星环科技(688031) - 2025 Q2 - 季度财报

Definitions This chapter defines common terms and professional jargon used in the report, covering company basics, investor names, government agencies, and core technologies like big data, AI, and cloud computing, ensuring clarity and consistency - The reporting period refers to January 1, 2025, to June 30, 2025[11] - The company's core business involves professional technologies such as databases, big data platforms, data management software, AI, machine learning, deep learning, knowledge graphs, edge computing, and cloud-native[11][12][13][14][15][16][17][18] Company Profile and Key Financial Indicators This chapter outlines Transwarp Technology's basic information, contact details, disclosure channels, and stock overview, detailing key accounting data and financial indicators for the reporting period, including operating revenue, net profit, and cash flow, while also explaining net profit after non-recurring gains/losses and equity incentives Company Basic Information Transwarp Information Technology (Shanghai) Co., Ltd. is an AI and big data infrastructure software developer, with Sun Yuanhao as legal representative, registered at No. 88 Hongcao Road, Xuhui District, Shanghai - The company's full Chinese name is 星环信息科技（上海）股份有限公司, abbreviated as Transwarp Technology[20][21] - The legal representative is Sun Yuanhao, and the company's registered and office address is 3rd Floor, Building B, No. 88 Hongcao Road, Xuhui District, Shanghai[21] Contacts and Contact Information This section provides contact information for the company's Board Secretary (domestic information disclosure representative) Li Yiduo and Securities Affairs Representative Zhao Mengdi, including address, phone, and email, and mentions Ms. Wang Siyao's appointment as the new Securities Affairs Representative - The Board Secretary is Li Yiduo, and the Securities Affairs Representative is Zhao Mengdi, with contact phone number 021-61761338 and email ir@transwarp.io[22] - On August 27, 2025, Ms. Wang Siyao was appointed as the company's Securities Affairs Representative[22] Brief Introduction to Changes in Information Disclosure and Document Custody Locations The company designates China Securities Journal, Shanghai Securities News, Securities Times, and Securities Daily for information disclosure, with the semi-annual report published on the Shanghai Stock Exchange website and available at the company's office address - Information disclosure newspapers include China Securities Journal, Shanghai Securities News, Securities Times, and Securities Daily[23] - The semi-annual report is published on http://www.sse.com.cn, and the document custody location is 3rd Floor, Building B, No. 88 Hongcao Road, Xuhui District, Shanghai[23] Brief Introduction to Company Shares/Depositary Receipts The company's shares are A-shares, listed and traded on the STAR Market of the Shanghai Stock Exchange, with stock abbreviation Transwarp Technology and stock code 688031 - The company's share type is A-shares, listed on the STAR Market of the Shanghai Stock Exchange[24] - Stock abbreviation: Transwarp Technology, Stock code: 688031[24] Company's Key Accounting Data and Financial Indicators During the reporting period, the company's operating revenue increased by 8.82% year-on-year, losses narrowed, and net cash flow from operating activities significantly improved. The company remains in a growth phase with substantial R&D and sales investments, and economies of scale are yet to be fully realized 主要会计数据（2025年1-6月 vs 2024年1-6月） | 主要会计数据 | 本报告期（1－6月） | 上年同期 | 本报告期比上年同期增减(%) | | :--- | :--- | :--- | :--- | | 营业收入 | 152,505,821.85 | 140,145,466.50 | 8.82 | | 利润总额 | -142,944,466.87 | -191,614,271.11 | 不适用 | | 归属于上市公司股东的净利润 | -142,945,098.73 | -191,203,244.34 | 不适用 | | 归属于上市公司股东的扣除非经常性损益的净利润 | -156,248,661.08 | -205,661,396.38 | 不适用 | | 经营活动产生的现金流量净额 | -132,776,688.27 | -245,292,378.25 | 不适用 | | 本报告期末 vs 上年度末 | | | | | 归属于上市公司股东的净资产 | 964,448,630.23 | 1,098,727,497.90 | -12.22 | | 总资产 | 1,260,188,479.05 | 1,396,260,210.59 | -9.75 | 主要财务指标（2025年1-6月 vs 2024年1-6月） | 主要财务指标 | 本报告期（1－6月） | 上年同期 | 本报告期比上年同期增减(%) | | :--- | :--- | :--- | :--- | | 基本每股收益（元／股） | -1.18 | -1.58 | 不适用 | | 稀释每股收益（元／股） | -1.18 | -1.58 | 不适用 | | 扣除非经常性损益后的基本每股收益（元／股） | -1.29 | -1.70 | 不适用 | | 加权平均净资产收益率（%） | -13.83 | -14.14 | 增加0.31个百分点 | | 扣除非经常性损益后的加权平均净资产收益率（%） | -15.12 | -15.21 | 增加0.09个百分点 | | 研发投入占营业收入的比例（%） | 80.70 | 91.63 | 减少10.93个百分点 | - The increase in operating revenue is primarily due to delayed customer revenue recognition last year and a stable and improving market economy in the first half of this year[27] - The company improved operational efficiency, with sales, administrative, and R&D expenses decreasing year-on-year[28] - Net cash flow from operating activities significantly improved, mainly due to strengthened accounts receivable collection and customer credit management[28] Non-recurring Gains and Losses Items and Amounts During the reporting period, the company's total non-recurring gains and losses amounted to 13,303,562.35 yuan, primarily from government subsidies and fair value changes in financial assets, with VAT refunds for software products classified as recurring gains 非经常性损益项目和金额 | 非经常性损益项目 | 金额 (元) | | :--- | :--- | | 非流动性资产处置损益 | -40,002.79 | | 计入当期损益的政府补助（除持续影响外） | 10,094,394.67 | | 非金融企业持有金融资产和金融负债产生的公允价值变动损益以及处置损益 | 3,158,553.07 | | 其他营业外收入和支出 | 90,617.40 | | 合计 | 13,303,562.35 | - VAT refunds for software products of 8,700,505.76 yuan were deemed closely related to the company's normal operations and classified as recurring gains[32] Net Profit After Deducting Impact of Share-based Payments During the reporting period, the company's net profit after deducting the impact of share-based payments was -142,945,098.73 yuan, showing a narrowed loss compared to the same period last year 扣除股份支付影响后的净利润 | 主要会计数据 | 本报告期（1－6月） | 上年同期 | 本期比上年同期增减(%) | | :--- | :--- | :--- | :--- | | 扣除股份支付影响后的净利润 | -142,945,098.73 | -182,807,648.45 | 不适用 | Management Discussion and Analysis This chapter details Transwarp Technology's operating performance during the reporting period, including its business development in AI and big data infrastructure software, industry position, technological innovation, market