永安行(603776) - 2025 Q2 - 季度财报

Section I Definitions This section provides definitions of common terms used in the report, including company names, reporting periods, shared bicycles, shared hydrogen-powered bicycles, hydrogen-powered bicycles, integrated hydrogen production and refueling machines, low-pressure solid-state hydrogen storage devices, and fuel cells, ensuring clear understanding of the report content Definitions of Common Terms This chapter provides definitions for common terms used throughout the report, ensuring clarity and consistent understanding of the content Definitions of Common Terms | Common Term | Definition | | :--- | :--- | | Company, This Company, Youon, Group | Refers to Youon Technology Co., Ltd | | Reporting Period, This Period | Refers to January 1, 2025 - June 30, 2025 | | Shared Bicycle | Refers to dockless bicycles equipped with smart electronic locks that communicate with a mobile APP for borrowing and returning | | Shared Hydrogen-Powered Bicycle | Refers to hydrogen-powered bicycles equipped with smart electronic locks that communicate with a mobile APP, with speeds below 25 km/h, for borrowing and returning | | Hydrogen-Powered Bicycle | Refers to a safe and environmentally friendly mode of transport powered by hydrogen through fuel cell electrochemical reactions, providing assistance for riding, and featuring a built-in hydrogen storage device (hydrogen energy stick) for hydrogen exchange | | Integrated Hydrogen Production and Refueling Machine | Refers to equipment that utilizes PEM hydrogen production principles, consisting of circuit, water, control, hydrogen production, hydrogen refueling, and gas-liquid separation systems, using grid or green electricity to directly produce and refuel hydrogen from pure water, separating byproduct oxygen | | Low-Pressure Solid-State Hydrogen Storage Device | Refers to a hydrogen storage device composed of a hydrogen storage cylinder, alloy powder, and a pressure reducing valve, where hydrogen primarily exists in solid form, capable of absorbing over 500 times its own volume of hydrogen, operating at less than 1MPa at room temperature, compact in size, and directly compatible with solar hydrogen production and refueling machines and hydrogen-powered bicycles, ensuring safety and reliability | | Fuel Cell | Also known as a hydrogen generator, primarily composed of a proton exchange membrane, catalyst, electrode plates, hydrogen supply, and heat dissipation systems, it generates electricity and heat through electrochemical reactions using hydrogen and oxygen as raw materials, offering a long service life and recyclable component materials | Section II Company Profile and Key Financial Indicators This section provides an overview of the company's basic information, contact details, stock summary, and key financial performance metrics for the reporting period I. Company Information This section outlines the basic information of Youon Technology Co., Ltd., including its Chinese and English names, abbreviations, and legal representative Basic Company Information | Indicator | Content | | :--- | :--- | | Chinese Name | Youon Technology Co., Ltd | | Chinese Abbreviation | Youon | | English Name | Youon Technology Co.,Ltd | | English Abbreviation | Youon | | Legal Representative | Yang Lei | II. Contact Persons and Information This section provides contact details for the company's Board Secretary and Securities Affairs Representative, including names, addresses, phone numbers, faxes, and email addresses Contact Information | Position | Board Secretary | Securities Affairs Representative | | :--- | :--- | :--- | | Name | Xu Xiaoxia | Du Shengke | | Contact Address | No. 399 Hanjiang Road, Xinbei District, Changzhou City, Jiangsu Province | No. 399 Hanjiang Road, Xinbei District, Changzhou City, Jiangsu Province | | Phone | 0519-81282003 | 0519-81282003 | | Fax | 0519-81186701 | 0519-81186701 | | Email | eversafe@ibike668.com | eversafe@ibike668.com | III. Overview of Basic Information Changes The company's registered address changed to No. 399 Hanjiang Road, Xinbei District, Changzhou City on November 17, 2023, with other basic information remaining unchanged - Company's registered address changed to No. 399 Hanjiang Road, Xinbei District, Changzhou City on November 17, 2023[16] IV. Overview of Information Disclosure and Document Custody Location Changes The company designates "China Securities Journal" and "Shanghai Securities News" for information disclosure, with www.sse.com.cn as the website for semi-annual reports, and the Board of Directors' Office as the document custody location, with no changes during the reporting period - The company's information disclosure newspapers are "China Securities Journal" and "Shanghai Securities News", the website is www.sse.com.cn, and the document custody location is the Board of Directors' Office, with no changes during the reporting period[17] V. Company Stock Overview The company's A-shares are listed on the Shanghai Stock Exchange, with the stock abbreviation Youon and stock code 603776 Company Stock Overview | Stock Type | Listing Exchange | Stock Abbreviation | Stock Code | Former Stock Abbreviation | | :--- | :--- | :--- | :--- | :--- | | A-share | Shanghai Stock Exchange | Youon | 603776 | - | VII. Key Accounting Data and Financial Indicators In the first half of 2025, the company's operating revenue decreased by 21.29% year-on-year, with total profit and net profit attributable to shareholders both significantly negative, decreasing by 4145.46% and 739.17% respectively, primarily due to weakened market demand and bad debt provisions for receivables; basic and diluted EPS also significantly declined by 800% (I) Key Accounting Data In the first half of 2025, the company's operating revenue was 193.16 million yuan, a year-on-year decrease of 21.29%, with total profit and net profit attributable to shareholders both negative, reporting losses of 64.55 million yuan and 65.48 million yuan respectively, representing significant year-on-year declines Key Accounting Data for H1 2025 | Key Accounting Data (Jan-Jun) | Current Period (yuan) | Prior Period (yuan) | % Change from Prior Period | | :--- | :--- | :--- | :--- | | Operating Revenue | 193,163,614.44 | 245,415,911.83 | -21.29% | | Total Profit | -64,549,277.67 | -1,520,430.56 | -4145.46% | | Net Profit Attributable to Shareholders of Listed Company | -65,475,566.36 | -7,802,426.62 | -739.17% | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | -67,611,860.09 | -30,270,089.30 | -123.36% | | Net Cash Flow from Operating Activities | 34,329,518.13 | 62,032,945.24 | -44.66% | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 3,035,756,295.89 | 3,137,826,774.00 | -3.25% | | Total Assets (Period-end) | 4,247,583,796.00 | 4,410,979,235.61 | -3.70% | (II) Key Financial Indicators In the first half of 2025, the company's basic and diluted earnings per share were both -0.27 yuan/share, a