新迅达(300518) - 2025 Q2 - 季度财报

Important Notice, Table of Contents, and Definitions This section provides important notices, lists reference documents, and defines key terms used throughout the report Important Notice The company's board, supervisory board, and senior management guarantee the semi-annual report's accuracy, clarifying that forward-looking statements are not commitments, and no half-year dividends or capital reserve conversions are planned - The company's board of directors, supervisory board, and senior management commit to the truthfulness, accuracy, and completeness of the semi-annual report content[3] - Forward-looking statements regarding future plans and development strategies in the report do not constitute substantive commitments to investors[3] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[3] Reference Documents This section lists the company's 2025 semi-annual report original text, signed financial statements, and all publicly disclosed company documents and announcements on the CSRC-designated website for review - Reference documents include the original text of the 2025 semi-annual report signed by the chairman[7] - Reference documents include financial statements bearing the signatures of the company's head, the person in charge of accounting, and the head of the accounting department[7] - Reference documents include the originals of all company documents and announcements publicly disclosed on the website designated by the China Securities Regulatory Commission during the reporting period[7] Definitions This section defines common terms used in the report, clarifying "the Company" as Guangxi Xinxunda Technology Group Co., Ltd., "Reporting Period" as January 1 to June 30, 2025, and listing abbreviations for major subsidiaries and related entities - "The Company" refers to Guangxi Xinxunda Technology Group Co., Ltd[8] - "Reporting Period" refers to January 1, 2025, to June 30, 2025[8] - Definitions are provided for major subsidiaries and related entities, including Shengxun Cloud Commerce, Lifeng Chuanda, and Guangyu Mining[8] Company Profile and Key Financial Indicators This section provides an overview of the company's basic information, contact details, and key financial performance metrics for the reporting period Company Profile The company's Chinese name is Guangxi Xinxunda Technology Group Co., Ltd., with stock abbreviation "Xinxunda" and stock code 300518, listed on the Shenzhen Stock Exchange, and its legal representative is Wu Chenghua - The company's stock abbreviation is "Xinxunda", and its stock code is 300518[11] - The company is listed on the Shenzhen Stock Exchange[11] - The company's legal representative is Wu Chenghua[11] Contact Person and Contact Information This section provides detailed contact information for the company's Board Secretary Wang Fabin and Securities Affairs Representative Xu Huizhu, including address, phone, fax, and email - The Board Secretary is Wang Fabin, and the Securities Affairs Representative is Xu Huizhu[12] - The contact address is 2501, Grand China International Exchange Plaza, Fuhua 1st Road, Futian Community, Futian Street, Futian District, Shenzhen[12] - The contact number is 0755-82731691, and the email address is sxd@gamexun.com[12] Other Information During the reporting period, there were no changes in the company's contact information, information disclosure and storage locations, or registration changes, with specific details available in the 2024 annual report - The company's registered address, office address, website, and email address remained unchanged during the reporting period[13] - Information disclosure and storage locations remained unchanged during the reporting period[14] - The company's registration status remained unchanged during the reporting period[15][16] Key Accounting Data and Financial Indicators During the reporting period, the company's operating revenue increased by 42.35% year-on-year, net loss attributable to shareholders significantly narrowed by 83.24%, and net cash flow from operating activities loss narrowed by 69.21%, while total assets and net assets attributable to shareholders slightly decreased Key Accounting Data and Financial Indicators (Year-on-Year Change) | Indicator | Current Reporting Period (yuan) | Prior Year Period (yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 86,653,095.24 | 60,871,631.40 | 42.35% | | Net Profit Attributable to Shareholders of Listed Company | -13,570,780.68 | -80,962,355.89 | 83.24% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains and Losses) | -22,581,322.38 | -51,142,763.11 | 55.85% | | Net Cash Flow from Operating Activities | -24,272,540.03 | -78,837,069.71 | 69.21% | | Basic Earnings Per Share (yuan/share) | -0.07 | -0.41 | 82.93% | | Diluted Earnings Per Share (yuan/share) | -0.07 | -0.41 | 82.93% | | Weighted Average Return on Net Assets | -1.76% | -7.51% | 5.75% | | Indicator | End of Current Reporting Period (yuan) | End of Prior Year (yuan) | Change from End of Prior Year | | Total Assets | 1,014,167,159.84 | 1,074,500,328.28 | -5.61% | | Net Assets Attributable to Shareholders of Listed Company | 765,942,086.71 | 779,447,192.92 | -1.73% | Differences in Accounting Data under Domestic and Overseas Accounting Standards The company reported no differences in net profit and net assets between financial reports disclosed under International Accounting Standards or overseas accounting standards and Chinese Accounting Standards during the reporting period - The company's financial reports for the reporting period show no differences in net profit and net assets when disclosed under International Accounting Standards compared to Chinese Accounting Standards[18] - The company's financial reports for the reporting period show no differences in net profit and net assets when disclosed under overseas accounting standards compared to Chinese Accounting Standards[19] Non-Recurring Gains and Losses and Amounts During the reporting period, the company's total non-recurring gains and losses amounted to 9.0105 million yuan, primarily from disposal gains/losses of non-current assets, government subsidies, fair value changes, and entrusted investment gains/losses Non-Recurring Gains and Losses and Amounts | Item | Amount (yuan) | | :--- | :--- | | Disposal gains/losses of non-current assets | 2,070,729.88 | | Government subsidies included in current profit and loss | 595,600.87 | | Gains/losses from changes in fair value and disposal of financial assets and liabilities | 7,427,972.66 | | Gains/losses from entrusted investments or asset management | 588,497.80 | | Reversal of impairment provisions for individually tested receivables | 1,200,000.00 | | Other non-operating income and expenses apart from the above | -1,013,920.42 | | Less: Income tax impact | 1,858,019.49 | | Impact on minority interests (after tax) | 319.60 | | Total | 9,010,541.70 | - The company has no other profit and loss items that meet the definition of non-recurring gains and losses[22] Management Discussion and Analysis This section provides an in-depth analysis of the company's main businesses, key performance drivers, financial status, investment activities, and risk management strategies during the reporting period Main Businesses Engaged by the Company During the Reporting Period The company's main businesses include live e-commerce, direct e-commerce sales, and mineral products; during the reporting period, the lithium new energy sector underwent deep market adjustments with surging energy storage demand and falling lithium carbonate prices, while the live e-commerce industry continued to grow but at a slower pace, highlighting F2C models and AI applications amid stricter regulations Lithium New Energy Industry In the first half of 2025, the global lithium resource market saw a supply of over 1.2 million tons LCE, a 28% year-on-year increase, with energy storage installations surging by 65% and contributing 60% of the lithium demand growth, while battery-grade lithium carbonate spot prices fell by 32.11% - In the first half of 2025, global lithium resource supply exceeded 1.2 million tons LCE, a year-on-year increase of 28%[24] - Energy storage installations surged by 65% year-on-year, contributing 60% of the increase in lithium demand and becoming the core driver of lithium demand growth[24] Battery-Grade Lithium Carbonate Spot Average Price Change | Indicator | H1 2025 (10,000 yuan/ton) | Prior Year Period (10,000 yuan/ton) | Decline | | :--- | :--- | :--- | :--- | | Battery-Grade Lithium Carbonate Spot Average Price | 7.04 | 10.37 | 32.11% | Live E-commerce Industry In the first half of 2025, China's live e-commerce industry reached a scale of 2.8 trillion US dollars, growing by 18.6% year-on-year, with a slowdown in growth, while F2C models and generative AI applications (58% penetration rate) drove efficiency and experience optimization, alongside stricter regulations leading to the closure of over 12,000 non-compliant stores and a 67% year-on-year decrease in streamer violation rates - In the first half of 2025, China's live e-commerce industry's overall scale climbed to 2.8 trillion US dollars, achieving an 18.6% growth compared to the same period last year[29] - The penetration rate of generative AI applications in live streaming scenarios has steadily increased to a high of 58%, with unmanned broadcasting control costs decreasing by as much as 39%[30] - Regulatory authorities, through the "3•15" special rectification action, closed over 12,000 non-compliant stores, and the streamer violation rate decreased by 67% year-on-year[30] Main Businesses and Operating Models of the Company During the Reporting Period The company's main businesses include live e-commerce, direct e-commerce sales, and mineral products; live e-commerce primarily focuses on casual snack sales, handling merchant recruitment and operations, while direct e-commerce sales involve self-operated private label casual foods, and mineral products business includes lithium ore sales and other mineral product trade, with bulk trade business concluded in 2024 - The company's main businesses include live e-commerce, direct e-commerce sales, and mineral products[31] - Live e-commerce business primarily focuses on live streaming sales of casual snacks, undertaking merchant recruitment and live streaming operations[31] - The company has concluded its existing bulk trade business and "back-to-back settlement" business, and will no longer engage in other bulk trade activities[33] Key Performance Drivers The company's performance growth is primarily driven by the development of the live e-commerce industry, policy support for the new energy sector, and increasing market demand, alongside internal factors such as focusing on core business development, strengthening private brand building, and accelerating business expansion through lithium mine acquisitions and investments in new energy industry companies - The live e-commerce industry is developing rapidly, becoming a main force in online consumption, and evolving towards digitalization, intelligence, and specialization[34] - The new energy industry is experiencing rapid development globally under "dual carbon" goals and policy support, driving the growth of lithium battery demand[34] - The company focuses on its main business, intensifies the development and promotion of its private label casual food brand "Xiancaotang", and efficiently enters the new energy industry to accelerate its new energy business layout[34] Company E-commerce Business Operating Revenue During the reporting period, the company's total e-commerce business revenue reached 86.4918 million yuan, a year-on-year increase of 67.72%, with Douyin self-operated revenue growing by 370.14%, Kuaishou self-operated revenue by 13.32%, and other platform self-operated revenue by 1129.94%, while live streaming service revenue generally decreased E-commerce Business Operating Revenue | Platform Category | Sales Model | Current Reporting Period Revenue (yuan) | Prior Year Period Revenue (yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | | Douyin | Self-operated | 18,583,417.78 | 3,952,771.51 | 370.14% | | Douyin | Live Streaming Service | 441,974.12 | 913,840.26 | -51.64% | | Kuaishou | Self-operated | 48,558,060.69 | 42,851,775.31 | 13.32% | | Kuaishou | Live Streaming Service | 8,908.37 | 2,220,850.09 | -99.60% | | Other Platforms/Channels | Self-operated | 18,878,572.60 | 1,534,924.04 | 1129.94% | | Other Platforms/Channels | Live Streaming Service | 20,856.02 | 93,888.25 | -77.79% | | Total | | 86,491,789.58 | 51,568,049.46 | 67.72% | Company E-commerce Business Operating Performance During the reporting period, the company's e-commerce business focused on casual snacks, with self-operated direct sales transactions totaling 91.0164 million yuan, live streaming service transactions 2.2708 million yuan, a combined transaction amount of 93.2872 million yuan, 937,835 total orders, and an average consumption per order of 99.47 yuan E-commerce Business Operating Performance | Core Category | Sales Model | Reporting Period Transaction Amount (yuan) | Total Order Quantity (units) | Average Consumption Per Order (yuan) | | :--- | :--- | :--- | :--- | :--- | | Food, Casual Snacks | Self-operated Direct Sales | 91,016,444.93 | 914,590 | 99.52 | | Food, Casual Snacks | Live Streaming Service | 2,270,775.38 | 23,245 | 97.69 | | Total | | 93,287,220.31 | 937,835 | 99.47 | - The company is unable to obtain data on per capita consumption frequency, and the reporting