expansion, and various risks. The company is committed to empowering enterprise digital transformation through full-stack basic software and services, and continues to deepen technological integration and ecosystem building in the era of large models Explanation of the Company's Industry and Main Business During the Reporting Period As an enterprise-grade AI and big data infrastructure software developer, the company provides full-stack basic software and services covering the entire data lifecycle. During the reporting period, the company continued to deepen its product matrix and actively responded to industry trends such as the popularization of distributed systems, multi-modal databases, lakehouse architecture, cloud-native big data platforms, and AI agents, as well as the accelerated development of the data element market (I) Main Business, Products, or Services The company primarily offers AI and big data infrastructure software and solution businesses, with a product matrix including big data platform TDH, cloud platform TDC, distributed relational databases ArgoDB and KunDB, data development tool TDS, AI platform Sophon, and knowledge platform TKH. The revenue model is mainly software product licensing, supplemented by technical services and solutions, with an R&D model of "independent R&D, leading a generation" and a sales model combining direct and channel sales - The company provides AI and big data infrastructure software business and solution business, covering the entire data lifecycle and end-to-end processes[36] - Main products include big data platform TDH, cloud platform TDC, distributed relational databases ArgoDB and KunDB, data development tool TDS, AI platform Sophon, and knowledge platform TKH[37][38][40][41][42][43] - The revenue model is primarily software product licensing, with technical services and solutions priced per project or man-month, emphasizing repeat purchases from existing customers[45] - The R&D model adheres to the "independent R&D, leading a generation" strategy, coordinated by the general manager and implemented by product R&D departments[46] - The sales model includes direct sales and channel sales, with channel sales conducted through project partners and distributors[47] (II) Industry Situation of the Company The company operates in the basic software development sector of the software and information technology services industry, benefiting from explosive global data growth and national emphasis on AI. Industry trends include the popularization of distributed systems, multi-modal databases, lakehouse architecture, cloud-native big data platforms, and AI agents, alongside accelerating data element market construction and deepening indigenous control policies, characterized by high technical barriers and rapid iteration - The company's industry is "Basic Software Development" within "New Generation Information Technology Industry" and "Emerging Software and New Information Technology Services"[50] - In 2024, national data production reached 41.06 ZB, a 25% year-on-year increase, with generative AI further intensifying data storage and computing demands[51] - AI infrastructure software integrates data cleaning, generation, labeling, storage, and other functions, enhancing data usability and reducing AI development difficulty[52] - Data management software technology is evolving from "relational, centralized" to "non-relational, distributed" and further to "multi-modal, cloud-native"[53] - Distributed systems, multi-modal databases, lakehouse/real-time lakehouse architecture, cloud-native big data platform architecture, and AI agents are key industry development directions[54][57][58][60][62] - The state is accelerating data element market construction, promoting the commercialization of data secure circulation technologies (e.g., privacy computing)[63][64] - High technical barriers in the industry are mainly reflected in rapid and broad technological iteration, requiring continuous R&D innovation and technological integration capabilities[66] - The company's big data platform TDH V5.1 and ArgoDB V1.2.1 passed TPC-DS benchmark tests, and AI platform Sophon Discover V3.0.0 became the first product to pass TPCx-AI SF3,000 benchmark[67] - The company ranks first among independent software vendors in China's big data private deployment market and fifth in China's machine learning platform market[68] - The company was recognized by IDC as a leader in China's digital government integrated big data platform and real-time lakehouse market, and listed as a mainstream supplier in China's data space market[69] - The company actively participates in national and industry standard setting, continuously receiving industry recognition and honors, such as "Top Ten Trusted Innovation Platform Software Brands of 2024"[69][70] - Model democratization drives AI technology popularization and application innovation, with large models shifting to edge devices, forming a new "edge-cloud collaboration" paradigm[71] - The company's strategy upgraded from digital infrastructure to AI infrastructure, building a complete toolchain from corpus processing to agent construction, and advancing edge AI technology[72] - Data elements entered a policy deepening phase, with the National Data Bureau issuing multiple policies to support data element market development, accelerating commercialization of privacy computing and other technologies[73] - Indigenous control promotes supply chain security and high-quality development, with domestic substitution evolving from "usable" to "user-friendly"; company products and technologies align with national industrial policy[74][75] Discussion and Analysis of Operations During the reporting period, the company's total operating revenue increased by 8.82%, and net profit loss narrowed by 25.24% year-on-year. The company deepened ecosystem building, collaborated with ISVs across various industries to create smart solutions, and launched a new generation of AI infrastructure, including an AI-ready data platform and AI platform, empowering enterprise digital transformation with multi-modal unified architecture, lakehouse integration, real-time processing, and heterogeneous computing power fusion. Large model-related