - Operating revenue decreased by 4.55% year-on-year, and operating costs decreased by 4.43% year-on-year[49] - Net cash flow from operating activities significantly increased, turning from negative to positive[49] - Net assets attributable to listed company shareholders and total assets both decreased[21] (I) Main Business Analysis This section analyzes the company's main business performance during the reporting period through changes in financial statement items. Both operating revenue and operating costs decreased year-on-year, but net cash flow from operating activities significantly improved, mainly due to the inclusion of Yili Technology's funds Financial Statement Items Change Analysis | Item | Current Period Amount (yuan) | Prior Year Amount (yuan) | Change Ratio (%) | Explanation of Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 3,524,689,153.35 | 3,692,889,547.09 | -4.55 | | | Operating Costs | 2,745,112,807.27 | 2,872,316,913.65 | -4.43 | | | Selling Expenses | 115,956,960.29 | 124,324,927.77 | -6.73 | | | Administrative Expenses | 259,020,256.25 | 237,056,877.97 | 9.27 | | | Financial Expenses | -12,230,333.06 | -9,194,585.97 | -33.02 | Due to increased interest income | | R&D Expenses | 173,166,453.27 | 237,375,357.15 | -27.05 | | | Net Cash Flow from Operating Activities | 1,211,368,838.84 | -160,134,440.46 | Not Applicable | Due to the inclusion of Yili Technology funds in this period | | Net Cash Flow from Investing Activities | -857,905,342.61 | 22,076,749.23 | Not Applicable | Due to payment for Yili Technology equity acquisition | | Net Cash Flow from Financing Activities | 165,674,336.65 | -135,010,663.46 | Not Applicable | Recovery of bill guarantee deposits | (III) Analysis of Assets and Liabilities This section details the company's asset and liability status at the end of the reporting period, with significant changes in several asset and liability items, such as increases in notes receivable, inventories, construction in progress, other payables, and deferred income, while accounts receivable, notes payable, contract liabilities, and taxes payable decreased, mainly influenced by business activities, fund centralization, and Yili Technology acquisition payments Changes in Assets and Liabilities | Item Name | Amount at Period End (yuan) | Change from Prior Year End (%) | Explanation | | :--- | :--- | :--- | :--- | | Notes Receivable | 36,583,657.22 | 129.28 | Mainly due to increased notes received | | Receivables Financing | 63,161,061.30 | -63.26 | Mainly due to maturity of bank acceptances | | Other Receivables | 298,489,164.69 | -80.45 | Mainly due to recovery of centralized funds | | Inventories | 934,880,527.23 | 38.37 | Mainly due to normal project stocking | | Contract Assets | 900,198,886.98 | 30.43 | Mainly due to project performance progress not reaching collection milestones | | Construction in Progress | 85,196,739.68 | 45.88 | Mainly due to increased asset construction | | Notes Payable | 350,321,800.24 | -64.73 | Mainly due to maturity and acceptance of bank acceptances | | Contract Liabilities | 107,845,330.47 | -54.63 | Mainly due to settlement of advance receipts | | Taxes Payable | 34,055,078.05 | -64.90 | Mainly due to payment of prior year's taxes | | Other Payables | 1,531,397,510.04 | 440.03 | Mainly due to unpaid Yili acquisition funds | | Lease Liabilities | 238,548,711.92 | 31.07 | Mainly due to property leases | | Deferred Income | 7,246,420.34 | 93.26 | Mainly due to increased government grants | Major Asset Restrictions as of the End of the Reporting Period | Item | Balance at Period End (yuan) | Balance at Prior Year End (yuan) | | :--- | :--- | :--- | | Bank Acceptance Bill Deposits | 101,166,152.15 | 344,328,298.33 | | Letter of Guarantee Deposits | 4,463,481.54 | 27,317,681.19 | | Bid Deposits | 512,588.97 | 512,588.97 | | Litigation Frozen Funds | 164,481,809.14 | 94,904,339.98 | | Total | 270,624,031.80 | 467,062,908.47 | (IV) Analysis of Investment Status During the reporting period, the company's total external equity investment increased by 21,320,446.73 yuan, mainly due to investment income from Sichuan Futang Hydropower Co., Ltd. Concurrently, the company completed a significant equity investment by acquiring 100% equity in State Grid ITC Yili Technology Co., Ltd., further expanding its power grid digital infrastructure and other businesses - Long-term equity investment balance at period end: 335,202,890.68 yuan, an increase of 21,320,446.73 yuan from the beginning of the year[54] - Investment income recognized from Sichuan Futang Hydropower Co., Ltd.: 79,767,199.30 yuan[54] Significant Equity Investment | Investee Company Name | Main Business | Investment Method | Investment Amount (yuan) | Shareholding