period's transaction amount includes amounts for goods shipped but not yet confirmed by the buyer[36] E-commerce Business Revenue Recognition and Cost Accrual Methods This section details the revenue recognition and cost accrual methods for internet live streaming sales and internet direct sales businesses; live streaming sales revenue is recognized upon completion of merchant recruitment services or confirmation of receipt, with costs primarily being labor and operating expenses, while direct sales revenue is recognized upon buyer's confirmation of receipt, with costs including procurement prices and operating expenses - Internet live streaming sales revenue from merchant recruitment services or marketing services is recognized upon completion of the merchant's entrusted live streaming, short video marketing, and promotion services[36] - Live streaming sales costs primarily include labor costs for the live streaming recruitment and operations team, outsourced agency services, and office space rental, which are accrued monthly[37] - Internet direct sales revenue from product sales is recognized based on the transaction amount when the buyer confirms receipt on the e-commerce platform and the company receives settlement funds from the platform[37] E-commerce Business Risk Factors and Information Security Safeguards The e-commerce industry faces risks such as intense market competition, rapid innovation, product quality defects, non-compliant advertising, and disputes, with the company's operations highly dependent on third-party platforms and information systems; the company mitigates these risks through improved information system management, selection of reputable platforms, and increased technological investment to ensure information security and consumer rights - The e-commerce industry is characterized by intense market competition, rapid innovation, and frequent changes, and also faces public opinion and legal risks due to brand product quality defects and non-compliant advertising[37] - The company's main business operations rely on the network infrastructure and information systems of third-party platforms[37] - The company has established comprehensive information system management, operational procedures, and risk control systems, collaborates with reputable and large-scale third-party platforms, and plans to increase investment in its technology team and information systems[37] Core Competitiveness Analysis The company's core competencies include strong business development capabilities to enter the live e-commerce sector and diversify business modules, a positive corporate image as a high-tech enterprise, extensive live streaming resources with a professional operations team, continuous investment in supply chain and new product development, and lithium mineral resource development and production advantages through acquisitions and investments in the new energy industry - The company leverages its keen insight and robust business development capabilities to enter the live e-commerce sector, expanding into self-operated brand e-commerce direct sales and related live streaming businesses[38] - The company has been repeatedly recognized as a "Shenzhen High-tech Enterprise" and a "National High-tech Enterprise," maintaining a strong corporate image[38] - The company, through the acquisition of 100% equity in Yurui Technology, indirectly holds equity in Guangyu Mining, thereby possessing mining rights for Caijia Lithium Mine and Nanyangshan Lithium Mine, which have high development and utilization value[41] Main Business Analysis During the reporting period, the company's operating revenue increased by 42.35% year-on-year, primarily due to increased e-commerce direct sales revenue, while the net loss attributable to shareholders significantly narrowed by 83.24%, and the gross profit margin for e-commerce direct sales business was 18.30%, an increase of 0.89% Major Financial Data Year-on-Year Change | Indicator | Current Reporting Period (yuan) | Prior Year Period (yuan) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 86,653,095.24 | 60,871,631.40 | 42.35% | Primarily due to increased revenue from the company's e-commerce direct sales business | | Operating Cost | 72,277,829.32 | 51,275,240.72 | 40.96% | Primarily due to increased e-commerce direct sales revenue, leading to higher product costs | | Net Profit Attributable to Shareholders of Listed Company | -13,570,780.68 | -80,962,355.89 | 83.24% | | | Net Cash Flow from Operating Activities | -24,272,540.03 | -78,837,069.71 | 69.21% | Primarily due to business structure adjustments, leading to a decrease in cash paid for goods and services, and cash paid to and on behalf of employees | Products or Services Accounting for Over 10% of Revenue | Product or Service Segment | Operating Revenue | Operating Cost | Gross Profit Margin | Year-on-Year Change in Operating Revenue | Year-on-Year Change in Operating Cost | Year-on-Year Change in Gross Profit Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | E-commerce Direct Sales Business | 86,020,051.03 | 70,281,149.40 | 18.30% | 77.97% | 76.05% | 0.89% | Non-Core Business Analysis During the reporting period, the company's non-core business contribution to total profit primarily stemmed from fair value changes (38.58%), with investment income being negative (-8.61%), while non-operating income and expenses had smaller proportions, and these non-core businesses are not sustainable Impact of Non-Core Business on Total Profit | Item | Amount (yuan) | Proportion of Total Profit | Sustainability | | :--- | :--- | :--- | :--- | | Investment Income | -1,974,093.02 | 8.61% | No | | Gains/Losses from Changes in Fair Value | 8,845,269.39 | 38.58% | No | | Non-Operating Income | 94,992.29 | 0.41% | No | | Non-Operating Expenses | 1,108,912.71 | 4.84% | No | Analysis of Assets and Liabilities At the end of the reporting period, the company's total assets were 1.014 billion yuan, a 5.61% decrease from the end of the previous year; monetary funds significantly increased by 10.64% due to increased net cash inflows from investing and operating activities; construction in progress increased by 1.41% due to the Caijia Lithium Mine beneficiation plant project, while long-term equity investments and contract liabilities decreased Significant Changes in Asset Composition | Item | Amount at End of Current Reporting Period (yuan) | Proportion of Total Assets | Amount at End of Prior Year (yuan) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 153,403,931.17 | 15.13% | 48,203,087.86 | 4.49% | 10.64% | Primarily due to increased net cash inflows from investing and operating activities | | Accounts Receivable | 1,547,810.36 | 0.15% | 6,605,392.07 | 0.61% | -0.46% | Primarily due to a decrease in