opportunities generated nearly 30 million yuan in orders - During the reporting period, the company's total operating revenue was 152.5058 million yuan, a year-on-year increase of 8.82%[76] - Net profit attributable to shareholders of the listed company was -142.9451 million yuan, a 25.24% reduction in loss compared to the same period last year[76] 主营业务收入构成（按产品类别） | 产品类别 | 2025 年 1-6 月金额 (万元) | 2025 年 1-6 月占比 | 2024 年 1-6 月金额 (万元) | 2024 年 1-6 月占比 | | :--- | :--- | :--- | :--- | :--- | | 软件产品与技术服务 | 11,108.70 | 73.06% | 11,218.00 | 80.27% | | 软件产品授权 | 2,033.38 | 13.37% | 2,471.83 | 17.68% | | 软件产品授权及配套服务 | 5,841.93 | 38.42% | 5,672.71 | 40.60% | | 技术服务 | 3,233.39 | 21.27% | 3,073.46 | 21.99% | | 解决方案 | 3,411.51 | 22.44% | 2,382.57 | 17.04% | | 软硬一体产品及服务 | 684.29 | 4.50% | 376.44 | 2.69% | | 合计 | 15,204.50 | 100.00% | 13,977.01 | 100.00% | 主营业务收入构成（按终端用户行业） | 行业 | 2025 年 1-6 月金额 (万元) | 2025 年 1-6 月占比 | 2024 年 1-6 月金额 (万元) | 2024 年 1-6 月占比 | | :--- | :--- | :--- | :--- | :--- | | 金融 | 6,843.74 | 45.01% | 5,546.84 | 39.69% | | 能源 | 2,853.39 | 18.77% | 806.18 | 5.77% | | 政府 | 1,849.00 | 12.16% | 5,293.68 | 37.87% | | 交通 | 863.76 | 5.68% | 39.73 | 0.28% | | 电信 | 640.73 | 4.21% | 602.76 | 4.31% | | 医疗 | 609.61 | 4.01% | 365.41 | 2.61% | | 制造 | 399.46 | 2.63% | 317.34 | 2.27% | | 其他 | 1,144.81 | 7.53% | 1,005.07 | 7.20% | | 合计 | 15,204.50 | 100.00% | 13,977.01 | 100.00% | - The company deepened ecosystem building, collaborating with ISVs in medical, rail transit, and new energy industries, and partnering with central SOE digital intelligence companies to promote digital transformation[80] - The company launched a new generation of AI infrastructure, positioning the data platform as a core component of AI infrastructure, building a complete toolchain from corpus processing to agent construction[81][83] - The AI-ready data platform adopts a multi-modal unified architecture, supporting 11 data models for management, enhancing lakehouse integration and multi-modal capabilities, including distributed vector database Hippo2.0, distributed time-series database Timelyre9.3, and distributed graph database StellarDB6.0[84][85] - Data cloud platform TDC5.1 supports heterogeneous computing power fusion and model scheduling; distributed database ArgoDB V6 achieved real-time data synchronization, lakehouse integration, and HTAP architecture upgrade[86][87] - Distributed transactional database KunDB V4 is suitable for core system domestic substitution, compatible with Oracle and MySQL, supporting integrated centralized and distributed architecture[88] - Big data development tool TDS4.1 improved real-time data synchronization and data asset portal capabilities, leveraging large language models to enhance data governance efficiency[89] - The AI platform includes large model operations platform Sophon LLMOps and knowledge platform Transwarp Knowledge Hub (TKH), empowering government and enterprise customers to build exclusive large models, agents, and applications[90][92] - Large model-related opportunities generated nearly 30 million yuan in orders for the company, covering finance, government, energy, education, manufacturing, and other industries[93] Analysis of Core Competitiveness During the Reporting Period The company's core competitiveness lies in its continuous innovation capability, independent R&D of core technologies, rich product lines and strong service capabilities, high customer stickiness, complete ecological closed-loop, and deep technical core team. The company has achieved multiple technological breakthroughs in distributed technology, databases, and AI, actively promoting the localization process, and providing customers with full lifecycle data management solutions (I) Core Competitiveness Analysis The company possesses continuous innovation capability, leading industry technological development, such as being the first to launch enterprise-grade distributed vector database Hippo and Sophon LLMOps. Core technologies are independently developed, achieving substitution of foreign products in the big data core basic software field, and actively participating in the localization process of the information industry. The product line is rich, offering "one-stop" AI infrastructure software solutions and high-quality technical services. Customer stickiness is strong, with repeat purchases from existing customers accounting for 78.83% of main business revenue. The company builds an ecological closed-loop, collaborating with various manufacturers and universities, and has a technically profound core team, forming a talent barrier - The company possesses continuous innovation capability, focusing on R&D of basic software in distributed technology, database technology, compilation technology, data cloud technology, AI and machine learning operations management technology, accumulating 169 invention patents[95][114] - The company's big data platform TDH passed TPC-DS and TPCx-BB SF3,000 benchmark tests, ranking second globally in performance[95] - Core technologies are independently developed, achieving substitution of foreign benchmark enterprise products in the big data core basic software field, such as KunDB being listed in the supplier list for distributed databases for central government agencies[96][98] - The product line is rich, providing "one-stop" AI infrastructure software solutions including big data and cloud basic platforms, distributed relational databases, data development and intelligent analysis tools, covering full data lifecycle management[99] - Customer stickiness is strong, with over 1,600 end-users as of the end of the reporting period; in 2024, repeat purchases from existing customers accounted for approximately 78.83% of main business revenue[101][102] - The company builds an ecological closed-loop, collaborating with system integrators, independent software vendors, universities, etc., to expand product influence[103][104] - The company possesses a technically profound core team, deeply engaged in big data and AI basic software for over a decade, establishing a comprehensive talent management system[105] (III) Core Technologies and R&D Progress The company has accumulated 31 core technologies in seven areas: distributed technology, database