安邦护卫(603373) - 2025 Q2 - 季度财报

Important Notice This section outlines the company's semi-annual profit distribution plan and provides forward-looking statements and commitments regarding operational risks and related party transactions Profit Distribution Plan The company's board of directors approved the 2025 semi-annual profit distribution plan, proposing a cash dividend of 2.0 yuan (tax inclusive) for every 10 shares to all shareholders, totaling 21,505,376.40 yuan - The company plans to distribute a cash dividend of 2.0 yuan (tax inclusive) for every 10 shares to all shareholders based on the total share capital registered on the equity distribution record date[6] - As of June 30, 2025, the company's total share capital is 107,526,882 shares, with the calculated total proposed cash dividend being 21,505,376.40 yuan (tax inclusive)[6] - This plan has been reviewed and approved by the company's board of directors and supervisory board, and is subject to approval by the general meeting of shareholders[6] Risk Statement and Commitments Forward-looking statements regarding business plans and development strategies in this report do not constitute substantial commitments, and the company has no non-operating fund occupation by controlling shareholders or other related parties, nor has it provided external guarantees in violation of decision-making procedures - Forward-looking descriptions such as business plans and development strategies in this report do not constitute substantial commitments by the company to investors[7] - The company has no non-operating fund occupation by controlling shareholders or other related parties[8] - The company has not provided external guarantees in violation of prescribed decision-making procedures[8] Section I Definitions This section defines common terms used throughout the report, ensuring clarity and accurate understanding of the content Definitions of Common Terms This chapter provides definitions of common terms used in the report, including company name, reporting period, controlling shareholder, actual controller, and various business and technical terms, ensuring accurate understanding of the report content - “Company”, “this Company”, “Anbang Guard” refer to Anbang Guard Group Co., Ltd[14] - “Reporting Period”, “this Period” refer to January 1, 2025 to June 30, 2025[14] - “Controlling Shareholder”, “State-owned Assets Company” refer to Zhejiang Provincial State-owned Capital Operation Co., Ltd; “Actual Controller”, “Zhejiang SASAC” refer to Zhejiang Provincial People's Government State-owned Assets Supervision and Administration Commission[14] - “Cash Sorting” refers to the process of distinguishing denominations, authenticating banknotes, counting quantities, and classifying quality of RMB[14] - “Manned Guarding”, “Human Prevention” refer to utilizing personnel to detect, delay, or prevent risk events and issue emergency rescue signals[14] - “Technical Prevention” refers to security prevention through modern scientific and technological means such as electronic surveillance and electronic anti-theft alarms[15] Section II Company Profile and Key Financial Indicators This section provides an overview of the company's basic information and presents its key accounting data and financial performance indicators Company Basic Information This chapter introduces the company's Chinese name, abbreviation, legal representative, contact information, registered and office addresses, website, email, as well as stock overview and continuous supervision sponsor institution information - The company's Chinese name is Anbang Guard Group Co., Ltd., abbreviated as Anbang Guard, with Xie Wei as the legal representative[17] - The company's registered and office address is E8 Building, Zhijiang Fortune Center, No. 6 Fenghua Road, Zhuantang Street, Xihu District, Hangzhou City, Zhejiang Province[19] - The company's shares are A-shares, listed on the Shanghai Stock Exchange, with stock abbreviation Anbang Guard and stock code 603373[22] - During the reporting period, the sponsor institution performing continuous supervision duties is Caitong Securities Co., Ltd., with the continuous supervision period from December 20, 2023 to December 31, 2025[23] Company Key Accounting Data and Financial Indicators The company's operating revenue increased by 6.03% in the first half of 2025, net profit attributable to shareholders increased by 6.99%, basic earnings per share were 0.53 yuan/share, and weighted average return on net assets improved Key Accounting Data for H1 2025 | Indicator | Current Period (Jan-Jun) (yuan) | Prior Period (yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,332,609,848.57 | 1,256,835,584.94 | 6.03 | | Total Profit | 168,728,001.33 | 160,801,389.39 | 4.93 | | Net Profit Attributable to Listed Company Shareholders | 56,557,951.19 | 52,861,870.34 | 6.99 | | Net Profit Attributable to Listed Company Shareholders After Deducting Non-recurring Gains and Losses | 55,229,590.97 | 51,668,802.27 | 6.89 | | Net Cash Flow from Operating Activities | -75,336,489.11 | -133,635,887.39 | Not applicable | | Net Assets Attributable to Listed Company Shareholders (Period-end) | 1,796,614,234.08 | 1,791,493,162.54 | 0.29 | | Total Assets (Period-end) | 3,649,368,875.94 | 3,616,680,608.51 | 0.90 | Key Financial Indicators for H1 2025 | Key Financial Indicator | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.53 | 0.49 | 8.16 | | Diluted Earnings Per Share (yuan/share) | 0.53 | 0.49 | 8.16 | | Basic Earnings Per Share After Deducting Non-recurring Gains and Losses (yuan/share) | 0.51 | 0.48 | 6.25 | | Weighted Average Return on Net Assets (%) | 3.15 | 3.03 | Increase of 0.12 percentage points | | Weighted Average Return on Net Assets After Deducting Non-recurring Gains and Losses (%) | 3.07 | 2.97 | Increase of 0.10 percentage points | Non-recurring Gains and Losses Items and Amounts The company's non-recurring gains and losses for the first half of 2025 totaled 1,328,360.22 yuan, primarily including government subsidies and disposal gains/losses of non-current assets Non-recurring Gains and Losses Items and Amounts for H1 2025 | Non-recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Disposal gains/losses of non-current assets | -1,183,386.29 | | Government subsidies recognized in current profit/loss | 6,516,400.47 | | Fair value changes and disposal gains/losses from financial assets and liabilities held by non-financial enterprises | 51,958.18 | | Other non-operating income and expenses apart from the above | -915,268.00 | | Other profit/loss items meeting the definition of non-recurring gains/losses | -40,770.89 | | Less: Income tax impact | 785,434.62 | | Minority interest impact (after tax) | 2,315,138.63 | | Total | 1,328,360.22 | Section III Management Discussion and Analysis This section provides an in-depth discussion and analysis of the company's industry, main business operations, core competitiveness, and key financial performance during the reporting period Explanation of the Company's Industry and Main Business Operations During the Reporting Period The company's main business covers financial security, integrated security, and safety emergency services, actively expanding overseas operations. During the reporting period, security services, armed escort, financial outsourcing, safety emergency, overseas security, and low-altitude economy sectors all showed growth, with technological and diversified development as key trends Company's Industry Situation During the Reporting Period The domestic security service industry shows diversified, technological, and international development trends, with continuous expansion in sub-markets like security services, armed escort, financial outsourcing, safety emergency, overseas security, and low-altitude economy, especially the low-altitude economy, which is hailed as its 'first year' and exhibits rapid growth - The development trend of the domestic security service industry is characterized by diversification, technological advancement, and internationalization, increasingly relying on advanced technological means such as artificial intelligence and big data analytics[30] Market Size of Key Security Service Industries | Industry | 2024 Market Size | 2025 Estimated Market Size | | :--- | :--- | :--- | | Security Services | approx. 330 billion yuan | 360 billion yuan | | Armed Escort Services | 35.276 billion yuan | 35.6 billion yuan | | Safety Emergency Industry | 2.4 trillion yuan | 2.8 trillion yuan | | Low-Altitude Economy | - | 1.5 trillion yuan (2025), 3.5 trillion yuan (2035) | - Financial outsourcing services have expanded from armed escort and ATM operations to vault guarding, cash sorting, safe deposit box storage, cash vault custody, and even full cash process services[32] - Demand for overseas security services continues to increase, benefiting from the growth of non-financial direct investment and overseas contracted projects in "Belt and Road" countries[33] - The low-altitude economy was first included in the "Government Work Report", with local governments intensively issuing action plans, leading to rapid development across the entire industry chain[33] Explanation of Main Business Operations As a comprehensive security service provider, the company's main business covers financial security services (armed escort, financial outsourcing), integrated security services (integrated security, smart security systems), and safety emergency services (case-related property management, traffic emergency, emergency rescue), while actively expanding overseas business - The company's main business covers three areas: financial security services, integrated security services, and safety emergency services, while actively expanding overseas operations[35] - Financial security services include armed escort of cash, important documents, and valuables for financial institutions, as well as cash sorting, safe deposit box storage, vault leasing, vault guarding, self-service equipment custody, cash vault custody, and full cash chain services[35] - Integrated security services utilize technologies such as IoT and big data to provide comprehensive, integrated security services and smart security products for key entities like government, banks, schools, hospitals, and large-scale events[35] - Safety emergency services have established a service system covering pre-event, in-event, and post-event aspects, including case-related property management, traffic emergency services, social emergency material management, and emergency rescue and grassroots governance services[36] Market Position The company is the first armed escort enterprise with full provincial coverage in China, holding all armed escort qualifications within the province, and enjoys high recognition and a leading position in Zhejiang Province - The company is the first armed escort enterprise with full provincial coverage in China, holding all armed escort qualifications within the province[37] - As of June 30, 2025, the company has over 17,000 employees and more than 2,100 professional escort vehicles, having established a service network covering all of Zhejiang Province[37] - The company enjoys high recognition and a leading position within the industry in Zhejiang Province[37] Discussion and Analysis of Operations In the first half of 2025, the company's operations showed steady progress, with both operating revenue and net profit maintaining positive growth. The company optimized its industrial layout, consolidated the financial security sector, expanded integrated smart security and safety emergency services, and initiated new overseas security ventures. Concurrently, the company strengthened innovation-driven development, achieving phased results in major projects, technological empowerment, and low-altitude security deployment Emphasizing Quality and Efficiency, Main Business Achieves Steady Development In the first half of 2025, the company achieved operating revenue of 1.333 billion yuan, a year-on-year increase of 6.03%; net profit attributable to shareholders was 56.56 million yuan, a year-on-year increase of 6.99%, demonstrating improvements in both operating scale and profitability - In the first half of the year, the company achieved operating revenue of 1.333 billion yuan, a year-on-year increase of 6.03%[38] - Net profit was 120 million yuan, a year-on-year increase of 7.13%, with net profit attributable to listed company shareholders at 56.56 million yuan, a year-on-year increase of 6.99%[38] - Key indicators such as asset-liability ratio, return on net assets, R&D intensity, and per capita labor productivity remained stable[38] Optimizing Industrial Layout, Accelerating Construction of Industrial System The company achieved steady growth in the financial security sector, increasing its provincial market share; integrated smart security services made breakthroughs, with low-altitude security business revenue reaching 5.2775 million yuan; system security (emergency) services showed strong growth, covering 10 cities with grassroots governance services; and overseas security services opened a new chapter, collaborating with Youlan Security to explore the African financial armed escort market - The financial security sector achieved steady growth, with 111 new early pick-up and late delivery service outlets and an increased provincial market share of 82.99%[39] - The integrated smart security services sector made