鸥玛软件(301185) - 2025 Q2 - 季度财报

Important Notes, Table of Contents, and Definitions This section provides important disclaimers, the report's table of contents, and definitions of key terms to ensure clarity and accuracy Important Notes The Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content[5] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[6] - Content regarding future plans and performance forecasts in this report does not constitute a commitment by the company to any investors or related parties[5] Table of Contents This chapter lists the overall structure of the report, including eight main sections covering everything from important notes to financial reports, along with a list of reference documents - The report contains eight main sections, covering company profile, management discussion and analysis, corporate governance, significant events, share changes, bond information, and financial reports[8] - Reference documents include signed and sealed financial statements, the original semi-annual report and its summary, and original announcements and company documents publicly disclosed during the reporting period[10] Definitions This chapter provides definitions for common terms and company-related entities used in the report, ensuring consistent understanding of the content - "Company", "the Company", "Joint Stock Company", and "Ouma Software" all refer to Shandong Shandao Ouma Software Co., Ltd[11] - The reporting period refers to January 1, 2025, to June 30, 2025, and the prior year period refers to January 1, 2024, to June 30, 2024[11] - The actual controller is Shandong University, and the controlling shareholder is Shandong Shandao Capital Operation Co., Ltd[11] Company Profile and Key Financial Indicators This section presents the company's basic information and key financial performance metrics for the current reporting period and the prior year period Company Profile This chapter outlines the company's basic information, including stock ticker, stock code, listing exchange, Chinese and English names, and legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Ticker | Ouma Software | | Stock Code | 301185 | | Stock Exchange | Shenzhen Stock Exchange | | Chinese Name | Shandong Shandao Ouma Software Co., Ltd. | | Legal Representative | Ren Nianfeng | Contact Person and Contact Information This chapter provides detailed contact information for the company's Board Secretary and Securities Affairs Representative, facilitating communication for investors and relevant parties Contact Person and Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Ma Ke | No. 128 Bole Road, High-tech Zone, Jinan City, Shandong Province | 0531-66680735 | 0531-66680727 | public@oumasoft.com | | Securities Affairs Representative | Zhang Shan | No. 128 Bole Road, High-tech Zone, Jinan City, Shandong Province | 0531-66680735 | 0531-66680727 | public@oumasoft.com | Other Information This chapter states that the company's registered address, office address, information disclosure, and registration status remained unchanged during the reporting period, with specific details available in the 2024 annual report - The company's registered address, office address, postal code, website, and email remained unchanged during the reporting period[15] - Information disclosure and storage locations remained unchanged during the reporting period[16] - The company's registration status remained unchanged during the reporting period[17] Key Accounting Data and Financial Indicators This chapter discloses the company's key accounting data and financial indicators for the current and prior year periods, explaining retrospective adjustments due to business combinations under common control; operating revenue slightly decreased, while net profit attributable to shareholders and net cash flow from operating activities significantly increased - The company retrospectively adjusted or restated prior year accounting data due to business combinations under common control[18] Key Accounting Data and Financial Indicators (Year-on-Year) | Indicator | Current Reporting Period (yuan) | Prior Year Period (Adjusted) (yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 103,172,273.94 | 104,745,824.07 | -1.50% | | Net Profit Attributable to Shareholders of the Listed Company | 36,175,017.34 | 34,868,886.10 | 3.75% | | Net Profit Attributable to Shareholders of the Listed Company After Deducting Non-Recurring Gains and Losses | 33,850,492.69 | 34,194,703.80 | -1.01% | | Net Cash Flow from Operating Activities | 2,569,808.14 | -14,908,331.90 | 117.24% | | Basic Earnings Per Share (yuan/share) | 0.24 | 0.23 | 4.35% | | Diluted Earnings Per Share (yuan/share) | 0.24 | 0.23 | 4.35% | | Weighted Average Return on Net Assets | 3.34% | 3.33% | 0.01% | | Total Assets (End of Period) | 1,103,572,743.84 | 1,105,090,900.61 | -0.14% | | Net Assets Attributable to Shareholders of the Listed Company (End of Period) | 1,061,846,123.33 | 1,071,694,209.99 | -0.92% | Differences in Accounting Data Under Domestic and Overseas Accounting Standards This chapter states that during the reporting period, there were no differences in net profit and net assets between financial reports prepared under International Accounting Standards or overseas accounting standards and those prepared under Chinese Accounting Standards - During the reporting period, the company had no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards[19] - During the reporting period, the company had no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese Accounting Standards[20] Non-Recurring Gains and Losses and Amounts This chapter details the non-recurring gains and losses and their amounts for the reporting period, primarily including government grants, fair value changes and disposal gains/losses of financial assets, and other non-operating income/expenses, totaling 2,324,524.65 yuan Non-Recurring Gains and Losses and Amounts | Item | Amount (yuan) | | :--- | :--- | | Government grants recognized in current profit or loss | 1,055,085.86 | | Gains and losses from changes in fair value and disposal of financial assets and liabilities held by non-financial enterprises | 1,527,249.31 | | Other non-operating income and expenses apart from the above | 470.00 | | Less: Income tax impact | 258,280.52 | | Total | 2,324,524.65 | - The company has no other profit and loss items that meet the definition of