year-on-year decrease of 800%, with a significant decline in weighted average return on net assets, reflecting a deterioration in profitability Key Financial Indicators for H1 2025 | Key Financial Indicators (Jan-Jun) | Current Period | Prior Period | % Change from Prior Period | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | -0.27 | -0.03 | -800.00% | | Diluted Earnings Per Share (yuan/share) | -0.27 | -0.03 | -800.00% | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (yuan/share) | -0.28 | -0.13 | -115.38% | | Weighted Average Return on Net Assets (%) | -2.13 | -0.25 | Decrease of 1.88 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | -2.2 | -0.96 | Decrease of 1.24 percentage points | - Net profit attributable to shareholders of the listed company decreased by 739.17% year-on-year, primarily due to weakened market demand, decreased operating revenue, and provisions for bad debts on receivables[21] IX. Non-Recurring Gains and Losses Items and Amounts In the first half of 2025, the company's total non-recurring gains and losses amounted to 2.14 million yuan, primarily including gains/losses from disposal of non-current assets, government grants, fair value changes of financial assets, and other non-operating income/expenses, with convertible bond investment income classified as recurring Non-Recurring Gains and Losses Items and Amounts for H1 2025 | Non-Recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | 2,407,421.88 | | Government grants recognized in current profit or loss | 833,973.19 | | Gains and losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and disposal gains and losses | -3,565,000.00 | | Other non-operating income and expenses apart from the above items | -123,645.48 | | Other income and loss items that meet the definition of non-recurring gains and losses | 3,103,060.88 | | Less: Income tax impact | 428,063.33 | | Impact on minority interests (after tax) | 91,453.41 | | Total | 2,136,293.73 | - Convertible bond investment income of 2.16 million yuan was not classified as non-recurring gains and losses, as it is essentially income from financing activities, and its exclusion would affect the comparability of ROE and EPS metrics[25] Section III Management Discussion and Analysis This section provides a comprehensive discussion and analysis of the company's industry, main business operations, financial performance, core competencies, and future outlook I. Description of the Company's Industry and Main Business Operations During the Reporting Period During the reporting period, the company focused on public bicycle and shared mobility, hydrogen energy, and optoelectronic detectors and storage chips, with main businesses covering shared mobility services, hydrogen-powered two-wheelers, and smart living products, while actively expanding into the chip industry (I) Industry Overview During the Reporting Period The company operates in public bicycle and shared mobility, hydrogen energy, and optoelectronic detector and storage chip industries, with shared mobility stabilizing under policy regulation, hydrogen energy rapidly growing due to global and domestic policy support, and optoelectronic and storage chip markets expecting high growth driven by data communication, autonomous driving, and AI computing demand - The public bicycle and shared mobility industry, under policy regulation, has transitioned from intense competition to a stable market landscape, becoming a crucial component of China's transportation system[28] - The hydrogen energy industry is supported by national-level plans globally, with China's "Medium and Long-Term Plan for Hydrogen Energy Industry Development (2021-2035)" and the new "Energy Law" integrating it into the energy management system, promoting its development in transportation and energy storage[29] - The optoelectronic detector market is projected to reach $12 billion in 2024 and $24 billion in 2029, driven by fiber optics, autonomous driving, and medical imaging, while the storage chip market is expected to recover strongly to over $160 billion in 2024 and grow rapidly in 2025, primarily fueled by the AI revolution and computing power upgrades[34] (II) Main Business Operations During the Reporting Period The company's main businesses include public bicycle and shared mobility services, hydrogen energy products (two-wheelers, integrated production/refueling machines, storage devices, power systems), and smart living products like intelligent password locks for various residential and commercial applications - The company's public bicycle and shared mobility services primarily address residents' short-distance travel and transfer needs through government investment projects or shared e-bike projects[35] - Hydrogen energy business encompasses hydrogen-powered two-wheelers (urban mobility, short-distance logistics), integrated hydrogen production and refueling machines (electrolytic water hydrogen production, hydrogen supply services), low-pressure solid-state hydrogen storage devices and high-pressure carbon fiber cylinders (safe and efficient hydrogen storage), and hydrogen energy power generation systems (photovoltaic hydrogen production, gas/electricity supply)[36][37][38][39] - The smart living business primarily offers intelligent password locks for various scenarios, including online rental housing, shared apartments, talent apartments, and residential homes, with sales to both domestic and international markets[40] II. Discussion and Analysis of Operations In the first half of 2025, the company's public bicycle and shared mobility revenue declined due to government fiscal tightening and macroeconomic factors, resulting in negative net profit attributable to shareholders and non-recurring net profit; the company actively responded by focusing on hydrogen energy and chip industries, developing smart living businesses, increasing R&D investment (22 new patent grants, 4 invention patents), and achieving batch production capability for SiMO optoelectronic detector LMR-S series chips, while the LMP series storage chips were delayed due to foundry production line adjustments - In the first half of 2025, the company's public bicycle and shared mobility business revenue declined, leading to a net loss attributable to shareholders of -65.48 million yuan and a net loss after deducting non-recurring gains and losses of -67.61 million yuan[40] - The company continues to focus on the hydrogen energy and chip industries, actively developing its smart living business, with 22 new patent grants (including 4 invention patents) and 40 new patent applications (including 10 invention patents) during the reporting period, holding 346 valid patents (including 83 invention patents, 130 related to hydrogen energy) as of the end of the period[40][41] - SiMO optoelectronic detector LMR-S series chips from invested company Luomaru Chip Technology Changzhou Co., Ltd. have completed R&D and production