breakthroughs against the trend, with revenue from low-altitude security-related businesses reaching 5.2775 million yuan in the first half of the year[39] - The system security (emergency) services sector showed strong growth, signing a new round of strategic cooperation agreements with the Provincial Emergency Management Department, and adding 17 new contracted units for grassroots governance services[40][41] - The overseas security services sector opened a new chapter, reaching a cooperation intention with Youlan Security to jointly explore the African financial armed escort market[41] Strengthening Innovation-Driven Development, Steadily Improving Operational Quality and Efficiency The company established the goal of building a 'technology-driven comprehensive grand security service enterprise', with smooth progress in major projects, technological innovation empowering business, phased achievements in the all-domain security matrix, and continuous deepening of low-altitude security deployment, including the establishment of Anbang Guard Space-Time (Zhoushan) Technology Co., Ltd - The provincial key project "Research and Application of Low-Altitude High-Speed Intelligent Physical Anti-UAV Technology" and 4 internal key projects are progressing in an orderly manner[42] - The "Integrated Guard and Escort (Phase II) Project" undertaken by subsidiary Anbang Technology for Nanchang Security Guard Company passed acceptance, earning the Class A security engineering enterprise qualification from the China Security Association[42] - The company is accelerating the construction of a smart security matrix system covering scenarios such as large-scale event security, smart park management, and financial escort upgrades, creating a new three-dimensional prevention and control model of "aerial drone patrol + ground robot patrol + intelligent personnel equipment linkage"[43] - The company co-established a low-altitude economy innovation consortium with the Provincial Communications Group and Provincial Airport Group, and Anbang General Aviation's "Drone-assisted Emergency Rescue and Fire Safety" project was selected as a national industry recognized case[43][44] - On May 21, 2025, the company established Anbang Guard Space-Time (Zhoushan) Technology Co., Ltd., to research and develop related products and services from the dimensions of manned guarding, physical prevention, and technical prevention[44] Analysis of Core Competitiveness During the Reporting Period The company's core competitiveness stems from its state-owned enterprise background, providing government recognition and resource advantages, a full provincial security service network, technology-led innovation capabilities, and a comprehensive intelligent control system, all of which enhance its market competitiveness and operational efficiency - As a state-owned security service enterprise, the company gains greater recognition and trust when participating in government projects, with strategic investor CETC HIK providing advanced security technology support[45] - The company is the first armed escort enterprise with full provincial coverage, capable of centrally undertaking outsourcing demands from financial institution clients and fully integrating into the government's "Grand Security, Grand Emergency, Grand Disaster Reduction" system[46] - The company actively deploys research into security technology applications, with subsidiary Anbang Technology developing multi-scenario application software to improve industry resource allocation efficiency and reduce operating costs[47][48] - The company has fully launched its integrated business and finance system, optimized its human resource management system, and widely implemented intelligent project operation pilots, enhancing service management levels and high-quality business development[49] Key Operating Performance During the Reporting Period During this reporting period, the company's operating revenue and cost both increased, with sales expenses significantly rising due to increased marketing efforts. In terms of assets, receivables and construction in progress grew substantially, while monetary funds decreased; on the liability side, both short-term and long-term borrowings increased. Some assets are restricted Analysis of Main Business The company's operating revenue increased by 6.03% year-on-year, primarily due to the expansion of financial outsourcing and grassroots governance services. Sales expenses grew by 57.25% due to increased marketing efforts, financial expenses changed due to reduced interest income and increased borrowings, and net cash flow from operating activities improved Analysis of Changes in Key Accounting Data | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,332,609,848.57 | 1,256,835,584.94 | 6.03 | | Operating Cost | 1,017,727,494.67 | 953,547,483.72 | 6.73 | | Sales Expenses | 4,229,726.46 | 2,689,836.08 | 57.25 | | Administrative Expenses | 110,136,730.97 | 111,548,295.85 | -1.27 | | Financial Expenses | -2,870,322.70 | -11,499,748.66 | Not applicable | | R&D Expenses | 9,310,543.94 | 9,903,946.98 | -5.99 | | Net Cash Flow from Operating Activities | -75,336,489.11 | -133,635,887.39 | Not applicable | | Net Cash Flow from Investing Activities | -96,320,367.59 | -59,742,759.80 | Not applicable | | Net Cash Flow from Financing Activities | -28,303,988.22 | -111,880,276.23 | Not applicable | - The change in operating revenue was primarily due to the company's successful expansion of financial outsourcing and grassroots governance services[51] - The change in sales expenses was primarily due to increased marketing efforts by Anbang Technology subsidiary, leading to higher sales personnel and travel expenses[51] - The change in net cash flow from operating activities was primarily due to higher cash inflows from operating activities compared to the prior period[51] Analysis of Assets and Liabilities At period-end, monetary funds decreased by 12.34%, receivables increased by 56.39%, construction in progress increased by 29.52%, short-term borrowings increased by 18.76%, and long-term borrowings significantly increased by 989.13%. The company had 153 million yuan in restricted assets at period-end, mainly for loan collateral and various deposits Changes in Assets and Liabilities | Item Name | Current Period-end Amount (yuan) | Proportion of Total Assets at Period-end (%) | Prior Year-end Amount (yuan) | Proportion of Total Assets at Prior Year-end (%) | Change from Prior Year-end (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 1,423,714,619.98 | 39.01 | 1,624,210,933.52 | 44.91 | -12.34 | | Receivables | 608,608,424.24 | 16.68 | 389,163,582.71 | 10.76 | 56.39 | | Inventories | 82,264,788.12 | 2.25 | 