金橙子(688291) - 2025 Q2 - 季度财报

Section 1 Definitions This section defines common terms and professional jargon, including company entities, technical acronyms, and laser processing applications, to ensure clear understanding of the report 1.1 Common Terminology Definitions This section defines key terms, technical acronyms, and laser processing applications relevant to the report, ensuring clarity and precise interpretation - Defined company entities, including "Company," "the Company," and "Jinchengzi" referring to Beijing Jinchengzi Technology Co., Ltd., and its wholly-owned subsidiaries such as Suzhou Jinchengzi, Anshan Jinchengzi, Guangdong Jinchengzi, Beijing Fengsu, and Wuhan Qizao[10] - Explained common industry technical acronyms, such as CAD (Computer-Aided Design), CAM (Computer-Aided Manufacturing), PCB (Printed Circuit Board), EZCAD (the Company's laser control software), LMC (Laser Processing Equipment Control Card), DSP (Digital Signal Processor), and DLC (Laser Control Card with DSP coprocessor chip)[10] - Elaborated on laser processing application scenarios and related technologies, including laser trimming, flexible processing, 3D printing, machine vision, fly marking, integrated circuits, ITO, laser cutting, laser marking, laser welding, laser cladding, and anode breaking[10][11] - Clarified that the reporting period is from January 1, 2025, to June 30, 2025, and the end of the reporting period is June 30, 2025[11] Section 2 Company Profile and Key Financial Indicators This section provides an overview of the company's basic information, contact details, information disclosure, stock summary, and key financial performance metrics for the reporting period 2.1 Company Basic Information This section outlines Beijing Jinchengzi Technology Co., Ltd.'s fundamental details, including its official name, legal representative, addresses, website, and email - The company's Chinese name is Beijing Jinchengzi Technology Co., Ltd., abbreviated as Jinchengzi, with Lü Wenjie as the legal representative[13] - The company's registered address is Room 319, No. 139 Fengtai Road, Fengtai District, Beijing, and its office address is Building 22, No. 13 Courtyard, Mintai Road, Shunyi District, Beijing[13] - The company's website is www.bjjcz.cn, and its email address is stocks@bjjcz.com[13] 2.2 Contact Persons and Information This section provides contact details for the Board Secretary and Securities Affairs Representative, ensuring transparent information disclosure - The Board Secretary (domestic representative for information disclosure) is Chen Kun, and the Securities Affairs Representative is Gao Zhan[14] - The contact phone number is 010-63801895, and the email address is stocks@bjjcz.com[14] 2.3 Information Disclosure and Document Custody Location Changes This section details the company's designated information disclosure channels, including newspapers, website, and report custody location - The company's selected information disclosure newspapers include "Shanghai Securities News," "China Securities Journal," "Securities Daily," and "Securities Times"[15] - The website address for publishing the half-annual report is www.sse.com.cn[15](index=15&type=chunk) - The company's half-annual report is available for inspection at the company's Securities Department[15] 2.4 Company Stock/Depositary Receipt Summary This section summarizes the company's A-shares, listed on the Shanghai Stock Exchange STAR Market under the ticker "Jinchengzi" (688291) - The company's stock type is A-shares, listed on the Shanghai Stock Exchange STAR Market[16] - The stock abbreviation is Jinchengzi, and the stock code is 688291[16] 2.5 Company Key Accounting Data and Financial Indicators The company achieved significant growth in revenue and net profit, with attributable net profit up 64.58% and non-recurring net profit up 106.19%, driven by market expansion and cost control 2025 Half-Annual Key Accounting Data | Indicator | Current Period (Jan-Jun) (yuan) | Prior Year Period (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 132,675,302.71 | 109,144,576.91 | 21.56 | | Total Profit | 28,144,224.61 | 15,600,683.46 | 80.40 | | Net Profit Attributable to Listed Company Shareholders | 27,701,559.63 | 16,831,401.55 | 64.58 | | Net Profit Attributable to Listed Company Shareholders After Non-Recurring Items | 25,256,539.16 | 12,249,140.14 | 106.19 | | Net Cash Flow from Operating Activities | 19,444,948.16 | 6,006,148.02 | 223.75 | | Net Assets Attributable to Listed Company Shareholders (Period-End) | 948,642,529.58 | 924,876,632.01 | 2.57 | | Total Assets (Period-End) | 1,034,598,819.01 | 982,152,344.95 | 5.34 | 2025 Half-Annual Key Financial Indicators | Indicator | Current Period (Jan-Jun) | Prior Year Period | Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.27 | 0.17 | 58.82 | | Diluted Earnings Per Share (yuan/share) | 0.27 | 0.17 | 58.82 | | Basic EPS After Non-Recurring Items (yuan/share) | 0.25 | 0.12 | 108.33 | | Weighted Average Return on Net Assets (%) | 2.95 | 1.75 | Increased by 1.20 percentage points | | Weighted Average Return on Net Assets After Non-Recurring Items (%) | 2.69 | 1.27 | Increased by 1.42 percentage points | | R&D Investment as % of Operating Revenue (%) | 21.05 | 25.26 | Decreased by 4.21 percentage points | - Total profit, net profit attributable to listed company shareholders, and net profit attributable to listed company shareholders after non-recurring items increased by 80.40%, 64.58%, and 106.19% respectively, primarily due to market expansion, business development (laser processing control systems, laser precision processing equipment), and expense control[19] - Net cash flow from operating activities increased by 223.75% year-over-year, mainly because the company strengthened its supplier management system, adopting more acceptance bills, which reduced cash payments for goods and services[20] 2.6 Non-Recurring Gains and Losses Items and Amounts This section details non-recurring gains and losses, totaling 2.45 million yuan, primarily from financial asset fair value changes and government grants Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | 19,067.49 | | Government grants recognized in current profit or loss | 230,546.60 | | Gains and losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and from disposal of financial assets and liabilities | 2,652,872.18 | | Debt restructuring gains and losses | -35,350.00 | | Other non-operating income and expenses apart from the above | 16,487.16 | | Less: Income tax impact | 438,332.18 | | Minority interest impact (after tax) | 270.78 | | Total | 2,445,020.47 | 2.7 Net Profit After Deducting Share-Based Payment Impact Net profit after