创识科技(300941) - 2025 Q2 - 季度财报

Section I Important Notice, Table of Contents, and Definitions This section provides crucial disclaimers, outlines the report's structure, and defines key terms for clarity Important Notice The company's board, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, assuming legal responsibility - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content, assuming legal responsibility[5] - Forward-looking statements regarding future operating plans and targets in this report do not constitute profit forecasts or substantive commitments and are subject to uncertainties[5] 2025 Semi-Annual Profit Distribution Plan | Indicator | Value | | :--- | :--- | | Distribution Base (shares) | 202,958,847 | | Cash Dividend per 10 Shares (tax inclusive) | 0.07 yuan | | Bonus Shares (shares) | 0 | | Capital Reserve Conversion to Share Capital | No | Table of Contents This report's clear table of contents, divided into eight sections, offers a comprehensive index to important notices, company profile, management discussion, corporate governance, significant matters, share changes, bond information, and financial reports - The report is divided into eight sections, featuring a clear structure for easy investor access[8] Definitions This section defines common terms used in the report, including company name, reporting period, key partner banks, electronic payment, mobile payment, BMP system, POS terminals, cloud computing/services, and digital marketing, ensuring clear understanding for readers - The reporting period is from January 1, 2025, to June 30, 2025[14] - Key partner banks include Agricultural Bank of China, Industrial and Commercial Bank of China, China Construction Bank, Bank of China, Bank of Communications, and Postal Savings Bank of China[14] - The BMP system's primary function is to connect merchant MIS systems with banking business systems, enabling bank card and QR code payment acceptance[14] - Digital marketing primarily involves promoting products and services through digital technologies to achieve specific marketing objectives[14] Section II Company Profile and Key Financial Indicators This section provides an overview of the company, including its basic information, contact details, and key financial performance metrics for the reporting period 1. Company Profile Fujian Chuangshi Technology Co, Ltd (stock code: 300941) is listed on the Shenzhen Stock Exchange, with Lin Lan as its legal representative - The company's stock abbreviation is Chuangshi Technology, stock code: 300941, listed on the Shenzhen Stock Exchange[16] - The company's legal representative is Lin Lan[16] 2. Contact Person and Information The company's Board Secretary is Peng Hongyi and Securities Affairs Representative is Lin Chen, both located at Room 1707, Rongqiao Center, No 100 Jiangbin West Avenue, Taijiang District, Fuzhou, with consistent phone/fax numbers and email zhengquanban@echase.cn - Board Secretary: Peng Hongyi, Securities Affairs Representative: Lin Chen[17] - Contact address: Room 1707, Rongqiao Center, No 100 Jiangbin West Avenue, Taijiang District, Fuzhou[17] - Email: zhengquanban@echase.cn[17] 3. Other Information During the reporting period, there were no changes in the company's registered address, office address, website, email, information disclosure, or registration status, with details available in the 2024 annual report - The company's contact information remained unchanged during the reporting period, details can be found in the 2024 annual report[18] - Information disclosure and placement locations remained unchanged during the reporting period, details can be found in the 2024 annual report[19] - The company's registration status remained unchanged during the reporting period, details can be found in the 2024 annual report[20] 4. Key Accounting Data and Financial Indicators In the first half of 2025, the company's operating revenue decreased by 7.08% to 86.67 million yuan, and net profit attributable to shareholders significantly dropped by 66.59% to 6.38 million yuan, with operating cash flow turning negative at -132.32 million yuan 2025 Semi-Annual Key Accounting Data and Financial Indicators | Indicator | Current Period (yuan) | Prior Year Period (yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 86,672,398.77 | 93,280,338.83 | -7.08% | | Net Profit Attributable to Shareholders of Listed Company | 6,384,054.35 | 19,107,959.14 | -66.59% | | Net Profit Attributable to Shareholders of Listed Company Excluding Non-Recurring Gains and Losses | 6,185,856.68 | 17,799,050.55 | -65.25% | | Net Cash Flow from Operating Activities | -132,317,083.05 | -69,545,032.23 | -90.26% | | Basic Earnings Per Share (yuan/share) | 0.03 | 0.09 | -66.67% | | Diluted Earnings Per Share (yuan/share) | 0.03 | 0.09 | -66.67% | | Weighted Average Return on Net Assets | 0.50% | 1.50% | -1.00% | | Indicator | End of Current Period (yuan) | End of Prior Year (yuan) | Change from End of Prior Year | | :--- | :--- | :--- | :--- | | Total Assets | 1,339,681,171.82 | 1,393,939,333.22 | -3.89% | | Net Assets Attributable to Shareholders of Listed Company | 1,267,984,281.44 | 1,287,089,545.91 | -1.48% | 5. Differences in Accounting Data under Domestic and Overseas Accounting Standards During the reporting period, the company reported no differences in net profit and net assets between financial statements prepared under International Accounting Standards or overseas accounting standards and those prepared under Chinese Accounting Standards - The company reported no differences in net profit and net assets between financial statements disclosed under International Accounting Standards and Chinese Accounting Standards during the reporting period[22] - The company reported no differences in net profit and net assets between financial statements disclosed under overseas accounting standards and Chinese Accounting Standards during the reporting period[23] 6. Non-Recurring Gains and Losses Items and Amounts During the reporting period, the company's total non-recurring gains and losses amounted to 198,197.67 yuan, primarily comprising government grants, fair value changes