non-recurring gains and losses, nor has it classified any non-recurring gains and losses as recurring gains and losses[22] Management Discussion and Analysis This section provides an in-depth analysis of the company's operations, financial performance, and future outlook, covering business activities, core competencies, and risk factors Main Business Activities During the Reporting Period The company primarily engages in information technology products and services for the examination and assessment sector, achieving record service scale in the first half of 2025 by supporting numerous national and local key examinations, deepening online grading technology, expanding paperless examination services, and advancing platform construction in an industry driven by digitalization and AI Overview of Main Business The company focuses on information technology products and services in the examination and assessment sector, leveraging big data, AI, and cloud computing to provide comprehensive solutions for various examinations; in the reporting period, the company achieved a record service scale, successfully supported multiple national and provincial key examinations, and secured several critical projects, further solidifying its industry leadership - The company's main business involves the research, development, sales, and services of information technology products in the examination and assessment sector, primarily serving government departments, industry associations, educational institutions, and enterprises[24] - In the first half of 2025, the company's service scale reached a new high, successfully supporting multiple national and local educational examinations, including postgraduate entrance exams, college entrance exams, high school entrance exams, and teacher qualification exams[24] - The company successfully won the bid for the answer sheet scanning and online grading project for primary and secondary school teacher qualification examinations from the Ministry of Education Examination Center and secured its first bid for the China Banking Association's professional qualification examination project for banking professionals[25] Main Services and Products The company primarily offers paperless examination and online grading services, software development and technical support, and hardware products; paperless examination services cover the entire ecosystem, online grading leverages AI for efficiency and quality, software development focuses on platform construction, intelligent recognition, grading, and item banking, yielding numerous patents and accolades, while hardware products provide essential equipment support for examinations - Paperless examination services provide a full ecosystem of services from registration to score management, and offer online examination and assessment through cloud service platforms[27] - Online grading services utilize a digital platform and AI technologies (intelligent recognition, domain knowledge base, natural language processing, deep learning) to achieve intelligent auxiliary quality inspection and intelligent grading, improving grading quality and efficiency[28] - The company has made significant progress in AI research and application, obtaining 2 new authorized invention patents, 1 utility model patent, 1 design patent, and 31 software copyrights in the first half of 2025[35][36] Paperless Examination and Online Grading Services The company provides integrated paperless examination services covering registration, item banking, examination, grading, and score analysis, along with online grading services utilizing computer networks and electronic scanning technology; during the reporting period, the company successfully supported multiple national and provincial examinations and actively promoted the deepening application and intelligent upgrade of online grading technology, expanding its service scenarios - The integrated paperless examination service platform provides full ecosystem services including candidate information collection, item banking management, examination administration, examination implementation, grading, and score management[27] - The online grading model utilizes artificial intelligence technologies such as intelligent recognition, domain knowledge bases, natural language processing, and deep learning to achieve intelligent auxiliary quality inspection and intelligent grading[28] - The company successfully implemented its first online grading technical service project for middle school art examinations and secured its first bid for the China Banking Association's professional qualification examination project for banking professionals[29][31] Software Development and Technical Support Services The company's software development business focuses on the examination and assessment sector, offering service platform construction, information collection and processing, intelligent recognition and grading, intelligent item banking, and information security protection; technical support services provide customized enhancements and upgrades based on client needs; during the reporting period, the company continued to provide technical support for multiple national and provincial platforms and achieved significant results in AI technology research and application, including multiple patents and selection for provincial key projects and cases - Software development business covers service platform construction, information collection and processing, intelligent recognition and intelligent grading, intelligent item banking, and information security protection[33] - The company continues to provide technical support for multiple national-level comprehensive service platforms, including the Ministry of Finance's "National Accounting Personnel Unified Service Management Platform" and the Ministry of Human Resources and Social Security's National Professional Technical Personnel Qualification Examination Service Platform[34] - In the first half of 2025, the company obtained 2 new authorized invention patents, 1 utility model patent, 1 design patent, and 31 software copyrights[35][36] Hardware Products The company's hardware products support paperless examinations, paper-and-pencil examinations, and online grading, including high-speed intelligent scanners, art work photography equipment, candidate identity verification devices, mobile video surveillance equipment, and