鸿泉物联(688288) - 2025 Q2 - 季度财报

Section I Definitions This section provides definitions of common terms used in the report, ensuring clarity and understanding of the content Definitions of Common Terms This chapter defines common terms used in the report, including company names, subsidiaries, reporting periods, and key partners - The full name of the company is Hangzhou Hopechart IoT Technology Co., Ltd., abbreviated as Hopechart IoT[10] - The reporting period refers to the first half of 2025[10] - Several listed company subsidiaries are listed, including Zhejiang Hopechart Electronic Technology Co., Ltd. and Shanghai Chengsheng Technology Co., Ltd[10] Section II Company Profile and Key Financial Indicators This section provides an overview of the company's basic information, contact details, stock information, and key financial performance indicators I. Company Basic Information This section outlines the company's basic information, including its Chinese name, abbreviation, legal representative, and registered address - The company's Chinese name is Hangzhou Hopechart IoT Technology Co., Ltd., abbreviated as Hopechart IoT[12] - The legal representative is He Junqiang, and the company's registered address is No. 35 Qizhi Street, Xixing Street, Binjiang District, Hangzhou[12] II. Contact Person and Information This section provides the name and contact details of the company's Board Secretary for investor inquiries and communication - The Board Secretary (domestic representative for information disclosure) is Zhang Xujian[13] - The contact number is 0571-89775590, and the email address is ir@hopechart.com[13] III. Information Disclosure and Document Availability Changes This section details the company's designated newspaper and website for information disclosure, ensuring timely access to public information - The company's designated newspaper for information disclosure is "Shanghai Securities News," and the website for half-year reports is www.sse.com.cn[14](index=14&type=chunk) IV. Company Stock/Depositary Receipt Overview This section describes the company's stock listing, including its type, exchange, board, ticker symbol, and confirms no depositary receipts - The company's stock is A-shares, listed on the STAR Market of the Shanghai Stock Exchange, with the stock abbreviation Hopechart IoT and stock code 688288[15] - The company has no depositary receipts[16] VI. Key Accounting Data and Financial Indicators This section presents the company's key accounting data and financial indicators for H1 2025, showing significant revenue growth and a return to profitability 2025 Half-Year Key Accounting Data | Indicator | Current Reporting Period (Jan-Jun) (yuan) | Prior Year Period (yuan) | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 334,151,631.11 | 243,540,930.55 | 37.21% | | Total Profit | 33,550,839.76 | -19,015,639.42 | / | | Net Profit Attributable to Shareholders of Listed Company | 33,440,138.91 | -18,216,148.67 | / | | Net Cash Flow from Operating Activities | 311,519.27 | -67,035,312.13 | / | | Net Assets Attributable to Shareholders of Listed Company (End of Period) | 764,577,699.27 | 726,211,389.14 | 5.28% | | Total Assets (End of Period) | 1,148,216,830.23 | 1,065,561,195.71 | 7.76% | 2025 Half-Year Key Financial Indicators | Indicator | Current Reporting Period (Jan-Jun) | Prior Year Period | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.33 | -0.20 | / | | Diluted Earnings Per Share (yuan/share) | 0.33 | -0.20 | / | | Basic EPS after Non-Recurring Gains and Losses (yuan/share) | 0.27 | -0.23 | / | | Weighted Average Return on Net Assets (%) | 4.49% | -2.50% | / | | Weighted Average Return on Net Assets after Non-Recurring Gains and Losses (%) | 3.61% | -2.80% | / | | R&D Investment as % of Operating Revenue (%) | 18.71% | 30.34% | Decreased by 11.63 percentage points | - Operating revenue increased by 37.21% year-on-year, primarily due to stable growth in commercial vehicle business and expanded scale in passenger and two-wheeler vehicle businesses[18] - Net profit attributable to shareholders of the listed company significantly increased year-on-year, turning losses into profits, mainly due to increased operating revenue and controlled expenses[19] - R&D investment as a percentage of operating revenue decreased by 11.63 percentage points year-on-year, mainly due to increased operating revenue and controlled R&D expenses[19] VIII. Non-Recurring Gains and Losses Items and Amounts This section itemizes non-recurring gains and losses for the reporting period, totaling 6.56 million yuan, primarily from financial asset fair value changes and government grants 2025 Half-Year Non-Recurring Gains and Losses Items | Non-Recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets | -60,732.08 | | Government grants recognized in current profit or loss | 1,556,211.02 | | Gains or losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and disposal of financial assets and liabilities | 2,893,689.48 | | Gains or losses from entrusted investments or asset management | 679,166.59 | | Reversal of impairment provisions for accounts receivable subject to separate impairment testing | 1,024,500.79 | | Other non-operating income and expenses apart from the above | 531,781.19 | | Less: Income tax impact | - | | Impact on minority interests (after tax) | 65,647.03 | | Total | 6,558,969.96 | IX. Net Profit Excluding Share-Based Payment Impact (for companies with equity incentives/employee stock plans) This section discloses the net profit after deducting the impact of share-based payments, showing 37.68 million