and disposal gains/losses of financial assets and liabilities, and other non-operating income/expenses 2025 Semi-Annual Non-Recurring Gains and Losses Items and Amounts | Item | Amount (yuan) | Explanation | | :--- | :--- | :--- | | Government grants included in current profit and loss (excluding those closely related to normal business operations, compliant with national policies, enjoyed according to fixed standards, and having a sustained impact on company profit and loss) | 108,128.11 | | | Gains and losses from changes in fair value of financial assets and financial liabilities, and disposal gains and losses of financial assets and financial liabilities, excluding effective hedging activities related to normal business operations of non-financial enterprises | 217,147.20 | | | Other non-operating income and expenses apart from the above items | -59,687.70 | | | Less: Income tax impact | 66,527.13 | | | Impact on minority interests (after tax) | 862.81 | | | Total | 198,197.67 | | Items Classified as Recurring Gains and Losses | Item | Amount (yuan) | Reason | | :--- | :--- | :--- | | Tax refunds | 792,896.77 | Value-added tax refunds for software products are collected and immediately refunded, closely related to main business and compliant with national policies | | Interest income from large-denomination certificates of deposit | 15,915,128.27 | Interest generated from time deposits of raised funds before use, not classified as non-recurring gains and losses | Section III Management Discussion and Analysis This section provides a comprehensive analysis of the company's business operations, financial performance, core competencies, and risk factors during the reporting period 1. Company's Main Business Activities During the Reporting Period The company has transitioned from an electronic payment IT solution provider to an industry digitalization solution provider, offering electronic payment, industry-specific applications, and digital marketing products and services (I) Overview of Main Business The company has evolved into an industry digitalization solution provider, offering electronic payment, industry-specific applications, and digital marketing products and services to merchants and banks, driven by software and cloud platforms - The company is gradually upgrading from an electronic payment IT solution provider to an industry digitalization solution provider[28] - The company, driven by software and cloud platforms and utilizing terminal devices, aggregates various payment channels to provide merchants with unified payment and reconciliation solutions[28] - The company offers payment solutions for nearly 30 industries, including supermarkets, hospitals, elderly care, scenic spots, hotels, transportation, tobacco, petroleum and petrochemical, and non-tax fiscal services[28] (II) Main Products and Services The company's product portfolio includes merchant-side payment solutions (industry-specific and SME payment), bank-side products and services (network control, card issuance equipment), and digital marketing services, with digital marketing focusing on integrated, data-driven solutions for precise customer acquisition - The company's products are categorized into merchant-side payment solutions, bank-side products and services, and digital marketing business[30] - Merchant-side payment solutions include industry payment solutions (personalized, high technical difficulty) and SME payment solutions (standardized, platform-based)[33] - Digital marketing business centers on a one-stop digital marketing solution, integrating resources from banks, operators, merchants, and top internet traffic to achieve precise targeting and customer growth[34] (III) Main Business Model The company primarily operates through a "merchant-bank-company" tripartite cooperation model, where banks are the payers and merchants are the users, leveraging bank channels for business expansion, and a "company-merchant" model for direct sales to large enterprises or e-commerce clients - The company's main business is providing electronic payment solutions for merchants, where the users of most products and services are not the payers[35] - In the "merchant-bank-company" model, the bank is the payer, the merchant is the user, and the company leverages bank channels to rapidly expand its merchant base[35] - In the "company-merchant" model, the company directly sells products and services to large merchants (e.g., state-owned enterprises, government agencies) or e-commerce clients[37] (IV) Operating Performance During the Reporting Period During the reporting period, the company's operating revenue decreased by 7.08%, net profit by 66.59%, and operating cash flow significantly dropped by 90.26%, primarily due to a 49.81% decline in merchant-side payment solutions, partially offset by a 70.27% growth in digital marketing, which, however, has a lower gross margin 2025 Semi-Annual Operating Performance | Indicator | Amount (ten thousand yuan) | Year-on-Year Change | | :--- | :--- | :--- | | Operating Revenue | 8,667.24 | -7.08% | | Net Profit Attributable to Shareholders of Listed Company | 638.41 | -66.59% | | Net Cash Flow from Operating Activities | -13,231.71 | -90.26% | - Merchant-side payment solution revenue decreased by 49.81%, mainly due to slower growth in new merchants and a decline in unit prices[39] - Digital marketing business grew rapidly, with revenue reaching 45.76 million yuan, a 70.27% year-on-year increase, becoming one of the company's dual growth engines, though its gross margin is lower than merchant-side payment solutions, leading to a decline in overall profit[39] - In the second half of the year, the company will continue to drive innovation, leveraging electronic payment and digital marketing as dual engines, expanding into key industries such as elderly care, scenic spots, and medical services, and integrating AI technology[40][41] 1. Position in the Industry Chain The company's payment business operates within the merchant acquiring industry chain as an IT service provider, procuring software and hardware upstream and offering services to acquiring institutions