technology, compilation technology, data cloud technology, AI and machine learning operations management technology, knowledge engineering, and knowledge graph technology, and continuously updates them. During the reporting period, ongoing R&D projects included a new generation lakehouse HTAP database, enterprise-grade large model knowledge base management software, real-time data synchronization and data asset portal, enterprise-grade AI model operations management platform, federated data cloud platform, and trusted data space, with a total investment of 102.6596 million yuan - The company has accumulated 31 core technologies in seven areas: distributed technology, distributed database technology, unified processing technology for multi-modal data, container-based data cloud technology, big data development technology, AI and machine learning operations management technology, knowledge engineering and knowledge graph technology[106] - Core technologies include distributed consistency technology, unified general computing engine, distributed transaction processing technology, big data security and data circulation technology, low-latency high-availability real-time computing technology, massive document storage and analysis technology, large-scale graph storage and analysis technology, distributed Bigtable database technology, ultra-large-scale big data cluster management technology, vector database technology, distributed file system[106][107][108][109] - SQL compilation technology supports most ANSI SQL standards, is compatible with traditional relational database dialects, and provides stored procedure support[112] - Distributed analytical database technology features high availability, high scalability, row-column hybrid storage engine, high-throughput writing, and efficient complex query capabilities[110] - Container-based data cloud technology achieves resource management and scheduling, heterogeneous hardware architecture and operating system support, distributed application orchestration, hybrid load and multi-tenant database scheduling, cloud operating system kernel technology, and federated cloud technology[111][112] - Big data development technology includes real-time data synchronization technology, AI-driven data asset management technology, and daily million-level data workflow scheduling technology[112][113] - AI and machine learning operations management technology provides distributed machine learning algorithms and machine learning technology covering the entire data analysis lifecycle[113] - Knowledge engineering and knowledge graph technology support multi-modal data extraction, graph deep learning, and knowledge graph construction[113] 报告期内获得的知识产权列表 | | 本期新增申请数（个） | 本期新增获得数（个） | 累计申请数（个） | 累计获得数（个） | | :--- | :--- | :--- | :--- | :--- | | 发明专利 | 13 | 12 | 305 | 169 | | 实用新型专利 | 0 | 0 | 1 | 1 | | 外观设计专利 | 0 | 0 | 2 | 2 | | 软件著作权 | 30 | 33 | 481 | 464 | | 其他 | 13 | 5 | 822 | 630 | | 合计 | 56 | 50 | 1,611 | 1,266 | 研发投入情况表 | | 本期数 (元) | 上年同期数 (元) | 变化幅度（%） | | :--- | :--- | :--- | :--- | | 费用化研发投入 | 99,001,823.99 | 110,325,183.66 | -10.26 | | 资本化研发投入 | 24,065,269.68 | 18,086,077.60 | 33.06 | | 研发投入合计 | 123,067,093.67 | 128,411,261.26 | -4.16 | | 研发投入总额占营业收入比例（%） | 80.70 | 91.63 | 减少10.93个百分点 | | 研发投入资本化的比重（%） | 19.55 | 14.08 | 增加5.47个百分点 | 在研项目情况（部分） | 序号 | 项目名称 | 预计总投资规模 (万元) | 本期投入金额 (万元) | 累计投入金额 (万元) | | :--- | :--- | :--- | :--- | :--- | | 1 | 2025星环分布式数据库_ArgoDB | 7,217.70 | 3,393.84 | 3,393.84 | | 2 | 2025星环知识库管理开发软件_TranswarpKnowledgeHub | 3,954.20 | 1,757.04 | 1,757.04 | | 3 | 2025数据开发治理工具智能化研发项目 | 3,156.67 | 1,473.96 | 1,473.96 | | 4 | 2025星环大语言模型运营管理平台_SophonLLMOps | 3,842.92 | 1,723.23 | 1,723.23 | | 5 | 2025星环数据云平台软件_TranswarpDataCloud | 1,761.97 | 809.95 | 809.95 | | 6 | 2025可信数据空间管理软件研发项目 | 1,457.03 | 663.25 | 663.25 | | 7 | 2025星环分布式投研一体化系统建设_TranswarpMatrix | 983.97 | 444.69 | 444.69 | | 合计 | | 22,374.46 | 10,265.96 | 10,265.96 | 研发人员情况 | 基本情况 | 本期数 | 上年同期数 | | :--- | :--- | :--- | | 公司研发人员的数量（人） | 350 | 417 | | 研发人员数量占公司总人数的比例（%） | 37.08 | 35.22 | | 研发人员薪酬合计（万元） | 9,146.54 | 10,287.29 | | 研发人员平均薪酬（万元） | 26.13 | 24.67 | | 学历构成 | | | | 博士研究生（人） | 6 | 1.71% | | 硕士研究生（人） | 191 | 54.57% | | 本科（人） | 151 | 43.14% | | 专科及以下（人） | 2 | 0.57% | | 年龄结构 | | | | 30岁以下（不含30岁）（人） | 124 | 35.43% | | 30-40岁（含30岁，不含40岁）（人） | 198 | 56.57% | | 40-50岁（含40岁，不含50岁）（人） | 26 | 7.43% | | 50-60岁（含50岁，不含60岁）（人） | 2 | 0.57% | | 60岁及以上（人） | 0 | 0% | Risk Factors The company faces challenges such as unprofitability, significant performance decline or loss, technological upgrade and iteration, intellectual property and high-end technical talent loss, market competition, open-source software competition, channel sales, seasonal revenue fluctuations, slower-than-expected domestic substitution, high sales and R&D expenses, large accounts receivable balance, fluctuating net cash flow from operating activities, performance risks from capitalized R&D, and macroeconomic environment risks - The company is not yet profitable, mainly due to significant continuous investment in AI and big data infrastructure basic software R&D, relatively small operating revenue scale, and unformed prominent economies of scale[3][124] - Net profit attributable to shareholders of the listed company was -142.9451 million yuan during the reporting period, with accumulated unrecovered losses of 1,466.4577 million yuan[126] - The company faces technological upgrade and iteration risks, requiring accurate grasp of new technology development trends, otherwise technological advancement may be affected[130] - Risks of intellectual property theft or misuse, and loss of high-end technical talent exist[131] - Market competition is intense, with the company lagging behind large cloud vendors and ICT vendors in terms of capital strength and brand recognition[132] - Competition from open-source or free software may lead to decreased sales volume and prices for commercial products[133][134] - Channel sales revenue accounts for 51.67% of main business revenue, with the acquisition, maintenance, and management of partners significantly impacting profitability[135] - Company revenue experiences seasonal fluctuations, with the fourth quarter revenue higher than the other three quarters[136] - Domestic