yuan for the current period Net Profit Excluding Share-Based Payment Impact | Indicator | Current Reporting Period (Jan-Jun) (yuan) | Prior Year Period (yuan) | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Net profit excluding share-based payment impact | 37,677,010.97 | -14,822,842.80 | / | Section III Management Discussion and Analysis This section provides an in-depth discussion of the company's industry, main business, operational performance, core competencies, and risk factors I. Industry and Main Business Overview During the Reporting Period This section details the company's industry classification, core businesses, products, and operating models, positioning it as an intelligent connected vehicle solution provider (I) Industry Overview The company is classified under "Computer, Communication and Other Electronic Equipment Manufacturing," focusing on intelligent vehicle equipment - The company utilizes big data, artificial intelligence, and 5G technologies to research, develop, produce, and sell intelligent connected vehicle equipment and big data cloud platforms[26] (II) Main Business, Products, or Services The company offers comprehensive solutions including intelligent connected devices, smart cockpits, controllers, and software platform development - Intelligent connected products include driving recorders, T-BOX, OBD, eCall, sensors, and ADAS advanced driver-assistance systems[30][31][32] - Smart cockpit products primarily include vehicle infotainment systems (central control screens) and instrument clusters, aiming to enhance driving experience and information display[32][36] - Controller products cover body control systems, thermal management controllers, and body domain controllers, aligning with the evolution of automotive electronic and electrical architectures[36][37] - Software platform development includes government supervision platforms and OEM vehicle networking platforms, demonstrating strong stickiness and synergy[37][38] (III) Main Business Model The company's business model involves selling equipment, accessories, and software development services, primarily through autonomous R&D and "production-to-order" manufacturing - The company primarily generates revenue and profit by providing equipment terminals, accessory sales, and software platform development services to OEMs, government clients, and transportation companies[39] - The R&D system is divided into an R&D center (product development and iteration) and a research institute (exploring cutting-edge technologies and pre-research), implementing an IPD system[41][42] - Procurement operates under a supply chain management model, promoting informatization of material procurement and just-in-time procurement, with a comprehensive supplier management system[42][43] - Production primarily adopts a "production-to-order" model, utilizing an ERP system to improve efficiency and fully implementing the "6S Management Rules"[44][45] - The sales model is divided into pre-installation business (direct sales to OEMs, stable supply, strong customer stickiness) and aftermarket business (targeting the existing commercial vehicle market), with pre-installation business being dominant in the reporting period[45][46][47] - The company's industry is "Computer, Communication and Other Electronic Equipment Manufacturing" (C39), specifically "Intelligent Vehicle Equipment Manufacturing" (C3962)[26] - The company's main businesses include intelligent connected products, smart cockpit products, controller products, and software platform development[27] - The company primarily adopts a "production-to-order" manufacturing model and a sales model combining pre-installation and aftermarket, with pre-installation business being dominant in the reporting period[44][45][47] II. Discussion and Analysis of Operations In H1 2025, the company achieved 334.15 million yuan in revenue, a 37.21% increase, and returned to profitability, driven by market recovery and business expansion - In the first half of 2025, the company achieved operating revenue of 334.15 million yuan, a year-on-year increase of 37.21%; net profit attributable to shareholders of the listed company was 33.44 million yuan, turning losses into profits[48] 2025 Half-Year Business Revenue Classification | Product Type | Revenue (billion yuan) | Year-on-Year Growth Rate | | :--- | :--- | :--- | | Intelligent Connected Products | 0.18 | 15.37% | | Smart Cockpit Products | 0.0633255 | 156.93% | | Controller Products | 0.0446116 | 63.94% | | Software Platform Development Business | - | Faster growth | - The company completed the development of eCall and NG eCall products and obtained the EU eCall certification for emergency call systems[53] - The company optimized its R&D team organizational structure, streamlined management levels, strengthened cooperation with universities to attract talent, and also controlled R&D expenses[54] - The company changed the use of its repurchased shares for cancellation, actively rewarding investors[54] - Looking ahead to the second half of the year, the company will focus on heavy-duty truck "National IV" trade-in, new energy commercial vehicles, and global export markets, while also promoting overseas exports of passenger vehicle connected terminals and mass production of controller projects[55] III. Analysis of Core Competencies During the Reporting Period The company's core competencies include strong R&D, a talented team, diverse product lines, robust supply chain, and established market leadership (I) Core Competency Analysis The company's core strengths lie in