deducting share-based payment impact reached 29.51 million yuan, marking a 53.56% year-over-year increase Net Profit After Deducting Share-Based Payment Impact | Key Accounting Data | Current Period (Jan-Jun) (yuan) | Prior Year Period (yuan) | Current Period vs. Prior Year Period Change (%) | | :--- | :--- | :--- | :--- | | Net profit after deducting share-based payment impact | 29,509,583.42 | 19,216,604.18 | 53.56 | Section 3 Management Discussion and Analysis This section provides management's discussion and analysis of the company's industry, operations, core competitiveness, risk factors, and key financial performance during the reporting period 3.1 Industry and Main Business Overview in the Reporting Period As a leading laser processing control system enterprise, the company specializes in R&D and sales of motion control systems and components for laser processing equipment, offering comprehensive solutions across various high-growth sectors - The company's main business involves the R&D and sales of motion control systems and components for laser processing equipment, along with providing comprehensive solutions and technical services[28] - Key products include laser processing control systems (centered on CAD/CAM control software), laser system integration hardware products (primarily galvanometers), and laser precision processing equipment (high-precision laser trimming equipment and customized equipment)[28][30] - Laser galvanometer control systems are applied in high-precision, high-speed micro-nano processing, while laser servo control systems are used in macro processing with large processing areas[29] - During the reporting period, the company increased R&D investment in laser 3D printing control systems, consumer-grade products, and laser welding solutions[36] - The company adopts a production model of "independent development of core units, outsourced processing and procurement of non-critical components, with in-house program burning, final assembly, and testing," primarily using a direct sales model[38] - The company operates in the "I65 Software and Information Technology Services Industry," benefiting from increased terminal demand in new energy vehicles and consumer electronics, with the industry in a golden period of rapid development, moving towards high-quality growth[39] - Laser processing control systems have high technical barriers, involving multiple high technologies and accumulated process experience in CAD, CAM, laser control, galvanometer control, motion control, and vision processing[41] - The company maintains a leading position in the laser processing galvanometer control system field and continuously develops new technologies and product solutions for industries such as semiconductors, new energy, and photovoltaics[42] - Future industrial laser processing will evolve towards micro-nano processing with micron and nanometer-level precision, and macro processing with larger formats and processing sizes; the company's products will continue to develop towards high power, high speed, high precision, and multi-functionality[44] 3.2 Discussion and Analysis of Operations During the reporting period, the company's operating revenue increased by 21.56% to 132.68 million yuan, with net profit attributable to the parent company growing by 64.58% to 27.70 million yuan, driven by expansion in high-end application fields 2025 First Half Operating Performance | Indicator | Amount (million yuan) | Year-over-Year Growth (%) | | :--- | :--- | :--- | | Operating Revenue | 132.68 | 21.56 | | Net Profit Attributable to Parent Company Owners | 27.70 | 64.58 | | Net Profit Attributable to Parent Company Owners After Non-Recurring Items | 25.26 | 106.19 | 2025 First Half Asset and Liability Status | Indicator | Amount (million yuan) | Growth from Beginning of Reporting Period (%) | | :--- | :--- | :--- | | Total Assets | 1,034.60 | 5.34 | | Owners' Equity Attributable to Parent Company | 948.64 | 2.57 | 2025 First Half Main Business Revenue Composition | Product Type | 2025 First Half (million yuan) | 2024 First Half (million yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Laser Processing Control Systems | 98.36 | 78.37 | 25.51 | | Of which: Standard Function Galvanometer Control Systems | 36.73 | 28.85 | 27.30 | | Mid-to-High-End Galvanometer Control Systems | 58.43 | 48.14 | 21.37 | | Servo Control Systems | 3.20 | 1.38 | 132.96 | | Laser System Integration Hardware | 21.29 | 21.18 | 0.52 | | Of which: High-Precision Galvanometers | 11.80 | 9.51 | 24.02 | | Other Integrated Hardware | 9.50 | 11.67 | -18.64 | | Laser Precision Processing Equipment | 12.03 | 8.82 | 36.35 | | Of which: Laser Precision Trimming Equipment | 5.21 | 4.81 | 8.14 | | Other Customized Equipment | 6.82 | 4.01 | 70.23 | | Total Main Business Revenue | 131.68 | 108.37 | 21.51 | - Laser galvanometer control systems continued to expand into high-end application fields such as new energy batteries, consumer electronics, and semiconductors, developing integrated solutions for battery electrode scribing, cleaning, casing texturing, and silicon carbide laser etching[45] - Laser servo control systems achieved batch delivery, and high-precision digital galvanometer product INVINSCAN entered small-batch delivery[46] - Market demand for laser precision processing equipment increased, with revenue from precision laser trimming equipment growing, wafer laser trimming equipment completing upgrade iterations, and pulse trimming equipment completing prototype trials[46] 3.3 Analysis of Core Competitiveness in the Reporting Period The company's core competitiveness stems from its proprietary technology, leading industry position, comprehensive industrial chain, diversified products, and robust customer service, with continuous R&D advancements in laser processing 3.3.1 Core Competitiveness Analysis The company's core competitiveness is built on proprietary technology, a leading market position, integrated industrial chain, diverse product offerings, comprehensive solutions, and high-quality customer service - Possesses independent, secure, and controllable core technologies, continuously increasing R&D investment, holding multiple core laser control technology invention patents, and closely following industry trends of high speed, high precision, and flexibility[50] - Holds a significant advantage in laser processing galvanometer control system products, occupying a high market share in domestic niche segments, with continuously improving brand influence and popularity in overseas markets[50] - Actively collaborates with universities and industry chain enterprises on technology, products, and equity, investing in multiple