substitution products may not be promoted as expected, facing obstacles such as diverse downstream customer information system environments, incomplete ecosystems, and talent shortages[137] - Sales expenses account for 49.48% of operating revenue, and R&D investment accounts for 80.70% of operating revenue, both relatively high[138][140] - Accounts receivable book value is 343.3455 million yuan, accounting for 34.03% of current assets, posing a risk of bad debt losses[141] - Net cash flow from operating activities was -132.7767 million yuan, remaining negative, indicating liquidity risk[142] - Capitalization of R&D investment may reduce future profits or lead to asset impairment losses[143] - The big data and AI basic software industry is characterized by rapid technological iteration and numerous market participants, intensifying competition[144][145] - Unfavorable changes in macroeconomic conditions may affect downstream industry digitalization demand and company operations[146] Key Operating Performance During the Reporting Period During the reporting period, the company's operating revenue increased by 8.82% year-on-year, and net profit loss after deducting non-recurring gains and losses narrowed by 24.03%. This chapter analyzes the reasons for changes in financial statement items and discloses asset, liability, investment status, and major holding/investee company information (I) Main Business Analysis The company's operating revenue increased by 8.82%, mainly due to delayed customer revenue recognition and an improving market economy. Operating costs increased more than revenue due to the recognition of a central SOE order. Sales, administrative, and R&D expenses decreased due to cost control and personnel structure optimization. Financial expenses decreased due to increased interest income. Net cash flow from operating activities significantly improved, net cash flow from investing activities substantially increased, and net cash flow from financing activities turned positive - Company operating revenue 152,505,821.85 yuan, a year-on-year increase of 8.82%[147] - Net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses was -156,248,661.08 yuan, with loss narrowing by 24.03% year-on-year[147] 财务报表相关科目变动分析 | 科目 | 本期数 (元) | 上年同期数 (元) | 变动比例（%） | | :--- | :--- | :--- | :--- | | 营业收入 | 152,505,821.85 | 140,145,466.50 | 8.82 | | 营业成本 | 82,833,998.06 | 72,795,817.46 | 13.79 | | 销售费用 | 75,455,416.48 | 105,895,862.00 | -28.75 | | 管理费用 | 60,761,816.24 | 61,106,961.15 | -0.56 | | 财务费用 | 444,941.50 | 1,137,488.40 | -60.88 | | 研发费用 | 99,001,823.99 | 110,325,183.66 | -10.26 | | 经营活动产生的现金流量净额 | -132,776,688.27 | -245,292,378.25 | 不适用 | | 投资活动产生的现金流量净额 | 84,040,144.86 | 20,228,817.93 | 315.45 | | 筹资活动产生的现金流量净额 | 13,109,745.22 | -29,027,894.10 | 不适用 | - Operating revenue increase primarily due to delayed customer order recognition from last year to the first half of this year, and a stable and improving market economy[149] - Operating cost increase greater than revenue increase, mainly affected by the recognition of a single solution business order from a central SOE in 2024[149] - Sales, administrative, and R&D expenses decreased year-on-year, mainly due to the company strengthening cost control and improving operational efficiency[149] - Net cash flow from operating activities significantly improved, mainly due to strengthened accounts receivable collection and customer credit management[149] - Net cash flow from investing activities substantially increased, mainly due to reduced server purchases and more redemptions of wealth management products[149] - Net cash flow from financing activities turned positive, mainly due to the receipt of capital contributions from the exercise of second-class restricted shares granted to employees[149] (III) Analysis of Assets and Liabilities At the end of the reporting period, the company's total assets and net assets attributable to shareholders of the listed company both decreased. The decrease in monetary funds was mainly due to the purchase of bank wealth management products, and the decrease in accounts receivable was due to strengthened collection management. Inventory and contract assets increased mainly due to seasonal revenue fluctuations and increased revenue. Intangible assets significantly increased due to the completion of capitalized R&D projects. Short-term borrowings and contract liabilities increased, while lease liabilities and employee compensation decreased. Overseas assets accounted for 4.80% of total assets, with some monetary funds and invention patents restricted 资产及负债状况变动 | 项目名称 | 本期期末数 (元) | 本期期末数占总资产的比例（%） | 上年期末数 (元) | 上年期末数占总资产的比例（%） | 本期期末金额较上年期末变动比例（%） | | :--- | :--- | :--- | :--- | :--- | :--- | | 货币资金 | 506,747,897.68 | 40.21 | 583,266,679.07 | 41.77 | -13.12 | | 应收账款 | 284,757,950.73 | 22.60 | 334,107,519.36 | 23.93 | -14.77 | | 存货 | 64,132,415.90 | 5.09 | 51,607,842.01 | 3.70 | 24.27 | | 合同资产 | 58,587,579.80 | 4.65 | 39,461,978.70 | 2.83 | 48.47 | | 长期股权投资 | 772,635.27 | 0.06 | 450,001.25 | 0.03 | 71.70 | | 固定资产 | 112,259,529.75 | 8.91 | 128,666,142.48 | 9.22 | -12.75 | | 在建工程 | 470,530.97 | 0.04 | - | - | 不适用 | | 无形资产 | 47,077,816.64 | 3.74 | 17,655,594.87 | 1.26 | 166.65 | | 使用权资产 | 30,503,645.53 | 2.42 | 40,385,602.03 | 2.89 | -24.47 | | 短期借款 | 50,024,611.11 | 3.97 | 40,026,944.44 | 2.87 | 24.98 | | 应付职工薪酬 | 10,796,851.73 | 0.86 | 16,618,424.88 | 1.19 | -35.03 | | 合同负债 | 70,444,884.53 | 5.59 | 62,573,817.92 | 4.48 | 12.58 | | 租赁负债 | 7,503,162.68 | 0.60 | 16,716,114.60 | 1.20 | -55.11 | - The decrease in monetary funds is mainly due to the company utilizing idle funds to purchase bank wealth management products during the reporting period[152] - Intangible assets significantly increased by 166.65%, mainly due to the completion of capitalized R&D projects forming intangible assets[152] - Overseas assets amounted to 60,469,079.65 yuan, accounting for 4.80% of total assets[153] - Monetary funds include restricted wealth management subscription funds of 220,000,000.00 yuan and vehicle ETC deposits of 6,000.00 yuan[154] - The company pledged 8 invention patents as collateral for 20,000,000.00 yuan in short-term borrowings[154] (IV) Analysis of Investment Status During the reporting period, the