and merchants downstream, while its digital marketing business connects internet media with enterprise clients - The company's payment business is positioned within the merchant acquiring industry chain, serving as a payment IT service provider offering software, hardware, and services to acquiring institutions and merchants[44] - The digital marketing industry chain comprises clients, marketing service providers, internet media, and internet users, with the company acting as a marketing service provider[46] 2. Industry Development Trends The payment industry is stable with massive bank card and electronic payment volumes, mobile payment continues to grow, merchant acquiring is evolving into comprehensive digital services, digital RMB pilots are expanding, the silver economy is booming, and the digital marketing market is expanding with new technologies like big data and AI driving innovation - In Q2 2025, national bank card transactions totaled 146.66 billion, amounting to 226.70 trillion yuan, while mobile electronic payment transactions reached 58.39 billion, totaling 136.06 trillion yuan[48] - Merchant acquiring business has evolved from a single payment service to a comprehensive digital service encompassing membership management, marketing, credit, data, finance, and security[51] - The digital RMB pilot program has expanded to 26 pilot areas across 17 provinces and cities, with transaction scale continuously growing[52] - The silver economy is projected to reach 51 trillion yuan by 2035, accounting for 25.5% of GDP, and further grow to 119.51 trillion yuan by 2050, representing 29.88% of GDP[55] - China's internet marketing market size is expected to reach 776.5 billion yuan in 2024, a 15.04% year-on-year increase[57] 2. Analysis of Core Competencies The company's core competencies stem from over 20 years of experience in electronic payment IT, continuous technological innovation, extensive service network, rich customer resources, a unique "merchant-bank-company" business model, and an efficient "networked, flat, borderless" divisional management and incentive system - The company has over 20 years of deep experience in the electronic payment IT sector, accumulating rich industry expertise and stable cooperative relationships[59] - The company possesses core technologies such as multi-modal payment processing, financial-grade data security processing, and intelligent unified reconciliation and error handling, and has established multiple cloud-architecture business platforms like the Cloud BMP platform[60] - The company maintains long-standing cooperative relationships with several major domestic banks and has established stable service relationships with over 3,000 large merchants and millions of small and medium-sized merchants[62][64] - The company adopts a "networked, flat, borderless" divisional system, implementing an internal enterprise-based operational management and assessment model to enhance organizational efficiency[67] 3. Analysis of Main Business During the reporting period, the company's operating revenue decreased by 7.08%, while operating costs increased by 19.43%, leading to a decline in profit, with digital marketing revenue growing by 70.27% but having a lower gross margin 2025 Semi-Annual Key Financial Data Year-on-Year Changes | Indicator | Current Period (yuan) | Prior Year Period (yuan) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 86,672,398.77 | 93,280,338.83 | -7.08% | | | Operating Cost | 56,822,178.43 | 47,577,358.95 | 19.43% | | | Financial Expenses | 47,027.34 | -28,847.67 | 263.02% | Increase in interest expenses and exchange gains/losses | | Income Tax Expense | 1,867,081.91 | 873,111.14 | 113.84% | Increase in deferred income tax expense | | Net Cash Flow from Operating Activities | -132,317,083.05 | -69,545,032.23 | -90.26% | Increased capital tied up by digital marketing business, settlement not yet completed | | Net Cash Flow from Investing Activities | 224,564,419.94 | 79,950,272.69 | 180.88% | Maturity of some large-denomination certificates of deposit | | Net Cash Flow from Financing Activities | -27,348,402.69 | -40,364,648.46 | 32.25% | Repurchase of company shares in prior year, none in current period | | Net Increase in Cash and Cash Equivalents | 64,888,895.93 | -29,949,505.75 | 316.66% | Comprehensive change in net cash flows from operating, investing, and financing activities | | Other Income | 901,053.54 | 2,771,752.98 | -67.49% | Decrease in government grants | 2025 Semi-Annual Operating Revenue, Cost, and Gross Margin by Product or Service | Product or Service | Operating Revenue | Operating Cost | Gross Margin | Year-on-Year Change in Operating Revenue | Year-on-Year Change in Operating Cost | Year-on-Year Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Merchant-side Services | 13,146,798.43 | 6,357,299.49 | 51.64% | -39.68% | -18.23% | -12.68% | | Merchant-side Hardware | 12,649,746.25 | 8,800,781.50 | 30.43% | -54.61% | -46.03% | -11.05% | | Digital Marketing | 45,761,326.79 | 36,737,342.67 | 19.72% | 70.27% | 80.90% | -4.72% | 2025 Semi-Annual Operating Revenue, Cost, and Gross Margin by Customer Industry | Customer Industry | Operating Revenue | Operating Cost | Gross Margin | Year-on-Year Change in Operating Revenue | Year-on-Year Change in Operating Cost | Year-on-Year Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Financial Industry | 36,321,243.08 | 20,536,489.90 | 43.46% | -46.48% | -26.03% | -15.64% | | Other Industries | 50,351,155.69 | 36,285,688.54 | 27.93% | 98.14% | 83.12% | 5.91% | - Labor costs increased by 39.23% compared to the prior year, mainly due to an increase in company employees following the acquisition of Shanghai Sulian Information Technology Co, Ltd[75] 4. Analysis of Non-Core Business During the reporting period, the company had no non-core business analysis content 5. Analysis of Assets and Liabilities At the end of the reporting period, the company's total assets decreased by 3.89%, and net assets attributable to shareholders decreased by 1.48%, with significant changes in the composition of current assets due to the maturity of large-denomination