examination-specific confidential boxes, providing data collection, identity recognition, and examination room monitoring functions - The company's hardware products include high-speed intelligent scanners, art work and archive photography equipment, college entrance examination art student assessment separation collection equipment, candidate identity verification devices, mobile video surveillance equipment, and examination-specific confidential boxes[38] - These hardware products enable functions such as candidate answer sheet image data collection, automatic photography of art works and archives, collection and recognition of candidate biometric information, mobile examination terminals, and real-time examination room monitoring[38] Business Model The company's business model encompasses sales, R&D, procurement, services, and profitability; sales primarily occur through bidding and direct marketing, with examination institutions as key clients and a recurring business cycle; R&D is driven by independent innovation focusing on cutting-edge technologies; procurement for examination services and hardware products is managed through strategic partnerships and strict supplier vetting; the service model is specialized and customized, supported by data processing and technical service centers; profitability stems from paperless examination and online grading services, software development and technical support, and hardware product sales - The company primarily acquires customers through bidding and business negotiations, with government departments, public institutions, and industry associations serving as its main clients[39] - The company adheres to an R&D strategy primarily focused on independent innovation and research, possessing a well-structured, high-quality, and innovative R&D team[41] - The company's profitability primarily derives from paperless examination and online grading services, software development and technical support services, and the sale of hardware products[48] Sales Model The company primarily acquires customers through bidding and direct marketing, with its client base consisting mainly of various examination institutions, including those for education, professional qualifications, industry associations, and civil service recruitment, whose regular and cyclical examination schedules provide stable and continuous business orders - The company primarily acquires customers through bidding and business negotiations, with government departments, public institutions, and industry associations serving as its main clients[39] - The company's customers include educational examinations, professional qualification examinations, industry association examinations, and civil servant and public institution recruitment examinations, which are characterized by regular and cyclical organization[40] R&D Model The company prioritizes technological innovation, guided by market demand, and adheres to independent innovation and R&D, supported by a high-caliber R&D team; the R&D process includes project initiation, requirements analysis, design, development, and production transfer stages, ensuring technological leadership and market competitiveness - The company consistently adheres to market demand as its guide and technological innovation as its driver, continuously focusing on new technology applications and the research and储备 of cutting-edge technologies[41] - The company maintains an R&D strategy primarily focused on independent innovation and research, possessing a well-structured, high-quality, and innovative R&D team[41] - The company's R&D process is divided into stages such as project initiation, requirements analysis, design, development, and production transfer, with R&D demands stemming from frontier technology development and market needs[42] Procurement Model The company's procurement is divided into examination service procurement and hardware product and accessory procurement; examination services are provided by examination institutions or the company procures integrated examination center services as per contract; hardware procurement primarily meets self-use and external sales demands, with the company implementing strict procurement management systems and supplier vetting processes - The company's procurement is divided into examination service procurement and hardware product and accessory procurement[43] - The company signs strategic cooperation agreements with schools, training institutions, and service organizations in the locations of frequently used examination centers to ensure a sufficient supply of examination seats[45] - The company has established corresponding procurement management systems and implements strict vetting processes for various suppliers[45] Service Model Leveraging its data processing center and technical service center, the company provides paperless examination services, online grading services, and software development and technical support services; service content covers full examination process management, answer sheet scanning and processing, customized software development, and technical operation and maintenance, ensuring specialized, intelligent, and personalized services - The company relies on its data processing center and technical service center to provide paperless examination services, online grading services, and software development and technical support services[46] - Paperless examination service content includes full-process services such as examination management, training and management of examination personnel, and emergency handling of unforeseen events[46] - Software development and technical support services propose development plans based on customer's personalized needs and provide professional testing and improvement[46] Profit Model The company's profitability is primarily achieved through providing paperless examination and online grading services (charged per candidate-subject/answer sheet quantity), software development and technical support services (charged based on total contract value and subsequent operation and maintenance fees), and selling hardware products (charged based on unit price and delivered quantity); there were no significant changes in the profit model during the reporting period - The company generates revenue from paperless examination services based on the number of candidate-subjects and unit price[48] - The company generates