company made several external equity investments, including capital injections into Xi'an Shuzhi Technology Co., Ltd., Anhui Transwarp Artificial Intelligence Technology Co., Ltd., Transwarp Chaozhi Information Technology (Jinan) Co., Ltd., Singapore subsidiary TRANSWARP TECHNOLOGY (SINGAPORE) PTE. LTD., and Transwarp Zhongzhi (Xi'an) Information Technology Co., Ltd. Additionally, the fair value of financial assets measured at fair value at the end of the period was 31,298,733.75 yuan, primarily comprising bank wealth management products and money market funds - During the reporting period, the company injected capital into several subsidiaries and associates, including Singapore subsidiary TRANSWARP TECHNOLOGY (SINGAPORE) PTE. LTD. with 4,000,000.00 USD (equivalent to 29,065,640.00 yuan)[156] 以公允价值计量的金融资产 | 资产类别 | 期初数 (元) | 本期购买金额 (元) | 本期出售/赎回金额 (元) | 期末数 (元) | | :--- | :--- | :--- | :--- | :--- | | 结构性存款 | 61,500,000.00 | 2,071,000,000.00 | 2,122,500,000.00 | 10,000,000.00 | | 货币基金 | 10,151,607.74 | 96,147,126.01 | 85,000,000.00 | 21,298,733.75 | | 合计 | 71,651,607.74 | 2,167,147,126.01 | 2,207,500,000.00 | 31,298,733.75 | 私募股权投资基金投资情况 | 私募基金名称 | 投资目的 | 拟投资总额 (元) | 截至报告期末已投资金额 (元) | 报告期末出资比例（%） | | :--- | :--- | :--- | :--- | :--- | | 上海接力同行二号投资中心（有限合伙） | 巩固和拓展产业链上下游核心环节布局，提高市场竞争力 | 20,000,000 | 20,000,000 | 9.95 | (VI) Analysis of Major Holding and Investee Companies This section primarily discloses the financial situation of Transwarp Zhongzhi Technology (Beijing) Co., Ltd., a subsidiary whose net profit impact exceeds 10% of the company's net profit. The subsidiary's main business is R&D, sales, and services of big data basic software, with operating revenue of 21.8167 million yuan and net profit of -21.4608 million yuan during the reporting period. Additionally, a new wholly-owned subsidiary, Transwarp Zhongzhi (Xi'an) Information Technology Co., Ltd., was established during the reporting period 主要子公司财务情况（对公司净利润影响达10%以上） | 公司名称 | 公司类型 | 主要业务 | 注册资本 (万元) | 总资产 (万元) | 净资产 (万元) | 营业收入 (万元) | 营业利润 (万元) | 净利润 (万元) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 星环众志科技（北京）有限公司 | 子公司 | 主营大数据基础软件的研发、销售、服务 | 3,000.00 | 2,309.28 | -33,200.26 | 2,181.67 | -2,146.08 | -2,146.08 | - On January 6, 2025, a new wholly-owned subsidiary, Transwarp Zhongzhi (Xi'an) Information Technology Co., Ltd., was established[184] Corporate Governance, Environment, and Society This chapter primarily discloses corporate governance information, including changes in directors, senior management, and core technical personnel, profit distribution plans, and the implementation progress of equity incentive plans. The company had no profit distribution plan during the reporting period, but the equity incentive plan continued to advance, with partial restricted share vesting registration completed Changes in Company Directors, Senior Management, and Core Technical Personnel During the reporting period, there were no changes in the company's directors, senior management, and core technical personnel Profit Distribution or Capital Reserve Conversion Plan The company's board of directors resolved that there is "no" profit distribution plan or capital reserve conversion plan for the current reporting period - No profit distribution or capital reserve conversion plan for the current reporting period[6] Status and Impact of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures The company's 2023 restricted stock incentive plan continued to advance, with the first vesting period for the initial grant completed, adding 287,448 unrestricted tradable shares. The first vesting period conditions for the reserved grant (first batch) were met, and some granted but unvested restricted shares were cancelled - The company's 2023 restricted stock incentive plan's first vesting period for the initial grant was completed on March 7, 2025, with 287,448 shares vested[165] - On April 24, 2025, the first vesting period conditions for the reserved grant (first batch) were met, approving the vesting of 8,640 restricted shares for 2 incentive recipients[165] - Concurrently, a total of 292,070 restricted shares were cancelled[165] Environmental Information Disclosure The company was not included in the list of enterprises required to disclose environmental information by law, thus no relevant environmental information is disclosed for the current reporting period Poverty Alleviation and Rural Revitalization The company has no specific information to disclose regarding consolidating and expanding poverty alleviation achievements, rural revitalization, or similar work for the current reporting period Significant Matters This chapter details the company's significant matters during the reporting period, including the fulfillment of commitments, related party fund occupation, illegal guarantees, major litigations and arbitrations, related party transactions, and progress in the use of raised funds. The company strictly fulfilled its commitments, had no illegal guarantees or major litigations, and used raised funds in a standardized manner Fulfillment of Commitments The company's controlling shareholder, actual controller, directors, senior management, and other shareholders strictly fulfilled all commitments related to the initial public offering, including share lock-up, shareholding and reduction intentions, share price stabilization, share repurchase, buyback of shares due to fraudulent issuance, compensation for diluted immediate returns, profit distribution policy, reduction and standardization of related party transactions, truthfulness of issuance application documents, legal liability for compensation, and restrictive measures for non-fulfillment of commitments. All commitments were strictly fulfilled on schedule, with no violations - The controlling shareholder, actual controller, and their concerted parties committed not to transfer shares within 36 months from the listing date, and not to transfer shares within 3 full accounting years before the company achieves profitability[171] - Directors, supervisors, senior management, and core technical personnel holding indirect shares committed not to transfer shares within 12 months from the listing date[179] - All committing parties pledged to bear