certificates of deposit 2025 Semi-Annual Significant Changes in Asset Composition | Item | Amount at End of Current Period (yuan) | Proportion of Total Assets | Amount at End of Prior Year (yuan) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 182,017,035.80 | 13.59% | 118,164,191.69 | 8.48% | 5.11% | | | Accounts Receivable | 82,947,264.10 | 6.19% | 56,134,590.04 | 4.03% | 2.16% | | | Inventories | 113,881,931.26 | 8.50% | 30,618,061.19 | 2.20% | 6.30% | | | Other Current Assets | 592,995,253.98 | 44.26% | 1,070,364,147.71 | 76.79% | -32.53% | Due to maturity of some large-denomination certificates of deposit | 2025 Semi-Annual Financial Assets and Liabilities Measured at Fair Value | Item | Beginning Balance | Amount Purchased in Current Period | Amount Sold in Current Period | Ending Balance | | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 2,100.04 | 50,503.00 | 23,563.04 | 29,059.30 | | Other Equity Instrument Investments | 413.66 | | | 413.66 | | Total | 2,513.70 | 50,503.00 | 23,563.04 | 29,472.96 | - As of the end of the reporting period, the company had no assets sealed, seized, frozen, mortgaged, or pledged, except for 2,177,678.74 yuan in restricted funds for guarantees, letters of guarantee, and working capital[80] 6. Analysis of Investment Status During the reporting period, the company's investment increased by 1.98% to 546.77 million yuan, with financial assets measured at fair value totaling 290.59 million yuan at period-end, primarily comprising large-denomination certificates of deposit funded by both自有资金 and募集资金 2025 Semi-Annual Investment Amount | Indicator | Investment Amount in Reporting Period (yuan) | Investment Amount in Prior Year Period (yuan) | Change Rate | | :--- | :--- | :--- | :--- | | Investment Amount | 546,768,742.05 | 536,150,958.90 | 1.98% | 2025 Semi-Annual Financial Assets Measured at Fair Value | Asset Category | Ending Balance (yuan) | Source of Funds | | :--- | :--- | :--- | | Other (Own Funds) | 122,592,991.81 | Own Funds | | Other (Raised Funds) | 168,000,000.00 | Raised Funds | | Total | 290,592,991.81 | | - The company received net raised funds of 666.61 million yuan in 2021, with 22.52 million yuan used for investment projects during the reporting period, and a cumulative use of 516.31 million yuan, representing an overall utilization rate of 77.45%[86][87] - Excess raised funds of 222.27 million yuan have been fully used to permanently supplement working capital[90] 2025 Semi-Annual Entrusted Wealth Management Overview | Specific Type | Source of Entrusted Wealth Management Funds | Amount of Entrusted Wealth Management (ten thousand yuan) | Unmatured Balance (ten thousand yuan) | | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Raised Funds | 18,800 | 16,800 | | Bank Wealth Management Products | Own Funds | 60,000 | 60,000 | | Bank Wealth Management Products | Own Funds | 2,240 | 2,240 | | Total | | 81,040 | 79,040 | 7. Major Asset and Equity Disposals During the reporting period, the company did not engage in any major asset or equity disposal matters - The company did not dispose of any major assets during the reporting period[95] - The company did not dispose of any major equity during the reporting period[96] 8. Analysis of Major Holding and Participating Companies During the reporting period, the company had no important holding or participating company information to disclose - The company had no important holding or participating company information to disclose during the reporting period[96] 9. Structured Entities Controlled by the Company During the reporting period, the company did not control any structured entities - The company did not control any structured entities during the reporting period[97] 10. Risks Faced by the Company and Countermeasures The company faces customer concentration risk, particularly in its agricultural banking business, where orders have decreased due to a former executive's alleged bribery case, but it is actively mitigating this by expanding digital marketing, which now accounts for 52.80% of revenue and grew by 70.27% - The company faces negative impacts and reduced orders in its agricultural banking business due to a former executive's alleged bribery case[97] - Digital marketing business grew rapidly, with revenue reaching 45.76 million yuan, a 70.27% year-on-year increase, and its proportion of operating revenue increased from 28.81% in the prior year to 52.80%, becoming one of the company's dual business engines[97][98] - The company's proactive countermeasures include intensifying business promotion, expanding into new industries (elderly care, scenic spots, medical services), developing industry payment solutions, enhancing merchant technical stickiness, and accelerating multi-industry deployment of digital marketing business[98] 11. Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period During the reporting period, the company did not host any research, communication, or interview activities - The company did not host any research, communication, or interview activities during the reporting period[99] 12. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan The company has not formulated a market value management system nor disclosed a valuation enhancement plan - The company has not formulated a market value management system[100] - The company has not disclosed a valuation enhancement plan[100] 13. Implementation of "Dual Improvement in Quality and Returns" Action Plan The company has not disclosed an announcement regarding its "Dual Improvement in Quality and Returns" action plan - The company has not disclosed an announcement regarding its "Dual Improvement in Quality and Returns" action plan[100] Section IV Corporate Governance, Environment, and Society This section details changes in the company's governance structure, profit distribution, employee incentives, environmental disclosures, and social responsibility initiatives 1. Changes in Directors, Supervisors, and Senior Management During the reporting period, the company experienced multiple changes in its directors, supervisors, and senior management, including new appointments, resignations