technology, talent, customer base, diversified product portfolio, supply chain, market pioneering, and quality - The company holds 68 invention patents, with a total of 428 patents and software copyrights, and R&D personnel account for 55.62% of the total workforce[57] - The company has established long-term stable cooperative relationships with multiple brand commercial vehicle, passenger vehicle, and two-wheeler OEMs, holding a high market share[59] - The company actively deploys in intelligent connected, smart cockpit, and controller fields, continuously enriching its product lines and extending to high-end domain control products[60] - The company has a first-mover advantage in the commercial vehicle intelligent connected field and is gradually establishing a first-mover advantage in passenger vehicle controllers and two-wheeler intelligent businesses[63] (III) Core Technologies and R&D Progress The company's core technologies span intelligent driving, AI assistance, and data platforms, with 62.53 million yuan in R&D investment and 9 ongoing projects - The company's core technologies include identification of undesirable driving behaviors, edge-cloud collaborative computing, commercial vehicle blind spot/driver monitoring, 360° surround view, and intelligent perception and active intervention for special operation vehicles[66][67][68] - The company possesses HQEC2 cloud platform technology and smart city big data management platform technology, supporting large-scale vehicle access and real-time streaming data processing[68][69] - In hardware engineering, the company has technologies for stable vehicle power supply, vibration protection, electromagnetic compatibility, and environmental adaptability[69][70] 2025 Half-Year R&D Investment | Indicator | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 62,531,701.80 | 73,885,280.34 | -15.37% | | Total R&D Investment | 62,531,701.80 | 73,885,280.34 | -15.37% | | Total R&D Investment as % of Operating Revenue (%) | 18.71% | 30.34% | Decreased by 11.63 percentage points | 2025 Half-Year R&D Personnel | Indicator | Current Period Number | Prior Year Period Number | | :--- | :--- | :--- | | Number of Company R&D Personnel (persons) | 371 | 391 | | R&D Personnel as % of Total Company Personnel (%) | 55.62 | 63.47 | | Total R&D Personnel Compensation (million yuan) | 48.4376 | 56.8488 | | Average R&D Personnel Compensation (million yuan) | 0.1306 | 0.1454 | - During the reporting period, the company obtained 1 invention patent and 1 utility model patent, accumulating a total of 68 invention patents, 75 utility model patents, and 259 software copyrights[72][73] - The company has 9 ongoing R&D projects, including commercial vehicle predictive maintenance systems, 360-degree panoramic surround view and perception fusion systems, and multi-source fusion high-precision positioning systems based on single Beidou, with a total investment of 179.76 million yuan[78][80] - The company holds 68 invention patents, with a total of 428 patents and software copyrights, and has 371 R&D personnel, accounting for 55.62% of the total workforce[57] - The company has established long-term cooperative relationships with numerous high-quality OEMs and Tier1 customers, including Shaanxi Automobile, BAIC Foton, China National Heavy Duty Truck, GAC Group, and CFMOTO[59] - The company has a diversified product portfolio in intelligent connected, smart cockpit, and controller fields, extending to high-end domain control products[60] - The company has a first-mover advantage in the commercial vehicle intelligent connected field and is gradually establishing a first-mover advantage in passenger vehicle controllers and two-wheeler intelligent businesses[63] - The company has passed CMMI3, ISO9001, IATF16949, and other system certifications, and possesses a CNAS accredited laboratory, with product quality leading in the industry[65] IV. Risk Factors The company faces multiple risks from technological upgrades, talent retention, customer concentration, supply chain volatility, market fluctuations, policy changes, and accounts receivable - The company faces risks of technological upgrades and iterations due to rapid technological evolution and the continuous emergence of new products and business models, requiring continuous R&D investment and innovation[83] - The intelligent connected vehicle industry is technology-intensive, and the company faces the risk of R&D personnel turnover[83][84] - Sales to the top five customers account for approximately 67.98% of current sales, indicating a risk of over-reliance on major customers[85] - Raw material costs constitute a significant proportion of the main business costs, and the company faces risks of tight raw material supply and substantial price increases due to geopolitical influences[85] - Commercial vehicles still account for a relatively high proportion of the company's main business revenue, and fluctuations in commercial vehicle production and sales will significantly impact the company's performance[86] - Policy changes, such as the "National IV" heavy-duty truck trade-in and national standards for in-vehicle emergency call systems, will impact the company's business development[87] - As of the end of the reporting period, the company's accounts receivable amounted to 348 million yuan, accounting for 30.31% of total assets, posing a risk of overdue accounts receivable[87] V. Key Operating Performance During the Reporting Period The company reported 334.15 million yuan in revenue, a 37.21% increase, and 33.44 million yuan in net profit, with significant