high-quality enterprises to build a complete technology platform and promote synergistic development of the laser ecosystem[50] - Centered on laser galvanometer processing control systems, expands into laser servo processing control systems, opto-electro-mechanical system integration hardware, and integrated processing solutions, providing high-end laser processing equipment (e.g., laser trimming equipment, laser wafer trimming equipment)[51] - Provides comprehensive laser processing application integration solutions based on specific customer needs, such as battery electrode scribing, cleaning, casing texturing, 3D five-axis linkage cutting and anode breaking, and silicon carbide laser etching[51] - Establishes subsidiaries, branches, and process centers in domestic laser industry clusters, forms a delivery and service department, and gradually improves overseas localized teams and service systems to provide high-quality and efficient technical support and after-sales service[51] 3.3.2 Events Seriously Affecting Core Competitiveness, Impact Analysis, and Countermeasures in the Reporting Period No events significantly impacting the company's core competitiveness were reported during the period - The company did not disclose any events that seriously affected its core competitiveness during the reporting period[52] 3.3.3 Core Technologies and R&D Progress The company made significant R&D progress in laser processing software, hardware controllers, high-precision digital galvanometers, and laser trimming equipment, securing new patents and copyrights while maintaining stable R&D investment - In laser processing software, developed functions for laser label processing, Linux platform general marking software, adaptive adjustment for energy-sensitive materials, single-laser source dual-galvanometer synchronous processing optimization, photovoltaic laser etching systems (BC battery complex patterning and medium-to-large spot alignment), and underlying algorithm optimization for 3D printing processing software[52][53] - In laser processing hardware controllers, cut-and-mark integrated controller and M30 all-in-one controller solutions completed verification, and consumer-grade control card products completed development and entered customer joint debugging[53] - In high-precision digital galvanometers, key technologies such as galvanometer temperature drift, speed, and precision achieved further breakthroughs; high-end analog galvanometers entered batch production, digital galvanometers entered trial production, and a five-axis precision galvanometer system and calibration technology were developed[53] - In laser trimming equipment, mastered laser resistance trimming technology covering low, medium, and high resistance ranges, with low resistance trimming reaching a minimum of 1 micro-ohm and trimming accuracy error up to 0.1%; high resistance measurement prototype completed, and voltage trimming prototype developed[54] - The company was recognized as a national "Specialized, Refined, Unique, and New" small giant enterprise in both 2024 and 2021[54] - During the reporting period, the company obtained 9 new authorized invention patents, 7 utility model patents, 3 design patents, 6 software copyrights, and 2 trademarks. As of the end of the reporting period, the company held a total of 97 patents (including 51 invention patents) and 148 software copyrights[55][59] R&D Investment Status | Indicator | Current Period (yuan) | Prior Year Period (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 27,933,834.73 | 27,574,233.46 | 1.30 | | Total R&D Investment | 27,933,834.73 | 27,574,233.46 | 1.30 | | Total R&D Investment as % of Operating Revenue (%) | 21.05 | 25.26 | Decreased by 4.21 percentage points | - Multiple R&D projects are progressing smoothly, including laser trimming systems, flexible manufacturing platforms, high-precision digital galvanometers, laser servo control systems, rotating mirror control systems, fly control systems, infinite vision linkage-intelligent control systems, laser 3D printing systems, cut-and-mark integrated projects, M30 all-in-one machine projects, voltage trimming measurement boxes, and consumer-grade products[65][66][68] - The company has 128 R&D personnel, accounting for 38.67% of its total workforce, with an average R&D personnel salary of 166,500 yuan. Among them, master's degree holders account for 24.22%, and bachelor's degree holders account for 54.69%[70] 3.4 Risk Factors The company faces core competitiveness risks, operational challenges, financial vulnerabilities, industry-specific risks, macroeconomic uncertainties, and other significant risks related to project implementation and potential acquisitions - Core competitiveness risks include the risk of core technology leakage and loss of core technical personnel, the risk that R&D innovation capabilities may not continuously meet the development needs of the laser advanced manufacturing field, and the risk of a gap with international manufacturers such as German Scanlab and Scaps in high-end application areas (e.g., performance of mid-to-high-end galvanometer products, robot and 3D galvanometer linkage processing technology, real-time beam fluctuation compensation technology, laser cladding)[71][72][73] - Operational risks include slow market expansion for new products (customer verification, slow promotion progress), the ongoing risk of product piracy and infringement (high cost and difficulty in combating piracy), and the risk of fluctuating operating performance (influenced by macroeconomic conditions, market environment, industrial policies, and management's operating decisions)[75][76][77] - Financial risks include inventory impairment risk (rapid technological updates leading to unsalable inventory or price drops), tax incentive risk (changes in or non-compliance with VAT immediate refund policy for software products), and goodwill impairment risk (goodwill formed from the acquisition of Wuhan Qizao may be impaired due to lower-than-expected operating performance)[78][79][80] - Industry risk refers to the overall laser processing industry developing below expectations, which could lead to a slowdown in the company's business growth or even a decline in performance[81] - Macroeconomic environment risks include the impact of global geopolitical instability on overseas markets, and the company's reliance on imported core chips for some products, where supply restrictions or rising costs could adversely affect operations and performance (the company has adopted multi-brand procurement and domestic substitution research plans to address this)[82] - Other significant risks include risks associated with the implementation