corresponding legal liabilities for breach of commitment, including compensating investor losses, ceasing to receive salaries and cash dividends[173][174][176][178][181][182][184][186][188][190][192][193][196][197][198][199][201][202][204][206][208][209][211][212][213][214][215][217][219][220][222][224][226][228][230][232][233][236][237][239][241][242][243][244][245][246][247][248][249][250] - The company committed to strictly distribute profits according to laws, regulations, and company articles of association, effectively safeguarding investors' rights to returns[217] - The controlling shareholder, actual controller, and their concerted parties committed to avoid horizontal competition and reduce and standardize related party transactions[218][245] Non-operating Occupation of Funds by Controlling Shareholder and Other Related Parties During the Reporting Period During the reporting period, there was no non-operating occupation of funds by the controlling shareholder or other related parties - During the reporting period, the company had no non-operating occupation of funds by the controlling shareholder or other related parties[7] Illegal Guarantees During the reporting period, the company had no instances of providing external guarantees in violation of prescribed decision-making procedures - During the reporting period, the company had no instances of providing external guarantees in violation of prescribed decision-making procedures[7] Semi-Annual Report Audit Status This semi-annual report is unaudited - This semi-annual report is unaudited[5] Major Litigations and Arbitrations The company had no major litigations or arbitrations during the current reporting period Major Related Party Transactions The company approved the "Proposal on Estimated Daily Related Party Transactions for 2025" on April 24, 2025, estimating purchases of goods and acceptance of services, and sales of goods and provision of services from related parties. During the reporting period, the company incurred related party purchases of technical service fees from Tencent Cloud Computing (Beijing) Co., Ltd. and Shenzhen Tencent Computer System Co., Ltd (I) Related Party Transactions Related to Daily Operations The company has estimated daily related party transactions for 2025, including purchases of goods and acceptance of services, and sales of goods and provision of services from related parties. During the reporting period, the company purchased technical service fees of 14,150.94 yuan from Tencent Cloud Computing (Beijing) Co., Ltd. and 4,264.19 yuan from Shenzhen Tencent Computer System Co., Ltd., neither exceeding the approved limits - The company approved the "Proposal on Estimated Daily Related Party Transactions for 2025" on April 24, 2025[252] 采购商品/接受劳务情况表 | 关联方 | 关联交易内容 | 本期发生额 (元) | 获批的交易额度 (元) | 是否超过交易额度 | | :--- | :--- | :--- | :--- | :--- | | 腾讯云计算（北京）有限责任公司 | 技术服务费 | 14,150.94 | 1,000,000.00 | 否 | | 深圳市腾讯计算机系统有限公司 | 技术服务费 | 4,264.19 | 300,000.00 | 否 | Major Contracts and Their Fulfillment During the reporting period, the company had no entrustment, contracting, or leasing matters involving performance agreements, no major guarantee situations, and no other undisclosed major contracts Progress in Use of Raised Funds The company's overall use of raised funds progressed smoothly, with a cumulative investment of 1,130,004,129.19 yuan as of the end of the reporting period, representing an investment progress of 83.84%. Specifically, the Big Data and Cloud Basic Platform Construction Project had an investment progress of 93.29%, the Distributed Relational Database Construction Project 62.92%, and the Data Development and Intelligent Analysis Tool Software R&D Project 101.85%. The company used part of its temporarily idle raised funds for cash management, with an ending balance of 10.00 million yuan (I) Overall Use of Raised Funds The company's net proceeds from the initial public offering were 1,347,832,876.29 yuan. As of the end of the reporting period, a cumulative total of 1,130,004,129.19 yuan had been invested, representing an investment progress of 83.84%. Excess raised funds cumulatively invested amounted to 141,699,183.69 yuan, accounting for 10.51% of the total excess funds 募集资金整体使用情况 | 募集资金来源 | 募集资金净额（1） (元) | 招股书或募集说明书中募集资金承诺投资总额（2） (元) | 截至报告期末累计投入募集资金总额（4） (元) | 截至报告期末累计投入募集资金总额占承诺投资总额比例（%）(7)=(4)/(2) | | :--- | :--- | :--- | :--- | :--- | | 首次公开发行股票 | 1,347,832,876.29 | 1,430,169,804.00 | 1,130,004,129.19 | 83.84 | | 合计 | 1,347,832,876.29 | 1,430,169,804.00 | 1,130,004,129.19 | 83.84 | - Excess raised funds cumulatively invested 141,699,183.69 yuan, accounting for 10.51% of total excess funds[258] (II) Details of Raised Fund Investment Projects The company's raised fund investment projects include the Big Data and Cloud Basic Platform Construction Project, the Distributed Relational Database Construction Project, and the Data Development and Intelligent Analysis Tool Software R&D Project. The Data Development and Intelligent Analysis Tool Software R&D Project has been completed, with an investment progress of 101.85%. The Big Data and Cloud Basic Platform Construction Project has an investment progress of 93.29%, and the Distributed Relational Database Construction Project 62.92% 募集资金明细使用情况 | 项目名称 | 募集资金计划投资总额 (1) (元) | 截至报告期末累计投入募集资金总额 (2) (元) | 投入进度 (%) (3)=(2)/(1) | 预定可使用状态日期 | 本年实现的效益 (元) | | :--- | :--- | :--- | :--- | :--- | :--- | | 大数据与云基础平台建设项目 | 617,673,074.07 | 576,206,402.71 | 93.29 | 2025年12月 | 20,575,850.64 | | 分布式关系型数据库建设项目 | 487,704,419.58 | 306,850,012.70 | 62.92 | 2026年12月 | 13,204,988.83 | | 数据开发与智能分析工具软件研发项目 | 242,455,382.64 | 246,947,713.78 | 101.85 | 2024年12月 | 9,502,992.53 | | 合计 | 1,347,832,876.29 | 1,130,004,129.19 | / | / | 43,283,832.00 | (IV) Other Circumstances Regarding the Use of Raised Funds During the Reporting Period The company agreed to use temporarily idle raised funds not exceeding 1,000 million yuan for cash management, purchasing highly secure, liquid, and principal-guaranteed investment products. As of June 30, 2025, the actual amount of temporarily idle raised funds used for purchasing principal-guaranteed floating-rate wealth management products that had not yet matured was 10.00 million yuan - The company agreed to use