Ratio | Consolidated | | :--- | :--- | :--- | :--- | :--- | :--- | | State Grid ITC Yili Technology Co., Ltd. | Power grid digital infrastructure, cloud network infrastructure, enterprise smart energy | Acquisition | 1,853,426,211.10 | 100% | Yes | Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | | Other | 27,000,000.00 | 27,000,000.00 | | Total | 27,000,000.00 | 27,000,000.00 | (VI) Analysis of Major Controlled and Associated Companies The company's major controlled subsidiaries include Beijing Zhongdian Puhua, Anhui Jiyuan Software, Beijing Zhongdian Feihua, Sichuan Zhongdian Qimingxing, State Grid ITC Yili Technology, and Jinchuan Yangjiawan Hydropower, with Sichuan Futang Hydropower as an associated company. During the reporting period, State Grid ITC Yili Technology was consolidated through a business combination under common control, which will increase the company's operating revenue and profit scale Major Controlled and Associated Companies Financial Data (2025 Semi-Annual) | Company Name | Company Type | Main Business | Operating Revenue (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | | Beijing Zhongdian Puhua Information Technology Co., Ltd. | Subsidiary | Power grid operation digitalization, power grid customer service digitalization, power grid middle platform | 800,326,432.57 | 65,391,329.03 | | Anhui Jiyuan Software Co., Ltd. | Subsidiary | Power grid production digitalization, power grid digital infrastructure, cloud network infrastructure | 730,055,939.35 | 5,085,740.67 | | Beijing Zhongdian Feihua Communication Co., Ltd. | Subsidiary | Power grid digital infrastructure, cloud network infrastructure, enterprise smart energy | 997,958,419.59 | 61,399,695.82 | | Sichuan Zhongdian Qimingxing Information Technology Co., Ltd. | Subsidiary | Enterprise operation digitalization, power market trading, dual carbon digitalization | 235,580,344.88 | 4,462,502.20 | | State Grid ITC Yili Technology Co., Ltd. | Subsidiary | Power grid digital infrastructure, cloud network infrastructure, enterprise smart energy | 810,685,048.49 | 60,128,128.92 | | Jinchuan Yangjiawan Hydropower Co., Ltd. | Subsidiary | Power development and production | 8,802,923.48 | 1,010,878.35 | | Sichuan Futang Hydropower Co., Ltd. | Associate | Power development and production | 272,949,170.11 | 199,417,998.23 | - State Grid ITC Yili Technology Co., Ltd. was consolidated through a business combination under common control, which will increase the company's operating revenue and profit scale[60][61] V. Other Disclosure Matters The company faces multiple risks including concentrated core customers, competition for high-end talent, technological iteration and innovation, and intellectual property protection. To address these challenges, the company plans to enhance its risk resistance capabilities by expanding external markets, improving talent incentive mechanisms, increasing R&D investment in frontier technologies, and strengthening its intellectual property management system - Concentrated Core Customer Risk: Deepening customer cooperation brings stable growth, but single customer reliance may affect business structure balance[62] - High-End Talent Competition Risk: Rapid iteration of frontier technologies leads to a prominent supply-demand imbalance for composite talents, requiring a more attractive talent retention mechanism[63] - Technological Iteration and Innovation Risk: Accelerated construction of new power systems and continuous emergence of new technologies require the company to strengthen systemic thinking and enhance technological innovation capabilities[64] - Intellectual Property Protection Risk: Power digitalization innovation achievements face potential risks such as technology leakage and commercial secret infringement, necessitating the establishment of a full lifecycle intellectual property management system[65] Section IV Corporate Governance, Environment, and Society I. Changes in Directors and Senior Management During the reporting period, the company's board of directors, supervisory board, and senior management team underwent multiple changes, including the resignation of a deputy general manager, chief accountant, and supervisor due to work changes or adjustments, the appointment of a new chief financial officer and deputy general manager, and the election of a new employee director, with all supervisory board members departing due to the abolition of the supervisory board - Deputy General Manager Yan Bin, Chief Accountant Sun Hui, and Deputy General Manager Deng Wei resigned[70][71] - Supervisory Board Chairman Yu Mei resigned, the supervisory board was abolished, and Shen Jianping, Gao Yi, Yang Min, and Chen Yaqin all departed[70][71] - Xiang Jie