revenue from online grading services based on the number of candidate answer sheets graded online and unit price[48] - Software development and technical support services are acquired through bidding or business negotiations, with payments collected based on the total contract value and subsequent upgrade and technical support service fees[48] Market Position The company holds a leading position in the examination and assessment sector due to its advanced technology, high-quality services, and stable customer base; it has established long-term cooperative relationships with various ministries, industry associations, and provincial/municipal examination institutions, with long-term collaboration with national ministries and the promotion of business from central to local levels providing favorable conditions for business expansion - The company holds a leading position in the examination and assessment sector due to its advanced technology, high-quality services, and stable customer resources[51] - The company has established good cooperative relationships with various ministries, industry associations, and provincial and municipal examination institutions, possessing significant customer resource advantages[50] - Long-term cooperation with national ministries and the gradual promotion of platform construction from central to local levels provide more favorable competitive conditions for the company's business expansion[51] Key Performance Drivers During the reporting period, the company followed a "seek progress while maintaining stability, promote stability through progress" development strategy, achieving synergistic business growth through innovation, increased R&D investment, optimized product systems, and enhanced service quality; despite a slight decrease in operating revenue, both operating profit and net profit attributable to the parent company increased, with core business scale and technological applications continuously deepening, paperless examination service capabilities and coverage significantly improving, and AI technology continuously strengthening core competitiveness - The company adheres to the "seek progress while maintaining stability, promote stability through progress" development strategy, continuously focusing on four core areas: R&D, market, service, and management, to improve quality and efficiency[52] Key Operating Results for H1 2025 | Indicator | Amount (billion yuan) | Year-on-Year Change | | :--- | :--- | :--- | | Operating Revenue | 0.103 | -1.50% | | Operating Profit | 0.0385098 | 3.18% | | Net Profit Attributable to Shareholders of the Listed Company | 0.0361750 | 3.75% | - The company achieved new breakthroughs in key technologies such as intelligent grading, intelligent item banking, and intelligent invigilation, building a "data-knowledge base-large model" integrated AI support system[53] Industry Overview The company operates in the application software development sector within the software and information technology services industry; this industry benefits from national policy support and increasing educational investment, accelerating its development towards informatization, standardization, and intelligence; future trends include the popularization of paperless examinations, the rise of cloud examination models, and the deep application of artificial intelligence in examination and assessment, offering broad development opportunities for the company - The company operates in the "I65 Software and Information Technology Services Industry" specifically "I6513 Application Software Development"[56] - Various national ministries and commissions have successively introduced a series of policies to support and regulate the informatization reform of examination and assessment, accelerating the informatization process in the examination and assessment field[57] - Industry development trends include paperless examinations continuing to lead future development, the popularization of cloud examination models, and the deep application of artificial intelligence in the examination and assessment field[68][69] Company's Industry The company is dedicated to the R&D of software and hardware products and technical services in the examination and assessment sector, and according to the "National Economic Industry Classification" and the CSRC classification guidelines, the company belongs to application software development within the software and information technology services industry - The company's industry is "I65 Software and Information Technology Services Industry" specifically "I6513 Application Software Development" in the "National Economic Industry Classification" standard (GB/T4754-2017)[56] - According to the "Guidelines for Industry Classification of Listed Companies (2012)" issued by the CSRC, the company's industry is "I Information Transmission, Software and Information Technology Services Industry" specifically "I65 Software and Information Technology Services Industry"[56] Industry Development and Future Trends The examination and assessment industry is experiencing rapid growth driven by national policy support and increased educational investment, with informatization reform being a key direction; educational examinations are transitioning from paper-and-pencil to paperless, and the number of participants in qualification examinations continues to rise; future industry growth will be fueled by increased national education investment, "streamlining administration and delegating power" reforms for professional qualifications, demand in the talent assessment market, the education digitalization strategy, and the deep application of artificial intelligence, with paperless and cloud examinations becoming mainstream - Various national ministries and commissions have successively introduced a series of policies to support and regulate the informatization reform of examination and assessment, making informatization reform a crucial direction for national education reform and talent cultivation and selection[57] - In 2024, a total of 76.192 million people nationwide obtained various professional technical qualification certificates, an increase of 12.136 million people from the previous year, representing a year-on-year growth of 18.95%[62] - Industry development trends include continuous increase in national education investment, steady growth in the number of professional