due to personal reasons or term expiration, and departures related to the revision of the Articles of Association 2025 Semi-Annual Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Wang Qi | Director | Elected | January 24, 2025 | By-election of director | | Zhang Gengsheng | General Manager | Resigned | April 23, 2025 | Personal reasons | | Lin Lan | General Manager | Appointed | April 23, 2025 | Appointment | | Xiong Hui | Independent Director | Term Expired | May 16, 2025 | Independent director's six-year term expired | | Cao Yang | Independent Director | Elected | May 16, 2025 | By-election of independent director | | Zhang Gengsheng | Director, Chairman | Resigned | May 16, 2025 | Personal reasons | | Lin Lan | Chairman | Elected | May 16, 2025 | By-election | | Wang Qi | Deputy General Manager | Resigned | May 16, 2025 | Job transfer | | Cong Denggao | Director | Elected | June 03, 2025 | By-election of director | | Yang Liuchu | Chairman of Supervisory Board | Resigned | June 27, 2025 | Revision of Articles of Association no longer establishes a Supervisory Board | | Zhang Yuejun | Supervisor | Resigned | June 27, 2025 | Revision of Articles of Association no longer establishes a Supervisory Board | | Wang Qingqing | Employee Supervisor | Resigned | June 27, 2025 | Revision of Articles of Association no longer establishes a Supervisory Board | 2. Profit Distribution and Capital Reserve Conversion to Share Capital During the Reporting Period The board approved a 2025 interim profit distribution plan to distribute a cash dividend of 0.07 yuan (tax inclusive) per 10 shares to all shareholders, totaling 1,420,711.93 yuan, based on 202,958,847 shares, with no bonus shares or capital reserve conversion 2025 Semi-Annual Profit Distribution Plan | Indicator | Value | | :--- | :--- | | Number of Bonus Shares per 10 Shares (shares) | 0 | | Cash Dividend per 10 Shares (yuan) (tax inclusive) | 0.07 | | Share Capital Base for Distribution (shares) | 202,958,847 | | Total Cash Dividend (yuan) (tax inclusive) | 1,420,711.93 | | Proportion of Total Cash Dividend (including other methods) to Total Profit Distribution | 100.00% | | Distributable Profit (yuan) | 286,498,152.85 | - This profit distribution plan does not require submission to the general meeting of shareholders, as the 2024 annual general meeting authorized the board of directors to formulate specific interim dividend plans[105] 3. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures During the reporting period, the company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[106] 4. 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[107] 5. Social Responsibility The company adheres to legal and regulatory compliance, enhances governance, operates ethically, ensures timely and accurate information disclosure, prioritizes investor returns with a stable dividend policy, and actively fulfills social responsibilities by protecting employee rights, offering competitive compensation, improving working conditions, and promoting ethical conduct - The company strictly adheres to the requirements of laws and regulations such as the Company Law and Securities Law, improving its corporate governance structure, operating in a standardized manner, and ensuring timely, accurate, truthful, and complete information disclosure[107] - The company prioritizes reasonable returns for investors and has formulated a relatively stable dividend policy[107] - The company legally protects employees' legitimate rights and interests, provides competitive compensation and benefits, improves working and living conditions, and ensures health and safety[107] - The company operates compliantly, pays taxes according to law, and emphasizes legal and professional ethics education for employees, requiring them not to illegally use or disclose third-party information[107] Section V Significant Matters This section covers significant matters including commitments, related party transactions, external guarantees, accounting firm appointments, litigation, penalties, and other important disclosures 1. Commitments Fulfilled and Overdue Unfulfilled by Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period During the reporting period, the company had no commitments that were fulfilled or overdue and unfulfilled by its actual controller, shareholders, related parties, acquirers, or the company itself - The company reported no commitments that were fulfilled or overdue and unfulfilled by its actual controller, shareholders, related parties, acquirers, or the company itself during the reporting period[109] 2. Non-Operating Funds Occupied by Controlling Shareholders and Other Related Parties from the Listed Company During the reporting period, the company had no non-operating funds occupied by controlling shareholders or other related parties from the listed company - The company reported no non-operating funds occupied by controlling shareholders or other related parties from the listed company during the reporting period[110] 3. Irregular External Guarantees During the reporting period, the company had no irregular external guarantees - The company had no irregular external guarantees during the reporting period[111] 4. Appointment and Dismissal of Accounting Firms The company's semi-annual report was not audited - The company's semi-annual report was not audited[112] 5. Board of Directors, Supervisory Board, and Audit Committee's Explanation on the "Non-Standard Audit Report" for the Current Period This item is not applicable as the company's semi-annual report was not audited 6. Board of Directors' Explanation on the "Non-Standard Audit Report" for the Previous Year This item is not applicable as the company's semi-annual report was not audited 7. Bankruptcy Reorganization Matters During the reporting period, the company had no bankruptcy reorganization matters - The company had no bankruptcy reorganization matters during the reporting period[113] 8. Litigation Matters During the reporting period, the company had no significant litigation or arbitration matters, nor any other litigation matters - The company had no significant litigation or arbitration matters during the reporting period[114] 9. Penalties and Rectification During the reporting period, the company had no penalties or rectification matters - The company had no penalties or rectification matters during the reporting period[115] 10. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller During the reporting period, the company, its controlling shareholder, and actual controller had no disclosures related to their integrity status 11. Significant Related Party Transactions During the reporting period, the company did not engage in any significant related party transactions, including those related to daily operations, asset/equity acquisitions or disposals, joint external investments, or related party debt/credit transactions - The company had no related party transactions related to daily operations during the reporting period[116] - The company had no related party transactions involving asset or equity acquisitions/disposals during the reporting period[117] - The company had no related party debt or credit transactions during the reporting period[119] 12. Significant Contracts and Their Performance During the reporting period, the company had no trusteeship or contracting arrangements, but incurred 2.47 million yuan in office rental expenses, and no significant guarantees or other major contracts were disclosed - The company had no trusteeship arrangements during the reporting period[123] - The company and its subsidiaries/offices lease their R&D and office premises, incurring a total of 2.47 million yuan in rental expenses during the reporting period[125] - The company had no significant guarantees during the reporting period[127] 13. Explanation of Other Significant Matters During the reporting period, the company had no other significant matters requiring explanation - The company had no other significant matters requiring explanation during the reporting period[132] 14. Significant Matters of Company Subsidiaries During the reporting period, the company had no significant matters of subsidiaries to disclose - The company had no significant matters of subsidiaries to disclose during the reporting period[133] Section VI Share Changes and Shareholder Information This section details changes in the company's share capital, securities issuance, shareholder structure, and shareholdings of directors, supervisors, and senior management 1. Share Capital Changes During the reporting period, the company's restricted shares increased by 12,616,479 shares, rising from 41.93% to 48.09% of total shares, with a corresponding decrease in unrestricted shares, primarily due to changes in senior management lock-up shares 2025 Semi-Annual Share Capital Changes | Share Type | Quantity Before Change (shares) | Increase/Decrease in Current Change (shares) | Quantity After Change (shares) | Proportion Before Change | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 85,845,422 | 12,616,479 | 98,461,901 | 41.93% | 48.09% | | II. Unrestricted Shares | 118,904,578 | -12,616,479 | 106,288,099 | 58.07% | 51.91% | | III. Total Shares | 204,750,000 | 0 | 204,750,000 | 100.00% | 100.00% | 2025 Semi-Annual Restricted Share Changes | Shareholder Name | Restricted Shares at Beginning of Period | Increase in Restricted Shares in Current Period | Restricted Shares at End of Period | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Zhang Gengsheng | 52,471,687 | 17,490,563 | 69,962,250 | Senior management lock-up shares, fully restricted for six months after resignation | | Huang Zhongheng | 12,716,035 | 0 | 9,537,026 | Senior management lock-up shares, 25% of total shares released annually | | Peng Hongyi | 6,948,825 | 0 | 5,448,825 | Current director, senior management, 25% of total shares released annually during tenure | | Cong Denggao | 2,370,055 | 0 | 2,175,055 | Current director, 25% of total shares released annually during tenure | | Yang Liuchu | 310,856 | 0 | 310,781 | Resigned supervisor, 25% of total shares released annually during tenure | 2. Securities Issuance and Listing During the reporting period, the company had no securities issuance or listing activities - The company had no securities issuance or listing activities during the reporting period[140] 3. Number of Shareholders and Shareholding Structure At the end of the reporting period, the company had 29,926 common shareholders, with Zhang Gengsheng as the largest shareholder holding 34.17%, and Shanghai Mojia Investment Management Center (Limited Partnership) holding 6.40% - Total number of common shareholders at the end of the reporting period: 29,926 households[140] 2025 Semi-Annual Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Percentage | Shareholding at End of Reporting Period | Restricted Shares Held | Unrestricted Shares Held | | :--- | :--- | :--- | :--- | :--- | :--- | | Zhang Gengsheng | Domestic Natural Person | 34.17% | 69,962,250.00 | 69,962,250.00 | 0 | | Shanghai Mojia Investment Management Center (Limited Partnership) | Domestic Non-State-Owned Legal Person | 6.40% | 13,108,875.00 | 0.00 | 13,108,875.00 | | Huang Zhongheng | Domestic Natural Person | 6.21% | 12,716,035.00 | 9,537,026.00 | 3,179,009 | | Peng Hongyi | Domestic Natural Person | 3.55% | 7,265,100.00 | 5,448,825.00 | 1,816,275 | | Lin Lan | Domestic Natural Person | 2.14% | 4,387,500.00 | 3,290,625.00 | 1,096,875 | | Wang Qi | Domestic Natural Person | 1.93% | 3,944,627.00 | 2,958,470.00 | 986,157 | | Cong Denggao | Domestic Natural Person | 1.42% | 2,900,074.00 | 2,175,055.00 | 725,019 | | Guo Shangbin | Domestic Natural Person | 1.35% | 2,770,000.00 | 0.00 | 2,770,000.00 | | Tian Wei | Domestic Natural Person | 1.27% | 2,595,824.00 | 1,946,868.00 | 648,956 | | Wu Zhenlin | Domestic Natural Person | 0.76% | 1,551,875.00 | 1,163,906.00 | 387,969 | - Zhang Gengsheng and Lin Lan are a married couple, and Shanghai Mojia Investment Management Center (Limited Partnership) is a partnership where Zhang Gengsheng holds 99% and Lin Lan holds 1%[140] - The company's dedicated share repurchase account currently holds 1,791,153 shares, ranking tenth among all company shareholders[141] 4. Changes in Shareholdings of