changes across key financial items - During the reporting period, the company achieved operating revenue of 334.15 million yuan, a year-on-year increase of 37.21%; net profit attributable to shareholders of the listed company was 33.44 million yuan, turning losses into profits[88] 2025 Half-Year Financial Statement Item Variation Analysis | Item | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 334,151,631.11 | 243,540,930.55 | 37.21 | | Operating Cost | 208,535,193.04 | 156,824,928.97 | 32.97 | | Selling Expenses | 13,716,611.27 | 13,301,762.88 | 3.12 | | Administrative Expenses | 21,579,556.09 | 17,724,943.36 | 21.75 | | Financial Expenses | 132,467.85 | 2,029,224.94 | -93.47 | | R&D Expenses | 62,531,701.80 | 73,885,280.34 | -15.37 | | Net Cash Flow from Operating Activities | 311,519.27 | -67,035,312.13 | / | - The increase in operating revenue was mainly due to stable growth in commercial vehicle business and expanded scale in passenger and two-wheeler vehicle businesses[90] - Financial expenses decreased by 93.47% year-on-year, primarily due to intellectual property interest subsidies received[90] - Net cash flow from operating activities significantly increased year-on-year, mainly due to increased cash received from sales of goods and provision of services[90] 2025 Half-Year Asset and Liability Status Variation | Project Name | Current Period End Amount (yuan) | Current Period End as % of Total Assets | Prior Year End Amount (yuan) | Prior Year End as % of Total Assets | Change from Prior Year End (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 78,329,177.75 | 6.82 | 110,150,516.94 | 10.34% | -28.89 | | Notes Receivable | 113,872,444.89 | 9.92 | 77,379,764.12 | 7.26% | 47.16 | | Accounts Receivable | 348,057,438.09 | 30.31 | 279,824,902.24 | 26.26% | 24.38 | | Inventories | 102,166,065.90 | 8.90 | 73,566,404.16 | 6.90% | 38.88 | | Notes Payable | 0.00 | 0.00 | 4,456,776.65 | 0.42% | -100.00 | | Advances from Customers | 2,410,709.81 | 0.21 | 681,516.37 | 0.06% | 253.73 | | Other Current Liabilities | 63,639,143.79 | 5.54 | 14,697,915.19 | 1.38% | 332.98 | - Monetary funds decreased by 28.89%, mainly due to the purchase of large-denomination certificates of deposit and debt repayment[92] - Notes payable decreased by 100%, mainly due to a reduction in newly issued bank acceptance bills and a change in payment methods[94] - Other current liabilities increased by 332.98%, mainly because notes receivable did not meet the derecognition conditions, leading to an increase in notes receivable and other current liabilities[94][95] (VII) Investment Status Analysis This section details the company's financial assets measured at fair value, totaling 194.55 million yuan, and the financial performance of its major subsidiaries Changes in Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (yuan) | Fair Value Change Gains/Losses for the Period (yuan) | Amount Purchased for the Period (yuan) | Amount Sold/Redeemed for the Period (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Others (Trading financial assets, notes receivable financing, equity instrument investments, and other debt investments) | 216,593,940.65 | 2,109,860.61 | 580,300,000.00 | 569,627,044.99 | 194,548,158.37 | Financial Information of Major Holding and Participating Companies | Company Name | Company Type | Main Business | Registered Capital (yuan) | Total Assets (yuan) | Net Assets (yuan) | Operating Revenue (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hopechart Electronic | Subsidiary | Production of intelligent connected, smart cockpit, controller, and other vehicle terminal products | 80,000,000.00 | 251,218,591.12 | 58,951,502.17 | 204,253,997.47 | -2,148,310.65 | | Chengsheng Technology | Subsidiary | Smart city, smart city government management platform | 10,000,000.00 | 45,499,093.10 | 29,158,146.05 | 18,647,790.60 | 4,622,376.93 | | Beijing Yubo | Subsidiary | R&D of various controller products | 2,010,000.00 | 1,717,056.44 | -13,240,547.75 | 9,224,988.65 | 672,735.13 | | Dingdong Zhitu | Subsidiary | Aftermarket intelligent products, platform development, and other IoT application businesses | 8,333,300.00 | 9,745,368.79 | 3,186,538.49 | 5,454,781.07 | 591,350.71 | | Xianshu Intelligent | Subsidiary | Software development or operation and maintenance | 5,000,000.00 | 12,593,023.51 | 9,308,886.40 | 12,344,899.31 | 3,895,815.97 | Section IV Corporate Governance, Environment, and Society This section covers aspects of the company's governance, environmental practices, and social responsibilities, including profit distribution plans II. Profit Distribution or Capital Reserve Conversion Plan The company's board resolved not to propose any profit distribution or capital reserve conversion plan for the current half-year period - The company's proposed half-year profit distribution plan and capital reserve conversion plan are "No," with 0 shares for bonus shares, dividends, and conversion per 10 shares[101] Section V Significant Matters This section addresses significant corporate events, including the fulfillment of commitments, material litigation, and related party transactions I. Fulfillment of Commitments This section details the fulfillment of various commitments by the company, its controlling shareholder, and management, all of which were strictly adhered to - Controlling shareholder and actual controller He Junqiang committed not to transfer shares within 36 months from the date of the company's stock listing, and to transfer no more than 25% of his total holdings annually while serving as a director or senior