qualification examination participants, huge demand in the talent assessment market, new opportunities opened by education digitalization, paperless examination and assessment, and the deep application of artificial intelligence in the examination and assessment field[64][65][66][67][68][69] Core Competitiveness Analysis The company's core competitiveness stems from its industry resource advantages, high-caliber core team, innovative technological strengths, mature service system, and strong corporate qualifications; it has established long-term partnerships with numerous national ministries and examination institutions, boasts a multidisciplinary R&D team with robust talent mechanisms, consistently invests over 12% of revenue in R&D, securing nearly 600 patents, and operates a nationwide standardized, professional service network, all while holding multiple national-level certifications to ensure secure, efficient, and stable operations - The company has established long-term strategic partnerships and good cooperative relationships with various national ministries, industry associations, and provincial and municipal examination institutions, accumulating numerous high-quality and stable customer resources[70] - The company possesses a high-caliber core team integrating management, R&D, and services, with years of deep experience in the examination and assessment sector, demonstrating rich industry experience and innovation capabilities[73] - The company possesses five major core technologies: data processing, artificial intelligence, cloud service platforms, examination and grading, and information security, having obtained nearly 600 patents and software copyrights, with R&D investment accounting for over 12% of revenue annually[74][75] Industry Resource Advantages The company boasts comprehensive business coverage across the entire examination and assessment process, leveraging its proprietary intellectual property, professional technology, and extensive experience to forge long-term, stable cooperative relationships with numerous national ministries, industry associations, and provincial/municipal examination institutions, thereby establishing strong customer resource advantages and market influence that lay a solid foundation for business expansion - The company's business scope covers the entire process of examination and assessment, having established long-term strategic partnerships with various national ministries, industry associations, and provincial and municipal examination institutions[70] - A large number of high-quality and stable customer resources have enabled the company to accumulate rich technical strength and service experience, which is conducive to accurately grasping industry development trends[70] - The company will successively establish branches, gradually forming a market sales and service network centered in Beijing and covering the entire country[71] High-Caliber Core Team The company possesses a high-caliber core team integrating management, R&D, and services, with an experienced management team, a research team with solid professional knowledge, and a responsive technical service team; the company has established long-term talent acquisition, training, and incentive mechanisms to ensure team stability and innovation capabilities - The company possesses a high-caliber core team integrating management, R&D, and services, with the management team having deep industry experience and high market acumen[73] - The research team possesses rich professional knowledge in multiple fields such as computer science, statistics, psychometrics, and psychology, focusing on information technology research in the examination and assessment sector[73] - The company has established long-term talent acquisition, talent training, career advancement mechanisms, and a talent management system, ensuring the stability of the core team and attracting outstanding talent[73] Innovative Technological Advantages The company is dedicated to software and hardware R&D in the examination and assessment sector, leveraging provincial and municipal engineering technology centers and innovation institutes to develop five major core technologies: data processing, artificial intelligence, cloud service platforms, examination and grading, and information security; with annual R&D investment exceeding 12%, the company has secured nearly 600 patents and software copyrights, continuously solidifying its technological leadership - The company possesses five major core technologies: data processing, artificial intelligence, cloud service platforms, examination and grading, and information security, forming leading competitive advantages and technological barriers[74] - The company has obtained nearly 600 patents and software copyrights, and has received multiple provincial and ministerial-level scientific and technological achievement awards[74] - The company's annual R&D investment accounts for over 12%, and it has established an R&D system and management system centered on products and guided by customer needs[75] Mature Service System Advantages The company possesses a responsive, technically strong project service team and a nationwide service network, providing full-chain, standardized, professional, and personalized technical services before, during, and after examinations; the company has established a specialized large-scale data processing center and accumulated extensive project experience and a comprehensive service system, ensuring service quality and competitive advantages - The company possesses a responsive, timely feedback, and technically strong project service team, having established a nationwide service network[77] - The company has established a specialized large-scale data processing center to achieve precise, error-free data services[77] - The company has formed a complete set of technical service systems and process specifications based on service management practices, providing standardized, professional, and personalized services to customers[77] Corporate Qualification Advantages The company is a national high-tech enterprise and a key software enterprise, with multiple engineering technology centers and innovation institutes; it has obtained numerous certifications such as CS, SPCA, DCMM, ITSS, ISO series, and CCRC, ensuring the security, reliability, and efficiency of its examination and assessment business, thereby