Directors, Supervisors, and Senior Management During the reporting period, there were no changes in the shareholdings of the company's directors, supervisors, and senior management, with details available in the 2024 annual report - The shareholdings of the company's directors, supervisors, and senior management did not change during the reporting period, with details available in the 2024 annual report[142] 5. Changes in Controlling Shareholder or Actual Controller During the reporting period, there were no changes in the company's controlling shareholder or actual controller - The company's controlling shareholder did not change during the reporting period[143] - The company's actual controller did not change during the reporting period[143] 6. Preferred Share Information During the reporting period, the company had no preferred shares - The company had no preferred shares during the reporting period[144] Section VII Bond-Related Information This section provides information regarding the company's bond-related activities Bond-Related Information During the reporting period, the company had no bond-related information - The company had no bond-related information during the reporting period[146] Section VIII Financial Report This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with detailed notes on accounting policies and financial items 1. Audit Report The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[148] 2. 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 reflecting the financial position, operating results, and cash flows during the reporting period 1. Consolidated Balance Sheet As of June 30, 2025, the company's consolidated total assets were 1.34 billion yuan, with a high proportion of current assets, while other current assets significantly decreased due to the maturity of large-denomination certificates of deposit 2025 June 30 Consolidated Balance Sheet Key Data | Item | Ending Balance (yuan) | Beginning Balance (yuan) | | :--- | :--- | :--- | | Total Assets | 1,339,681,171.82 | 1,393,939,333.22 | | Cash and Bank Balances | 182,017,035.80 | 118,164,191.69 | | Trading Financial Assets | 290,592,991.81 | 21,000,388.33 | | Accounts Receivable | 82,947,264.10 | 56,134,590.04 | | Inventories | 113,881,931.26 | 30,618,061.19 | | Other Current Assets | 592,995,253.98 | 1,070,364,147.71 | | Total Liabilities | 71,910,800.03 | 106,807,084.50 | | Total Owners' Equity | 1,267,770,371.79 | 1,287,132,248.72 | 2. Parent Company Balance Sheet As of June 30, 2025, the parent company's total assets were 1.26 billion yuan, with current assets totaling 1.21 billion yuan, and trading financial assets at 240.59 million yuan at period-end, while long-term equity investments decreased 2025 June 30 Parent Company Balance Sheet Key Data | Item | Ending Balance (yuan) | Beginning Balance (yuan) | | :--- | :--- | :--- | | Total Assets | 1,257,397,201.29 | 1,239,358,111.13 | | Cash and Bank Balances | 156,031,908.31 | 82,252,413.19 | | Trading Financial Assets | 240,592,991.81 | 0 | | Long-Term Equity Investments | 33,573,969.00 | 45,593,969.00 | | Total Liabilities | 176,980,235.82 | 146,838,850.69 | | Other Payables | 114,406,274.61 | 65,933,139.77 | | Total Owners' Equity | 1,080,416,965.47 | 1,092,519,260.44 | 3. Consolidated Income Statement In the first half of 2025, the company's consolidated total operating revenue was 86.67 million yuan, a 7.08% year-on-year decrease, while total operating costs increased by 7.13% to 99.77 million yuan, resulting in a 65.02% decline in net profit to 6.75 million yuan 2025 Semi-Annual Consolidated Income Statement Key Data | Item | 2025 Semi-Annual (yuan) | 2024 Semi-Annual (yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 86,672,398.77 | 93,280,338.83 | | Total Operating Cost | 99,765,567.56 | 93,122,470.25 | | Operating Profit | 8,673,312.52 | 20,140,402.62 | | Total Profit | 8,613,624.82 | 20,160,311.98 | | Net Profit | 6,746,542.91 | 19,287,200.84 | | Net Profit Attributable to Parent Company Shareholders | 6,384,054.35 | 19,107,959.14 | | Basic Earnings Per Share (yuan/share) | 0.03 | 0.09 | | Diluted Earnings Per Share (yuan/share) | 0.03 | 0.09 | 4. Parent Company Income Statement In the first half of 2025, the parent company's operating revenue increased by 23.09% to 71.69 million yuan, and net profit increased by 70.04% to 17.25 million yuan, driven by significantly higher investment income and reduced R&D and selling expenses 2025 Semi-Annual Parent Company Income Statement Key Data | Item | 2025 Semi-Annual (yuan) | 2024 Semi-Annual (yuan) | | :--- | :--- | :--- | | Operating Revenue | 71,694,936.75 | 58,250,690.45 | | Operating Cost | 56,958,986.50 | 40,152,090.18 | | Selling Expenses | 5,433,585.88 | 6,588,213.08 | | Research and Development Expenses | 11,976,203.22 | 13,758,910.72 | | Investment Income | 20,825,353.99 | 16,677,790.93 | | Net Profit | 17,252,766.67 | 10,151,830.42 | 5. Consolidated Cash Flow Statement In the first half of 2025, the company's net cash flow from operating activities was -132.32 million yuan, a significant 90.26% year-on-year decrease, while net cash flow from investing activities increased by 180.88% to 224.56 million yuan due to increased investment recoveries 2025 Semi-Annual Consolidated Cash Flow Statement Key Data | Item | 2025 Semi-Annual (yuan) | 2024 Semi-Annual (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -132,317,083.05 | -69,545,032.23 | | Net Cash Flow from Investing Activities | 224,564,419.94 | 79,950,272.69 | | Net Cash Flow from Financing Activities | -27,348,402.69 | -40,364,648.46 | | Net Increase in Cash and Cash Equivalents | 64,888,895.93 | -29,949,505.75 | - Total cash outflow from operating activities was 262.93 million yuan, mainly due to a significant increase in cash paid for goods and services[165] - Total cash inflow from investing activities was 773.24 million yuan, primarily due to a significant increase in cash received from investment recoveries[166] 6. Parent Company Cash Flow Statement In the first half of 2025, the parent company's net cash flow from operating activities was -63.46 million yuan, a 95.12% year-on-year decrease, while