executive[104] - The company, its controlling shareholder, actual controller, directors, and senior executives all committed to initiating share price stabilization measures under specific conditions, prioritizing share repurchase by the company[108] - The company and relevant parties committed that the prospectus contains no false records, misleading statements, or major omissions, and will bear corresponding repurchase and compensation liabilities[108][109][111][112] - Controlling shareholder and actual controller He Junqiang committed not to engage in businesses or activities that compete with the company and to minimize related party transactions with the issuer[113] - All commitments were timely and strictly fulfilled during the reporting period, with no unfulfilled commitments[104][105][106][107][108][109][110][111][112][113][114] VII. Material Litigation and Arbitration Matters The company had no material litigation or arbitration matters during the reporting period - The company had no material litigation or arbitration matters during the reporting period[116] X. Material Related Party Transactions The company anticipates 23 million yuan in related party transactions with QF Technology and ZJXL Information Technology and their affiliates in 2025 - The company expects to have related party transactions totaling 23 million yuan in 2025 with Beijing QF Technology Co., Ltd. and its controlled companies, and Beijing ZJXL Information Technology Co., Ltd. and its controlled companies[116] Section VI Share Changes and Shareholder Information This section outlines changes in the company's share capital and provides an overview of its shareholder structure, including major shareholders I. Share Capital Changes The company's total share capital increased from 100.64 million to 101.04 million shares due to the vesting of 400,000 restricted shares Share Capital Changes Table | Category | Number Before Change (shares) | Proportion Before Change (%) | Increase/Decrease in This Change (shares) | Number After Change (shares) | Proportion After Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Unrestricted Shares | 100,643,920 | 100% | 400,000 | 101,043,920 | 100% | | Total Shares | 100,643,920 | 100% | 400,000 | 101,043,920 | 100% | - On June 26, 2025, the company completed the share registration for the second vesting period of the 2022 Restricted Stock Incentive Plan for Class A incentive recipients, with 400,000 shares vested and listed for trading on July 2, 2025[125] II. Shareholder Information As of the reporting period end, the company had 6,003 common shareholders, with He Junqiang holding 35.06% and QF Technology holding 14.12% - As of the end of the reporting period, the total number of common shareholders was 6,003[125] Top Ten Shareholders' Shareholding as of the End of the Reporting Period | Shareholder Name | Shares Held at Period End (shares) | Proportion (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | He Junqiang | 35,429,100 | 35.06% | Domestic Natural Person | | Beijing QF Technology Co., Ltd. | 14,272,369 | 14.12% | Domestic Non-State-Owned Legal Person | | Anji Hong'er Enterprise Management Consulting Partnership (Limited Partnership) | 4,123,026 | 4.08% | Other | | Zhao Shengxian | 2,300,000 | 2.28% | Domestic Natural Person | | Anji Hongji Enterprise Management Consulting Partnership (Limited Partnership) | 1,728,588 | 1.71% | Other | | Hangzhou Hopechart IoT Technology Co., Ltd. Repurchase Special Securities Account | 1,230,216 | 1.22% | Other | | Shanghai Yucheng Sen Enterprise Management Partnership (Limited Partnership) | 1,054,758 | 1.04% | Other | | Anji Hongxian Enterprise Management Consulting Partnership (Limited Partnership) | 957,099 | 0.95% | Other | | Wang Guangkun | 662,899 | 0.66% | Domestic Natural Person | | Xu Fusheng | 614,543 | 0.61% | Domestic Natural Person | - He Junqiang is the controlling shareholder and actual controller of the company, and also the executive partner of Anji Hong'er, Anji Hongji, and Anji Hongxian[128] Section VII Bond-Related Information This section confirms that the company has no corporate bonds or non-financial enterprise debt financing instruments I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments The company had no corporate bonds or non-financial enterprise debt financing instruments during the reporting period - The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[132] II. Convertible Corporate Bonds The company had no convertible corporate bonds during the reporting period - The company has no convertible corporate bonds[132] Section VIII Financial Report This section presents the company's unaudited financial statements, including balance sheets, income statements, cash flow statements, and notes I. Audit Report This half-year report is unaudited - This half-year report is unaudited[134] 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 equity for H1 2025 - The consolidated balance sheet shows that as of June 30, 2025, the company's total assets were 1.15 billion yuan, and total equity attributable to parent company owners was 764.58 million yuan[135][136] - The consolidated income statement shows that for the first half of 2025, operating revenue was 334.15 million yuan, and net profit attributable to parent company shareholders was 33.44 million yuan[143][144] - The consolidated cash flow statement shows that net cash flow from operating activities for the first half of 2025 was 311,519.27 yuan[151] III. Company Basic Information This section outlines Hangzhou Hopechart IoT Technology Co., Ltd.'s history, registration, listing, capital, and