laying a solid foundation for business expansion - The company is a national high-tech enterprise and a key software enterprise encouraged by the state, relying on multiple provincial and municipal engineering technology centers and enterprise-level innovation institutes[78] - The company has passed CS Information System Construction and Service Capability Certification, SPCA Software Capability Maturity Level 5 Certification, DCMM Data Management Capability Maturity Certification, ITSS Information Technology Service Standard Certification, and others[78] - The company has also passed ISO9001 Quality Management System, ISO27001 Information Security Management System, ISO20000 Information Technology Service Management System, and other certifications, ensuring the security and reliability of its business[78] Main Business Analysis The company's main business analysis aligns with its primary business activities during the reporting period; operating revenue slightly decreased by 1.50% year-on-year, but net cash flow from operating activities significantly increased by 117.24%; paperless examination and online grading services remain the main revenue source, accounting for 89.70% of operating revenue with a gross margin of 63.65%; revenue in North China increased by 8.55%, while East China revenue decreased by 12.37%; examination center service fees and labor costs constitute the largest portion of main business costs, with a slight increase in labor costs Key Financial Data Year-on-Year Change | Indicator | Current Reporting Period (yuan) | Prior Year Period (yuan) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 103,172,273.94 | 104,745,824.07 | -1.50% | | | Operating Costs | 37,556,338.14 | 38,747,608.45 | -3.07% | | | Selling Expenses | 2,579,482.82 | 2,705,266.92 | -4.65% | | | Administrative Expenses | 12,967,917.44 | 14,289,680.76 | -9.25% | | | Financial Expenses | -3,912,224.27 | -6,076,971.53 | 35.62% | Primarily due to different types of wealth management products purchased with idle funds in the current reporting period compared to the prior year period | | R&D Expenditure | 16,401,723.61 | 15,381,813.20 | 6.63% | | | Net Cash Flow from Operating Activities | 2,569,808.14 | -14,908,331.90 | 117.24% | Primarily due to increased collection of accounts receivable in the current reporting period compared to the prior year period | Products or Services Accounting for Over 10% | Product or Service | Operating Revenue (yuan) | Operating Costs (yuan) | Gross Margin | Year-on-Year Change in Operating Revenue | Year-on-Year Change in Operating Costs | Year-on-Year Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Paperless Examination and Online Grading Services | 89,708,199.64 | 32,610,436.69 | 63.65% | -4.44% | -5.72% | 0.50% | Main Business Cost Composition | Cost Component | Amount for Current Period (yuan) | Proportion of Operating Costs | Amount for Prior Period (yuan) | Proportion of Operating Costs | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Labor Costs | 11,894,179.40 | 31.67% | 11,011,484.62 | 28.42% | 8.02% | | Examination Center Service Fees and Labor Costs | 18,840,420.08 | 50.16% | 20,172,644.74 | 52.06% | -6.60% | | Travel Expenses | 3,341,281.06 | 8.90% | 3,293,502.90 | 8.50% | 1.45% | | Other | 3,458,228.99 | 9.21% | 4,256,178.30 | 10.98% | -18.75% | | Total | 37,534,109.53 | 99.94% | 38,733,810.56 | 99.96% | -3.10% | Non-Main Business Analysis This chapter analyzes the composition of the company's non-main business and its impact on total profit, noting that key non-main business items, including investment income (bank wealth management income), asset impairment, non-operating income (government grants and individual income tax handling fee refunds), and credit impairment, are not sustainable Non-Main Business Items and Amounts | Item | Amount (yuan) | Proportion of Total Profit | Explanation of Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 1,527,249.31 | 3.97% | Bank wealth management income | No | | Asset Impairment | -8,488.59 | -0.02% | Impairment loss on contract assets | No | | Non-Operating Income | 470.00 | 0.00% | Other | No | | Other Income | 1,124,053.09 | 2.92% | Government grants and individual income tax handling fee refunds | No | | Credit Impairment | -729,612.99 | -1.89% | Provision for bad debts on accounts receivable and other receivables | No | Asset and Liability Status Analysis This chapter analyzes the composition and significant changes in the company's assets and liabilities; at the end of the reporting period, total assets and net assets attributable to shareholders of the listed company slightly decreased; the proportion of cash and cash equivalents decreased, while accounts receivable and construction in progress increased; the company has no major overseas assets or assets and liabilities measured at fair value; as of the end of the reporting period, the company had restricted assets in the form of guarantee deposits Significant Changes in Asset Composition | Item | Amount at End of Current Reporting Period (yuan) | Proportion of Total Assets | Amount at End of Prior Year (yuan) | Proportion of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 781,128,989.73 | 70.78% | 842,281,184.72 | 76.22% | -5.44% | | Accounts Receivable | 72,858,053.86 | 6.60% | 29,110,418.95 | 2.63% | 3.97% | | Inventories | 11,373,382.72 | 1.03% | 8,335,510.86 | 0.75% | 0.28% | | Construction in Progress | 23,475,653.85 | 2.13% | 16,933,701.36 | 1.53% | 0.60% | | Contract Liabilities | 11,157,241.91 | 1.01% | 5,327,099.09 | 0.48% | 0.53% | - The company has no major overseas assets and no assets or liabilities measured at fair value[93] - As of June 30, 2025, the company used 6,291,850.00 yuan as a guarantee deposit to issue guarantees totaling 6,291,850.00 yuan[93] Investment Status Analysis This chapter analyzes the company's investment status, noting a significant 392.14% year-on-year increase in investment during the reporting period; raised funds are primarily allocated to AI technology platform construction, R&D center development, and working capital, but the fundraising projects are delayed until the end of 2026 due to land issues; the company utilized idle raised funds for cash management but had no significant equity, non-equity, or derivative investments in the reporting period Reporting Period Investment Amount | Indicator | Amount (yuan) | | :--- | :--- | | Investment