of fundraising projects (intensified industry competition, changes in market environment, difficulties in technological breakthroughs, unfavorable market promotion, and other uncertainties), and risks related to M&A activities (proposed issuance of shares and cash payment to acquire equity in Changchun Summit Optoelectronics Technology Co., Ltd. and raise supporting funds, which carries risks such as approval, transaction suspension/termination/cancellation, dilution of immediate returns, and goodwill impairment)[84] 3.5 Key Operating Performance in the Reporting Period During the reporting period, the company's operating revenue increased by 21.56%, and net profit attributable to the parent company grew by 64.58%, with significant shifts in cash and financial assets due to cash management and operational changes 3.5.1 Main Business Analysis Operating revenue increased by 21.56% due to market expansion, while operating costs rose proportionally. Sales, administrative, and R&D expenses were controlled, and operating cash flow significantly improved by 223.75% due to enhanced supplier management Financial Statement Item Fluctuation Analysis | Item | Current Period (yuan) | Prior Year Period (yuan) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 132,675,302.71 | 109,144,576.91 | 21.56 | Market expansion, growth in laser processing control systems and laser precision processing equipment businesses | | Operating Cost | 53,982,779.14 | 44,953,297.47 | 20.09 | Operating revenue growth led to a corresponding increase in costs | | Selling Expenses | 13,437,098.58 | 13,517,716.03 | -0.60 | Strengthened internal management, effective control of selling expenses | | Administrative Expenses | 16,009,109.93 | 15,777,038.73 | 1.47 | Strengthened internal management, effective control of administrative expenses | | Financial Expenses | -603,383.61 | -1,965,547.24 | Not applicable | Reduced idle funds, decreased interest income | | R&D Expenses | 27,933,834.73 | 27,574,233.46 | 1.30 | Strengthened internal management, effective control of R&D expenses | | Net Cash Flow from Operating Activities | 19,444,948.16 | 6,006,148.02 | 223.75 | Strengthened supplier management, more use of acceptance bills, leading to reduced cash payments for goods and services | | Net Cash Flow from Investing Activities | -408,330,847.67 | -568,959,381.88 | Not applicable | Fundraising project construction entered internal renovation phase, leading to a corresponding decrease in cash paid for the acquisition of fixed assets, intangible assets, and other long-term assets | | Net Cash Flow from Financing Activities | 8,900,465.27 | -28,239,824.67 | Not applicable | Implementation of employee stock ownership plan, receipt of employee contributions for shares | 3.5.2 Analysis of Assets and Liabilities Total assets increased by 5.34%, and net assets attributable to the parent company grew by 2.57%. Monetary funds decreased significantly by 63.98% due to cash management, leading to a corresponding increase in transactional financial assets Asset and Liability Status Changes | Item Name | Period-End Amount (yuan) | % of Total Assets at Period-End | Prior Year-End Amount (yuan) | % of Total Assets at Prior Year-End | Change from Prior Year-End (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 213,791,366.02 | 20.66 | 593,598,218.83 | 60.44 | -63.98 | Cash management of idle funds | | Transactional Financial Assets | 397,845,013.17 | 38.45 | - | - | Not applicable | Cash management of idle funds, corresponding products not yet matured at period-end | | Accounts Receivable | 54,194,015.96 | 5.24 | 35,802,614.99 | 3.65 | 51.37 | Operating revenue growth led to an increase in accounts receivable | | Accounts Receivable Financing | 9,547,717.60 | 0.92 | 18,989,758.23 | 1.93 | -49.72 | Decrease in balance of high-credit bank acceptance bills at period-end | | Other Receivables | 1,555,449.88 | 0.15 | 229,733.09 | 0.02 | 577.07 | Increase in dividends receivable from associates | | Other Non-Current Assets | 1,668,141.61 | 0.16 | 648,514.85 | 0.07 | 157.22 | Equipment and office furniture purchased for fundraising project building renovation not yet delivered | | Accounts Payable | 32,217,232.98 | 3.11 | 18,304,693.95 | 1.86 | 76.01 | Increase in payables for goods and engineering | | Taxes Payable | 7,277,532.49 | 0.70 | 3,665,442.96 | 0.37 | 98.54 | Increase in corporate income tax payable | | Other Payables | 18,051,378.91 | 1.74 | 1,025,008.48 | 0.10 | 1,661.10 | Implementation of employee stock ownership plan, receipt of employee contributions for shares | | Long-Term Payables | - | - | 3,000,000.00 | 0.31 | -100.00 | Current period equity transfer payment made, remaining portion reclassified to non-current liabilities due within one year | - As of the end of the reporting period, the company's restricted monetary funds amounted to 134,391.43 yuan, primarily for bank transfer service fee guarantees and letter of guarantee deposits; restricted notes receivable amounted to 2,697,138.34 yuan, representing endorsed but not derecognized bills[90] 3.6 Investment Status Analysis The company's equity investments include a 30 million yuan payment to Suzhou Carmen Haas Laser Technology Co., Ltd., and it holds 397.85 million yuan in fair value financial assets, primarily structured deposits and wealth management products - The company plans to invest 40.00 million yuan of its own funds in Suzhou Carmen Haas Laser Technology Co., Ltd., holding 20.00% of its equity after the investment. As of the end of the reporting period, the company had actually paid 30.00 million yuan of the investment[91] Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (yuan) | Current Period Fair Value Change Gains/Losses (yuan) | Current Period Purchase Amount (yuan) | Current Period Sale/Redemption Amount (yuan) | Period-End Balance (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Transactional Financial Assets | - | 545,013.17 | 915,300,000.00 | 518,000,000.00 | 397,845,013.17 | | Accounts Receivable Financing | 18,989,758.23 | - | - | 9,442,040.63 | 9,547,717.60 | | Other Equity Instrument Investments | 51,245,000.00 | - | - | - | 51,245,000.00 | | Total | 70,234,758.23 | 545,013.17 | 915,300,000.00 | 527,442,040.63 | 458,637,730.77 | 3.7 Analysis of Major Holding and Participating Companies Most subsidiaries, including Beijing Fengsu, Anshan Jinchengzi, Guangdong Jinchengzi, and Wuhan Qizao, were profitable. Suzhou Jinchengzi's net profit declined due to reduced raw material rebates, pricing adjustments, and increased R&D investment, while Suzhou Jientai remained at a loss Major Subsidiary Financial Performance (2025 Half-Annual) | Company Name | Total Assets (million yuan) | Net Assets (million yuan) | Operating Revenue (million yuan) | Operating Profit (million yuan) | Net Profit (million yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Beijing Fengsu | 35.9991 | 34.6399 | 5.4121 | 0.7921 | 0.8895 | | Anshan Jinchengzi | 34.2723 | 30.4174 | 20.8509 | 2.6318 | 1.9697 | | Guangdong Jinchengzi | 32.3120 | 3.0387 | 36.1710 | 1.3046 | 0.9636 | | Suzhou Jinchengzi | 386.8230 | 277.6524 | 30.8109 | -10.5478 | -7.5407 | | Wuhan Qizao | 4.8267 | 3.9124 | 3.0436 | 1.5825 | 1.2948 | | Suzhou Jientai | 19.7248 | 0.0209 | 5.2703 | -1.8430 | -1.2402 | - Suzhou Jinchengzi's net profit declined primarily due to reduced raw material procurement rebates, lower gross profit from pricing adjustments for some related party products, and continuous increase in R&D investment to strengthen technological barriers, alongside reduced fund management scale and a general decline in wealth management market yields[94] Section 4 Corporate Governance, Environment, and Society This section covers changes in the company's directors, senior management, and core technical personnel, profit distribution plans, and the status and impact of equity incentive and employee stock ownership plans 4.1 Changes in Directors, Senior Management, and Core Technical Personnel During the reporting period, Zhang Min resigned as Vice General Manager, Chen Zemin resigned as Director, and Tian Xinrong was elected as a new employee representative director, with no changes in core technical personnel - Company Vice General Manager Zhang Min resigned due to personal reasons[97] - Company Director Chen Zemin resigned due to personal reasons[97] - The company elected Ms. Tian Xinrong to serve as an employee representative director for the Fourth Board of Directors[97] - During the reporting period, there were no changes in the company's core technical personnel (Ma Huiwen, Lü Wenjie, Qiu Yong, Cheng Peng, Jiang Fan, Jin Shiwei, Wen Lifei)[98] 4.2 Profit Distribution or Capital Reserve Conversion Plan The company proposes a 1.00 yuan (tax inclusive) cash dividend per 10 shares, totaling 10.25 million yuan, representing 37.00% of attributable net profit, pending shareholder approval 2025 Half-Annual Profit Distribution Plan | Indicator | Content | | :--- | :--- | | Is there a distribution or conversion | Yes | | Cash dividend per 10 shares (yuan) (tax inclusive) | 1.00 | | Total proposed cash dividend (tax inclusive) | 10,249,190.00 yuan | | Percentage of 2025 half-annual consolidated net profit attributable to listed company shareholders | 37.00% | | Other | No bonus shares, no capital reserve conversion to share capital | - This profit distribution plan has been reviewed and approved by the company's Fifteenth Meeting of the Fourth Board of Directors and the Twelfth Meeting of the Second Board of Directors' Audit Committee, and is subject to approval by the company's Second Extraordinary General Meeting of Shareholders in 2025 before implementation[99] 4.3 Company Equity Incentive Plan, Employee Stock Ownership Plan, or Other Employee Incentive Measures and Their Impact The company cancelled some unvested restricted shares and approved the 2025 employee stock ownership plan, which completed non-trading transfer of 1.571908 million shares, representing 1.53% of total share capital - On April 18, 2025, the company canceled some granted but unvested restricted shares[100] - On April 28, 2025, the company reviewed and approved the "Company 2025 Employee Stock Ownership Plan (Draft)" and its summary, management measures, and other proposals[100] - On May 19, 2025, the company's 2024 Annual General Meeting of Shareholders reviewed and approved proposals related to the 2025 employee stock ownership plan[100] - On June 11, 2025, the company adjusted the purchase price of the 2025 employee stock ownership plan to 10.68 yuan/share[100] - On July 4, 2025, 1.571908 million shares of the company held in the company's repurchase dedicated securities account were non-trading transferred to the "Beijing Jinchengzi Technology Co., Ltd. - 2025 Employee Stock Ownership Plan" securities account, accounting for 1.53% of the company's total share capital[100][147] Section 5 Significant Matters This section details the company's fulfillment of commitments, absence of related party fund occupation or illegal guarantees, integrity status, significant related party transactions, and progress on fundraising and other major corporate actions 5.1 Fulfillment of Commitments The company's controlling shareholders, actual controllers, directors, supervisors, senior management, and other shareholders strictly fulfilled all commitments related to the initial public offering and equity incentives during the reporting period - The company's controlling shareholders, actual controllers Ma Huiwen, Lü Wenjie, Qiu Yong, Cheng Peng, and shareholders Keruizi, Jingchengzi, and Waniuzhixin all strictly fulfilled their share lock-up commitments[104][106][107] - The company and its controlling shareholders, actual controllers, directors, and senior management all strictly fulfilled commitments regarding stabilizing stock prices, repurchasing shares in case of fraudulent issuance, filling returns, not providing benefits without compensation or on unfair terms, and not unduly interfering with the company's operations[108][109][110][111][112][113][114][115][116][117] - The company and its incentive recipients strictly fulfilled equity incentive-related commitments, including not providing financial assistance and returning benefits obtained through false statements[118] - The company's supervisors and senior management participating in the 2025 employee stock ownership plan voluntarily waived their right to propose and vote at the holders' meeting, and have committed not to hold any positions on the management committee[119] 5.2 Non-Operating Fund Occupation by Controlling Shareholders and Other Related Parties in the Reporting Period There was no non-operating fund occupation by controlling shareholders or other related parties during the reporting period - The company had no non-operating fund occupation by controlling shareholders or other related parties[120] 5.3 Irregular Guarantees The company did not provide any external guarantees in violation of decision-making procedures during the reporting period - The company did not provide any external guarantees in violation of decision-making procedures[120] 5.4 Explanation of the Integrity Status of the Company, its Controlling Shareholders, and Actual Controllers in the Reporting Period The company, its controlling shareholders, and actual controllers maintained good integrity during the reporting period, with