primary operations in intelligent connected vehicle products - The company's predecessor was Hangzhou Hopechart Digital Equipment Co., Ltd., registered on June 11, 2009[170] - The company's shares were listed on the Shanghai Stock Exchange on November 6, 2019, with a registered capital of 101.04 million yuan[170] - The main business activities include the research, development, production, and sales of intelligent connected products, smart cockpit products, and controller products, as well as software platform development services[170] IV. Basis of Financial Statement Preparation The company's financial statements are prepared on a going concern basis, with no significant doubts about its ability to continue operations for the next 12 months - The company's financial statements are prepared on a going concern basis[171] - There are no matters or circumstances that cause significant doubt about the company's ability to continue as a going concern for the 12 months from the end of the reporting period[172] V. Significant Accounting Policies and Estimates This section details the company's accounting policies and estimates for financial instruments, inventory, fixed assets, intangible assets, and revenue recognition - The company has formulated specific accounting policies and estimates for transactions or events such as financial instrument impairment, inventory, depreciation of fixed assets, construction in progress, intangible assets, and revenue recognition, based on its actual production and operation characteristics[173] - The company classifies financial assets at initial recognition into those measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss[183] - The company makes provisions for bad debts for financial instruments such as notes receivable, accounts receivable, other receivables, and contract assets, based on expected credit losses[192][193][198][203][204] - The company's revenue recognition principle is to identify each distinct performance obligation in a contract and determine whether it is satisfied over time or at a point in time, measuring revenue based on the transaction price allocated to each performance obligation[236][237][238] - The company applies simplified treatment for short-term leases and leases of low-value assets, recognizing lease payments as part of the cost of related assets or current profit or loss on a straight-line basis over the lease term[245] VI. Taxation This section lists the company's main tax categories and rates, along with corporate income tax and VAT preferential policies for high-tech and small-profit enterprises Main Tax Categories and Rates | Tax Category | Tax Rate | | :--- | :--- | | Value-Added Tax | 13%, 9%, 6% | | Consumption Tax | 1.2% or 12% | | Urban Maintenance and Construction Tax | 7%, 5% | | Education Surcharge | 3% | | Local Education Surcharge | 2% | | Corporate Income Tax | 15%, 20% | - The company and its subsidiary, Zhejiang Hopechart Electronic Technology Co., Ltd., as high-tech enterprises, are subject to corporate income tax at a reduced rate of 15%[252] - Qualified small-profit enterprise subsidiaries calculate their taxable income at 25% and pay corporate income tax at a rate of 20%[253] - The company's sales of self-developed and produced software products are subject to a VAT refund policy for the portion exceeding a 3% actual tax burden[253] - Advanced manufacturing enterprises are allowed to deduct 5% of the current period's deductible input VAT from their payable VAT amount[254] VII. Notes to Consolidated Financial Statement Items This section provides detailed notes for consolidated financial statement items, explaining balances, changes, and accounting treatments for assets, liabilities, and income Ending Balances of Major Balance Sheet Items | Item | Ending Balance (yuan) | | :--- | :--- | | Monetary Funds | 78,329,177.75 | | Trading Financial Assets | 84,186,429.46 | | Notes Receivable | 113,872,444.89 | | Accounts Receivable | 348,057,438.09 | | Inventories | 102,166,065.90 | | Fixed Assets | 244,628,520.49 | | Short-term Borrowings | 160,809,186.22 | | Accounts Payable | 104,194,333.84 | | Employee Compensation Payable | 22,168,812.53 | | Share Capital | 101,043,920.00 | | Retained Earnings | -13,530,618.16 | - The ending balance of accounts receivable was 348.06 million yuan, accounting for 30.31% of total assets, an increase of 24.38% from the prior year-end, mainly due to revenue growth[94] - The ending balance of inventories was 102.17 million yuan, an increase of 38.88% from the prior year-end, mainly due to increased sales and production stocking[94] - Share capital increased by 400,000 yuan due to employee equity incentive exercise[374] - Operating revenue for the current period was 334.15 million yuan, a year-on-year increase of 37.21%, of which main business revenue was 327.34 million yuan[385] - R&D expenses for the current period were 62.53 million yuan, a year-on-year decrease of 15.37%[390] VIII. Research and Development Expenses This section details the company's R&D expenditures by nature of expense, totaling 62.53 million yuan for the period, entirely expensed R&D Expenses by Nature of Expense | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Personnel Expenses | 52,018,712.29 | 60,554,108.51 | | Depreciation Expenses | 3,612,822.56 | 3,912,167.22 | | Direct Input | 1,862,891.75 | 2,282,096.84 | | Other Expenses | 5,037,275.20 | 7,136,907.77 | | Total | 62,531,701.80 | 73,885,280.34 | | Of which: Expensed R&D | 62,531,701.80 | 73,885,280.34 | | Capitalized R&D | 0.00 | 0.00 | - All R&D