accounts receivable from e-commerce direct sales business during the reporting period | | Long-Term Equity Investments | 21,712,931.23 | 2.14% | 43,317,859.67 | 4.03% | -1.89% | Primarily due to the remaining investment in Tianyi Hongda being reclassified as other receivables after its sale | | Construction in Progress | 101,851,271.60 | 10.04% | 92,731,301.54 | 8.63% | 1.41% | Primarily due to the progress of the Caijia Lithium Mine beneficiation plant construction project, leading to increased investment | | Contract Liabilities | 42,289.10 | 0.00% | 1,192,641.67 | 0.11% | -0.11% | Primarily due to a decrease in advance payments from customers for e-commerce live streaming business | Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (yuan) | Fair Value Change Gain/Loss for Current Period (yuan) | Amount Purchased During Current Period (yuan) | Amount Sold During Current Period (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 94,763,268.46 | -4,300,512.05 | 0.00 | 5,615,384.61 | 84,847,371.80 | | Other Non-Current Financial Assets | 23,000,000.00 | 0.00 | 30,250,000.00 | 0.00 | 53,250,000.00 | | Total Above | 117,763,268.46 | -4,300,512.05 | 30,250,000.00 | 5,615,384.61 | 138,097,371.80 | - As of the end of the reporting period, the company's monetary funds of 274,500 yuan were restricted, held in a third-party supervised guarantee account[54] Investment Status Analysis During the reporting period, the company's investment amounted to 489.8179 million yuan, a year-on-year increase of 491.52%; major non-equity investments included the Caijia Lithium Mine beneficiation plant and mining engineering projects, with completion progress rates of 87.84% and 21.25% respectively; financial assets measured at fair value had an ending balance of 138.0974 million yuan, comprising 84.8474 million yuan in stock investments and 53.25 million yuan in fund investments Reporting Period Investment Amount | Indicator | Current Reporting Period Investment Amount (yuan) | Prior Year Period Investment Amount (yuan) | Change Rate | | :--- | :--- | :--- | :--- | | Investment Amount | 489,817,900.05 | 82,807,129.50 | 491.52% | Progress of Major Non-Equity Investment Projects | Project Name | Amount Invested in Current Reporting Period (yuan) | Cumulative Actual Investment Amount as of End of Reporting Period (yuan) | Project Progress | | :--- | :--- | :--- | :--- | | Caijia Lithium Mine Beneficiation Plant Construction (300,000 tons/year heavy-floatation combined beneficiation) | 8,090,048.78 | 92,904,378.11 | 87.84% | | Caijia Lithium Mine Mining Engineering Project | 1,029,921.28 | 9,286,228.37 | 21.25% | Financial Assets Measured at Fair Value | Asset Category | Ending Balance (yuan) | | :--- | :--- | | Stocks | 84,847,371.80 | | Funds | 53,250,000.00 | | Total | 138,097,371.80 | - The company had no use of raised funds, entrusted wealth management, derivative investments, or entrusted loans during the reporting period[60][61][62][63] Major Asset and Equity Sales The company did not sell any major assets or equity during the reporting period - The company did not sell any major assets during the reporting period[64] - The company did not sell any major equity during the reporting period[65] Analysis of Major Holding and Participating Companies During the reporting period, the company's major subsidiaries included Shenzhen Shengxun Cloud Commerce Technology Co., Ltd. (e-commerce), Shenzhen Lifeng Chuanda Investment Co., Ltd. (leasing), and Lushi Yurui Technology Co., Ltd. (lithium ore and products sales); the company newly established Guangxi Xinxunda Smart Computing Technology Co., Ltd. and Xinrui Solid Lithium (Shanghai) New Energy Co., Ltd., and sold Shenzhen Lifeng Chuanda Investment Co., Ltd Financial Performance of Major Subsidiaries | Company Name | Total Assets (yuan) | Net Assets (yuan) | Operating Revenue (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | | Shenzhen Shengxun Cloud Commerce Technology Co., Ltd. | 209,497,444.19 | 202,167,767.06 | 85,907,628.08 | -6,395,923.44 | | Shenzhen Lifeng Chuanda Investment Co., Ltd. | | | 631,452.69 | -1,965,601.86 | | Lushi Yurui Technology Co., Ltd. | 588,612,251.17 | 352,212,116.15 | 0.00 | -5,046,030.23 | - During the reporting period, the newly established subsidiaries Guangxi Xinxunda Smart Computing Technology Co., Ltd. and Xinrui Solid Lithium (Shanghai) New Energy Co., Ltd. had no significant impact on overall production, operations, and performance[68] - The sale of Shenzhen Lifeng Chuanda Investment Co., Ltd. during the reporting period had no significant impact on overall production, operations, and performance[68] Information on Structured Entities Controlled by the Company The company did not control any structured entities during the reporting period - The company did not control any structured entities during the reporting period[69] Risks Faced by the Company and Countermeasures The company faces risks such as loss of key personnel, internet industry policies, intellectual property, live advertising content violations, product quality disputes, new energy business management, raw material price fluctuations, and new energy market; the company has implemented measures like competitive compensation, policy research, intellectual property review, quality supervision, and steady development of dual main businesses to control and mitigate these risks - The company faces the risk of loss of key personnel, addressed by offering competitive compensation and incentive mechanisms to attract outstanding industry talent[69] - The company faces internet industry policy risks, which it manages by consulting professional institutions, conducting in-depth research, and actively cooperating with regulatory requirements in its business operations[69] - The company faces new energy business management risks, and will steadily develop its live e-commerce business while pursuing the new energy industry as a second growth point, forming a dual-driven business structure[73] - The company faces raw material price fluctuation risks, and will continuously monitor price trends, maintain reasonable inventory, enhance management and technological innovation, and strengthen strategic cooperation with suppliers[74] Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period During the reporting period, on May 13, 2025, the company engaged with investors via an online platform, providing written responses to questions regarding 2024 annual performance, industry outlook, profit growth drivers, future plans, distinctions in live e-commerce business, progress of Sanmenxia lithium mine construction, and the impact of selling Lifeng Chuanda - The reception time was May 13, 2025, and the method was online communication via a network platform[75] - Key topics discussed