no unfulfilled legal obligations or overdue large debts - During the reporting period, the company, its controlling shareholders, and actual controllers maintained good integrity[121] - There were no unfulfilled obligations determined by effective court legal documents, nor any large overdue debts[121] 5.5 Significant Related Party Transactions During the reporting period, the company engaged in routine related party transactions with its associate Carmen Haas, including purchasing goods and providing consulting services/selling products, all within the approved limits, with key management personnel compensation totaling 4.57 million yuan 5.5.1 Related Party Transactions Related to Daily Operations The company conducted routine related party transactions with its associate Carmen Haas, involving purchases and services/sales, all within the estimated annual limits - On April 18, 2025, the company reviewed and approved the 2025 annual routine related party transaction forecast proposal, with an estimated amount of 4.00 million yuan[122] Purchase and Sale of Goods/Provision of Services with Related Party Carmen Haas | Related Party | Related Transaction Content | Current Period Amount (yuan) | Approved Transaction Limit (yuan) | Exceeded Transaction Limit | Prior Period Amount (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Carmen Haas | Purchase of Goods | 266,725.66 | 2,000,000.00 | No | 293,539.80 | | Carmen Haas | Consulting Services, Product Sales | 623,008.83 | - | - | 194,678.57 | 5.5.2 Key Management Personnel Compensation Key management personnel compensation totaled 4.57 million yuan during the reporting period Key Management Personnel Compensation | Item | Current Period Amount (million yuan) | Prior Period Amount (million yuan) | | :--- | :--- | :--- | | Key Management Personnel Compensation | 4.57 | 4.75 | 5.6 Explanation of Proceeds from Fundraising Utilization Progress As of the reporting period end, the company's IPO net proceeds were 606.21 million yuan, with 355.77 million yuan cumulatively invested, representing a 58.69% progress. Funds were allocated to various projects, including an over-investment in working capital and cash management of idle funds 5.6.1 Overall Utilization of Raised Funds As of the reporting period end, the company's IPO net proceeds were 606.21 million yuan, with 355.77 million yuan cumulatively invested, achieving a 58.69% progress rate Overall Utilization of Raised Funds | Indicator | Amount (yuan) | | :--- | :--- | | Net Proceeds from Fundraising | 606,213,138.68 | | Total Committed Investment | 395,917,900.00 | | Total Over-Raised Funds | 210,295,238.68 | | Cumulative Raised Funds Invested as of Period-End | 355,768,531.72 | | Cumulative Raised Funds Investment Progress as of Period-End (%) | 58.69 | | Amount Invested in Current Year | 19,857,683.60 | 5.6.2 Details of Raised Fund Investment Projects Raised funds are allocated to R&D, digital galvanometer systems, marketing, and working capital, with the latter exceeding its committed investment, and excess funds primarily used for permanent working capital and share repurchases Details of Raised Fund Investment Projects Utilization | Project Name | Committed Investment in Prospectus (million yuan) | Amount Invested in Current Year (million yuan) | Cumulative Raised Funds Invested as of Period-End (million yuan) | Cumulative Investment Progress as of Period-End (%) | | :--- | :--- | :--- | :--- | :--- | | Laser Flexible Precision Intelligent Manufacturing Control Platform R&D and Industrialization Project | 163.52 | 10.33 | 101.27 | 61.93 | | High-Precision Digital Galvanometer System Project | 130.92 | 8.61 | 75.21 | 57.45 | | Marketing and Technical Support Network Construction Project | 71.47 | 0.92 | 3.23 | 4.52 | | Supplement Working Capital | 30.00 | 30.05 | 30.05 | 100.18 | | Over-Raised Funds | 210.29 | 146.00 | 146.00 | 69.43 | | Total | 606.21 | 198.58 | 355.77 | - | - The actual investment in "Supplement Working Capital" was 30.05 million yuan, exceeding the committed investment by 0.05 million yuan, with the excess funds originating from deposit interest income[128] - As of June 30, 2025, the company had cumulatively used 209.77 million yuan of IPO proceeds to pay for fundraising projects; after considering self-funded payments, the company had used 359.32 million yuan of IPO proceeds[128] Details of Over-Raised Funds Utilization | Purpose | Total Over-Raised Funds Planned (million yuan) | Cumulative Over-Raised Funds Invested as of Period-End (million yuan) | Cumulative Investment Progress as of Period-End (%) | | :--- | :--- | :--- | :--- | | Permanent Supplement to Working Capital | 189.00 | 126.00 | 66.67 | | Repurchase Company Shares | 20.00 | 20.00 | 100.00 | | Other Over-Raised Funds | 1.2952 | 0 | 0 | | Total | 210.29 | 146.00 | - | - On June 11, 2025, the company reviewed and approved the use of 63.00 million yuan of over-raised funds for permanent replenishment of working capital, accounting for 29.96% of the total over-raised funds[130] 5.6.3 Changes or Termination of Raised Fund Investment Projects in the Reporting Period No changes or terminations of raised fund investment projects occurred during the reporting period - The company did not disclose any changes or terminations of fundraising projects[131] 5.6.4 Other Uses of Raised Funds in the Reporting Period The company utilized temporarily idle raised funds and its own capital for cash management, with a period-end balance of 170 million yuan, and continued to replace self-funded project payments with raised funds, while establishing new special accounts - The company used temporarily idle raised funds totaling no more than 400.00 million yuan for cash management, with a period-end cash management balance of 170.00 million yuan[132][134] - The company used its own funds to pay for parts of the fundraising projects and subsequently replaced them with an equivalent amount of raised funds; as of June 30, 2025, 41.0245 million yuan had been replaced[134][135] - The company's wholly-owned subsidiary, Suzhou Jinchengzi, established an additional special account for raised funds, used for the storage and utilization of raised funds for the marketing and technical support network construction project[135] 5.7 Explanation of Other Significant Matters The company abolished its supervisory board, revised its Articles of Association, and is progressing with a major asset restructuring involving the acquisition of Changchun Summit Optoelectronics Technology Co., Ltd. shares and a private placement - The company abolished its supervisory board and revised its "Articles of Association" and related systems, with the functions of the