Amount for Current Reporting Period | 1,138,429,973.21 | | Investment Amount for Prior Year Period | 231,321,500.00 | | Change Rate | 392.14% | - The company's net raised funds amounted to 418.6093 million yuan, with 88.7935 million yuan used as of June 30, 2025[97] - The fundraising projects (AI-based paperless examination integrated service platform construction, digital online grading intelligent service platform construction, intelligent item bank platform construction, R&D center construction) have been extended to December 31, 2026, primarily due to slow progress in clearing ground attachments on the project land[99][102] Overall Situation During the reporting period, the company's investment amounted to 1,138,429,973.21 yuan, a significant increase of 392.14% compared to 231,321,500.00 yuan in the prior year period Reporting Period Investment Amount | Indicator | Amount (yuan) | | :--- | :--- | | Investment Amount for Current Reporting Period | 1,138,429,973.21 | | Investment Amount for Prior Year Period | 231,321,500.00 | | Change Rate | 392.14% | Significant Equity Investments Acquired During the Reporting Period The company had no significant equity investments acquired during the reporting period - The company had no significant equity investments acquired during the reporting period[95] Significant Non-Equity Investments in Progress During the Reporting Period The company had no significant non-equity investments in progress during the reporting period - The company had no significant non-equity investments in progress during the reporting period[95] Financial Assets Measured at Fair Value The company had no financial assets measured at fair value during the reporting period - The company had no financial assets measured at fair value during the reporting period[95] Use of Raised Funds The company's net proceeds from its initial public offering were 418.6093 million yuan, with 88.7935 million yuan utilized as of the end of the reporting period; the fundraising projects (AI-based paperless examination integrated service platform construction, digital online grading intelligent service platform construction, intelligent item bank platform construction, R&D center construction) have been extended to December 31, 2026, due to land issues, while the working capital replenishment project is 100% complete Overall Use of Raised Funds | Indicator | Amount (ten thousand yuan) | | :--- | :--- | | Total Raised Funds | 45,571.68 | | Net Raised Funds | 41,860.93 | | Total Raised Funds Used in Current Period | 1,792.89 | | Total Raised Funds Used Cumulatively | 8,879.35 | | Utilization Rate of Raised Funds at End of Reporting Period | 21.21% | | Total Unused Raised Funds | 35,992.96 | | Amount of Raised Funds Idle for More Than Two Years | 32,981.58 | Status of Raised Funds Committed Projects | Financing Project Name | Committed Investment Amount (ten thousand yuan) | Adjusted Investment Amount (ten thousand yuan) | Cumulative Investment Amount at End of Period (ten thousand yuan) | Investment Progress | | :--- | :--- | :--- | :--- | :--- | | AI-based Paperless Examination Integrated Service Platform Construction Project | 15,103.30 | 10,976.36 | 933.40 | 8.50% | | Digital Online Grading Intelligent Service Platform Construction Project | 9,672.90 | 7,029.80 | 597.80 | 8.50% | | Intelligent Item Bank Platform Construction Project | 7,286.53 | 5,295.50 | 450.32 | 8.50% | | R&D Center Construction Project | 17,537.27 | 12,745.25 | 1,083.81 | 8.50% | | Replenishment of Working Capital | 8,000.00 | 5,814.02 | 5,814.02 | 100.00% | - The date for the fundraising projects to reach their intended usable state has been extended to December 31, 2026, primarily due to slow progress in clearing ground attachments on the project land and incomplete new supporting facilities around the land[102] Entrusted Wealth Management, Derivative Investments, and Entrusted Loans During the reporting period, the company engaged in entrusted wealth management using raised funds, with a transaction amount of 230 million yuan and no outstanding balance at period-end; the company had no derivative investments or entrusted loans Overview of Entrusted Wealth Management During the Reporting Period | Specific Type | Source of Funds for Entrusted Wealth Management | Amount of Entrusted Wealth Management Transactions (ten thousand yuan) | Outstanding Balance (ten thousand yuan) | | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Raised Funds | 23,000 | 0 | - The company had no derivative investments during the reporting period[106] - The company had no entrusted loans during the reporting period[107] Significant Asset and Equity Sales The company did not engage in any significant asset or equity sales during the reporting period - The company did not sell any significant assets during the reporting period[108] - The company did not sell any significant equity during the reporting period[109] Analysis of Major Holding and Participating Companies The company has two wholly-owned subsidiaries: Shandao Ouma Technology Co., Ltd. and Jinan Zhihui Shuma Technology Co., Ltd.; during the reporting period, Shandao Ouma Technology Co., Ltd. gradually commenced business operations, while Jinan Zhihui Shuma Technology Co., Ltd. did not conduct any business operations Major Subsidiary Information | Company Name | Company Type | Main Business | Registered Capital (yuan) | Total Assets (yuan) | Net Assets (yuan) | Operating Revenue (yuan) | Operating Profit (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shandao Ouma Technology Co., Ltd. | Subsidiary | Software/hardware development, technical services, and training | 50,000,000.00 | 47,873,331.17 | 46,059,565.75 | 182,188.68 | -936,760.14 | -702,570.10 | | Jinan Zhihui Shuma Technology Co., Ltd. | Subsidiary | Software development, technical services, internet information services, etc. | 650,000.00 | 2,079,217.24 | 2,079,217.24 | 5.55 | 5.55 | 5.55 | - During the reporting period, Shandao Ouma Technology Co., Ltd. gradually commenced business activities, while Jinan Zhihui Shuma Technology Co., Ltd. did not conduct any business operations[111] Structured Entities Controlled by the Company The company had no controlled structured entities during the reporting period - The company had no controlled structured entities during the reporting period[112] Risks Faced by the Company and Countermeasures The