included 2024 annual performance, industry development prospects, the company's future profit growth drivers and plans, distinctions in live e-commerce business, and the progress of the Sanmenxia lithium mine construction[75] - The company did not provide any other materials to investors[75] Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan The company has not disclosed its market value management system and valuation enhancement plan - The company has not formulated a market value management system[76] - The company has not disclosed a valuation enhancement plan[77] "Quality and Return Dual Improvement" Action Plan Implementation Status The company has not disclosed its "Quality and Return Dual Improvement" action plan announcement - The company has not disclosed its "Quality and Return Dual Improvement" action plan announcement[77] Corporate Governance, Environment, and Society This section outlines the company's governance structure, changes in key personnel, profit distribution plans, employee incentive programs, environmental disclosures, and social responsibility initiatives Changes in Directors, Supervisors, and Senior Management During the reporting period, there were no changes in the company's directors, supervisors, and senior management, with specific details available in the 2024 annual report - There were no changes in the company's directors, supervisors, and senior management during the reporting period[79] Profit Distribution and Capital Reserve Conversion to Share Capital for the Current Reporting Period The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period[80] Implementation of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures During the reporting period, the company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[81] Environmental Information Disclosure Neither the listed company nor its major subsidiaries are included in the list of enterprises required to disclose environmental information by law - Neither the listed company nor its major subsidiaries are included in the list of enterprises required to disclose environmental information by law[82] Social Responsibility Status Since its establishment, the company has actively fulfilled its corporate social responsibilities, including establishing sound internal management systems, standardizing shareholder meeting operations, timely and accurate information disclosure, valuing investor returns, caring for employees, paying taxes according to law, and supporting local economic development, striving for a win-win situation for both corporate and social benefits - The company actively fulfills its corporate social responsibilities by establishing and improving internal management and control systems to promote standardized operations[82] - The company standardizes the convening, holding, and voting procedures of shareholder meetings to ensure shareholders' right to know, participate, and vote[82] - The company adheres to a people-oriented talent philosophy, respects and protects employees' individual rights, and enhances employee work efficiency and skill levels through training[82] Significant Matters This section details significant events, including commitments by controlling shareholders and related parties, related party transactions, litigation, and other material disclosures Commitments Fulfilled and Overdue Unfulfilled Commitments by the Company's Actual Controller, Shareholders, Related Parties, Acquirers, and Other Committed Parties During and as of the End of the Reporting Period During the reporting period, the company's actual controller, shareholders, and other committed parties duly fulfilled all commitments, including avoiding horizontal competition, reducing related party transactions, maintaining company independence, and share reduction commitments, with no overdue unfulfilled matters - Jiajie Chengxiang and Wu Chenghua committed that the detailed equity change report contains no false records, misleading statements, or major omissions, and they bear legal responsibility for its truthfulness, accuracy, and completeness[84] - Jiajie Chengxiang and Wu Chenghua committed to avoid horizontal competition and not engage in businesses or activities identical, similar, or close to the listed company's existing businesses[84] - Jiajie Chengxiang and Wu Chenghua committed to maintain the listed company's independence, including personnel, assets, finance, business, and organizational independence[86][88] - All commitments are being fulfilled normally, with no overdue unfulfilled situations[96] Non-Operating Funds Occupied by Controlling Shareholders and Other Related Parties of the Listed Company During the reporting period, there were no non-operating funds occupied by controlling shareholders and other related parties of the company - During the reporting period, there were no non-operating funds occupied by controlling shareholders and other related parties of the listed company[97] Irregular External Guarantees During the reporting period, the company had no irregular external guarantees - The company had no irregular external guarantees during the reporting period[98] Appointment and Dismissal of Accounting Firms The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[99] Explanation by the Board of Directors, Supervisory Board, and Audit Committee on the Accounting Firm's "Non-Standard Audit Report" for the Current Reporting Period The company had no "non-standard audit report" for the current reporting period - The company had no "non-standard audit report" for the current reporting period[100] Explanation by the Board of Directors Regarding the "Non-Standard Audit Report" for the Previous Year The board of directors respects the accounting firm's independent judgment on the 2024 qualified opinion audit report and has taken multiple measures to actively eliminate the impact of the qualified opinion matters, including improving fund payment systems, strengthening investment project screening, enhancing internal audit supervision, concluding bulk trade businesses, and initiating lawsuits and applying for compulsory enforcement against relevant parties - The board of directors respects the qualified opinion audit report issued by Lixin Zhonglian and has actively taken effective measures to eliminate related matters[100] - The supervisory board agreed with the board of directors' special explanation regarding the matters in the 2024 qualified opinion audit report and requested the board and management to eliminate adverse effects as soon as possible[101] - The company has taken measures including improving fund payment systems, strengthening investment project screening, enhancing internal audit supervision, concluding bulk trade businesses, and initiating lawsuits against