supervisory board now exercised by the Board of Directors' Audit Committee[136] - The company is currently advancing a major asset restructuring involving the issuance of shares and cash payment to acquire equity in Changchun Summit Optoelectronics Technology Co., Ltd. and raise supporting funds; related audit and valuation work has not yet been completed[136] Section 6 Share Changes and Shareholder Information This section details the company's share capital changes, shareholder structure, and the holdings of directors, senior management, and core technical personnel 6.1 Share Capital Changes The company's total ordinary share capital and share structure remained unchanged during the reporting period - During the reporting period, the company's total ordinary share capital and share structure remained unchanged[138] 6.2 Shareholder Information As of the reporting period end, the company had 6,535 ordinary shareholders. The top ten shareholders include controlling shareholders and their concerted parties, holding restricted shares, with the company's share repurchase account holding 1.70% of total shares - As of the end of the reporting period, the total number of ordinary shareholders was 6,535[139] Top Ten Shareholders' Shareholdings (as of Period-End) | Shareholder Name | Period-End Shareholding (shares) | Percentage (%) | Number of Restricted Shares Held (shares) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | | Ma Huiwen | 19,996,200 | 19.48 | 19,996,200 | Domestic Natural Person | | Lü Wenjie | 10,525,950 | 10.25 | 10,525,950 | Domestic Natural Person | | Qiu Yong | 10,525,950 | 10.25 | 10,525,950 | Domestic Natural Person | | Cheng Peng | 10,525,950 | 10.25 | 10,525,950 | Domestic Natural Person | | Suzhou Keruizi Technology Development Center (Limited Partnership) | 10,525,950 | 10.25 | 10,525,950 | Domestic Non-State-Owned Legal Person | | Suzhou Jingchengzi Technology Service Center (Limited Partnership) | 6,900,000 | 6.72 | 6,900,000 | Domestic Non-State-Owned Legal Person | | China Construction Bank Corporation - GF Technology Innovation Mixed Securities Investment Fund | 2,230,165 | 2.17 | 0 | Other | | Suzhou Industrial Park Waniu Investment Co., Ltd. - Jiaxing Waniu Zhixin Equity Investment Partnership (Limited Partnership) | 1,228,478 | 1.20 | 0 | Other | | Huang Yuhong | 815,800 | 0.79 | 0 | Domestic Natural Person | | Shandong Haomai Machinery Technology Co., Ltd. | 723,333 | 0.70 | 0 | Domestic Non-State-Owned Legal Person | - Ma Huiwen, Lü Wenjie, Qiu Yong, and Cheng Peng constitute a concerted action relationship through the signing of a "Concerted Action Agreement"; the executive partner of Suzhou Keruizi Technology Development Center (Limited Partnership) is Lü Wenjie, and the executive partner of Suzhou Jingchengzi Technology Service Center (Limited Partnership) is Cheng Peng, forming a concerted action relationship[143] - As of June 30, 2025, the company's repurchase dedicated securities account held 1,746,708 shares of the company's RMB ordinary shares, accounting for 1.70% of the company's total share capital[143] Top Ten Restricted Shareholders' Shareholdings and Restrictions | No. | Restricted Shareholder Name | Number of Restricted Shares Held (shares) | Date Available for Listing | Restriction Conditions | | :--- | :--- | :--- | :--- | :--- | | 1 | Ma Huiwen | 19,996,200 | 2025-10-27 | 36 months from the date of the company's listing | | 2 | Lü Wenjie | 10,525,950 | 2025-10-27 | 36 months from the date of the company's listing | | 3 | Qiu Yong | 10,525,950 | 2025-10-27 | 36 months from the date of the company's listing | | 4 | Cheng Peng | 10,525,950 | 2025-10-27 | 36 months from the date of the company's listing | | 5 | Suzhou Keruizi Technology Development Center (Limited Partnership) | 10,525,950 | 2025-10-27 | 36 months from the date of the company's listing | | 6 | Suzhou Jingchengzi Technology Service Center (Limited Partnership) | 6,900,000 | 2025-10-27 | 36 months from the date of the company's listing | 6.3 Directors, Senior Management, and Core Technical Personnel Information There were no changes in the shareholdings of the company's directors, senior management, and core technical personnel during the reporting period. The 2025 employee stock ownership plan completed the non-trading transfer of 1.571908 million shares - During the reporting period, no changes in the shareholdings of the company's directors, senior management, and core technical personnel were disclosed, indicating no changes[146] - The company's 2025 employee stock ownership plan completed non-trading transfer on July 3, 2025, transferring 1.571908 million shares of the company to the employee stock ownership plan securities account at a transfer price of 10.68 yuan/share[147] Section 7 Bond-Related Information This section confirms the absence of company bonds (including corporate bonds) and non-financial enterprise debt financing instruments, as well as convertible corporate bonds, during the reporting period 7.1 Company Bonds (Including Corporate Bonds) and Non-Financial Enterprise Debt Financing Instruments The company had no company bonds (including corporate bonds) or non-financial enterprise debt financing instruments during the reporting period - The company had no company bonds (including corporate bonds) or non-financial enterprise debt financing instruments[150] 7.2 Convertible Corporate Bonds The company had no convertible corporate bonds during the reporting period - The company had no convertible corporate bonds[150] Section 8 Financial Report This section presents the company's unaudited half-annual financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with detailed notes on accounting policies, tax items, and financial statement items 8.1 Audit Report This half-annual report is unaudited - This half-annual report is unaudited[4] 8.2 Financial Statements This section provides the company's 2025 half-annual consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, reflecting financial position, operating results, and cash flows - The consolidated balance sheet shows that as of June 30, 2025, the company's total assets were 1,034,598,819.01 yuan, total liabilities were 86,150,491.51 yuan, and total owners' equity attributable to the parent company was 948,642,529.58 yuan[153][154] - The consolidated income statement shows that for the first half of 2025, the company's operating revenue was 132,675,302.71 yuan, net profit was 27,515,529.95 yuan, and net profit attributable to parent company shareholders was 27,701,559.63 yuan[161][163] - The consolidated cash flow statement shows that for the first half of 2025, net cash flow from operating activities was 19,444,948.16 