company faces risks such as intensifying market competition, loss of core technical personnel and technology leakage, and leakage of important information; to address these, the company has implemented measures including adjusting business objectives, optimizing operating models, introducing new technologies, improving compensation systems, strengthening corporate culture, and enhancing operation and maintenance systems and security and confidentiality management systems - The company faces market competition risks and addresses them by timely adjusting business objectives, optimizing operating models, introducing new technologies, and deepening enterprise-university cooperation[112] - The company faces risks of losing core technical personnel and leakage of core technologies, which it addresses by improving compensation systems, performance appraisal systems, career advancement mechanisms, and strengthening corporate culture construction[112] - The company faces risks of important information leakage and addresses them by continuously improving its operation and maintenance system and security and confidentiality management system, and by continuously enhancing its network information security system and information disclosure review process[113] Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period This chapter records the company's investor research, communication, and interview activities during the reporting period, including on-site visits and online exchanges, primarily discussing the company's R&D and business development, future industry potential, order volume, impact of university-affiliated enterprise reform, and use of raised funds - On January 23, 2025, the company hosted on-site research by institutions such as CCB Principal Asset Management and Zheshang Securities, discussing R&D and business development breakthroughs in 2024, future industry development space, and recent order volume[114] - On April 24, 2025, the company conducted an online exchange via Panorama Network, participating in the 2024 annual performance online briefing, discussing the impact of Shandong University's planned deepening reform of university-affiliated enterprises, future growth potential, and the use of raised funds[114] - On May 15, 2025, the company conducted an online exchange via Panorama Network, participating in the Shandong listed companies' investor online collective reception day event, discussing the year-on-year growth of Q1 2025 order total and the progress of Shandong University's planned deepening reform of university-affiliated enterprises[114] Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan The company did not formulate a market value management system or disclose a valuation enhancement plan during the reporting period - The company did not formulate a market value management system during the reporting period[115] - The company did not disclose a valuation enhancement plan during the reporting period[115] Implementation of "Quality and Return Dual Enhancement" Action Plan The company did not disclose an announcement regarding the "Quality and Return Dual Enhancement" action plan during the reporting period - The company did not disclose an announcement regarding the "Quality and Return Dual Enhancement" action plan during the reporting period[116] Corporate Governance, Environment, and Society This section covers the company's governance structure, environmental performance, and social responsibility initiatives, highlighting its commitment to sustainable development and stakeholder interests Changes in Directors, Supervisors, and Senior Management There were no changes in the company's directors, supervisors, and senior management during the reporting period, with specific details available in the 2024 annual report - There were no changes in the company's directors, supervisors, and senior management during the reporting period[117] Profit Distribution and Capital Reserve Conversion to Share Capital in Current Reporting Period The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[118] Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[119] Environmental Information Disclosure The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[120] Social Responsibility During the reporting period, the company highly prioritized social responsibility, consistently upholding sustainable development principles, operating with integrity, paying taxes in accordance with the law, and diligently safeguarding employees' legitimate rights and interests by legally contributing to various social insurances and housing provident funds, while continuously enhancing employee welfare benefits - During the reporting period, the company highly prioritized corporate social responsibility, consistently upholding sustainable development principles, operating with integrity, and paying taxes in accordance with the law[120] - The company legally contributes to employees' pension, medical, unemployment, work injury, maternity, and other social insurances, as well as housing provident funds, continuously improving employee welfare benefits[120] Significant Events This section details significant events impacting the company, including commitments, related party transactions, litigation, and other material matters Commitments Fulfilled and Overdue Unfulfilled Commitments by Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period During the reporting period, the company had no commitments fulfilled or overdue unfulfilled commitments by its actual controller, shareholders, related parties, acquirers, or the company itself - During the reporting period, the company had no commitments fulfilled or overdue unfulfilled commitments by its actual controller, shareholders, related parties, acquirers, or the company itself[122] Non-Operating Funds Occupied by Controlling Shareholder and Other Related Parties During the reporting period, the company had no non-operating funds occupied by its controlling shareholder or other related parties - During the reporting period, the company had no non-operating funds occupied by its controlling shareholder or other related parties[123] Irregular External Guarantees The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[124] Appointment and Dismissal of Accounting Firms The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[125] [Explanation by the Board of Directors, Supervisory Board, and