parties involved in relevant advance payments[102][103][104] Matters Related to Bankruptcy and Reorganization During the reporting period, the company did not experience any bankruptcy or reorganization related matters - The company did not experience any bankruptcy or reorganization related matters during the reporting period[105] Litigation Matters During the reporting period, the company had no significant litigation or arbitration matters; other litigation matters include contract disputes with Shanghai Yuanyuan Mining Co., Ltd., Shandong Yulong Gold Co., Ltd., Hainan Huaxi Supply Chain Management Co., Ltd., and Shanxi Huahong Technology Co., Ltd., with some cases having received first-instance judgments and applied for compulsory enforcement, while others are still under second-instance review - The company had no significant litigation or arbitration matters during the current reporting period[106] Other Litigation Matters | Basic Situation of Litigation (Arbitration) | Amount Involved (million yuan) | Progress of Litigation (Arbitration) | Outcome and Impact of Litigation (Arbitration) | | :--- | :--- | :--- | :--- | | The Company as Plaintiff (vs. Shanghai Yuanyuan) | 27.0041 | First instance concluded | Corresponding asset impairment provisions have been made, second instance under review | | The Company as Plaintiff (vs. Hainan Huaxi) | 46.9524 | Judgment rendered | Corresponding asset impairment provisions have been made, enforcement in progress | | The Company as Plaintiff (vs. Shanxi Huahong) | 12.105 | First instance judgment rendered | Corresponding asset impairment provisions have been made, company's claims supported | Penalties and Rectification Status During the reporting period, the company had no penalties or rectification situations - The company had no penalties or rectification situations during the reporting period[107] Integrity Status of the Company, its Controlling Shareholder, and Actual Controller During the reporting period, the company, its controlling shareholder, and actual controller did not have any unfulfilled commitments - The company had no unfulfilled commitments during the reporting period[108] Significant Related Party Transactions During the reporting period, the company engaged in related party transactions including purchase and sale of goods, acceptance of services, and intercompany borrowings, with 2.1551 million yuan paid to Guangzhou Wanhui Supply Chain Co., Ltd. for warehousing and logistics fees, and 560,900 yuan to Hainan Maikesi Network Technology Co., Ltd. for e-commerce promotion services; the company had no significant related party transactions involving asset or equity acquisition/disposal, joint external investments, related party creditor/debtor relationships, or dealings with affiliated financial companies - The company had no related party transactions related to daily operations during the reporting period[108] - The company had no related party transactions involving asset or equity acquisition/disposal during the reporting period[109] - The company had no related party transactions involving joint external investments during the reporting period[110] - The company had no related party creditor/debtor relationships during the reporting period[111] - The company and its affiliated financial companies, or financial companies controlled by the company, had no deposits, loans, credit lines, or other financial business with related parties[112][113] - The company had no other significant related party transactions during the reporting period[114] Significant Contracts and Their Performance During the reporting period, the company's main operating leases were for office space and employee dormitories, with rental expenses of 1.0475 million yuan; the company had no entrustment, contracting, significant guarantees, or other significant contracts - The company had no entrustment situations during the reporting period[115] - The company had no contracting situations during the reporting period[116] - During the current reporting period, the company's operating leases were for office space and employee dormitories, with rental expenses of 1,047,537.69 yuan[117] - The company had no significant guarantee situations during the reporting period[118] - The company had no other significant contracts during the reporting period[119] Explanation of Other Significant Matters During the reporting period, the company had no other significant matters requiring explanation - The company had no other significant matters requiring explanation during the reporting period[120] Significant Matters of Company Subsidiaries During the reporting period, the company's subsidiaries had no significant matters - The company's subsidiaries had no significant matters during the reporting period[121] Share Changes and Shareholder Information This section details changes in the company's share capital, securities issuance, shareholder structure, and changes in holdings by directors, supervisors, and senior management Share Change Status During the reporting period, the company's total share capital remained unchanged at 199,411,576 shares; restricted shares decreased by 5,950 shares, while unrestricted shares increased by 5,950 shares, primarily due to changes in locked-up shares of resigned senior executives Share Change Status | Category | Number of Shares Before Change (shares) | Proportion Before Change | Increase/Decrease in Current Change (shares) | Number of Shares After Change (shares) | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 23,800 | 0.01% | -5,950 | 17,850 | 0.01% | | II. Unrestricted Shares | 199,387,776 | 99.99% | 5,950 | 199,393,726 | 99.99% | | III. Total Shares | 199,411,576 | 100.00% | 0 | 199,411,576 | 100.00% | - The reason for the share change was 17,850 locked-up shares of a resigned senior executive[124] Restricted Share Change Status | Shareholder Name | Restricted Shares at Beginning of Period (shares) | Shares Released from Restriction in Current Period (shares) | Restricted Shares at End of Period (shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Li Yangang | 23,800 | 5,950 | 17,850 | Shares held by a resigned senior executive are locked up according to senior executive lock-up requirements during their original term | Securities Issuance and Listing Status During the reporting period, the company had no securities issuance or listing activities - The company had no securities issuance or listing activities during the reporting period[126] Company Shareholder Number and Shareholding Status At the end of the reporting period, the total number of common shareholders was 15,480; among the top ten shareholders, Hainan Junhua New Energy Technology Partnership (Limited Partnership) held 12.33% as the largest shareholder, and