yuan, net cash flow from investing activities was -408,330,847.67 yuan, and net cash flow from financing activities was 8,900,465.27 yuan[168][169] 8.3 Company Basic Information This section details Beijing Jinchengzi Technology Co., Ltd.'s historical evolution, including its establishment, share reform, listing and delisting, capital increases, and IPO on the STAR Market, outlining its registered capital, address, and business scope - The company's predecessor was Beijing Jinchengzi Technology Co., Ltd., established on January 14, 2004[185] - On May 20, 2016, it was wholly converted into Beijing Jinchengzi Technology Co., Ltd., with a share capital of 23.00 million shares[185] - The company was listed on the National Equities Exchange and Quotations (NEEQ) on November 1, 2016, with stock abbreviation "Jinchengzi" and stock code "839562," and subsequently delisted on April 21, 2020[186][187] - After multiple equity distributions and capital increases, the company's share capital increased to 77.00 million shares[186][187] - On August 29, 2022, the company publicly issued 25.6667 million RMB ordinary shares (A-shares) for the first time, changing its registered capital to 102.6667 million yuan, with stock code "688291"[188] - The company's main business activities are the R&D, production, and sales of motion control systems for laser processing equipment[188] 8.4 Basis of Financial Statement Preparation The company's financial statements are prepared on a going concern basis, adhering to enterprise accounting standards and China Securities Regulatory Commission disclosure requirements - The company prepares its financial statements on a going concern basis, recognizing and measuring transactions and events in accordance with enterprise accounting standards, their application guidelines, and interpretations, and disclosing relevant financial information as per the China Securities Regulatory Commission's "Information Disclosure Rules for Companies Issuing Securities No. 15 - General Provisions for Financial Reports (Revised 2023)"[189] - The company assessed its ability to continue as a going concern for 12 months from the end of the reporting period and found no matters affecting its going concern ability, thus the preparation of financial statements on a going concern basis is reasonable[190] 8.5 Significant Accounting Policies and Accounting Estimates This section outlines the company's key accounting policies and estimates for financial instruments, inventory, long-term equity investments, fixed assets, intangible assets, revenue recognition, government grants, and deferred income taxes, ensuring financial reporting accuracy - The company's accounting year runs from January 1 to December 31 of the Gregorian calendar, and its functional currency is RMB[193][195] - In business combinations, the company measures at book value under common control and at fair value under non-common control, recognizing goodwill accordingly[198][199] - The company determines the scope of consolidation based on control, where control is defined by three elements: power, variable returns, and the ability to use power to affect the amount of returns[201] - Financial instruments are classified based on the business model for managing them and their contractual cash flow characteristics as measured at amortized cost, fair value through profit or loss, or fair value through other comprehensive income[212] - The company recognizes loss provisions for financial assets measured at amortized cost and debt investments measured at fair value through other comprehensive income based on expected credit losses[218] - Inventory includes raw materials, work-in-progress, and finished goods, valued using the weighted average method upon issuance, and impairment provisions are made based on the lower of cost and net realizable value[233][234][235][236][237] - Long-term equity investments in subsidiaries are accounted for using the cost method, while investments in associates and joint ventures are accounted for using the equity method[246] - Fixed assets are depreciated using the straight-line method, and their useful lives, estimated net residual values, and depreciation methods are reviewed at each year-end[252] - Intangible assets are recorded at actual cost, amortized using the straight-line method over their finite useful lives, and their useful lives and amortization methods are reviewed annually[255][256] - The company conducts impairment tests on long-term equity investments in subsidiaries and associates, fixed assets, construction in progress, right-of-use assets, intangible assets, and goodwill, recognizing impairment provisions when the recoverable amount is less than the carrying amount[258] - Employee compensation includes short-term compensation, post-employment benefits (defined contribution plans), and termination benefits, with clear recognition and measurement methods[264][265][266][267] - Equity-settled share-based payments are recognized at the fair value of the equity instruments on the grant date as relevant costs or expenses, and accounted for based on the best estimate of the number of exercisable equity instruments[272] - Revenue is recognized when the customer obtains control of the related goods, distinguishing between performance obligations fulfilled over time and at a point in time, with specific methods for domestic and export sales contracts[275][276][277][278][279] - Government grants are classified as asset-related or income-related, with clear recognition, measurement, and accounting treatment methods[282][283][284] - Deferred income tax assets/liabilities are recognized and measured using the balance sheet liability method, based on temporary differences between the carrying amounts of assets and liabilities and their tax bases at the balance sheet date[285] - As a lessee, the company applies simplified treatment for short-term leases and leases of low-value assets, and recognizes right-of-use assets and lease liabilities for other leases[295] 8.6 Taxes The company's main taxes include VAT, urban maintenance and construction tax, and corporate income tax, with the company and some subsidiaries enjoying a 15% preferential corporate income tax rate as high-tech enterprises Major Tax Categories and Rates | Tax Category | Tax Base | Tax Rate (%) | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Taxable Income | 13, 6 | | Urban Maintenance and Construction Tax | Amount of Turnover Tax Payable | 7, 5 | | Corporate Income Tax | Taxable Income | 25, 15 | - The company's sales of self-developed software products are subject to an immediate refund policy for VAT exceeding 3% of the actual tax burden[300] - Beijing