net cash flow from investing activities increased by 160.38% to 164.11 million yuan 2025 Semi-Annual Parent Company Cash Flow Statement Key Data | Item | 2025 Semi-Annual (yuan) | 2024 Semi-Annual (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -63,462,318.15 | -32,521,696.22 | | Net Cash Flow from Investing Activities | 164,106,146.58 | 63,026,024.51 | | Net Cash Flow from Financing Activities | -25,834,108.31 | -40,053,583.04 | | Net Increase in Cash and Cash Equivalents | 74,809,720.12 | -9,549,254.75 | 7. Consolidated Statement of Changes in Owners' Equity In the first half of 2025, the company's consolidated owners' equity totaled 1.27 billion yuan, a slight decrease from the beginning of the period, with net profit increasing by 6.38 million yuan but profit distribution reducing retained earnings by 25.49 million yuan 2025 Semi-Annual Consolidated Statement of Changes in Owners' Equity | Item | Beginning Balance (yuan) | Change in Current Period (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | | Total Owners' Equity Attributable to Parent Company | 1,287,089,545.91 | -19,105,264.47 | 1,267,984,281.44 | | Minority Interests | 42,702.81 | -256,612.46 | -213,909.65 | | Total Owners' Equity | 1,287,132,248.72 | -19,361,876.93 | 1,267,770,371.79 | | Net Profit Attributable to Parent Company Owners | | 6,384,054.35 | | | Appropriation of Surplus Reserve | | -1,725,276.67 | | | Distribution to Owners (or Shareholders) | | -25,489,318.82 | | 8. Parent Company Statement of Changes in Owners' Equity In the first half of 2025, the parent company's total owners' equity was 1.08 billion yuan, a slight decrease from the beginning of the period, with net profit increasing by 17.25 million yuan but profit distribution reducing retained earnings by 24.36 million yuan 2025 Semi-Annual Parent Company Statement of Changes in Owners' Equity | Item | Beginning Balance (yuan) | Change in Current Period (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | | Total Owners' Equity | 1,092,519,260.44 | -12,102,294.97 | 1,080,416,965.47 | | Net Profit | | 17,252,766.67 | | | Appropriation of Surplus Reserve | | -1,725,276.67 | | | Distribution to Owners (or Shareholders) | | -24,355,061.64 | | 3. Company Overview Fujian Chuangshi Technology Co, Ltd, established on August 18, 1995, with a registered capital of 204.75 million yuan, operates in the software and information technology services industry, with Mr Zhang Gengsheng and Ms Lin Lan as its actual controllers - The company was established on August 18, 1995, with a registered capital of 204.75 million yuan[184] - The company belongs to the software and information technology services industry[185] - Its main business activities include software development, information technology consulting services, information system integration services, and data processing and storage support services[185] - The company's actual controllers are Mr Zhang Gengsheng and his spouse, Ms Lin Lan[186] 4. Basis of Financial Statement Preparation These financial statements are prepared in accordance with the Accounting Standards for Business Enterprises issued by the Ministry of Finance and relevant regulations of the China Securities Regulatory Commission, on a going concern basis - These financial statements are prepared in accordance with the Accounting Standards for Business Enterprises issued by the Ministry of Finance and the relevant provisions of the China Securities Regulatory Commission's "Information Disclosure Guidelines for Companies Issuing Securities No 15 - General Provisions for Financial Reports"[188] - These financial statements are prepared on a going concern basis[189] - The company possesses the ability to continue as a going concern for at least 12 months from the end of the reporting period, with no significant matters affecting its going concern ability[190] 5. Significant Accounting Policies and Estimates This section details the company's significant accounting policies and estimates, including its adherence to accounting standards, accounting period, operating cycle, functional currency, materiality criteria, business combination accounting, consolidated financial statement preparation, joint arrangements, cash and cash equivalents, foreign currency transactions, financial instruments, receivables, contract assets, inventories, long-term investments, fixed assets, intangible assets, impairment, revenue recognition, government grants, deferred taxes, and leases - The company adheres to the requirements of the Accounting Standards for Business Enterprises, truthfully and completely reflecting its financial position, operating results, and cash flows[191] - The company uses RMB as its functional currency, and its operating cycle is 12 months[193][194] - Financial assets are classified as measured at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss[214] - The company recognizes revenue when it satisfies its performance obligations in the contract, i.e., when the customer obtains control of the related goods or services[313] 6. Taxation The company's main taxes include VAT (13%, 6%), urban maintenance and construction tax (5%, 7%), corporate income tax (15%, 16.5%, 25%, 5%), education surcharge (3%), and local education surcharge (2%), with some subsidiaries enjoying high-tech or small-profit enterprise income tax incentives and VAT refunds for software products Main Tax Categories and Rates | Tax Category | Tax Rate | | :--- | :--- | | Value-Added Tax | 13%, 6% | | Urban Maintenance and Construction Tax | 5%, 7% | | Corporate Income Tax | 15%, 16.5%, 25%, 5% | | Education Surcharge | 3% | | Local Education Surcharge | 2% | - Beijing Digital Chuangshi Technology Co, Ltd enjoys a 15% corporate income tax rate as a high-tech enterprise[351] - Guangzhou Zhijing Hongyue Information Technology Co, Ltd, Shanghai Huyu Chuangsi Information Technology Co, Ltd, and other subsidiaries qualify as small and micro enterprises, enjoying preferential income tax policies[351] - The company and its subsidiaries sell self-developed software products, which are subject to a 13% VAT rate, with immediate refunds for the porti