Jiaxing Jiajie Chengxiang New Energy Investment Co., Ltd. held 6.22%, with all its shares pledged and frozen; the company's actual controller, Mr. Wu Chenghua, controls Hainan Junhua and Jiajie Chengxiang, forming a concerted action relationship - At the end of the reporting period, the total number of common shareholders was 15,480[127] Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio | Number of Shares Held at End of Reporting Period (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | Pledged, Marked, or Frozen Status | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hainan Junhua New Energy Technology Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 12.33% | 24,587,447 | 0 | 24,587,447 | Not applicable | | Minmetals International Trust Co., Ltd. - Minmetals Trust - Quality Foresight Equity Investment Single Fund Trust No. 2 | Other | 10.39% | 20,712,082 | 0 | 20,712,082 | Not applicable | | Jiaxing Jiajie Chengxiang New Energy Investment Co., Ltd. | Domestic Non-State-Owned Legal Person | 6.22% | 12,404,837 | 0 | 12,404,837 | Pledged 12,404,837 shares, Frozen 12,404,837 shares | - Hainan Junhua is an entity controlled by Mr. Wu Chenghua, the company's actual controller, and Jiajie Chengxiang and Hainan Junhua have signed a "Concerted Action Agreement," forming a concerted action relationship[129] Changes in Shareholdings of Directors, Supervisors, and Senior Management During the reporting period, there were no changes in the shareholdings of the company's directors, supervisors, and senior management, with specific details available in the 2024 annual report - There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period[132] Changes in Controlling Shareholder or Actual Controller During the reporting period, there were no changes in the company's controlling shareholder or actual controller - The company's controlling shareholder did not change during the reporting period[133] - The company's actual controller did not change during the reporting period[133] Information on Preferred Shares During the reporting period, the company had no preferred shares - The company had no preferred shares during the reporting period[134] Bond-Related Information This section confirms that the company had no bond-related activities during the reporting period Bond-Related Information During the reporting period, the company had no bond-related information - The company had no bond-related information during the reporting period[136] Financial Report This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with notes on accounting policies, taxes, and other significant financial details Audit Report The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[138] Financial Statements This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, comprehensively reflecting the financial position at the end of the reporting period and the operating results, cash flows, and changes in owners' equity during the reporting period - Financial statements include the consolidated balance sheet, parent company balance sheet, consolidated income statement, parent company income statement, consolidated cash flow statement, parent company cash flow statement, consolidated statement of changes in owners' equity, and parent company statement of changes in owners' equity[139][143][148][154][159][163][166][174] Company Basic Information Guangxi Xinxunda Technology Group Co., Ltd. was established on December 28, 2006, listed in 2016, with a registered capital of 199,411,576 yuan; its name and registered address were changed in October 2023; its main businesses include game operations, internet live streaming, internet direct sales, and lithium mineral product production and trade; the financial report approval date is August 27, 2025 - The company was first publicly listed on June 15, 2016, with its registered capital changed to 93,340,000.00 shares[180] - In June 2023, the company's registered capital changed to 199,411,576 shares, and its share capital changed to 199,411,576 yuan[182] - In October 2023, the company's name changed from "Shenzhen Shengxunda Technology Co., Ltd." to "Guangxi Xinxunda Technology Group Co., Ltd.", and its registered address changed to Nanning Area, China (Guangxi) Pilot Free Trade Zone[182] - The company's main operating activities include game operations, internet live streaming business, internet direct sales business, and lithium mineral product production and trade[183] - The financial report was approved for issuance on August 27, 2025[183] Basis of Financial Statement Preparation These financial statements are prepared in accordance with the Accounting Standards for Business Enterprises issued by the Ministry of Finance and relevant regulations of the China Securities Regulatory Commission, on a going concern basis, to truly and completely reflect the company's financial position, operating results, and cash flows - These financial statements are prepared in accordance with the "Accounting Standards for Business Enterprises" issued by the Ministry of Finance and "Information Disclosure Rules for Companies Issuing Securities No. 15 - General Provisions for Financial Reports" issued by the China Securities Regulatory Commission[184] - These financial statements are prepared on a going concern basis[185] Significant Accounting Policies and Accounting Estimates This section details the company's specific accounting policies and estimates for financial instruments, inventories, fixed assets, and revenue, including classification, recognition, measurement, and impairment of financial instruments, inventory valuation and impairment provisions, fixed asset depreciation, and revenue recognition methods, ensuring compliance and accuracy in financial statement preparation - The financial statements prepared by the company comply with the requirements of the Accounting Standards for Business Enterprises, truly and completely reflecting the company's financial position, operating results, and cash flows[187] - The company's financial assets are classified at initial recognition as financial assets measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss[203] - The company recognizes revenue when it satisfies a performance obligation in the contract, which is when the customer obtains control of the related goods or services[269] - The company applies impairment accounting based on expected credit losses for financial assets measured at amortized cost, financial assets measured at fair value through other comprehensive income (debt instruments), and financial guarantee contracts[211] Taxes This section discloses the company's main tax categories and rates, including value-added tax, urban maintenance and construction tax, corporate income tax, education surcharge, local