processes, achieving batch production capability; however, the LMP series new memory products have been delayed due to adjustments in the foundry's back-end process production lines[41] III. Analysis of Core Competencies During the Reporting Period The company's core competencies include extensive experience and resources in the mobility sector, continuous independent R&D and technological innovation (especially in hydrogen-powered e-bike technology), and a first-mover advantage with a full industry chain layout in hydrogen energy; additionally, the introduction of Hello Group as a new controlling shareholder will bring rich industry resources and synergistic effects, accelerating business development and profitability - The company has deep roots in the mobility sector for many years, accumulating rich industry experience, operational management, technology R&D, and financial management expertise, establishing a high vehicle density and operational support in expanded markets, demonstrating a first-mover and scale advantage[42] - The company adheres to independent R&D and technological innovation, operating multiple provincial-level technology centers, ranking among the top 100 global hydrogen energy industry invention patent holders for two consecutive terms, and leading or participating in the formulation/revision of 21 technical and service standards, including the already implemented "General Technical Requirements for Hydrogen-Powered Bicycles"[43] - Since its entry into the hydrogen energy industry in 2018, the company has established a full industry chain layout, with shared hydrogen-powered bicycle systems operating in multiple cities, and has developed a "digital hydrogen energy platform" for integrated and digitalized production, refueling, storage, and utilization, mastering several internationally or domestically leading core technologies[44][45] - The introduction of Hello Group as a new controlling shareholder in March 2025, with its founder Yang Lei becoming the actual controller, will bring abundant industry resources and synergistic advantages, facilitating the development of smart manufacturing, smart living, mobility, and hydrogen energy businesses, thereby enhancing operational efficiency and profitability[45][46] IV. Key Operating Performance During the Reporting Period During the reporting period, the company's operating revenue decreased by 21.29% year-on-year, operating costs decreased by 9.27%, and selling expenses significantly reduced by 39.13%, while net cash flow from investing activities saw a substantial outflow due to the purchase of wealth management products; in terms of assets and liabilities, monetary funds, notes receivable, inventory, and contract assets all decreased, while accounts receivable financing significantly increased; the company's external equity investments cover system operations, bicycle manufacturing, smart lock R&D, hydrogen energy R&D and manufacturing, and chip manufacturing and sales, holding equity in Hello Huipu and Luomaru Chip; financial assets measured at fair value totaled 2.62 billion yuan at period-end, primarily equity instrument investments and wealth management products (I) Main Business Analysis In the first half of 2025, the company's operating revenue decreased by 21.29% year-on-year, operating costs decreased by 9.27%, selling expenses significantly reduced by 39.13%, net cash flow from operating activities decreased by 44.66%, and net cash flow from investing activities saw a substantial outflow of 811.13% due to the purchase of wealth management products Analysis of Changes in Financial Statement Items | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | Change Ratio (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 193,163,614.44 | 245,415,911.83 | -21.29% | | Operating Cost | 192,721,123.68 | 212,412,826.01 | -9.27% | | Selling Expenses | 3,820,778.43 | 6,276,851.64 | -39.13% | | Administrative Expenses | 17,278,439.55 | 17,305,720.98 | -0.16% | | Financial Expenses | 17,624,251.18 | 15,373,068.16 | 14.64% | | R&D Expenses | 13,383,915.23 | 16,730,246.60 | -20.00% | | Net Cash Flow from Operating Activities | 34,329,518.13 | 62,032,945.24 | -44.66% | | Net Cash Flow from Investing Activities | -247,076,757.39 | -27,117,639.95 | -811.13% | | Net Cash Flow from Financing Activities | -62,042,244.27 | -60,356,981.70 | -2.79% | - The change in selling expenses was primarily due to the reclassification of after-sales repair costs; the change in net cash flow from operating activities was mainly due to decreased revenue and reduced collection of accounts receivable; the change in net cash flow from investing activities was primarily due to the purchase of wealth management products[47] (III) Analysis of Assets and Liabilities At the end of the reporting period, the company's monetary funds, notes receivable, inventory, contract assets, and other non-current assets all decreased, with monetary funds decreasing by 53.00% mainly due to the purchase of wealth management products; accounts receivable financing significantly increased by 100.00% primarily due to an increase in acceptance bills; total assets and net assets attributable to shareholders decreased by 3.70% and 3.25% respectively, with overseas assets accounting for 0.59% of total assets Changes in Assets and Liabilities | Item Name | Current Period-end Amount (yuan) | % of Total Assets at Current Period-end | Prior Year-end Amount (yuan) | % of Total Assets at Prior Year-end | % Change from Prior Year-end | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 246,227,122.43 | 5.80 | 523,867,324.99 | 11.88 | -53.00 | Note 1 | | Notes Receivable | 3,596,467.40 | 0.08 | 7,898,636.00 | 0.18 | -54.47 | Note 2 | | Accounts Receivable Financing | 2,986,672.40 | 0.07 | 0.00 | 0.00 | 100.00 | Note 3 | | Inventory | 78,384,359.88 | 1.85 | 112,317,911.82 | 2.55 | -30.21 | Note 4 | | Contract Assets | 23,767,857.59 | 0.56 | 37,344,618.79 | 0.85 | -36.36 | Note 5 | | Other Non-Current Assets | 65,338,295.06 | 1.54 | 102,299,083.33 | 2.32 | -36.13 | Note 8 | | Notes Payable | 8,463,790.00 | 0.20 | 18,759,100.00 | 0.43 | -54.88 | Note 9 | | Other Current Liabilities | 2,153,070.02 | 0.05 | 6,682,745.14 | 0.15 | -67.78 | Note 10 | | Other Non-Current Liabilities | 16,720,000.00 | 0.39 | 33,440,000.00 | 0.76 | -50.00 | Note 12 | - Overseas assets at period-end amounted to 25.02 million yuan, accounting for 0.59% of total assets[50] Major Restricted Assets | Item | Book Balance (yuan) | Book Value (yuan) | Restriction Type | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Other Monetary Funds | 11,563,000.00 | 11,563,000.00 | Frozen | Litigation freeze | | Other Monetary Funds | 2,000.00 | 2,000.00 | Frozen | ETC deposit | | Other Monetary Funds | 1,200,000.00 | 1,200,000.00 | Guarantee | Letter of credit margin | | Total | 12,765,000.00 | 12,765,000.00 | / | / | (IV) Investment Analysis The company's direct external investments span