74,431,005.85 | 2.06 | 10.52 | | Construction in Progress | 215,374,828.37 | 5.90 | 166,282,818.28 | 4.60 | 29.52 | | Short-term Borrowings | 93,222,760.85 | 2.55 | 78,495,197.13 | 2.17 | 18.76 | | Long-term Borrowings | 25,050,000.00 | 0.69 | 2,300,000.00 | 0.06 | 989.13 | - The decrease in monetary funds was primarily due to increased expenditures on construction in progress projects and dividend payments[53] - The increase in receivables was primarily due to higher operating revenue in the current period, leading to an increase in accounts receivable within the credit period[53] - The significant increase in long-term borrowings was primarily due to increased borrowings for subsidiary project construction[53][54] Major Restricted Assets as of the End of the Reporting Period | Item | Period-end Book Balance (yuan) | Period-end Book Value (yuan) | Restriction Type | Restriction Details | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 15,635,679.83 | 15,635,679.83 | Guarantee | Performance deposits, letter of guarantee deposits, and acceptance bill deposits are not readily available for expenditure | | Monetary Funds | 1,305,737.00 | 1,305,737.00 | Pledge | Driver training deposits are not readily available for expenditure | | Fixed Assets | 64,664,689.52 | 64,664,689.52 | Mortgage | Mortgage for bank loans | | Intangible Assets | 11,751,695.75 | 11,751,695.75 | Mortgage | Pledge for bank loans | | Investment Properties | 59,812,563.72 | 37,321,479.50 | Mortgage | Pledge for bank loans | | Total | 153,170,365.82 | 130,679,281.60 | / | / | Analysis of Major Holding and Participating Companies The company's major holding subsidiaries performed steadily in financial security and safety emergency services, with Ningbo Anbang, Shaoxing Anbang, Taizhou Anbang, and other subsidiaries contributing higher operating revenue and net profit. During the reporting period, the company established a new subsidiary for low-altitude economy development and liquidated two subsidiaries Financial Data of Major Subsidiaries (Unit: 10,000 yuan) | Company Name | Registered Capital | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hangzhou Anbang | 5,000.00 | 16,323.78 | 7,660.86 | 13,845.98 | 545.92 | 509.61 | | Zhoushan Anbang | 2,000.00 | 8,633.98 | 7,227.61 | 3,354.44 | 480.68 | 349.97 | | Ningbo Anbang | 5,000.00 | 45,687.96 | 26,918.08 | 31,947.60 | 3,940.40 | 2,892.72 | | Shaoxing Anbang | 2,000.00 | 37,182.19 | 29,528.44 | 13,374.49 | 3,197.59 | 2,408.63 | | Quzhou Anbang | 5,000.00 | 22,625.06 | 14,470.66 | 10,060.39 | 644.12 | 419.05 | | Huzhou Anbang | 2,000.00 | 17,273.22 | 13,755.04 | 6,866.05 | 1,595.23 | 1,210.54 | | Jiaxing Anbang | 5,000.00 | 27,548.84 | 19,185.70 | 9,812.97 | 2,323.90 | 1,743.03 | | Taizhou Anbang | 5,000.00 | 44,240.66 | 28,348.84 | 18,012.81 | 3,606.84 | 2,676.30 | | Wenzhou Anbang | 8,000.00 | 35,275.65 | 30,062.96 | 13,149.74 | 2,299.57 | 1,725.24 | | Lishui Anbang | 5,000.00 | 20,485.69 | 16,775.24 | 7,120.02 | 1,075.03 | 813.36 | | Anbang Smart | 25,000.00 | 27,531.32 | 25,310.81 | 2,494.73 | -7.89 | -59.68 | | Anbang Technology | 5,500.00 | 5,855.62 | 1,767.77 | 1,462.82 | -882.18 | -879.29 | - During the reporting period, Taizhou Anpei Vocational Skill Training Co., Ltd. and Zhejiang Zhoushan Anbang Technology Service Co., Ltd. were liquidated and deregistered, which had no significant impact on overall production, operations, and performance[61] Other Disclosures The company faces risks such as changes in main business policies, shrinking cash demand, sustainability of revenue growth, declining net profit, and intensified competition in integrated security and safety emergency services. The company actively implements the "Quality Improvement, Efficiency Enhancement, and Return Focus" action plan, concentrating on its main business, increasing R&D investment, prioritizing shareholder returns, and optimizing investor relations management Potential Risks The company faces risks from policy changes in armed escort services, shrinking cash demand due to mobile payment popularization, sustainability of revenue growth from slowing provincial escort business expansion, declining net profit due to rising labor costs, and intensified competition in the integrated security and safety emergency service markets - Revenue from the main business of armed escort services accounts for over 60%; if national regulations on armed escort are relaxed in the future, the company's business operations will face competitive pressure[63] - With the popularization of mobile payments, the overall societal use of cash is decreasing, and the company faces the risk of shrinking customer demand for cash escort services[64] - The company's escort business is primarily concentrated within Zhejiang Province, with a share exceeding 80%, and out-of-province expansion is just beginning, creating uncertainty about the sustained growth of escort business in the future[65] - Labor costs account for a high proportion of main business costs (72.01%); if revenue declines or labor costs rise too quickly in the future, the company will face the risk of declining net profit[66] - The entry barrier for integrated security services is relatively low, leading to fierce industry competition; although there are fewer operators in safety emergency services, there are no entry qualification restrictions, and thus it also faces the risk of intensified competition in the future[67] Other Disclosures The company actively implements the "Quality Improvement, Efficiency Enhancement, and Return Focus" action plan, focusing on its core security service business for steady development, achieving a 6.03% year-on-year increase in operating revenue in the first half of 2025. The company continuously increases R&D investment, builds a smart security matrix, highly values investor returns, having distributed approximately 108 million yuan in cash dividends since listing, and optimizes investor relations management to enhance enterprise value - The company thoroughly implements the "Quality Improvement, Efficiency Enhancement, and Return Focus" action plan, focusing on its core "security services" business and planning a diversified operational development strategic layout[68] - From January to June 2025, the company achieved operating revenue of 1.333 billion yuan, a year-on-year increase of 6.03%[69] - The company continuously and steadily increases R&D investment, with 9.3105 million yuan invested in R&D in the first half of 2025, accelerating the construction of a smart security matrix system[69] - The company highly values reasonable investor returns, having distributed cash dividends for two consecutive years since listing, with cumulative cash dividends of approximately 