was appointed Chief Financial Officer, Liu Caihua was appointed Director, and Jiang Zaiyu was appointed Deputy General Manager[70][71] - Yang Desheng was elected as the company's employee director[71] II. Profit Distribution or Capital Reserve Conversion Plan The company's board of directors resolved that there is no profit distribution plan or capital reserve conversion plan for the current reporting period - Semi-annual proposed profit distribution plan or capital reserve conversion plan: None[72][73] III. Status and Impact of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures Due to the departure of incentive recipients and the non-fulfillment of unlocking conditions, the company's 2021 Restricted Stock Incentive Plan involved two repurchases and cancellations of a total of 442,500 shares of restricted stock that had been granted but not yet unlocked during the reporting period - On March 21, 2025, 442,500 restricted shares were repurchased and canceled due to the departure of 8 incentive recipients from the company[74][131] - On July 15, 2025, the repurchase and cancellation of some restricted shares granted but not yet unlocked under the 2021 Restricted Stock Incentive Plan was completed[74] V. Specific Progress in Consolidating Poverty Alleviation Achievements and Rural Revitalization The company invested a total of 994,220 yuan in consolidating poverty alleviation achievements and rural revitalization, actively fulfilling its social responsibilities through multi-dimensional measures including industrial assistance (tax payments in Aba Prefecture, local employment for hydropower projects), technological assistance (new power system construction in Xiaogang Village), educational assistance (paired assistance for education, Power Love Classroom, AI popularization), and consumption-based poverty alleviation (introducing agricultural product sales) Poverty Alleviation and Rural Revitalization Project Investment | Project | Funds (10,000 yuan) | | :--- | :--- | | Total Investment | 99.422 | | Industrial Assistance | 20 | | Technological Assistance | / | | Educational Assistance | 62.55 | | Consumption-Based Poverty Alleviation | 16.872 | - Industrial Assistance: Accumulated tax payments of 73.2 million yuan in Aba Prefecture, with 3.79 million yuan paid in taxes from January to June 2025; Jinchuan Yangjiawan Hydropower project employed over 20 local residents[76] - Educational Assistance: Initiated paired assistance for education, funding 125 disadvantaged students with 250,000 yuan, and participated in State Grid's "Power Love Classroom" public welfare project, donating 300,000 yuan[76][77] - Consumption-Based Poverty Alleviation: Introduced specialty agricultural products from Mabian County, Leshan City, Sichuan Province, into the iState Grid "iLife" special zone for sale, with active procurement by various units[77] Section V Significant Matters I. Fulfillment of Commitments The company's actual controller, shareholders, and related parties all timely and strictly fulfilled their commitments during the reporting period, including resolving related-party transactions, avoiding horizontal competition, ensuring company independence, addressing land title defects, and handling intellectual property and debt transfers, thereby ensuring standardized company operations and shareholder interests - The committing party (former largest shareholder, State Grid Sichuan Electric Power Company, acting in concert with the major asset restructuring counterparty) timely and strictly fulfilled commitments to resolve related-party transactions and horizontal competition[79][80] - The committing parties (State Grid Sichuan Electric Power Company, State Grid Corporation of China, and ITC Group) timely and strictly fulfilled commitments to ensure the independence of the listed company's assets, personnel, finance, organization, and business[80][81] - The committing parties (State Grid Corporation of China, ITC Group) timely and strictly fulfilled commitments to reduce related-party transactions, avoid horizontal competition, and support the listed company in expanding external business markets[81][82][83] - The committing party (ITC Group) timely and strictly fulfilled commitments to resolve land and other property title defects, intellectual property handling, and debt transfer[83][84][85] VII. Major Litigation and Arbitration Matters During the reporting period, the company and its subsidiaries were involved in multiple major litigation and arbitration cases, primarily contract disputes and creditor-debtor disputes. Some cases have been concluded, such as the lease contract dispute with Chengdu Mindian Technology Co., Ltd., where the company was not held liable, and partial