system operations, bicycle manufacturing, smart lock R&D, hydrogen energy R&D and sales, and integrated circuit chip manufacturing and sales, with 100% equity in Suzhou Free Motion Technology and Nantong Youon Public Bicycle; financial assets measured at fair value totaled 2.62 billion yuan at period-end, primarily equity instrument investments (Hello Huipu, Hello Inc.) and wealth management products, with a fair value change loss of -3.57 million yuan this period; the company also invested in two private equity funds, Shanghai Luankui Hetian and Gongqingcheng Guanghui Green Energy No. 1 - The company's direct external investments include subsidiaries such as Suzhou Free Motion Technology, Nantong Youon Public Bicycle, Anhui Youon Low-Carbon Environmental Protection Technology, Jiangsu Youon Hydrogen Storage Technology, and Jiangsu Youon Chip Technology, with businesses covering system operation services, bicycle manufacturing, smart lock R&D and manufacturing, hydrogen energy R&D and sales promotion, and integrated circuit chip manufacturing and sales[54][55] Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (yuan) | Fair Value Change Gain/Loss for Current Period (yuan) | Amount Purchased in Current Period (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | :--- | | Equity Instrument Investments—Jiangsu Hello Huipu Technology Co., Ltd., Hello Inc. | 2,186,316,000 | -3,565,000.00 | 0 | 2,182,751,000.00 | | Wealth Management Products | 235,000,000 | 0 | 5,258,914.38 | 440,258,914.38 | | Total | 2,421,316,000 | -3,565,000.00 | 5,258,914.38 | 2,623,009,914.38 | - The company has invested a cumulative 35 million yuan in Shanghai Luankui Hetian Private Equity Investment Partnership (Limited Partnership) and a cumulative 4.04 million yuan in Gongqingcheng Guanghui Green Energy No. 1 Venture Capital Partnership (Limited Partnership)[59][60] V. Other Disclosure Matters The company faces multiple risks, including intensified market competition, contraction of the public bicycle industry, underperformance of new business expansions, and fluctuations in raw material prices and labor costs; financially, there are risks of continuous decline in operating performance, bad debts on accounts receivable, and declining gross profit margins, as well as potential impacts from changes in tax policies (I) Potential Risks The company faces operational risks such as intensified industry and market competition, contraction of the public bicycle industry, underperformance of new business expansions, and fluctuations in raw material and labor costs; financially, key risks include continuous decline in operating performance, bad debts on accounts receivable, declining gross profit margins, and potential impacts from changes in tax policies - The company's main business faces intensified market competition risk, with emerging industries (autonomous driving, hydrogen energy, new memory chips) experiencing rapid technological development, potentially attracting more competitors[63] - The public bicycle industry is subject to contraction risk due to macroeconomic conditions and terminal demand, with insufficient project increments and shrinking existing projects, and reduced government support or the development of alternative transportation modes could lead to industry contraction[64] - Emerging hydrogen energy and high-end chip related businesses are still in the early stages of commercialization, with many uncertainties, and the company may face risks of expansion falling short of expectations[65] - The company's operating performance continues to decline, with operating revenue of 193 million yuan and net profit attributable to shareholders of -65.48 million yuan in H1 2025; if unfavorable factors persist, performance may further decline[68] - Accounts receivable have a relatively high book value of 396 million yuan as of June 2025, accounting for 11.62% of current assets, posing a risk of bad debts[69] - The company's gross profit margin continues to decline, standing at 0.23% in H1 2025; if industry competition intensifies, promotion of high-margin businesses like hydrogen energy falls short of expectations, operating costs rise, or policies change, the gross profit margin may continue to decline[70] Section IV Corporate Governance, Environment, and Society This section details changes in the company's directors, supervisors, and senior management, as well as the semi-annual profit distribution plan I. Changes in Directors, Supervisors, and Senior Management During the reporting period, the company's Board of Directors, Supervisory Board, and senior management underwent significant changes, with former Chairman and General Manager Sun Jisheng and several other executives departing, Yang Lei elected as Chairman, Wu Peigang appointed as General Manager, Xu Xiaoxia appointed as Board Secretary, and new directors and supervisors elected to align with the management adjustments following the change in control Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Change Type | | :--- | :--- | :--- | | Sun Jisheng | Chairman and General Manager | Resignation | | Chen Guangyuan | Director | Resignation | | Sun Wei | Director and Deputy General Manager | Resignation | | Zhao Lijin | Independent Director | Resignation | | Qian Zhenhua | Independent Director | Resignation | | Dong Ping | Board Secretary and Deputy General Manager | Resignation | | Yang Lei | Chairman | Election | | Chen Xiaodong | Director | Election | | Peng Zhaokun | Director | Election | | Wu Peigang | Director, General Manager | Election, Appointment | | Wu Xiaolong | Director | Election | | Zhang Peng | Independent Director | Election | | Shao Yongjian | Independent Director | Election | | Xu Xiaoxia | Board Secretary | Appointment | - On May 6, 2025, the company appointed Wu Peigang as General Manager, Xu Xiaoxia as Board Secretary, and Zhang Xian as Chief Financial Officer[74] - On May 19, 2025, the company's general meeting of shareholders elected Yang Lei, Chen Xiaodong, Peng Zhaokun, Wu Peigang, Wu Xiaolong, and Zhu Chao as non-independent directors of the fifth board of directors, Zhang Peng and Shao Yongjian as independent directors, Wu Xiaohua and Li Peng as shareholder representative supervisors, and Chang Ling as employee representative supervisor[75] II. Profit Distribution or Capital Reserve Conversion Plan The company does not plan any profit distribution or capital reserve conversion to share capital for the first half of 2025 - The company's proposed semi-annual profit distribution or capital reserve conversion plan is "none", meaning no distribution or conversion will occur[6] Section V Significant Matters This section covers the fulfillment of commitments, audit status, major litigation, integrity of controlling shareholders, significant related-party transactions, and progress on the use of raised funds I. Fulfillment of Commitments The company's actual controller Yang Lei and controlling