108 million yuan[70] - The company's interim dividend plan proposes a cash dividend of 2.00 yuan (tax inclusive) for every 10 shares to all shareholders[70] - The company optimizes investor relations management, strengthening communication and interaction with investors through performance briefings for periodic reports, roadshows, conference calls, and the SSE E-Interaction platform[72][73] Section IV Corporate Governance, Environment, and Society This section details changes in the company's directors, supervisors, and senior management, outlines the profit distribution plan, and highlights efforts in consolidating poverty alleviation achievements and promoting rural revitalization Changes in Directors, Supervisors, and Senior Management During the reporting period, there were changes in the company's directors, supervisors, and senior management; former Chairman Mr. Wu Gaojun and former Employee Director Ms. Wang Ping retired, Mr. Xie Wei and Mr. Ye Jiaruo were elected as the new Chairman and Employee Director respectively, and former Deputy General Manager Mr. Luo Jinhai also resigned due to retirement - Former Chairman Mr. Wu Gaojun resigned due to retirement, and Mr. Xie Wei was elected as a non-independent director of the first board of directors and subsequently as Chairman[75] - Former Employee Director Ms. Wang Ping retired, and Mr. Ye Jiaruo was elected as the company's employee director[75] - Former Deputy General Manager Mr. Luo Jinhai resigned due to retirement[75] Profit Distribution or Capital Reserve Conversion Plan The company's semi-annual proposed profit distribution plan is a cash dividend of 2.0 yuan (tax inclusive) for every 10 shares, totaling 21,505,376.40 yuan; this plan has been approved by the board of directors and supervisory board, and is awaiting approval from the general meeting of shareholders - The company's semi-annual proposed profit distribution plan is a dividend of 2.0 yuan (tax inclusive) for every 10 shares[76] - As of June 30, 2025, the company's total share capital is 107,526,882 shares, with the calculated total proposed cash dividend being 21,505,376.40 yuan (tax inclusive)[76] - This plan has been reviewed and approved by the board of directors and supervisory board, and is subject to approval by the general meeting of shareholders[76] Specifics of Consolidating and Expanding Poverty Alleviation Achievements, Rural Revitalization, and Other Work The company actively fulfills its state-owned enterprise responsibilities, contributing to rural revitalization through project assistance, talent secondment, skill training, and consumption support, exploring a co-prosperity model of "Party building leadership + cultural empowerment" and "cultural inheritance - industrial cultivation - common prosperity" - The company invested 5 million yuan to construct the "Anbang Guard Garden" tourism resort complex project and provided 1.2 million yuan in paired assistance funds to support local economic development[79] - A Party Committee member and Deputy General Manager were seconded as a rural work instructor and first secretary, and a rural practical talent training class was held, training over 50 villagers[80] - Through a centralized procurement mechanism, the company assisted in the sales of agricultural products from Taoyuan Village and its surroundings, with procurement exceeding 1.3 million yuan in early 2025 alone[80] - The company leveraged the resource advantages of its "80s, 90s, 00s"讲团 (propaganda team) to jointly organize cultural learning activities with Taoyuan Village, promoting cultural industry cooperation and exploring a new path for rural revitalization based on "cultural inheritance - industrial cultivation - common prosperity"[81][82] Section V Significant Matters This section details the fulfillment of commitments, significant related party transactions, and the progress in the use of raised funds Fulfillment of Commitments The company and related parties strictly fulfilled various commitments related to the initial public offering, including share lock-up, share price stabilization, fraudulent issuance repurchase, immediate return compensation, avoidance of horizontal competition, safeguarding state-owned shareholding ratio, social insurance supplementary payments, and standardized related party transactions, ensuring regulatory compliance and investor interest protection - Controlling shareholders, shareholders holding 5% or more, natural person founding shareholders, and directors, supervisors, and senior management all have share lock-up commitments, mostly for 36 or 12 months, with some involving automatic extension of the lock-up period if the share price falls below the offering price[84][85][86][87] - The company has formulated a share price stabilization plan, which will involve measures such as share repurchases, increased holdings by controlling shareholders, and increased holdings by directors, supervisors, and senior management when share price triggers are met[89][90][91][92][93] - The company, its controlling shareholders, and directors, supervisors, and senior management commit to repurchasing shares and compensating investors for losses in accordance with the law if the prospectus contains false statements or similar issues[93][94][95][96] - The controlling shareholder commits not to directly or indirectly engage in businesses that constitute horizontal competition with the company's main business and grants the company priority development rights[98][99] - The controlling shareholder commits to gratuitously paying on behalf of the company any supplementary social insurance or housing provident fund payments required and bearing related penalties[100][101] Significant Related Party Transactions The company has transactions with related parties involving the purchase and sale of goods, provision and acceptance of labor, and related party guarantees. During this period, the company purchased technical security materials from CETC HIK and provided financial security services to Ningbo Yinbang. The company, as the guaranteed party, received guarantees from Mr. and Mrs. Li Wengong, Sichuan Jintou Technology Co., Ltd., and other related parties Related Party Transactions for Purchase of Goods/Acceptance of Services (Unit: 10,000 yuan) | Related Party | Related Transaction Content | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | :--- | | CETC HIK | Technical security materials | 273.81 | 199.97 | | Smart Fire Protection | Software | 13.25 | 0.00 | Related Party Transactions for Sale of Goods/Provision of Services (Unit: 10,000 yuan) | Related Party | Related Transaction Content | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | :--- | | Ningbo Yinbang | Financial security services | 131.27 | 289.00 | | Jinhua Anbang | Integrated security services | 32.21 | 29.51 | | Huzhou Road Traffic Safety Service Center | Safety emergency services | 261.91 | 0.00 | | Sichuan Jintou Technology Co., Ltd. | Financial security services | 63.64 | 0.00 | Related Party Guarantees (Company as Guaranteed Party, Unit: 10,000 yuan) | Guarantor | Guaranteed Amount | Guarantee Start Date | Guarantee End Date | Guarantee Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Mr. and Mrs. Li Wengong | 800.00 | 2024/8/7 | 2025/8/6 | No | | Sichuan Jintou Technology Co., Ltd. | 800.00 | 2024/8/7 | 2025/8/6 | No | | Zhuhai Hengqin Zhonghui Enterprise Management Partnership (Limited Partnership) | 800.00 | 2024/8/7 | 2025/8/6 | No | | Li Wengong, Yu Min | 1200.00 | 2024/9/10 | 2025/9/28 | No | - Key management personnel compensation for the current period was 4.8573 million yuan[504] Explanation of Progress in Use of Raised Funds The company's net proceeds from its initial public offering totaled 471.2385 million yuan, with cumulative investment of 171.5936 million yuan as of the end of the reporting period, representing an investment progress of 36.41%. The "Group Digital Transformation and Development Project" has been extended to December 2026, and the balance of idle raised funds for cash management is zero Overall Use of Raised Funds (Unit: 10,000 yuan) | Source of Raised Funds | Net Proceeds (1) | Total Committed Investment in Prospectus (2) | Cumulative Raised Funds Invested as of Period-end (4) | Cumulative Investment Progress as of Period-end (%) (6) | | :--- | :--- | :--- | :--- | :--- | | Initial Public Offering | 47,123.85 | 47,123.85 | 17,159.36 | 36.41 | Detailed Use of Raised Funds for Investment Projects (Unit: 10,000 yuan) | Raised Funds Project Name | Total Committed Investment of Raised Funds | Cumulative Raised Funds Invested as of Period-end | Investment Progress (%) | Adjusted Planned Date to Reach Usable State | | :--- | :--- | :--- | :--- | :--- | | Group Digital Transformation and Development Project | 17,437.11 | 1,054.69 | 6.05 | 2026年12月 | | Zhejiang Public Security Service Center (Phase I) Project | 24,740.21 | 15,623.00 | 63.15 | 2026年12月 | | Replenishment of Operating Working Capital | 4,946.53 | 481.67 | 9.74 | Not applicable | - The planned date for the "Group Digital Transformation and Development Project" to reach its usable state was adjusted from December 2025 to December 2026[121] - As of June 30, 2025, the company's balance of idle raised funds for cash management was 0.00 million yuan[120] Section VI Share Changes and Shareholder Information This section provides an overview of the company's share capital changes and detailed information regarding its shareholders Changes in Share Capital During the reporting period, there were no changes in the company's total share capital or share structure - During the reporting period, there were no changes in the company's total share capital or share structure[123] Shareholder Information As of the end of the reporting period, the company had a total of 8,282 common shareholders. Zhejiang Provincial State-owned Capital Operation Co., Ltd. is the largest shareholder, holding 41.85% of the shares. Among the top ten shareholders are several state-owned legal entities, domestic non-state-owned legal entities, and some natural person shareholders - Total number of common shareholders as of the end of the reporting period: 8,282[124] Shareholding of Top Ten Shareholders | Shareholder Name | Shares Held at Period-end (shares) | Proportion (%) | Number of Restricted Shares Held (shares) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | | Zhejiang Provincial State-owned Capital Operation Co., Ltd. | 45,000,000 | 41.85 | 45,000,000 | State-owned Legal Entity | | CETC HIK Group Co., Ltd. | 14,516,129 | 13.50 | 0 | State-owned Legal Entity | | Zhejiang Provincial Financial Development Co., Ltd. | 5,000,000 | 4.65 | 5,000,000 | State-owned Legal Entity | | Ningbo Hanwei Enterprise Management Partnership (Limited Partnership) | 4,167,523 | 3.88 | 4,167,523 | Domestic Non-state-owned Legal Entity | | Ningbo Weibang Enterprise Management Partnership (Limited Partnership) | 4,137,306 | 3.85 | 4,137,306 | Domestic Non-state-owned Legal Entity | | Nandu Property Services Group Co., Ltd. | 4,032,258 | 3.75 | 0 | Domestic Non-state-owned Legal Entity | | Lv Jun | 1,048,900 | 0.98 | 0 | Domestic Natural Person | | Zhuge Bin | 800,000 | 0.74 | 800,000 | Domestic Natural Person | | Wu Gaojun | 800,000 | 0.74 | 800,000 | Domestic Natural Person | | Industrial and Commercial Bank of China Co., Ltd. - Huaxia Leading Stock Fund | 689,500 | 0.64 | 0 | Other | - Mr. Wu Gaojun and Mr. Zhuge Bin are parties acting in concert[127] Number of Shares Held by Top Ten Restricted Shareholders and Restriction Conditions | No. | Name of Restricted Shareholder | Number of Restricted Shares Held (shares) | Date Available for Trading | Restriction Conditions | | :--- | :--- | :--- | :--- | :--- | | 1 | Zhejiang Provincial State-owned Capital Operation Co., Ltd. | 45,000,000 | December 20, 2026 | Within 36 months from the date of the company's stock listing | | 2 | Zhejiang Provincial Financial Development Co., Ltd. | 5,000,000.00 | December 20, 2026 | Within 36 months from the date of the company's stock listing | | 3 | Ningbo Hanwei Enterprise Management Partnership (Limited Partnership) | 4,167,523.00 | December 20, 2026 | Within 36 months from the date of the company's stock listing | | 4 | Ningbo Weibang Enterprise Management Partnership (Limited Partnership) | 4,137,306.00 | December 20, 2026 | Within 36 months from the date of the company's stock listing | | 5 | Zhuge Bin | 800,000.00 | December 20, 2026 | Within 36 months from the date of the company's stock listing | | 6 | Wu Gaojun | 800,000.00 | December 20, 2026 | Within 36 months from the date of the company's stock listing | | 7 | Yu Xingcai | 441,988 | December 20, 2026 | Within 36 months from the date of the company's stock listing | | 8 | Wang Hengjian | 441,988 | December 20, 2026 | Within 36 months from the date of the company's stock listing | | 9 | Tong Junjie | 441,988 | December 20, 2026 | Within 36 months from the date of the company's stock listing | | 10 | Li Xiaofen | 441,988 | December 20, 2026 | Within 36 months from the date of the company's stock listing | - Mr. Wu Gaojun, Mr. Zhuge Bin, Mr. Yu Xingcai, Mr. Wang Jian, and Mr. Tong Junjie are parties acting in concert[129] Section VII Bond-Related Information This section confirms the absence of any outstanding or convertible company bonds during the reporting period Company Bonds and Convertible Corporate Bonds During the reporting period, the