education surcharge, and property tax; some subsidiaries enjoy tax incentives such as small and micro-profit enterprises and encouraged industries in Hainan Free Trade Port, applying lower corporate income tax rates Main Tax Categories and Rates | Tax Category | Tax Rate | | :--- | :--- | | Value-Added Tax | 0%, 5%, 6%, 9%, 13% | | Urban Maintenance and Construction Tax | 1%, 5%, 7% | | Corporate Income Tax | 3%, 5%, 8.25%, 15%, 16.5%, 25% | | Education Surcharge | 3% | | Local Education Surcharge | 2% | | Property Tax | 1.2%, 12% | - Subsidiaries Shenzhen Shengxun Network Technology Co., Ltd. and Hainan Shengjie Huatao Industrial Co., Ltd. are subject to a reduced corporate income tax rate of 5%[299] - Subsidiaries Guangxi Yuanheng Huajing Technology Co., Ltd., Guangxi Xinxunda New Energy Technology Co., Ltd., and Guangxi Xinxunda Smart Computing Technology Co., Ltd. are subject to a corporate income tax rate of 3%[299] - Sub-subsidiary Hainan Shengxun Cloud Commerce Network Technology Co., Ltd. is subject to a reduced corporate income tax rate of 15%[300] Notes to Consolidated Financial Statement Items This section provides detailed notes on various assets, liabilities, owners' equity, income, costs, and expenses in the consolidated financial statements, including ending balances, beginning balances, current period changes, and reasons for changes, offering detailed information on the company's financial position and operating results Monetary Funds | Item | Ending Balance (yuan) | Beginning Balance (yuan) | | :--- | :--- | :--- | | Cash on Hand | 23,703.29 | 2,309.47 | | Bank Deposits | 91,096,011.67 | 45,890,641.61 | | Other Monetary Funds | 62,284,216.21 | 2,310,136.78 | | Total | 153,403,931.17 | 48,203,087.86 | Operating Revenue and Operating Cost | Item | Current Period Revenue (yuan) | Current Period Cost (yuan) | Prior Period Revenue (yuan) | Prior Period Cost (yuan) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 86,653,095.24 | 70,708,247.64 | 54,756,095.65 | 42,184,375.08 | | Other Business | 0.00 | 1,569,581.68 | 6,115,535.75 | 9,090,865.64 | | Total | 86,653,095.24 | 72,277,829.32 | 60,871,631.40 | 51,275,240.72 | Major Items of Consolidated Income Statement | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 86,653,095.24 | 60,871,631.40 | | Total Operating Cost | 116,781,420.42 | 95,424,257.75 | | Operating Profit | -21,915,641.03 | -99,689,212.79 | | Net Profit | -14,789,218.04 | -89,807,378.32 | | Net Profit Attributable to Parent Company Shareholders | -13,570,780.68 | -80,962,355.89 | Research and Development Expenses During the reporting period, the company incurred no research and development expenses; in the prior year period, R&D expenses totaled 306,884.77 yuan, comprising 22,485.39 yuan in expensed R&D and 284,399.38 yuan in capitalized R&D Research and Development Expenses | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Research and Development Expenses | 0.00 | 306,884.77 | | Of which: Expensed R&D Expenses | 0.00 | 22,485.39 | | Capitalized R&D Expenses | 0.00 | 284,399.38 | Changes in Consolidation Scope During the reporting period, the company disposed of Shenzhen Lifeng Chuanda Investment Co., Ltd. and newly established Guangxi Xinxunda Smart Computing Technology Co., Ltd. and Xinrui Solid Lithium (Shanghai) New Energy Co., Ltd., resulting in changes to the consolidation scope Disposal of Subsidiaries | Subsidiary Name | Disposal Price at Loss of Control (yuan) | Disposal Proportion at Loss of Control | Disposal Method at Loss of Control | Date of Loss of Control | | :--- | :--- | :--- | :--- | :--- | | Shenzhen Lifeng Chuanda Investment Co., Ltd. | 190,000,000.00 | 100.00% | Cash Sale | March 31, 2025 | - Newly established subsidiaries Xinrui Solid Lithium (Shanghai) New Energy Co., Ltd. and Guangxi Xinxunda Smart Computing Technology Co., Ltd[498] Interests in Other Entities This section discloses the company's interests in subsidiaries, joint ventures, and associates; the company has 13 subsidiaries, with Shenzhen Shengxun Cloud Commerce Technology Co., Ltd. and Lushi Yurui Technology Co., Ltd. being major ones; the company accounts for associates like Zhonglian Changxiang (Shenzhen) Network Technology Co., Ltd. using the equity method, but as Zhonglian Changxiang's financial data is not timely available, the company uses its March 31, 2025 data - The company owns 13 subsidiaries, including Shenzhen Shengxun Network Technology Co., Ltd., Shenzhen Shengxun Cloud Commerce Technology Co., Ltd., and Lushi Yurui Technology Co., Ltd[499] - The company accounts for associates such as Zhonglian Changxiang (Shenzhen) Network Technology Co., Ltd. using the equity method[500] - The company did not obtain Zhonglian Changxiang's financial statements as of June 30, 2025, and therefore used its financial data as of March 31, 2025, as the financial data for June 30, 2025[502][503] Government Grants During the reporting period, the company received government grants of 108,900 yuan related to daily operations, recognized in other income; at period-end, the balance of government grants in deferred income was 3.7920 million yuan, related to assets - At the end of the reporting period, the company had no government grants recognized based on receivable amounts[506] Liability Items Involving Government Grants | Accounting Account | Beginning Balance (yuan) | Amount Transferred to Other Income in Current Period (yuan) | Ending Balance (yuan) | Related to Assets/Income | | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 3,900,851.66 | 108,860.94 | 3,791,990.72 | Related to Assets | Government Grants Included in Current Profit and Loss | Accounting Account | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Other Income | 108,860.94 | 608,860.94 | Risks Related to Financial Instruments The company faces credit risk, liquidity risk, and market risk (including interest rate risk and other price risks) in its operations; the company manages these risks through diversified investments, cash flow monitoring, customer credit assessment, and fixed-rate borrowings to mitigate potential financial losses - The company faces credit risk, primarily arising from monetary funds, notes receivable, and accounts receivable, among other financial assets[511] - The company faces liquidity risk, managed by monitoring cash balances, readily marketable securities, and future cash flow forecasts to ensure sufficient funds[512] - The company faces market risk, including interest rate risk (the company's bank borrowings are all at fixed rates, so there is no interest rate risk) and other price risks (primarily arising from various equity instrument investments)[513][514] Fair Value Disclosure This section discloses the fair value of assets and liabilities measured at fair value at