expenditures for the current period were expensed, with no capitalized R&D expenditures[425] IX. Changes in Consolidation Scope There were no significant changes in the company's consolidation scope during the reporting period - There were no significant changes in the company's consolidation scope during the reporting period, such as non-same-control business combinations, same-control business combinations, reverse acquisitions, or disposal of subsidiaries[426] X. Interests in Other Entities This section discloses the company's equity interests in subsidiaries and associates, detailing their business nature and financial contributions Composition of the Enterprise Group | Subsidiary Name | Main Operating Location | Registered Capital | Business Nature | Shareholding Ratio (%) Direct | | :--- | :--- | :--- | :--- | :--- | | Shanghai Chengsheng Technology Co., Ltd. | Shanghai | 10.00 million yuan | Software Industry | 100 | | Zhejiang Hopechart Electronic Technology Co., Ltd. | Huzhou, Zhejiang | 80.00 million yuan | Manufacturing Industry | 100 | | Beijing Yubo Automotive Control System Co., Ltd. | Chaoyang, Beijing | 2.01 million yuan | Technology Promotion and Application Services | 100 | | Hangzhou Dingdong Zhitu Information Technology Co., Ltd. | Hangzhou, Zhejiang | 8.33 million yuan | Service Industry | 81.28 | | Shanghai Xianshu Intelligent Technology Co., Ltd. | Shanghai | 5.00 million yuan | Technology Promotion and Application Services | 100 | | Hangzhou Hopechart Park Management Co., Ltd. | Hangzhou, Zhejiang | 1.00 million yuan | Business Services | 100 | | HOPECHART IOT MIDDLE EAST AUTO SPARE PART TRADING L.L.C | Dubai | 100,000 AED | Wholesale Trade | 100 | | Hong Kong Hopechart IoT Industrial Co., Ltd. | Hong Kong | 1.00 million yuan | Import and Export | 100 | Summary Financial Information of Insignificant Joint Ventures and Associates | Item | Ending Balance/Current Period Amount (yuan) | Beginning Balance/Prior Period Amount (yuan) | | :--- | :--- | :--- | | Total Carrying Amount of Investments in Associates | 1,449,704.67 | 1,294,578.43 | | Net Profit of Associates (calculated by shareholding ratio) | 35,126.23 | -239,122.70 | | Total Comprehensive Income of Associates (calculated by shareholding ratio) | 35,126.23 | -239,122.70 | XI. Government Grants This section details government grant liabilities and income, with 8.77 million yuan recognized as income during the period Liability Items Related to Government Grants | Financial Statement Item | Beginning Balance (yuan) | New Grants for the Period (yuan) | Transferred to Other Income for the Period (yuan) | Ending Balance (yuan) | Related to Assets/Income | | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 2,182,826.32 | 0 | 30,961.02 | 2,151,865.30 | Related to Assets | | Deferred Income | 1,490,000.00 | 1,460,000.00 | 0 | 2,950,000.00 | Related to Income | | Total | 3,672,826.32 | 1,460,000.00 | 30,961.02 | 5,101,865.30 | / | Government Grants Recognized in Current Profit or Loss | Type | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Related to Assets | 30,961.02 | 70,961.04 | | Related to Income | 6,789,740.95 | 5,288,225.44 | | Other | 1,953,100.00 | 0 | | Total | 8,773,801.97 | 5,359,186.48 | XII. Risks Related to Financial Instruments The company manages financial instrument risks, including credit, liquidity, and market risks, through credit assessment, diversified financing, and prudent portfolio management - The company faces credit risk, liquidity risk, and market risk (interest rate risk and foreign exchange risk)[435] - Credit risk primarily arises from monetary funds and receivables, managed through credit assessment and balance monitoring[437] - Liquidity risk is controlled through various financing methods such as bill settlement and bank borrowings, combining long-term and short-term financing appropriately[438] - As of June 30, 2025, 57.96% of the company's accounts receivable and contract assets originated from the top five customers, indicating a certain degree of credit concentration risk[438] - As of December 31, 2024, all of the company's borrowings were fixed-rate borrowings, with no interest rate risk; major activities are denominated in RMB, so foreign exchange risk is not significant[441][442] XIII. Disclosure of Fair Value This section discloses the fair value of assets and liabilities measured at fair value, totaling 194.55 million yuan, and the valuation techniques used Fair Value of Assets and Liabilities Measured at Fair Value at Period End | Item | Level 1 Fair Value Measurement (yuan) | Level 3 Fair Value Measurement (yuan) | Total (yuan) | | :--- | :--- | :--- | :--- | | Trading Financial Assets | 0 | 140,387,255.18 | 140,387,255.18 | | Of which: Equity Instrument Investments | 0 | 56,200,825.72 | 56,200,825.72 | | Of which: Derivative Financial Assets | 0 | 84,186,429.46 | 84,186,429.46 | | Notes Receivable Financing | 11,762,485.38 | 0 | 11,762,485.38 | | Other Debt Investments | 42,398,417.81 | 0 | 42,398,417.81 | | Total Assets Continuously Measured at Fair Value | 54,160,903.19 | 140,387,255.18 | 194,548,158.37 | - The company's Level 1 fair value measured trading financial assets are stocks traded in active markets, with fair value determined by active market quotations[447] - Level 3 fair value measurement items include unlisted company equity (using specific valuation techniques), bank acceptance bills receivable (recognized at face value), and wealth management products and other debt investments (calculated based on expected return rates)[448] XIV. Related Parties and Related Party