shareholder Shanghai Hamao committed to comply with share lock-up periods (18/36 months) after acquiring listed company shares and ensure the independence of the listed company in personnel, assets, finance, organization, and business; former actual controller Sun Jisheng committed not to seek control of the listed company; the company and its directors, supervisors, and senior management also made commitments regarding share price stability, prospectus authenticity, and immediate return enhancement measures, all of which have been strictly fulfilled - Actual controller Yang Lei committed that the listed company shares acquired in this transaction shall not be transferred within eighteen months from the date of registration of transfer[79] - Controlling shareholder Shanghai Hamao committed that shares acquired through agreement transfer shall not be transferred within eighteen months from the date of registration of transfer, and shares acquired through subscription of shares issued to specific targets shall not be transferred within thirty-six months from the date of completion of issuance[79] - Yang Lei and Shanghai Hamao committed to ensure the independence of the listed company in terms of personnel, assets, finance, organization, and business, and to minimize related-party transactions[80][81][87][88] - Former actual controller Sun Jisheng committed not to seek control of the listed company and to assist in maintaining Shanghai Hamao's and Yang Lei's control over the listed company[82][83] - The company and its directors, supervisors, and senior management made commitments regarding share price stability, prospectus authenticity, and immediate return enhancement measures, all of which have been strictly fulfilled[83][84][85][86][89][90][91] IV. Semi-Annual Report Audit Status The company's 2025 semi-annual report was unaudited; on May 7, 2025, the company re-appointed Rongcheng Certified Public Accountants (Special General Partnership) as its audit firm for the 2025 financial report and internal control - This semi-annual report is unaudited[5] - On May 7, 2025, the company held its 2024 Annual General Meeting of Shareholders, which approved the re-appointment of Rongcheng Certified Public Accountants (Special General Partnership) as the audit firm for the company's 2025 financial report and internal control[92] VII. Major Litigation and Arbitration Matters The company had no major litigation or arbitration matters during the reporting period; however, it has filed lawsuits against nine customers, including Gaomi City Comprehensive Administrative Law Enforcement Bureau, for contract payment disputes totaling approximately 63 million yuan, with cases currently in filing or trial (arbitration), and the company has made provisions for bad debts on accounts receivable, expecting no significant impact - The company had no major litigation or arbitration matters during this reporting period[92] - The company has filed lawsuits against nine customers, including Gaomi City Comprehensive Administrative Law Enforcement Bureau, for contract payment disputes totaling approximately 63 million yuan, with cases currently in filing or trial (arbitration); the company has made provisions for bad debts on accounts receivable, expecting no significant financial impact[175][176] IX. Explanation of the Integrity Status of the Company, its Controlling Shareholder, and Actual Controller During the Reporting Period During the reporting period, the integrity of the company's controlling shareholder and actual controller was good, with no unfulfilled effective court judgments or overdue large debts - During the reporting period, the integrity of the company's controlling shareholder and actual controller was good, with no unfulfilled effective court judgments or overdue large debts[92] X. Significant Related-Party Transactions During the reporting period, the company engaged in product sales related-party transactions with Shanghai Junchuan Supply Chain Technology Co., Ltd., totaling 8.14 million yuan; additionally, the company terminated the major asset restructuring and related-party transaction involving the acquisition of 65% equity in Shanghai Lianshi Navigation Technology Co., Ltd. through share issuance and cash payment; the company's control changed on April 21, 2025, from Sun Jisheng to Shanghai Hamao and Yang Lei, and a private placement of A-shares to specific targets, with Shanghai Hamao's subscription, constitutes a related-party transaction (I) Related-Party Transactions Related to Ordinary Operations In the first half of 2025, the company engaged in product sales related-party transactions with Shanghai Junchuan Supply Chain Technology Co., Ltd., with an actual amount of 8.14 million yuan against an annual estimated amount of 120 million yuan Ordinary Related-Party Transactions | Related-Party Transaction Type | Name of Related Party | Annual Estimated Amount 2025 (10,000 yuan) | Actual Amount for Jan-Jun 2025 (10,000 yuan) | | :--- | :--- | :--- | :--- | | Sales of products and goods to related parties | Shanghai Junchuan Supply Chain Technology Co., Ltd. | 12,000 | 814.23 | (II) Related-Party Transactions Involving Asset or Equity Acquisition/Disposal The company terminated the major asset restructuring and related-party transaction to acquire 65% equity in Shanghai Lianshi Navigation Technology Co., Ltd. through share issuance and cash payment, as the parties failed to agree on valuation and other commercial terms - The company terminated the major asset restructuring and related-party transaction to acquire 65% equity in Shanghai Lianshi Navigation Technology Co., Ltd. through share issuance and cash payment, due to failure to agree on valuation and other commercial terms[95] (VI) Other Significant Related-Party Transactions The company's control changed on April 21, 2025, from Sun Jisheng to Shanghai Hamao and Yang Lei, achieved through a share transfer agreement and voting rights waiver agreement; to consolidate control, the company plans a private placement of A-shares to specific targets, with Shanghai Hamao's subscription constituting a related-party transaction, which has been approved by the Board and shareholders but awaits SSE review and CSRC registration - The company's control changed on April 21, 2025, with the controlling shareholder changing from Sun Jisheng to Shanghai Hamao and the actual controller changing to Yang Lei, achieved through a share transfer agreement and voting rights waiver agreement[97][98] - The company plans a private placement of A-shares to specific targets, with Shanghai Hamao's subscription constituting a related-party transaction, which has been approved by the Board and shareholders but awaits SSE review and CSRC registration[99] XII. Explanation of Progress in Use of Raised Funds The company's total raised funds amounted to 886.48 million yuan, with a net amount of 870.00 million yuan; as of the end of the