company had no outstanding or overdue company bonds (including enterprise bonds) or non-financial enterprise debt financing instruments, nor any convertible corporate bonds - The company has no company bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[132] - 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 statements of changes in owners' equity, along with detailed notes on accounting policies, taxation, and financial instrument risks Audit Report This semi-annual report is unaudited - This semi-annual report is unaudited[5] Financial Statements This chapter 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 - 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[134][137][141][145][148][151][154][158][163][168] - The consolidated balance sheet shows that as of June 30, 2025, the company's total assets were 3,649,368,875.94 yuan, and total equity attributable to parent company owners was 1,796,614,234.08 yuan[136] - The consolidated income statement shows that for the first half of 2025, total operating revenue was 1,332,609,848.57 yuan, and net profit attributable to parent company shareholders was 56,557,951.19 yuan[142][144] Company Overview The company was established in 2006, restructured into a joint-stock company in 2020, and listed on the Shanghai Stock Exchange in 2023. Its registered capital is 107.526882 million yuan, with main businesses in financial security, integrated security, and safety emergency services - Anbang Guard Group Co., Ltd. was established on February 28, 2006, restructured into a joint-stock company on December 29, 2020, and listed on the Shanghai Stock Exchange on December 20, 2023[169] - The company's registered capital is 107.526882 million yuan, with a total of 107,526,882 shares[169] - The company belongs to the security protection service industry, with its main business activities being the provision of financial security services, integrated security services, and safety emergency services[170] Basis of Financial Statement Preparation The company's financial statements are prepared on a going concern basis, and there are no matters or circumstances that raise significant doubt about the going concern assumption for the 12 months from the end of the reporting period - The company's financial statements are prepared on a going concern basis[171] - There are no matters or circumstances that raise 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] Significant Accounting Policies and Estimates The company's financial statements comply with enterprise accounting standards, with the accounting year from January 1 to December 31 of the Gregorian calendar, and the functional currency being RMB. This chapter elaborates on the company's specific accounting policies and estimates regarding business combinations, financial instruments, various receivables, inventories, fixed assets, intangible assets, revenue recognition, government grants, deferred income tax, and leases - The financial statements prepared by the company comply with the requirements of enterprise accounting standards, truly and completely reflecting the company's financial position, operating results, and other information[174] - The company's accounting year runs from January 1 to December 31 of the Gregorian calendar, and the functional currency is RMB[175][177] - The company has detailed accounting treatment methods for business combinations under common control and non-common control, as well as methods for preparing consolidated financial statements[179][180][184][185] - The company classifies financial assets as measured at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss, based on the business model for managing financial assets and the contractual cash flow characteristics[189][190][191][192] - The company uses the transfer of control as the criterion for judging revenue recognition timing and recognizes revenue based on the nature of the performance obligation (over a period of time or at a point in time)[269][271][272][273] Taxation The company's main tax types include value-added tax, urban maintenance and construction tax, enterprise income tax, property tax, land use tax, education surcharge, and local education surcharge. The company enjoys VAT reductions for employing demobilized soldiers and enterprise income tax preferential policies for small low-profit enterprises and high-tech enterprises Major Tax Categories and Rates | Tax Category | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Sales of goods and taxable services income | 13%, 10%, 9%, 6%, 5%[Note], 3% or 1% | | Urban Maintenance and Construction Tax | Actual amount of turnover tax paid | 7% | | Enterprise Income Tax | Taxable income | 25%, 20%, 15% | | Property Tax | Original value of property or rental income | 1.2%, 12% | | Education Surcharge | Actual amount of turnover tax paid | 3% | | Local Education Surcharge | Actual amount of turnover tax paid | 2% | - According to policy, the company employing self-employed demobilized soldiers can enjoy a preferential policy of deducting value-added tax, urban maintenance and construction tax, education surcharge, local education surcharge, and enterprise income tax sequentially at a fixed standard of 9,000 yuan per person per year[295] - Subsidiaries meeting the conditions for small low-profit enterprises calculate taxable income at 25% and pay enterprise income tax at a rate of 20%[296] - Subsidiary Zhejiang Anbang Guard Technology Service Co., Ltd., as a high-tech enterprise, pays enterprise income tax at a reduced rate of 15% for the years 2023-2025[297] Notes to Consolidated Financial Statement Items This chapter provides detailed notes to each item in the company's consolidated financial statements, including assets, liabilities, owners' equity, income, costs, expenses, profits, and cash flows, explaining the reasons for changes and accounting treatment methods for each item - Detailed disclosure of period-end balances, beginning balances, and changes for asset items such as monetary funds, notes receivable, accounts receivable, contract assets, inventories, long-term equity investments, fixed assets, construction in progress, intangible assets, and goodwill[299][300][305][306][317][318][330][331][343][344][347][348][353][354][357][358][361][362][370][371][375][378][379][380][381][382][386][387][388][389][390][392][393][395][396] - Detailed disclosure of period-end balances, beginning balances, and changes for liability items such as short-term borrowings, notes payable, accounts payable, contract liabilities, employee benefits payable, taxes payable, other payables, long-term borrowings, and lease liabilities[397][398][399][400][401][402][404][405][406][407][408][409][410][411][412][413][414][415][416][417][418][419][420][421][422][423][424] - Detailed