execution of funds received for the Jinchuan Yangjiawan Hydropower Co., Ltd. entrusted contract dispute series; other cases are still in first instance or arbitration, such as service contract disputes initiated by Beijing Keda Zhongye Technology Training Co., Ltd., Beijing Huadian Chenneng Information Technology Co., Ltd., and Beijing Yunsichangxiang Technology Co., Ltd - In the enterprise contract management dispute between the former Electronic Materials Company and Jianghe, Ruiwen Electronic Company, the company has cumulatively recovered 4.4 million yuan, with 4.1 million yuan of outstanding claims[86][87] - In the lease contract dispute filed by Chengdu Mindian Technology Co., Ltd. against the company, the second instance judgment upheld the original verdict, and the company bears no liability[87][88] - In the Jinchuan Yangjiawan Hydropower Co., Ltd. entrusted contract dispute series, 26,599,776.27 yuan has been received from partial execution, and another case has been concluded after retrial and is currently in execution[92][96] - In the service contract disputes filed by Beijing Keda Zhongye Technology Training Co., Ltd. against Beijing Zhongdian Puhua Information Technology Co., Ltd., all 3 cases are in the first instance and no judgment has been rendered[96][97] - In the service contract disputes filed by Beijing Huadian Chenneng Information Technology Co., Ltd. against Beijing Zhongdian Puhua Information Technology Co., Ltd., 1 case is awaiting judgment, and the other 2 cases were heard on August 4, 2025[98] - In the sales contract dispute filed by Anhui Jiyuan Software Co., Ltd. against Aerospace Cloud Network Data Research Institute (Jiangsu) Co., Ltd., one case has been concluded, and for the other, Aerospace Cloud Network has submitted an appeal application[103][104][105] - In the sales contract dispute filed by CNBM Information Technology Co., Ltd. against Sichuan Zhongdian Qimingxing Information Technology Co., Ltd., the case is still in first instance, and the company has accrued a provision of 9,999,360.00 yuan[117] X. Major Related-Party Transactions The company has daily operating related-party transactions with its parent company, State Grid Corporation of China, and other units within its system, involving sales and purchases of goods and provision of services, with pricing principles following market-based and fair values. Additionally, the company has deposit business with China Power Finance Co., Ltd., with an ending deposit balance of 2,572,423,988.59 yuan Daily Operating Related-Party Transactions (Sales of Goods/Provision of Services) | Related Party | Related Transaction Content | Current Period Amount (yuan) | Proportion of Similar Transactions (%) | | :--- | :--- | :--- | :--- | | State Grid Information & Telecommunication Industry Group Co., Ltd. | Sales of goods, provision of services | 349,167,811.28 | 9.91 | | State Grid Corporation of China | Sales of goods, provision of services | 297,081,228.65 | 8.43 | | State Grid Anhui Electric Power Co., Ltd. | Sales of goods, provision of services | 291,725,640.44 | 8.28 | | State Grid Sichuan Electric Power Company | Sales of goods, provision of services | 196,629,858.98 | 5.58 | | State Grid Fujian Electric Power Co., Ltd. | Sales of goods, provision of services | 184,090,154.79 | 5.22 | | State Grid Jiangsu Electric Power Co., Ltd. | Sales of goods, provision of services | 174,813,288.13 | 4.96 | | State Grid Hunan Electric Power Co., Ltd. | Sales of goods, provision of services | 144,543,848.55 | 4.10 | | State Grid Shandong Electric Power Company | Sales of goods, provision of services | 137,207,234.79 | 3.89 | | State Grid Jiangxi Electric Power Co., Ltd. | Sales of goods, provision of services | 94,482,716.11 | 2.68 | | State Grid Jibei Electric Power Co., Ltd. | Sales of goods, provision of services | 86,541,071.13 | 2.46 | | Other units within State Grid Corporation of China system | Sales of goods, provision of services | 1,336,565,045.43 | 37.92 | | Total | Sales of goods, provision of services | 3,492,267,519.38 | 99.03 | Daily Operating Related-Party Transactions (Purchases of Goods/Acceptance of Services) | Related Party | Related Transaction Content | Current Period Amount (yuan) | Proportion of Similar Transactions (%) | | :--- | :--- | :--- | :--- | | State Grid Electric Power Research Institute Co., Ltd. | Purchases of goods, acceptance of services | 70,152,197.39 | 2.56 | | State Grid Information & Telecommunication Industry Group Co., Ltd. | Purchases of goods, acceptance of services | 42,208,516.33 | 1.54 | | State Grid Jiangsu Electric Power Co., Ltd. | Purchases of goods, acceptance of services | 19,395,596.82 | 0.71 | | State Grid Material Co., Ltd. | Purchases of