reporting period, a cumulative 622.50 million yuan has been invested, representing a progress of 71.55%; the "Shared E-bike Intelligent System Design and Deployment Project" is now expected to reach its intended usable state by December 2027; the company also used idle raised funds for cash management, with an ending balance of 400 million yuan (I) Overall Use of Raised Funds The company's total raised funds amounted to 886.48 million yuan, with a net amount of 870.00 million yuan; as of the end of the reporting period, a cumulative 622.50 million yuan has been invested, representing a progress of 71.55% - The total amount of funds raised in this issuance was 886.48 million yuan, and after deducting non-taxable issuance expenses of 16.48 million yuan, the actual net amount of raised funds was 870.00 million yuan[101] Overall Use of Raised Funds | Source of Raised Funds | Total Raised Funds (10,000 yuan) | Net Raised Funds (10,000 yuan) | Cumulative Investment of Raised Funds as of Period-end (10,000 yuan) | Cumulative Investment Progress of Raised Funds as of Period-end (%) | | :--- | :--- | :--- | :--- | :--- | | Issuance of Convertible Bonds | 88,648.00 | 87,000.11 | 62,250.16 | 71.55 | (II) Details of Investment Projects Using Raised Funds The "Shared E-bike Intelligent System Design and Deployment Project" has a planned investment of 736.48 million yuan, with 472.68 million yuan invested as of the end of the reporting period, representing a progress of 64.18%; another project, "Supplementing Working Capital," has a planned investment of 150 million yuan, with 149.82 million yuan invested, representing a progress of 99.88% Detailed Use of Raised Funds Investment Projects | Project Name | Total Committed Investment of Raised Funds in Prospectus or Offering Circular (1) (10,000 yuan) | Amount Invested This Year (8) (10,000 yuan) | Cumulative Investment of Raised Funds as of Period-end (2) (10,000 yuan) | Cumulative Investment Progress as of Period-end (2)/(1) (%) | | :--- | :--- | :--- | :--- | :--- | | Shared E-bike Intelligent System Design and Deployment Project | 73,648.00 | 4,728.96 | 47,267.81 | 64.18 | | Supplementing Working Capital | 15,000.00 | 165.37 | 14,982.35 | 99.88 | | Total | 88,648.00 | 4,894.33 | 62,250.16 | / | (IV) Other Uses of Raised Funds During the Reporting Period The company has adjusted the expected completion date for the "Shared E-bike Intelligent System Design and Deployment Project" to December 2027; additionally, the company used idle raised funds for cash management, with an ending balance of 400 million yuan - On August 4, 2025, the company's Board of Directors approved the "Proposal on Adjusting the Expected Date for Raised Investment Projects to Reach Intended Usable State," adjusting the completion date for the "Shared E-bike Intelligent System Design and Deployment Project" to December 2027[107] Cash Management of Idle Raised Funds | Balance of Raised Funds Used for Cash Management (10,000 yuan) | Board Approval Date | Start Date | End Date | | :--- | :--- | :--- | :--- | | 40,000 | April 10, 2025 | April 10, 2025 | April 9, 2026 | | 40,000 | August 27, 2025 | August 27, 2025 | August 26, 2026 | Section VI Share Changes and Shareholder Information This section details changes in the company's share capital, including the increase due to convertible bond conversions, and provides an overview of shareholder structure, including the top ten shareholders and changes in controlling shareholder I. Share Capital Changes During the reporting period, the company's total share capital increased from 239,397,417 shares to 241,172,208 shares, a 0.74% increase, primarily due to the conversion of 1,774,791 shares from "Youon Convertible Bonds," which will dilute financial indicators such as EPS and net assets per share 1. Table of Share Capital Changes During the reporting period, both the company's unrestricted tradable shares and total shares increased by 1,774,791 shares, with total share capital rising from 239,397,417 shares to 241,172,208 shares Table of Share Capital Changes | | Number Before Change (shares) | % Before Change | Subtotal of Change (+, -) (shares) | Number After Change (shares) | % After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | II. Unrestricted Tradable Shares | 239,397,417 | 100.00 | 1,774,791 | 241,172,208 | 100.00 | | III. Total Shares | 239,397,417 | 100.00 | 1,774,791 | 241,172,208 | 100.00 | 2. Explanation of Share Capital Changes Share capital changes were primarily due to the conversion of 1,774,791 shares from "Youon Convertible Bonds," leading to a corresponding increase in unrestricted tradable shares - From January 1, 2025, to June 30, 2025, the cumulative number of shares converted from "Youon Convertible Bonds" was 1,774,791 shares, resulting in an increase of 1,774,791 unrestricted tradable shares[112] II. Shareholder Information As of the end of the reporting period, the company had 16,576 common shareholders; among the top ten shareholders, Sun Jisheng held 24.69%, Shanghai Hamao Business Consulting Co., Ltd. held 13.57%, and Yang Lei held 5.96%, with Yang Lei and Shanghai Hamao acting in concert, and Sun Jisheng having waived voting rights for a portion of his shares (I) Total Number of Shareholders As of the end of the reporting period, the company had a total of 16,576 common shareholders - As of the end of the reporting period, the total number of common shareholders was 16,576[115] (II) Top Ten Shareholders and Top Ten Tradable Shareholders (or Unrestricted Shareholders) as of the End of the Reporting Period Among the top ten shareholders, Sun Jisheng held 24.69%, Shanghai Hamao held 13.57%, and Yang Lei held 5.96%; Yang Lei and Shanghai Hamao are parties acting in concert, and Sun Jisheng has waived voting rights for a portion of his shares Top Ten Shareholders' Shareholding | Shareholder Name | Number of Shares Held at Period-end (shares) | Proportion (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Sun Jisheng | 59,550,069 | 24.69 | Domestic natural person | | Shanghai Hamao Business Consulting Co., Ltd. | 32,721,710 | 13.57 | Domestic non-state-owned legal person | | Yang Lei | 14,363,882 | 5.96 | Domestic natural person | - Mr. Yang Lei and Shanghai Hamao Business Consulting Co., Ltd. are parties acting in concert; Sun Jisheng has waived the voting rights corresponding to his remaining 32,954,801 shares[118] IV. Changes in Controlling Shareholder or Actual Controller The company's controlling shareholder changed to Shanghai Hamao Business Consulting Co., Ltd. on April 21, 2025, and the actual controller changed to Yang Lei Changes in Controlling Shareholder or Actual Controller | Indicator | Content | | :--- | :--- | | New Controlling Shareholder Name | Shanghai Hamao Business Consulting Co., Ltd. | | New Actual Controller Name | Yang Lei | | Change Date | 2025-4-21 | | Information Disclosure Website Query Index and Date | Shanghai Stock Exchange website (www.sse.com.cn) announcement on April 22, 2025, "Announcement on the Completion of Transfer Registration of Company Shares by Controlling Shareholder, Actual Controller and Their Parties Acting in Concert, and Change of Control (2025-053)" | Section VII Bond-Related Information This section provides details on the company's convertible bonds, including issuance, holder information, changes, cumulative conversion, price adjustments, credit status, and the decision for early redemption II. Convertible Corporate Bonds The company issued "Youon Convertible Bonds" on November 24, 2020, raising 886.48 million yuan; as of the end of the reporting period, there were 6,807 bondholders, with a convertible bond balance of 564.997 million yuan, 25.541 million yuan converted this period, and a cumulative conversion of 19.8154 million shares, accounting for 10.56% of total share capital before conversion; the conversion price has been adjusted multiple times, with the latest being 14.22 yuan/share; the company has good credit, and decided on July 14, 2025, to early redeem "Youon Convertible Bonds," reducing the balance to 2.024 million yuan after the redemption registration date, and delisting it on August 12, 2025 (I) Convertible Bond Issuance The company publicly issued "Youon Convertible Bonds" on November 24, 2020, with a total issuance of 886.48 million yuan and a net raised amount of 870.00 million yuan, which were listed and traded on the Shanghai Stock Exchange in December 2020 - On November 24, 2020, the company publicly issued 8,864,800 convertible corporate bonds, each with a face value of 100 yuan, raising a total of 886.48 million yuan, with a net amount of 870.00 million yuan[124] - The raised funds were fully received on November 30, 2020, and publicly listed and traded on the Shanghai Stock Exchange in December 2020[124] (II) Convertible Bond Holders and Guarantor Information During the Reporting Period As of the end of the reporting period, "Youon Convertible Bonds" had 6,807 holders and no guarantor; among the top ten convertible bondholders, Shanghai Bingqing Private Equity Fund Management Co., Ltd. held a relatively high aggregate proportion across multiple funds - At period-end, the number of convertible bondholders was 6,807, and the company's convertible bonds had no guarantor[125] Top Ten Convertible Bond Holders | Name of Convertible Corporate Bond Holder | Amount of Bonds Held at Period-end (yuan) | Holding Proportion (%) | | :--- | :--- | :--- | | Shanghai Bingqing Private Equity Fund Management Co., Ltd. - Bingqing Zhenxuan No. 2 Private Securities Investment Fund | 45,536,000 | 8.06 | | China Merchants Bank Co., Ltd. - Boshi CSI Convertible Bond and Exchangeable Bond ETF | 25,568,000 | 4.53 | | Industrial and Commercial Bank of China Co., Ltd. - Zhongou Convertible Bond Fund | 22,452,000 | 3.97 | | China Galaxy Securities Co., Ltd. | 21,167,000 | 3.75 | | Zhai Baozhen | 20,995,000 | 3.72 | | Shuai Jianhong | 18,250,000 | 3.23 | | Industrial and Commercial Bank of China Co., Ltd. - GF Convertible Bond Initiated Fund | 18,049,000 | 3.19 | | Shanghai Bingqing Private Equity Fund Management Co., Ltd. - Bingqing Zhenxuan No. 1 Private Securities Investment Fund | 11,513,000 | 2.04 | | Shanghai Bingqing Private Equity Fund Management Co., Ltd. - Shanghai Bingqing Long-Short Quantitative No. 1 Private Securities Investment Fund | 10,064,000 | 1.78 | | Shanghai Bingqing Private Equity Fund Management Co., Ltd. - Bingqing Shouzhen No. 8 Private FOF Securities Investment Fund | 8,780,000 | 1.55 | (III) Convertible Bond Changes During the Reporting Period During the reporting period, the balance of "Youon Convertible Bonds" decreased by 25.541 million yuan from 590.538 million yuan to 564.997 million yuan, primarily due to share conversions Convertible Bond Changes During the Reporting Period | Name of Convertible Corporate Bond | Before This Change (yuan) | Increase/Decrease from Conversion (yuan) | After This Change (yuan) | | :--- | :--- | :--- | :--- | | Youon Convertible Bonds | 590,538,000 | -25,541,000 | 564,997,000 | (IV) Cumulative Convertible Bond Conversion During the Reporting Period During the reporting period, "Youon Convertible Bonds" converted 25.541 million yuan into 1,774,791 shares; cumulative conversions reached 19.8154 million shares, accounting for 10.56% of the company's total issued shares before conversion, with 564.997 million yuan yet to be converted, representing 63.73% of the total issuance Cumulative Convertible Bond Conversion During the Reporting Period | Indicator | Youon Convertible Bonds | | :--- | :--- | | Amount Converted in Reporting Period (yuan) | 25,541,000 | | Number of Shares Converted in Reporting Period (shares) | 1,774,791 | | Cumulative Number of Shares Converted (shares) | 19,815,356 | | Cumulative Shares Converted as % of Total Shares Issued Before Conversion (%) | 10.56 | | Amount Not Yet Converted (yuan) | 564,997,000 | | Proportion of Unconverted Bonds to Total Convertible Bond Issuance (%) | 63.73 | (V) History of Conversion Price Adjustments The conversion price of "Youon Convertible Bonds" has undergone multiple adjustments since issuance due to profit distribution, capital reserve conversion, restricted stock repurchases and cancellations, and the share price triggering downward revision clauses; as of the end of this reporting period, the latest conversion price is 14.22 yuan/share - The conversion price of Youon Convertible Bonds has undergone multiple adjustments due to the implementation of profit distribution and capital reserve conversion plans, restricted stock repurchases and cancellations, and the share price triggering downward revision clauses[130][131][132] - As of the end of this reporting period, the latest conversion price is 14.22 yuan/share[132] (VI) Company's Debt Situation, Credit Changes, and Cash Arrangements for Future Debt Repayment At the end of the reporting period, the company's total liabilities were 1.19 billion yuan, comprising 354 million yuan in current liabilities and 831 million yuan in non-current liabilities; the company's corporate credit rating and bond credit rating are both "AA-", with a "stable" outlook, indicating good credit standing and stable operating funds for debt repayment - At the end of the reporting period, the company's total liabilities were 1.19 billion yuan, including 354 million yuan in current liabilities and 831 million yuan in non-current liabilities[133] - According to the rating report issued by Shanghai New Century Credit Rating Investment Services Co., Ltd., the company's convertible bond corporate credit rating is "AA-", bond credit rating is "AA-", and the rating outlook is "stable"[133] - The company's operations are stable, asset structure is reasonable, and credit standing is good, providing stable and sufficient operating funds for future interest payments and repayment of convertible corporate bonds[133] (VII) Other