Transactions This section identifies related parties and details related party transactions, including 1,490.57 yuan in software development services with Urumqi ZJXL Information Technology - Urumqi ZJXL Information Technology Co., Ltd. is an enterprise controlled by the actual controller of Beijing QF Technology Co., Ltd., and is an other related party of the company[451] Related Party Transactions for Purchase and Sale of Goods, Provision and Acceptance of Services | Related Party | Related Transaction Content | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | :--- | | Urumqi ZJXL Information Technology Co., Ltd. | Software Development | 1,490.57 | 0 | Key Management Personnel Compensation | Item | Current Period Amount (million yuan) | Prior Period Amount (million yuan) | | :--- | :--- | :--- | | Key Management Personnel Compensation | 4.1825 | 1.8629 | XV. Share-Based Payments This section details the company's 2022, 2023, and 2024 restricted stock incentive plans, with 4.13 million yuan in share-based payment expenses recognized this period Details of Each Equity Instrument | Grantee Category | Number Granted This Period (shares) | Amount Granted This Period (yuan) | Number Exercised This Period (shares) | Amount Exercised This Period (yuan) | Number Forfeited This Period (shares) | Amount Forfeited This Period (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Management Personnel | 0 | 0 | 0 | 0 | 5,000.00 | 17,820.00 | | R&D Personnel | 0 | 0 | 400,000.00 | 5,840,000.00 | 12,000.00 | 14,112.00 | | Total | 0 | 0 | 400,000.00 | 5,840,000.00 | 17,000.00 | 31,932.00 | - For the 2022 Restricted Stock Incentive Plan, the grant price for Class A incentive recipients was 2 yuan/share, and for Class B incentive recipients was 15 yuan/share, with vesting in batches[458][459] - The grant price for the 2023 reserved restricted shares was 15 yuan/share, with vesting in batches[460] - For the 2024 initial grant of restricted shares, the grant price for Beijing Yubo incentive recipients was 8.57 yuan/share, and for Shanghai Chengsheng incentive recipients was 10.00 yuan/share, with vesting in batches[461] Share-Based Payment Expenses for the Current Period | Grantee Category | Equity-Settled Share-Based Payment Expenses (yuan) | | :--- | :--- | | Management Personnel | 228,747.34 | | R&D Personnel | 3,581,084.99 | | Sales Personnel | 189,135.24 | | Production Personnel | 127,203.64 | | Total | 4,126,171.21 | XVI. Commitments and Contingencies The company had no significant contingent matters requiring disclosure as of the balance sheet date - The company has no significant contingent matters requiring disclosure[464] XVII. Events After the Balance Sheet Date The company had no significant non-adjusting events, profit distributions, or sales returns requiring disclosure after the balance sheet date - The company has no significant non-adjusting events, profit distribution situations, or sales returns requiring disclosure after the balance sheet date until the report issuance date[465] XVIII. Other Significant Matters The company operates as a single business segment, managing and evaluating its intelligent connected products business as a whole - The company's main business is the production and sale of intelligent connected products, and this business is managed and its operating results are evaluated as a whole, thus no segment information needs to be disclosed[466] XIX. Notes to Parent Company Financial Statement Items This section provides detailed notes for the parent company's key financial statement items, including accounts receivable, long-term equity investments, and operating income - The parent company's accounts receivable ending balance was 345.67 million yuan, with 99.17% having an aging of less than 1 year[470] - The parent company's long-term equity investment ending balance was 152.42 million yuan, including investments in subsidiaries of 150.97 million yuan and investments in associates and joint ventures of 1.45 million yuan[488] - The parent company's operating revenue for the current period was 293.96 million yuan, of which main business revenue was 290.40 million yuan[494] - The parent company's investment income for the current period was 11.52 million yuan, mainly from long-term equity investments accounted for using the cost method[499] XX. Supplementary Information This section provides supplementary information, including a detailed non-recurring gains and losses statement totaling 6.56 million yuan and key profitability ratios Current Period Non-Recurring Gains and Losses Details | Item | Amount (yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets | -60,732.08 | | Government grants recognized in current profit or loss | 1,556,211.02 | | Gains or losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and disposal of financial assets and liabilities | 2,893,689.48 | | Gains or losses from entrusted investments or asset management | 679,166.59 | | Reversal of impairment provisions for accounts receivable subject to separate impairment testing | 1,024,500.79 | | Other non-operating income and expenses apart from the above | 531,781.19 | | Impact on minority interests (after tax) | -65,647.03 | | Total | 6,558,969.96 | Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Basic Earnings Per Share (yuan) | Diluted Earnings Per Share (yuan) | | :--- | :--- | :--- | :--- | | Net profit attributable to ordinary shareholders of the company | 4.49 | 0.33 | 0.33 | | Net profit attributable to ordinary shareholders of the company after deducting non-recurring gains and losses | 3.61 | 0.27 | 0.27 |