goods, acceptance of services | 13,947,619.63 | 0.51 | | State Grid Xiong'an Financial Technology Group Co., Ltd. | Purchases of goods, acceptance of services | 5,927,858.49 | 0.22 | | Other units within State Grid Corporation of China system | Purchases of goods, acceptance of services | 47,787,832.44 | 1.74 | | Total | Purchases of goods, acceptance of services | 199,419,621.10 | 7.28 | Deposit Business with China Power Finance Co., Ltd. | Related Party | Related Relationship | Maximum Daily Deposit Limit (yuan) | Deposit Interest Rate Range | Beginning Balance (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | China Power Finance Co., Ltd. | Under common ultimate control | 4,000,000,000.00 | 0.2%-1.35% | 2,376,234,882.67 | 2,572,423,988.59 | Section VI Share Changes and Shareholder Information I. Changes in Share Capital During the reporting period, the company's total share capital decreased due to the repurchase and cancellation of 442,500 restricted shares held by 8 incentive recipients who departed the company under the 2021 Restricted Stock Incentive Plan, resulting in corresponding changes in restricted shares and total share capital - Total shares decreased by 442,500 shares[134] - Restricted shares decreased by 442,500 shares, with an ending balance of 5,411,395 shares[134] - Unrestricted tradable shares increased, with the proportion rising to 99.55%[134] - Repurchase and cancellation of restricted shares: 442,500 shares, reason for repurchase and cancellation: 8 incentive recipients departed the company[131] Changes in Restricted Shares | Shareholder Name | Restricted Shares at Beginning of Period (shares) | Restricted Shares Decreased During Reporting Period (shares) | Restricted Shares at End of Reporting Period (shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Company 2021 Restricted Stock Incentive Plan Incentive Recipients | 1,591,125 | 147,500 | 1,443,625 | Equity incentive lock-up period | | Chuanxi Power Development Company | 740,520 | 0 | 740,520 | Share reform | | Chen Mimi | 170,000 | 0 | 170,000 | Share reform | | Shanghai Yin Xing Industrial Co., Ltd. | 85,000 | 0 | 85,000 | Share reform | | Shanghai Sheng Ya Metal Material Co., Ltd. | 85,000 | 0 | 85,000 | Share reform | | Total | 5,853,895 | 442,500 | 5,411,395 | / | II. Shareholder Information As of the end of the reporting period, the company had 39,096 shareholders. Among the top ten shareholders, State Grid Information & Telecommunication Industry Group Co., Ltd. and its concerted party, State Grid Sichuan Electric Power Company, collectively held over 50% of the shares, maintaining absolute controlling status. The top ten unrestricted tradable share shareholders were largely consistent with the top ten shareholders - Total number of common shareholders as of the end of the reporting period: 39,096 households[136] Top Ten Shareholders' Shareholding as of the End of the Reporting Period | Shareholder Name | Shares Held at Period End (shares) | Proportion (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | State Grid Information & Telecommunication Industry Group Co., Ltd. | 526,920,295 | 43.86 | State-owned Legal Person | | State Grid Sichuan Electric Power Company | 95,385,704 | 7.94 | State-owned Legal Person | | Xinhua Water Conservancy Holding Group Co., Ltd. | 59,849,416 | 4.98 | State-owned Legal Person | | China Telecom Group Investment Co., Ltd. | 57,000,000 | 4.74 | State-owned Legal Person | | Beijing Xinhua Guotai Water Conservancy Asset Management Co., Ltd. | 16,431,900 | 1.37 | State-owned Legal Person | | Taiping Life Insurance Co., Ltd. - Traditional - Ordinary Insurance Products - 022L-CT001 Shanghai | 14,000,000 | 1.17 | Unknown | | Aba State-owned Assets Investment Management Co., Ltd. | 12,496,700 | 1.04 | State-owned Legal Person | | Xingzheng Securities Asset Management - Aba State Investment Development Co., Ltd. - Xingzheng Asset Management Alpha Corei No. 3 Single Asset Management Plan | 9,440,000 | 0.79 | Unknown | | Xingzheng Securities Asset Management - Aba State-owned Assets Investment Management Co., Ltd. - Xingzheng Asset Management Alpha Corei No. 17 Single Asset Management Plan | 9,000,000 | 0.75 | Unknown | | Agricultural Bank of China Co., Ltd. - CSI 500 ETF | 8,902,124 | 0.74 | Unknown | - State Grid Information & Telecommunication Industry Group Co., Ltd. and State Grid Sichuan Electric Power Company are parties acting in concert[139] Top Ten Restricted Share Shareholders' Shareholding | No. | Restricted Shareholder Name | Number of Restricted Shares Held (shares) | Restriction Conditions | | :--- | :--- | :--- | :--- | | 1 | Company 2021 Restricted Stock Incentive Plan Incentive Recipients | 1,443,625 | Equity incentive lock-up period (36 months after grant registration completion) | | 2 | Company 2021 Restricted Stock Incentive Plan Incentive Recipients | 1,443,625 | Equity incentive lock-up period (48 months after grant registration completion) | | 3 | Company 2021 Restricted Stock Incentive Plan Incentive Recipients | 1,443,625 | Equity incentive lock-up period (60 months after grant registration completion) | | 4 | Chuanxi Power Development Company | 740,520 | Share reform | | 5 | Chen Mimi | 170,000 | Share reform | | 6 | Shanghai Yin Xing Industrial Co., Ltd. | 85,000 | Share reform | | 7 | Shanghai Sheng Ya Metal Material Co., Ltd. | 85,000 | Share reform | Section VII Bond-Related Information I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments This section states that the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments during the reporting period - The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[145] II. Convertible Corporate Bonds This section states that the company had no convertible corporate bonds during the reporting period - The company has no convertible corporate bonds[145] Section VIII Financial Report II. Financial Statements This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, comprehensively presenting the company's financial position at the end of the reporting period, operating results, and cash flow changes for the first half of the year - Consolidated Balance Sheet shows total assets of 14,542,970,977.03 yuan and total liabilities of 8,218,652,595.77 yuan[148][149] - Consolidated Income Statement shows total operating revenue of 3,524,689,153.35 yuan and net profit of 266,858,838.71 yuan[153] - Consolidated Cash Flow Statement shows net cash flow from operating activities of 1,211,368,838.84 yuan[159] III. Company Profile This section introduces State Grid Information & Telecommunication Co., Ltd., including its history as a joint-stock company established in 1993, multiple changes in share capital, and subsidiaries included in the consolidation scope after the major asset restructuring in 2019. The parent company is State Grid Information & Telecommunication Industry Group Co., Ltd., and the ultimate controlling party is State Grid Corporation of China, with its main business in the software and information technology services industry - Company Name: State Grid Information & Telecommunication Co., Ltd.[176] - Parent Company: State Grid Information & Telecommunication Industry Group Co., Ltd., Ultimate Controlling Party: State Grid Corporation of China[186] - Main Business: Software and information technology services industry, with a broad scope of business[187] - Completed major asset restructuring in 2019, consolidating Jiyuan Software, Zhongdian Feihua, Zhongdian Qimingxing, and Zhongdian Puhua[181] IV. Basis of Financial Statement Preparation This section explains the basis for preparing the company's financial statements, which adhere to the "Accounting Standards for Business Enterprises" issued by the Ministry of Finance and relevant regulations of the China Securities Regulatory Commission, based on a going concern assumption, using the accrual basis and historical cost measurement, and making appropriate provisions for asset impairment - Preparation Basis: Complies with "Accounting Standards for Business Enterprises" and CSRC's "Information Disclosure Rules for Companies Issuing Securities No. 15"[189] - Accounting Basis: Accrual basis and historical cost measurement[189] - Going Concern: The company has the ability to continue as a going concern for at least 12 months from the end of the reporting period[190] V. Significant Accounting Policies and Estimates This section outlines the significant accounting policies and estimates followed by the company in preparing its financial statements, covering key areas such as financial instruments, long-term equity investments, fixed assets, intangible assets, and revenue recognition, aiming to ensure the truthfulness, accuracy, and completeness of financial reporting - Financial Asset Classification: Measured at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss[209] - Financial Asset Impairment: Impairment provisions are made based on expected credit losses[217] - Long-Term Equity Investments: Subsidiaries are accounted for using the cost method, while joint ventures and associates are accounted for using the equity method[232] - Revenue Recognition: Revenue is recognized when the customer obtains control of the related goods, considering factors such as single performance obligations, transaction price, and performance progress[271][272] VI. Taxation This section details the company's main tax categories and rates, including value-added tax, urban maintenance and construction