Explanations Regarding Convertible Bonds "Youon Convertible Bonds" triggered the early redemption clause between June 24 and July 14, 2025, and the company's Board of Directors decided to exercise the early redemption right; as of the redemption registration date (August 11, 2025), a cumulative 884.46 million yuan of convertible bonds had been converted into company shares, reducing the convertible bond balance to 2.024 million yuan, and it was delisted on August 12, 2025; this redemption had no significant impact on the company's cash flow, and the total share capital increased to 280,760,572 shares - The company's stock price closed at or above 130% of the current conversion price of "Youon Convertible Bonds" for 15 consecutive trading days from June 24, 2025, to July 14, 2025, triggering the redemption clause[134] - On July 14, 2025, the company's Board of Directors convened and decided to exercise the early redemption right for "Youon Convertible Bonds"[134] - As of August 11, 2025 (redemption registration date), a cumulative 884.46 million yuan of "Youon Convertible Bonds" had been converted into company shares, totaling 59,403,720 shares, accounting for 31.67% of the total share capital before conversion; the convertible bond balance was 2.024 million yuan, representing 0.23% of the total issuance[134] - The total redemption amount was 2.05 million yuan, which will not have a significant impact on the company's cash flow; after the redemption, the company's total share capital increased to 280,760,572 shares, and "Youon Convertible Bonds" were delisted on August 12, 2025[135] Section VIII Financial Report This section presents the company's consolidated and parent company financial statements for the first half of 2025, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, providing a comprehensive view of its financial position, operating results, and cash flows 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, operating results, and cash flow situation Consolidated Balance Sheet As of June 30, 2025, the company's consolidated total assets were 4.25 billion yuan, a 3.70% decrease from the beginning of the period; total current assets were 3.41 billion yuan, total non-current assets were 838.21 million yuan; total liabilities were 1.19 billion yuan, and total owners' equity was 3.06 billion yuan Key Data from Consolidated Balance Sheet | Item | June 30, 2025 (yuan) | December 31, 2024 (yuan) | | :--- | :--- | :--- | | Total Assets | 4,247,583,796 | 4,410,979,235.61 | | Total Current Assets | 3,409,378,511.93 | 3,537,818,434.60 | | Total Non-Current Assets | 838,205,284.07 | 873,160,801.01 | | Total Liabilities | 1,185,797,024.29 | 1,246,321,736.56 | | Total Owners' Equity | 3,061,786,771.71 | 3,164,657,499.05 | Parent Company Balance Sheet As of June 30, 2025, the parent company's total assets were 4.32 billion yuan, a 3.08% decrease from the beginning of the period; total current assets were 3.34 billion yuan, total non-current assets were 977.73 million yuan; total liabilities were 1.35 billion yuan, and total owners' equity was 2.97 billion yuan Key Data from Parent Company Balance Sheet | Item | June 30, 2025 (yuan) | December 31, 2024 (yuan) | | :--- | :--- | :--- | | Total Assets | 4,321,336,290.30 | 4,453,581,210.29 | | Total Current Assets | 3,343,609,800.82 | 3,443,801,017.58 | | Total Non-Current Assets | 977,726,489.48 | 1,009,780,192.71 | | Total Liabilities | 1,346,381,556.45 | 1,383,072,746.36 | | Total Owners' Equity | 2,974,954,733.85 | 3,070,508,463.93 | Consolidated Income Statement In the first half of 2025, the company's consolidated total operating revenue was 193.16 million yuan, a year-on-year decrease of 21.29%; total profit was -64.55 million yuan, net profit was -64.06 million yuan, and net profit attributable to parent company shareholders was -65.48 million yuan, representing a significant year-on-year loss Key Data from Consolidated Income Statement | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | I. Total Operating Revenue | 193,163,614.44 | 245,415,911.83 | | II. Total Operating Costs | 246,901,398.01 | 271,061,170.54 | | III. Operating Profit (Loss indicated by "-") | -64,178,246.56 | -675,471.22 | | IV. Total Profit (Total loss indicated by "-") | -64,549,277.67 | -1,520,430.56 | | V. Net Profit (Net loss indicated by "-") | -64,056,113.69 | -6,971,917.60 | | 1. Net Profit Attributable to Parent Company Shareholders (Net loss indicated by "-") | -65,475,566.36 | -7,802,426.62 | | VIII. Earnings Per Share: Basic EPS (yuan/share) | -0.27 | -0.03 | | VIII. Earnings Per Share: Diluted EPS (yuan/share) | -0.27 | -0.03 | Parent Company Income Statement In the first half of 2025, the parent company's operating revenue was 132.39 million yuan, a year-on-year decrease of 22.05%; net profit was -59.07 million yuan, with losses expanding, primarily due to increased operating costs, financial expenses, and credit impairment losses Key Data from Parent Company Income Statement | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | I. Operating Revenue | 132,390,864.16 | 169,834,244.16 | | Less: Operating Cost | 156,690,636.05 | 175,245,038.41 | | Less: Financial Expenses | 17,685,335.73 | 15,108,108.10 | | Less: Credit Impairment Losses (Loss indicated by "-") | -13,156,093.51 | 244,542.14 | | II. Operating Profit (Loss indicated by "-") | -60,798,411.07 | -20,775,255.50 | | IV. Net Profit (Net loss indicated by "-") | -59,066,632.51 | -23,137,016.11 | Consolidated Cash Flow Statement In the first half of 2025, the company's net cash flow from operating activities was 34.33 million yuan, a year-on-year decrease of 44.66%; net cash flow from investing activities was -247.08 million yuan, primarily due to a significant increase in cash outflow from purchasing wealth management products; net cash flow from financing activities was -62.04 million yuan Key Data from Consolidated Cash Flow Statement | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 34,329,518.13 | 62,032,945.24 | | Net Cash Flow from Investing Activities | -247,076,757.39 | -27,117,639.95 | | Net Cash Flow from Financing Activities | -62,042,244.27 | -60,356,981.70 | | Net Increase in Cash and Cash Equivalents | -274,839,799.51 | -25,354,042.94 | | Cash and Cash Equivalents at Period-end | 233,462,122.43 | 253,252,097.94 | - Net cash flow from investing activities significantly decreased, primarily due to the purchase of wealth management products[47] Parent Company Cash Flow Statement In the first half of 2025, the parent company's net cash flow from operating activities was 30.71 million yuan, turning positive year-on-year; net cash flow from investing activities was -225.68 million yuan, mainly due to a significant increase in cash paid for investments; net cash flow from financing activities was -59.77 million yuan Key Data from Parent Company Cash Flow Statement | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 30,713,625.90 | -118,013,47