temporarily idle raised funds not exceeding 1,000 million yuan for cash management, purchasing highly secure, liquid, and principal-guaranteed investment products[262] - As of June 30, 2025, the actual amount of temporarily idle raised funds used for purchasing principal-guaranteed floating-rate wealth management products that had not yet matured was 10.00 million yuan[262] Share Changes and Shareholder Information This chapter details the company's share capital changes, major shareholder holdings, and changes in holdings of directors, senior management, and core technical personnel during the reporting period. Due to the completion of partial share registration under the equity incentive plan, unrestricted tradable shares increased, and the total number of shares changed to 121,129,516. Additionally, the company has submitted an application to the Hong Kong Stock Exchange for H-share issuance and listing Share Capital Changes On March 7, 2025, the company completed the share registration for the first vesting period of the initial grant under the 2023 restricted stock incentive plan, adding 287,448 unrestricted tradable shares, changing the total number of shares to 121,129,516. Furthermore, the company submitted an application to the Hong Kong Stock Exchange on August 18, 2025, for the issuance and listing of H-shares on the Main Board 股份变动情况表 | | 本次变动前数量 (股) | 本次变动前比例 (%) | 本次变动增减（+,-）其他 (股) | 本次变动增减（+,-）小计 (股) | 本次变动后数量 (股) | 本次变动后比例 (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 一、有限售条件股份 | 27,163,372 | 22.48 | 0 | 0 | 27,163,372 | 22.43 | | 二、无限售条件流通股份 | 93,678,696 | 77.52 | 287,448 | 287,448 | 93,966,144 | 77.57 | | 三、股份总数 | 120,842,068 | 100.00 | 287,448 | 287,448 | 121,129,516 | 100.00 | - On March 7, 2025, the company completed the share registration for the first vesting period of the initial grant under the 2023 restricted stock incentive plan, adding 287,448 unrestricted tradable shares[266] - On August 18, 2025, the company submitted an application to The Stock Exchange of Hong Kong Limited for the issuance and listing of H-shares on the Main Board[267][268] Shareholder Information As of the end of the reporting period, the total number of common shareholders was 10,676. This section lists the top ten shareholders and top ten unrestricted shareholders, with Sun Yuanhao as the largest shareholder and Linzhi Lichuang Information Technology Co., Ltd. as the largest unrestricted shareholder. Sun Yuanhao, Fan Lei, and Shanghai Zanxing Investment Center (Limited Partnership) are concerted parties - Total number of common shareholders as of the end of the reporting period: 10,676[269] 前十名股东持股情况 | 股东名称 | 期末持股数量 (股) | 比例 (%) | 持有有限售条件股份数量 (股) | | :--- | :--- | :--- | :--- | | 孙元浩 | 11,167,863 | 9.22 | 11,167,863 | | 林芝利创信息技术有限公司 | 9,333,356 | 7.71 | 0 | | 上海赞星投资中心（有限合伙） | 7,537,589 | 6.22 | 7,537,589 | | 产业基金 | 6,757,201 | 5.58 | 0 | | 范磊 | 6,068,626 | 5.01 | 6,068,626 | | 湖北省长江合志股权投资基金管理有限公司－湖北省长江合志股权投资基金合伙企业（有限合伙） | 3,737,162 | 3.09 | 0 | | 上海云友投资事务所 | 3,350,067 | 2.77 | 0 | | 北京新鼎荣盛资本管理有限公司－青岛新鼎啃哥柒号股权投资合伙企业（有限合伙） | 2,201,153 | 1.82 | 0 | | 中金祺智（上海）股权投资中心（有限合伙） | 1,973,959 | 1.63 | 0 | | 中国科技产业投资管理有限公司－深圳市国科瑞华三期股权投资基金合伙企业（有限合伙） | 1,950,208 | 1.61 | 0 | - Sun Yuanhao, Fan Lei, and Shanghai Zanxing Investment Center (Limited Partnership) are concerted parties[272] 前十名有限售条件股东持股数量及限售条件 | 序号 | 有限售条件股东名称 | 持有的有限售条件股份数量 (股) | 可上市交易时间 | 限售条件 | | :--- | :--- | :--- | :--- | :--- | | 1 | 孙元浩 | 11,167,863 | 2025年10月18日 | 公司股票上市交易之日起36个月不得转让；在公司实现盈利前，自公司股票上市交易之日起3个完整会计年度内，不得转让；本人所持股票在锁定期满后两年内减持的，减持价格不低于发行价。 | | 2 | 上海赞星投资中心（有限合伙） | 7,537,589 | 2025年10月18日 | 公司股票上市交易之日起36个月不得转让；在公司实现盈利前，自公司股票上市交易之日起3个完整会计年度内，不得转让；本人所持股票在锁定期满后两年内减持的，减持价格不低于发行价。 | | 3 | 范磊 | 6,068,626 | 2025年10月18日 | 公司股票上市交易之日起36个月不得转让；在公司实现盈利前，自公司股票上市交易之日起3个完整会计年度内，不得转让；本人所持股票在锁定期满后两年内减持的，减持价格不低于发行价。 | | 4 | 吕程 | 1,519,779 | 2025年10月18日 | 公司股票上市交易之日起36个月不得转让；在公司实现盈利前，自公司股票上市交易之日起3个完整会计年度内，不得转让；本人所持股票在锁定期满后两年内减持的，减持价格不低于发行价。 | | 5 | 佘晖 | 869,515 | 2025年10月18日 | 公司股票上市交易之日起36个月不得转让；在公司实现盈利前，自公司股票上市交易之日起3个完整会计年度内，不得转让；本人所持股票在锁定期满后两年内减持的，减持价格不低于发行价。 | Information on Directors, Senior Management, and Core Technical Personnel During the reporting period, Director, Board Secretary, and CFO Li Yiduo's shareholding increased by 9,856 shares due to the completion of share registration for the first vesting period of the initial grant under the 2023 restricted stock incentive plan 现任及报告期内离任董事、高级管理人员和核心技术人员持股变动情况 | 姓名 | 职务 | 期初持股数 (万股) | 期末持股数 (万股) | 报告期内股份增减变动量 (万股) | 增减变动原因 | | :--- | :--- | :--- | :--- | :--- | :--- | | 李一多 | 董事、董事会秘书、财务总监 | 0 | 0.9856 | 0.9856 | 完成2023年限制性股票激励计划首次授予部分第一个归属期股份登记 | Bond-Related Information This chapter confirms that the company had no corporate bonds (including enterprise bonds), non-financial enterprise debt financing instruments, or convertible corporate bonds during the reporting period - The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[278] - The company has no convertible corporate bonds[278] Financial Report This chapter provides Transwarp Technology's consolidated and parent company financial statements for the first half of 2025, including the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity, accompanied by detailed notes to the financial statements. The notes cover the company's basic information, basis of financial statement preparation, significant accounting policies and estimates, taxation, notes to consolidated financial statement items, R&D expenses, changes in consolidation scope, equity in other entities, government grants, financial instrument risks, fair value disclosures, related parties and related party transactions, share-based payments, commitments and contingencies, post-balance sheet events, other significant matters, and supplementary information 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 at the end of the reporting period and its operating results, cash flows, and changes in owners' equity during the reporting period Consolidated Balance Sheet As of June 30, 2025, the company's consolidated total assets were 1,260,188,479.05 yuan, with total current assets of 1,009,083,564.33 yuan and total non-current assets of 251,104,914.72 yuan. Total liabilities were 295,739,848.82 yuan, and total owners' equity was 964