tax, education surcharge, local education surcharge, water resource tax, and corporate income tax. It also discloses that the company and several of its subsidiaries enjoy corporate income tax preferential policies for high-tech enterprises, as well as value-added tax immediate refund policies for software products - Main Tax Categories: Value-added tax (3%-13%), urban maintenance and construction tax (1%-7%), education surcharge (3%), local education surcharge (2%), water resource tax (0.005 yuan/kWh), corporate income tax (15%, 25%)[288] - Tax Incentives: Beijing Zhongdian Feihua, Beijing Zhongdian Puhua, Anhui Jiyuan Software, Sichuan Zhongdian Qimingxing, State Grid ITC Yili Technology, and several other subsidiaries enjoy a 15% corporate income tax preferential rate for high-tech enterprises[290] - Software Product VAT: State Grid ITC Yili Technology Co., Ltd. enjoys a policy of immediate refund for the portion of value-added tax on software products that exceeds 3% of the actual tax burden[291] VII. Notes to Consolidated Financial Statement Items This section provides detailed notes for each major item in the consolidated financial statements, including monetary funds, accounts receivable, contract assets, other receivables, inventories, long-term equity investments, fixed assets, construction in progress, intangible assets, deferred income tax assets/liabilities, restricted assets, notes payable, accounts payable, contract liabilities, other payables, lease liabilities, provisions, share capital, capital reserves, treasury stock, undistributed profits, operating revenue and costs, R&D expenses, credit impairment losses, asset impairment losses, and supplementary information to the cash flow statement, explaining the composition, reasons for changes, and related accounting treatments for each item - Monetary funds balance at period end: 3,240,820,213.02 yuan, of which 270,624,031.80 yuan is restricted[293][385] - Accounts receivable balance at period end: 5,361,062,878.10 yuan, of which 4,948,588,415.53 yuan is from related parties[300][303] - Net cash flow from operating activities for the current period was 1,211,368,838.84 yuan, compared to -160,134,440.46 yuan in the prior year, a significant improvement[437] - 1,252,377,285.58 yuan of Yili Technology funds were consolidated in the current period due to a business combination under common control[434] - Treasury stock decreased by 4,093,125.00 yuan due to repurchase and cancellation of equity incentives[409] VIII. Research and Development Expenses This section discloses the company's R&D expenditures during the reporting period, with a total R&D expenditure of 481,520,047.63 yuan, including 355,072,855.59 yuan expensed and 126,447,192.04 yuan capitalized. The company continues to invest in multiple R&D projects, covering frontier technology areas such as power system automation, large language model scheduling, secure cloud disk, and new power system time synchronization R&D Expenses by Nature | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Technical Service Fees | 104,770,153.09 | 136,276,760.94 | | Employee Compensation | 111,631,613.32 | 90,578,723.26 | | Lease Fees | 2,908,021.80 | 15,455,246.96 | | Other | 262,210,259.42 | 132,988,160.67 | | Total | 481,520,047.63 | 375,298,891.83 | | Of which: Expensed R&D Expenditures | 355,072,855.59 | 262,186,387.74 | | Capitalized R&D Expenditures | 126,447,192.04 | 113,112,504.09 | - Multiple R&D projects are in the development stage and meet capitalization conditions, such as research on key technologies for power system automation early warning public service platform and large language model scheduling technology based on localized computing platforms[155][156][157] IX. Changes in Consolidation Scope During the reporting period, the company's consolidation scope changed, primarily through a business combination under common control, bringing State Grid ITC Yili Technology Co., Ltd. into the consolidation scope. This company contributed 810,685,048.49 yuan in revenue and 60,128,128.92 yuan in net profit from the beginning of the consolidation period to the consolidation date - Consolidation Method: Business combination under common control[158] - Acquired Entity: State Grid ITC Yili Technology Co., Ltd.