disclosure of beginning and period-end balances and current period changes for owners' equity items such as share capital, capital reserves, specific reserves, surplus reserves, and undistributed profits[426][427][428][429][430][431] - Detailed disclosure of current period amounts, prior period amounts, and reasons for changes for income statement items such as operating revenue and operating cost, taxes and surcharges, sales expenses, administrative expenses, R&D expenses, financial expenses, other income, investment income, credit impairment losses, asset impairment losses, asset disposal gains, non-operating income, non-operating expenses, and income tax expenses[433][434][435][436][438][439][440][441][442][443][444][445][446][447][448][449][450][451][452] - Detailed disclosure of net cash flows from operating, investing, and financing activities, and related supplementary cash flow information[453][454][455][456][457][458][459][460][461][462][463][464][465][466] R&D Expenses The company's total R&D expenses for the current period were 9,310,543.94 yuan, all expensed, primarily for employee compensation, technical service fees, and material inputs R&D Expenses by Nature of Expense | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Employee Compensation | 8,295,421.24 | 8,270,261.98 | | Technical Service Fees | 386,060.23 | 878,356.67 | | Material Inputs | 167,000.32 | 96,035.85 | | Depreciation and Amortization | 182,246.50 | 128,482.77 | | Office Expenses | 15,500.02 | 3,716.57 | | Other | 264,315.63 | 527,093.14 | | Total | 9,310,543.94 | 9,903,946.98 | | Of which: Expensed R&D Expenses | 9,310,543.94 | 9,903,946.98 | - All R&D expenses for the current period were expensed, with no capitalized R&D expenses incurred[468][469] Changes in Consolidation Scope During the reporting period, the company established Anbang Guard Space-Time (Zhoushan) Technology Co., Ltd. to develop low-altitude economy businesses, and liquidated Zhejiang Zhoushan Anbang Technology Service Co., Ltd. and Taizhou Anpei Vocational Skill Training Co., Ltd. due to strategic adjustments - To develop low-altitude economy businesses, Anbang Guard Space-Time (Zhoushan) Technology Co., Ltd. was newly established on May 21, 2025[470] - Due to strategic adjustment needs, the deregistration of Zhejiang Zhoushan Anbang Technology Service Co., Ltd. was completed on May 27, 2025[470] - The deregistration of Taizhou Anpei Vocational Skill Training Co., Ltd. was completed on June 30, 2025[470] Interests in Other Entities The company owns multiple subsidiaries, including Hangzhou Anbang and Ningbo Anbang, with shareholding ratios mostly 51% or 84%. Although Zhejiang Anbang Guard Technology Service Co., Ltd. is 36% owned, the company exercises substantial control through a concerted action agreement. This chapter also discloses key financial information of important non-wholly owned subsidiaries Composition of the Enterprise Group (Partial Subsidiaries) | Subsidiary Name | Main Operating Location | Registered Capital (10,000 yuan) | Registered Location | Business Nature | Shareholding Ratio (%) Direct | | :--- | :--- | :--- | :--- | :--- | :--- | | Hangzhou Anbang | Zhejiang Hangzhou | 5,000.00 | Zhejiang Hangzhou | Business Services | 84.00 | | Ningbo Anbang | Zhejiang Ningbo | 5,000.00 | Zhejiang Ningbo | Business Services | 51.00 | | Shaoxing Anbang | Zhejiang Shaoxing | 2,000.00 | Zhejiang Shaoxing | Business Services | 51.00 | | Anbang Technology | Zhejiang Hangzhou | 5,500.00 | Zhejiang Hangzhou | Software and Information Technology Services | 36.00 | - The company holds 36% equity in Zhejiang Anbang Guard Technology Service Co., Ltd., and exercises substantial control over it through a concerted action agreement, thus including it in the scope of consolidated financial statements[473] Key Financial Information of Important Non-wholly Owned Subsidiaries (Period-end Balance, Unit: yuan) | Subsidiary Name | Current Assets | Non-current Assets | Total Assets | Current Liabilities | Non-current Liabilities | Total Liabilities | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hangzhou Anbang | 94,900,745.79 | 68,337,037.86 | 163,237,783.65 | 69,072,430.56 | 17,556,801.68 | 86,629,232.24 | | Ningbo Anbang | 280,426,304.13 | 176,453,256.90 | 456,879,561.03 | 168,920,630.16 | 18,778,166.95 | 187,698,797.11 | | Shaoxing Anbang | 255,599,656.77 | 116,222,240.12 | 371,821,896.89 | 71,565,679.78 | 4,971,846.41 | 76,537,526.19 | | Taizhou Anbang | 271,551,199.03 | 170,855,435.20 | 442,406,634.23 | 137,837,675.94 | 21,080,587.84 | 158,918,263.78 | | Wenzhou Anbang | 154,877,757.05 | 197,878,736.45 | 352,756,493.50 | 46,477,677.48 | 5,649,192.08 | 52,126,869.56 | Current Period Operating Performance of Important Non-wholly Owned Subsidiaries (Unit: yuan) | Subsidiary Name | Operating Revenue | Net Profit | Total Comprehensive Income | Cash Flow from Operating Activities | | :--- | :--- | :--- | :--- | :--- | | Hangzhou Anbang | 138,459,750.15 | 5,456,984.63 | 5,456,984.63 | -19,874,883.97 | | Ningbo Anbang | 319,476,038.36 | 38,909,404.64 | 38,909,404.64 | 17,995,018.81 | | Shaoxing Anbang | 133,744,888.90 | 31,955,909.21 | 31,955,909.21 | -11,783,291.22 | | Taizhou Anbang | 180,128,105.03 | 35,684,003.11 | 35,684,003.11 | 37,762,307.94 | | Wenzhou Anbang | 131,497,363.81 | 22,995,147.20 | 22,995,147.20 | -12,213,267.86 | Government Grants The total government grants recognized in current profit or loss for the current period amounted to 6,562,610.86 yuan, all of which are income-related government grants Government Grants Recognized in Current Profit or Loss (Unit: yuan) | Type | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Income-related | 6,562,610.86 | 2,932,810.29 | | Total | 6,562,610.86 | 2,932,810.29 | - All government grants recognized in current profit or loss for the current period are income-related government grants[480] Risks Related to Financial Instruments The company faces credit risk, liquidity risk, and market risk. These risks are managed by depositing monetary funds in highly-rated financial institutions, continuously assessing customer credit, utilizing diverse financing methods, and managing the proportion of fixed/floating rate borrowings. Exchange rate risk is not significant - The company's objective in risk management is to achieve a balance between risk and return, minimizing the negative impact of risks on operating performance[481] - Credit risk primarily arises from monetary funds and receivables, managed by depositing bank funds in financial institutions with higher credit ratings and continuously assessing customer credit[483] - Liquidity risk is controlled by comprehensive