[158] - Acquired Entity Revenue from Period Start to Consolidation Date: 810,685,048.49 yuan[158] - Acquired Entity Net Profit from Period Start to Consolidation Date: 60,128,128.92 yuan[158] - Consolidation Cost: 1,853,426,211.10 yuan in cash[159] X. Interests in Other Entities This section details the company's interests in subsidiaries, joint ventures, and associates. The company owns several wholly-owned subsidiaries primarily engaged in information transmission, software and information technology services, and hydropower development. Additionally, the company holds a 40% equity stake in Sichuan Futang Hydropower Co., Ltd., accounted for using the equity method - Major Wholly-Owned Subsidiaries: Anhui Jiyuan Software, Beijing Zhongdian Feihua, Sichuan Zhongdian Qimingxing, Beijing Zhongdian Puhua, State Grid ITC Yili Technology[161] - Controlled Subsidiary: Jinchuan Yangjiawan Hydropower Co., Ltd., with a 98% equity stake[161] - Significant Associate: Sichuan Futang Hydropower Co., Ltd., with a 40% equity stake, accounted for using the equity method[163] XI. Government Grants During the reporting period, the total government grants recognized in profit or loss amounted to 629,470.29 yuan, including 108,000.29 yuan related to assets and 521,470.00 yuan related to income Government Grants Recognized in Profit or Loss | Type | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Asset-Related | 108,000.29 | 339,313.65 | | Income-Related | 521,470.00 | 716,251.40 | | Total | 629,470.29 | 1,055,565.05 | XIV. Related Parties and Related-Party Transactions This section details the company's related parties and related-party transactions. The company's parent company is State Grid Information & Telecommunication Industry Group Co., Ltd., and the ultimate controlling party is State Grid Corporation of China. The company has extensive daily related-party transactions with its parent company, State Grid Corporation of China, and other units within its system, involving sales and purchases of goods, provision and acceptance of services, as well as related-party leases and deposit business with related financial companies - Parent Company: State Grid Information & Telecommunication Industry Group Co., Ltd., with a 43.86% equity stake and 51.80% voting rights[468] - Ultimate Controlling Party: State Grid Corporation of China[469] - Daily Related-Party Transactions: Primarily sales of goods and provision of services to units within the State Grid Corporation of China system, and purchases of goods and acceptance of services[471][473] - Related-Party Deposit Business: Deposit balance with China Power Finance Co., Ltd. at period end was 2,572,423,988.59 yuan[126][127] XIX. Notes to Major Items in Parent Company Financial Statements This section provides detailed notes for major items in the parent company's financial statements, including accounts receivable, other receivables, long-term equity investments, operating revenue and costs, and investment income. The parent company's accounts receivable primarily come from related parties, long-term equity investments cover investments in subsidiaries and associates, and investment income mainly derives from equity method accounting for long-term equity investments and dividend income - Parent company accounts receivable balance at period end: 47,936,430.01 yuan, with 98.24% from related parties[487] - Parent company long-term equity investment balance at period end: 5,253,275,758.29 yuan, including investments in subsidiaries and investments in associates and joint ventures[507] - Parent company investment income for the current period: 89,212,326.86 yuan, mainly from long-term equity investment income accounted for using the equity method of 79,767,199.30 yuan[518] XX. Supplementary Information This section provides supplementary information for the financial report, including the current period's non-recurring gains and losses statement and net asset return rate and earnings per share. Total non-recurring gains and losses amounted to 59,570,103.60 yuan, primarily influenced by the net profit of subsidiaries acquired under common control from the beginning of the period to the consolidation date. The company's weighted average return on net assets was 3.29%, and basic earnings per share was 0.22 yuan/share Current Period Non-Recurring Gains and Losses Details | Item | Amount (yuan) | | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | 504,561.62 | | Government Grants Recognized in Profit or Loss | 629,470.29 | | Net Profit from Subsidiaries Acquired Under Common Control from Period Start to Consolidation Date | 89,329,105.21 | | Other Non-Operating Income and Expenses | -701,254.60 | | Less: Income Tax Impact | 29,234,613.61 | | Minority Interest Impact (After Tax) | 957,165.31 | | Total | 59,570,103.60 | Net Asset Return Rate and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Basic Earnings Per Share (yuan/share) | Diluted Earnings Per Share (yuan/share) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Common Shareholders of the Company | 3.29 | 0.22 | 0.22 | | Net Profit Attributable to Common Shareholders of the Company (Excluding Non-Recurring Items) | 2.55 | 0.17 | 0.17 |